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Stock impact report

ACNB Corporation Reports 2020 First Quarter Financial Results

ACNB Corporation (ACNB) 
US:NASDAQ Investor Relations: acnb.com/acnb-corporation
Company Research Source: GlobeNewswire
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 in Show less Read more
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