Business
ACNB Corporation Reports 2021 Second Quarter and Year-to-Date Financial Results
2021 Second Quarter and Year-To-Date Highlights Net income for the three months and quarter ended June 30, 2021, totaled $8,508,000, which is an increase of
About this update from Acnb Corporation
[{"type":"text","content":"2021 Second Quarter and Year-To-Date Highlights Net income for the three months and quarter ended June 30, 2021, totaled $8,508,000, which is an increase of $2,711,000 or 46.8% over comparable period results for the three months ended June 30, 2020. Basic earnings per share was $0.98 and $0.67 for the three months ended June 30, 2021 and 2020, respectively, which is an increase of $0.31 or 46.3%. Net income for the six months ended June 30, 2021, totaled $15,979,000, with basic earnings per share of $1.83. This reflects an increase of $11,405,000 or 249.3% over comparable period results for the six months ended June 30, 2020. The higher net income for the first half of 2021 was primarily a result of higher fee income and less loan loss provision in 2021, as well as one-time merger expenses related to the acquisition of Frederick County Bancorp, Inc. (FCBI) in 2020. Net interest income for the six months ended June 30, 2021, totaled $35,894,000, which is an increase of $94,000 or 0.3% over comparable period results for the six months ended June 30, 2020. Total loans outstanding were $1,557,776,000 at June 30, 2021, as compared to $1,637,784,000 at December 31, 2020, for a decrease of 4.9%. The decrease in loans is largely attributable to the forgiveness of Paycheck Protection Program (PPP) loans, sale of most new residential mortgages, and payoff of loans in the residential mortgage, consumer and government lending portfolios. Conversely, new loan production for all business lines totaled $226,731,000 for the six months ended June 30, 2021, which is an increase of 39.0% over the same period of 2020. Total deposits were $2,338,035,000 at June 30, 2021, as compared to $2,185,525,000 at December 31, 2020, for an increase of 7.0%. The increase in deposits is primarily a result of continued, slow economic conditions increasing the level of deposits held by existing and new customers, including the segment of municipal depositors. Quarterly cash dividends paid to ACNB Corporation shareholders in the first half of 2021 totaled $4,530,000, or $0.52 per common share, which includes the special cash dividend of $0.02 per common share paid on June 15, 2021. Compared to the $0.50 in cash dividends paid per common share in the first half of 2020, this resulted in a year-over-year increase of 4.0% in cash dividends per common share paid to ACN...