Business
ACNB Corporation Reports 2021 Third Quarter and Year-to-Date Financial Results
2021 Third Quarter and Year-To-Date Highlights Net income for the three months and quarter ended September 30, 2021, totaled $7,360,000, which is an increase
About this update from Acnb Corporation
[{"type":"text","content":"2021 Third Quarter and Year-To-Date Highlights Net income for the three months and quarter ended September 30, 2021, totaled $7,360,000, which is an increase of $589,000 or 8.7% over comparable period results for the three months ended September 30, 2020. Basic earnings per share was $0.84 and $0.79 for the three months ended September 30, 2021 and 2020, respectively, which is an increase of $0.05 or 6.3%. Net income for the nine months ended September 30, 2021, totaled $23,339,000, which is an increase of $11,994,000 or 105.7% over comparable period results for the nine months ended September 30, 2020. Basic earnings per share was $2.67 and $1.32 for the nine months ended September 30, 2021 and 2020, respectively, which is an increase of $1.35 or 102.3%. The higher net income for the first three quarters 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. Total loans outstanding were $1,486,886,000 at September 30, 2021, as compared to $1,637,784,000 at December 31, 2020, for a decrease of 9.2%. 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 $315,972,000 for the nine months ended September 30, 2021, which is an increase of 25.0% over the same period of 2020.Total deposits were $2,417,561,000 at September 30, 2021, as compared to $2,185,525,000 at December 31, 2020, for an increase of 10.6%. The increase in deposits is primarily a result of continued, slow economic conditions in the Coronavirus Disease 2019 (COVID-19) environment 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 nine months of 2021 totaled $6,710,000, or $0.77 per common share, which includes the special cash dividend of $0.02 per common share paid on June 15, 2021. Compared to the $0.75 in cash dividends paid per common share in the first nine months of 2020, this resulted in a year-over-year increase of 2.7% in cash divi...