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Acnb Corp (ACNB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Acnb Corp

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CIK: 715579 Ticker: ACNB

Exhibit 99.1

 

 

PRESS RELEASE  
FOR IMMEDIATE RELEASE  
  Contact: Lynda L. Glass
    EVP/Secretary &
    Chief Governance Officer
    717.339.5085
    lglass@acnb.com

 

ACNB CORPORATION REPORTS

2020 FIRST QUARTER FINANCIAL RESULTS

 

2020 First Quarter Highlights

 

·As publicly announced on January 13, 2020, ACNB Corporation acquired Frederick County Bancorp, Inc. and its wholly-owned subsidiary, Frederick County Bank, headquartered in Frederick, MD, effective January 11, 2020, with systems conversions completed in March 2020. This transaction added $444,241,000 in assets, $374,058,000 in deposits, and $329,917,000 in loans to ACNB Corporation’s balance sheet.

 

·Net loss for the three months and quarter ended March 31, 2020, totaled $1,223,000, with basic loss per share of $0.14, primarily due to one-time merger-related expenses of $5,965,000 and a higher provision for loan losses of $4,000,000 as a result of a large unanticipated charge-off of one loan relationship and the potential economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic. Without the nonrecurring expenses related to the acquisition of Frederick County Bancorp, Inc., as well as the corresponding tax impact at the marginal tax rate, net income (non-GAAP) would have been $3,350,000, or $0.40 basic earnings per share, for the quarter ended March 31, 2020.

 

·Net interest income for the three months and quarter ended March 31, 2020, totaled $17,455,000.

 

·Total loans outstanding were $1,606,039,000 at March 31, 2020.

 

·Total deposits were $1,811,357,000 at March 31, 2020.

 

·Quarterly cash dividends paid to ACNB Corporation shareholders in the first quarter of 2020 totaled $2,167,000, or $0.25 per share which is a 9% increase over the first quarter of 2019. It was recently

 

The following information was filed by Acnb Corp (ACNB) on Wednesday, April 29, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Acnb Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Condition (Unaudited)
Consolidated Statements Of Condition (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisition Of Frederick County Bancorp, Inc.
Acquisition Of Frederick County Bancorp, Inc. (Tables)
Acquisition Of Frederick County Bancorp, Inc. - Acquired Purchased Credit Impaired Loans Receivable (Details)
Acquisition Of Frederick County Bancorp, Inc. - Fair Value Adjustments (Details)
Acquisition Of Frederick County Bancorp, Inc. - Narrative (Details)
Acquisition Of Frederick County Bancorp, Inc. - Pro Forma Information (Details)
Acquisition Of Frederick County Bancorp, Inc. - Purchase Price Consideration In Common Stock (Details)
Basis Of Presentation And Nature Of Operations
Basis Of Presentation And Nature Of Operations (Details)
Borrowings
Borrowings (Details)
Borrowings (Tables)
Earnings Per Share And Restricted Stock
Earnings Per Share And Restricted Stock (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Additional Quantitative Information (Details)
Fair Value Measurements - Schedule Of Carrying Amount, Fair Value And Placement In Fair Value Hierarchy (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Guarantees
Guarantees (Details)
Loans
Loans (Tables)
Loans - Narrative (Details)
Loans - Schedule Of Actual Loan Modifications (Details)
Loans - Schedule Of Allowance For Loan Losses And Recorded Investment In Financing Receivables (Details)
Loans - Schedule Of Change In Accretable Yields Of Acquired Loans (Details)
Loans - Schedule Of Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating (Details)
Loans - Schedule Of Expected Commercial Loan Modifications (Details)
Loans - Schedule Of Loan Portfolio Summarized By The Past Due Status (Details)
Loans - Schedule Of Nonaccrual Loans By Classes Of The Loan Portfolio (Details)
Loans - Summary Of Average Of Impaired Loans And Related Interest Income By Loan Portfolio Class (Details)
Loans - Summary Of Impaired Loans By Loan Portfolio Class (Details)
New Accounting Pronouncements
New Accounting Pronouncements (Policies)
Retirement Benefits
Retirement Benefits (Details)
Retirement Benefits (Tables)
Revenue Recognition
Revenue Recognition (Details)
Securities
Securities (Tables)
Securities - Narrative (Details)
Securities - Schedule Of Amortized Cost And Fair Value By Contractual Maturity (Details)
Securities - Schedule Of Amortized Cost And Fair Value Of Securities (Details)
Securities - Schedule Of Required Fair Value Disclosures For Equity Securities (Details)
Securities - Schedule Of Unrealized Losses And Fair Value (Details)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements) (Details)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements) (Tables)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Ticker: ACNB
CIK: 715579
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-20-055208
Submitted to the SEC: Fri May 01 2020 12:50:37 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

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