Business
ACNB Corporation Reports Record 2019 Financial Results With 9% Increase in Net Income
Highlights Net income for the year and quarter ended December 31, 2019, totaled $23,721,000 and $5,081,000, respectively. Basic earnings per share for the
About this update from Acnb Corporation
[{"type":"text","content":"Highlights\n Net income for the year and quarter ended December 31, 2019, totaled $23,721,000 and $5,081,000, respectively. Basic earnings per share for the year and quarter ended December 31, 2019, were $3.36 and $0.72, respectively. Total loans outstanding were $1,272,601,000 at December 31, 2019. Total deposits were $1,412,260,000 at December 31, 2019. Quarterly cash dividends paid to ACNB Corporation shareholders in 2019 totaled $6,920,000, or $0.98 per share --- an increase of $659,000, or 10.5%, over 2018. Expanded market penetration and operations in Lancaster County, PA, with the opening of the Lancaster Loan Office in 2019. 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. GETTYSBURG, Pa., Jan. 28, 2020 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and Russell Insurance Group, Inc., announced record financial results for the year ended December 31, 2019, with net income of $23,721,000. Compared to net income of $21,748,000 for the year ended December 31, 2018, this is an increase of $1,973,000, or 9.1%, over prior year-end results. Basic earnings per share were $3.36 and $3.09 for the year ended December 31, 2019 and 2018, respectively, which is an increase of $0.27 per share or 8.7%. For the three months ended December 31, 2019, the Corporation reported net income of $5,081,000. Compared to net income of $5,289,000 for the three months ended December 31, 2018, this is a decrease of $208,000, or 3.9%, to comparable period results. Basic earnings per share were $0.72 and $0.75 for the three months ended December 31, 2019 and 2018, respectively, which is a decrease of $0.03 per share or 4.0%. This year-over-year decrease in earnings performance for the three months ended December 31, 2019, was primarily due to merger and systems consulting expenses related to banking operations. “2019 was an exciting and demanding year for ACNB Corporation resulting in the second consecutive year of record financial results and the acquisition of Frederick County Bancorp, Inc. and its wholly-owned subsidiary, Frederick County Bank, effective January 11, 2020,” said James P. Helt, ACNB Corporation President & Chief Executive Offic...