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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
2019 SECOND QUARTER FINANCIAL RESULTS
Highlights
· Net income for the three months ended June 30, 2019, totaled $6,466,000, which is an increase of $959,000 or 17.4% over comparable period results for the three months ended June 30, 2018.
· Net income for the six months ended June 30, 2019, totaled $12,330,000, which is an increase of $1,910,000 or 18.3% over comparable period results for the six months ended June 30, 2018.
· As publicly announced on July 2, 2019, geographic expansion efforts are underway for ACNB Corporation through the acquisition of Frederick County Bancorp, Inc., headquartered in Frederick, Maryland, and its wholly-owned subsidiary, Frederick County Bank.
· Geographic expansion commenced in Lancaster County, Pennsylvania, with the opening of the Lancaster Loan Office in May 2019.
· Net interest income for the six months ended June 30, 2019, totaled $29,635,000.
· Total loans outstanding were $1,279,264,000 at June 30, 2019.
· Total deposits were $1,377,277,000 at June 30, 2019.
· Quarterly cash dividends paid to ACNB Corporation shareholders in the first half of 2019 totaled $3,383,000 or $0.48 per share. It was recently announced the cash dividend declared for the third quarter of 2019 is $0.25 per share for the second consecutive quarter.
GETTYSBURG, PA, July 30, 2019 ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and Russell Insurance Group, Inc., announced financial results for the three months ended June 30, 2019, with net income of $6,466,000. Compared to net income of $5,507,000 for the three months ended June 30, 2018, this is an increase of $959,000 or 17.4% over comparable period results. Basic earnings per share was $0.92 and $0.78 for the three months ended June 30, 2019 and 2018, respectively, which is an increase of $0.14 or 17.9%.
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Acnb Corp.
Acnb Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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It is expected that, as various implementing rules and regulations are released, they will increase ACNB's operating and compliance costs and could increase the banking subsidiary's interest expense.
Equipment expense decreased by $102,000, or 7.7%, due to the lower small-ticket tech equipment expenditures and lower outsourced processing costs.
Equipment expense decreased by $161,000, or 6.5%, due to the lower small-ticket tech equipment expenditures and lower outsourced processing costs.
Upon adoption, the change in this accounting guidance could result in an increase in the Corporation's allowance for loan losses and require the Corporation to record loan losses more rapidly.
It varies with specific engagements that are not on a regular recurring basis; in particular loan legal expense (due to a particular loan in 2018) and loan review costs (due to engagement timing) were lower in 2019.
It varies with specific engagements...Read more
The higher net income for...Read more
The higher net income for...Read more
restricted stock grants and incentives;...Read more
Management determines the unallocated portion...Read more
Regardless of the decreased second...Read more
Regardless of the decreased first...Read more
A $129,000 net gain was...Read more
On May 1, 2018, stockholders...Read more
Interest expense increased $712,000, or...Read more
Interest expense increased $1,239,000, or...Read more
The net interest margin increase...Read more
The net interest margin increase...Read more
The restricted stock plan expired...Read more
Dodd-Frank requires the FDIC to...Read more
Supplies and postage expense decreased...Read more
Professional services expense totaled $283,000...Read more
Professional services expense totaled $483,000...Read more
Over the longer term, the...Read more
Over the longer term, the...Read more
In comparison to year-end 2018,...Read more
ABILITY-TO-REPAY AND QUALIFIED MORTGAGE RULE...Read more
Average earning assets were $1,544,000,000...Read more
Average earning assets were $1,529,000,000...Read more
Other income increased $503,000, or...Read more
Other income increased $731,000, or...Read more
Increased lending (average volume was...Read more
Increased lending (average volume was...Read more
The Pennsylvania Bank Shares Tax...Read more
The Pennsylvania Bank Shares Tax...Read more
Average earning assets during the...Read more
Failure to meet minimum capital...Read more
On July 2 and 3,...Read more
Products, such as money market...Read more
However, during the recent quarters,...Read more
However, during the recent quarters,...Read more
In connection with these transactions,...Read more
Contingent commissions in 2019 were...Read more
Contingent commissions in 2019 were...Read more
These risks involve interest rate...Read more
The Corporation's overall pension plan...Read more
The Corporation's overall pension plan...Read more
Earnings on bank-owned life insurance...Read more
FDIC and regulatory expense decreased...Read more
FDIC and regulatory expense decreased...Read more
The banking subsidiary's capital ratios...Read more
From time to time, various...Read more
The rules permanently grandfather non-qualifying...Read more
However, the determination of future...Read more
However, the determination of future...Read more
Stockholders' equity increased in the...Read more
At June 30, 2019, the...Read more
At the Corporation's wholly-owned insurance...Read more
At the Corporation's wholly-owned insurance...Read more
Total other income was $4,820,000...Read more
Total other income was $8,760,000...Read more
ACNB maintains the allowance for...Read more
Dodd-Frank permanently increased the maximum...Read more
If certain events occur which...Read more
Intangible amortization decreased 13.2% due...Read more
Intangible amortization decreased 14.5% due...Read more
The phase-in period for community...Read more
More specifically, even though total...Read more
On a quarterly basis, ACNB...Read more
Earnings on bank-owned life insurance...Read more
Among other changes, the Tax...Read more
This date was preferable from...Read more
As of June 30, 2019,...Read more
The largest component of other...Read more
The largest component of other...Read more
The fair values of securities...Read more
Other acquired intangible assets that...Read more
Short-term FHLB borrowings are used...Read more
In general, a "qualified mortgage"...Read more
The decline year to date...Read more
A $162,000 net gain was...Read more
The following policies are deemed...Read more
Other expenses for the quarter...Read more
Other expenses for the six...Read more
Generally, foreclosure actions could become...Read more
Effective May 11, 2018, the...Read more
A $2,925,000 decrease in accumulated...Read more
The lower expense in 2019...Read more
As better contingent liquidity is...Read more
In response to commenter concerns...Read more
Under these standards, trust preferred...Read more
Revenue from ATM and debit...Read more
Revenue from ATM and debit...Read more
Other operating expenses increased by...Read more
Other operating expenses increased by...Read more
The expense could also be...Read more
The expense could also be...Read more
In estimating other-than-temporary impairment losses,...Read more
These borrowers are geographically dispersed...Read more
Declines in fair value that...Read more
The final rules call for...Read more
Net interest income for the...Read more
Net interest income for the...Read more
Net income for the three...Read more
Net income for the six...Read more
Other income in the three...Read more
Other income in the six...Read more
ACNB Corporation has a Restricted...Read more
This category includes expenses related...Read more
This category includes expenses related...Read more
The increase in interest expense...Read more
The increase in interest expense...Read more
Forward-looking statements are subject to...Read more
The new rules also increase...Read more
Further discussion of the risk...Read more
The Corporation did not identify...Read more
A qualitative assessment on the...Read more
Net interest income increased due...Read more
Net interest income increased due...Read more
This assessment concluded that credit...Read more
This assessment concluded that credit...Read more
This assessment concluded that credit...Read more
The longer term trend had...Read more
The longer term trend had...Read more
There were no short-term FHLB...Read more
The amount of unallocated portion...Read more
Federal and state regulatory agencies,...Read more
Investing into investment security portfolio...Read more
BANK SECRECY ACT (BSA) -...Read more
The year over year increase...Read more
The provision for loan losses...Read more
The acquisition of New Windsor...Read more
The Pennsylvania Department of Banking...Read more
The unallocated portion of the...Read more
Also comparing the second quarter...Read more
Also comparing the first six...Read more
Each quarter, the Corporation assesses...Read more
Each quarter, the Corporation assesses...Read more
Each quarter, the Corporation assesses...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Acnb Corp provided additional information to their SEC Filing as exhibits
Ticker: ACNB
CIK: 715579
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-19-043600
Submitted to the SEC: Fri Aug 02 2019 6:25:50 AM EST
Accepted by the SEC: Fri Aug 02 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks