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Press Release |
FOR IMMEDIATE RELEASE |
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Contact: |
Lynda L. Glass |
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EVP/Secretary & |
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Chief Governance Officer |
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717.339.5085 |
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lglass@acnb.com |
ACNB CORPORATION
REPORTS 2017 FINANCIAL RESULTS
GETTYSBURG, PA, March 9, 2018 ACNB Corporation (NASDAQ: ACNB) today announced financial results for the year ended December 31, 2017, including the nonrecurring expenses associated with the acquisition of New Windsor Bancorp, Inc. (New Windsor) of Taneytown, Maryland, and its banking subsidiary, New Windsor State Bank, as well as a one-time tax expense incurred as a result of the Tax Cuts and Jobs Act (the Tax Act).
The Corporation reported net income of $9,788,000, or $1.50 earnings per share, at December 31, 2017. These amounts compare to net income of $10,869,000, or $1.80 earnings per share, at December 31, 2016.
Excluding the nonrecurring expenses incurred as a result of the acquisition and integration of New Windsor, net of the corresponding tax impact at the marginal tax rate, and the one-time charge due to the Tax Act, net income (non-GAAP) at December 31, 2017 would have been $14,498,000, or $2.22 earnings per share (non-GAAP), which represents a 30% increase over the comparable results from December 31, 2016.
On July 1, 2017, ACNB Corporation welcomed the shareholders, customers and employees of New Windsor Bancorp, Inc. and New Windsor State Bank, said James P. Helt, ACNB Corporation
MORE
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Ticker: ACNB
CIK: 715579
Form Type: 10-K Annual Report
Accession Number: 0001047469-18-001446
Submitted to the SEC: Fri Mar 09 2018 2:20:07 PM EST
Accepted by the SEC: Fri Mar 09 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks