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Exhibit 99.1
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Press Release |
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FOR IMMEDIATE RELEASE |
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Contact: Lynda L. Glass |
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717.339.5085 |
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ACNB CORPORATION
ANNOUNCES 2008 EARNINGS
GETTYSBURG, PA, March 6—ACNB Corporation reported net income of $6,744,000 for the year ended December 31, 2008, compared to $7,937,000 for the year ended December 31, 2007, a decrease of $1,193,000 or 15%. The decrease in earnings is primarily due to a substantial increase in the provision for loan losses as a result of specific allocations deemed necessary for certain commercial loans, sustained loan growth in recent quarters, and more pronounced uncertainty in prevailing economic conditions. Net income on a per share basis amounted to $1.13 for 2008 and $1.32 for 2007. A significant component of the Corporation’s net income is net interest income, which rose 16% to $29,024,000 for the year ended December 31, 2008, in comparison to $25,020,000 for the year ended December 31, 2007.
Commenting on these year-end earnings results, ACNB Corporation President & Chief Executive Officer Thomas A. Ritter said, “ACNB Corporation remains well capitalized by industry standards. During 2008, we achieved healthy growth in several key areas—including loans, deposits and new business in the Trust & Investment Services area of the Bank. The accomplishments related to the loan and deposit portfolios contributed to record net interest income in 2008 of over $29 million.”
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The following information was filed by Acnb Corp (ACNB) on Friday, March 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: ACNB
CIK: 715579
Form Type: 10-K Annual Report
Accession Number: 0001047469-09-002638
Submitted to the SEC: Fri Mar 13 2009 3:21:17 PM EST
Accepted by the SEC: Fri Mar 13 2009
Period: Wednesday, December 31, 2008
Industry: State Commercial Banks
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