Business
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
About this update from Acnb Corporation
[{"type":"text","content":"2020 First Quarter Highlights\n 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 announced the cash dividend declared for the second quarter of 2020 is consistent at $0.25 per share, payable on June 15, 2020, to shareholders of record on June 1, 2020. ACNB Corporation responded to the impact of the COVID-19 pandemic with a focused and responsive plan to meet the needs of the Corporation’s customers and communities, as well as to maintain a high level of operational performance while protecting valued staff members. GETTYSBURG, Pa., April 29, 2020 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and Russell Insurance Group, Inc., announced financial results for the three months and quarter ended March 31, 2020. These financial results include the nonrecurring expense associated with the acquisition of Frederick County Bancorp, Inc. (FCBI) and its wholly-owned subsi...