ACNB Corp. is a holding company, which engages in the provision of banking and wealth management services, through its subsidiary ACNB Bank. It operates through the Banking and Insurance segments. The Banking segment offers banking and related financial services. The Insurance segment relates to a range of property and casualty, life, and health insurance offered to both commercial and individual clients. The company was founded in 1982 and is headquartered in Gettysburg, PA.
Net income for the three months ended June 30, 2019, was $6,466,000, compared to $5,507,000 for the same quarter in 2018, an increase of $959,000 or 17.4%. Basic earnings per share for the three month period was $0.92 in 2019 and $0.78 in 2018. The higher net income for the second quarter of 2019 was primarily a result of higher net interest income from increased volume and rate of earning assets. Net interest income for the quarter ended June 30, 2019 increased $879,000, or 6.2%, as increases in total interest income were greater than increases in total interest expense. Provision for loan losses was $125,000 for the quarter ended June 30, 2019, compared to $320,000 for the same quarter in 2018, based on the adequacy analysis of the allowance for loan losses calculation at the end of each period, resulting in an allowance to total loans of 1.10% at June 30, 2019. Other income increased $503,000, or 11.7%, due in part to increases in deposit fee income and insurance agency revenue. Other expenses increased $434,000, or 3.9%, due in part to increases in salaries and benefits and a deposit rewards program that increased revenue.