ACNB Corporation Announces Updated Loan Amendment and

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GETTYSBURG, Pa., September 24, 2020 (GLOBE NEWSWIRE) – ACNB Corporation (NASDAQ: ACNB) has announced that its wholly-owned banking subsidiary, ACNB Bank, has seen a substantial decline in the number and amount of loans subject to modification or postponement due to the economic impacts of the 2019 coronavirus disease pandemic (COVID-19). As of June 30, 2020, ACNB Bank reported approved loan modifications and deferrals for 466 loans totaling $ 234.6 million in principal balances, or 13.5% of the total loan portfolio. As of August 31, 2020, ACNB Bank had pending approvals for loan modifications and deferrals for 88 loans totaling $ 86.7 million in principal balances, representing 5.0% of the total loan portfolio.

James P. Helt, President and CEO of ACNB Corporation and ACNB Bank, said: “The government’s public health measures related to the COVID-19 pandemic and the significant reduction in consumer spending have had a significant effect on the savings of communities ACNB Company. When the government measures were announced earlier this year, ACNB Bank expected to receive a significant number of requests for loan modifications and deferrals from its business and consumer customers and developed a vigorous program to work with them. customers during this difficult time. Overall, we are pleased that the Loan Modification and Deferral Request resulted in a decrease in our preliminary estimates of potential defaults and loan losses. The decline in demand for loan modifications and deferrals reflects the strength and resilience of our customer base and the quality of our underwriting standards. ACNB Bank continues to work with clients on a case-by-case basis and monitor the loan portfolio, economics, government responses to the pandemic and their interrelated effects. “

ACNB Corporation, headquartered in Gettysburg, PA, is the $ 2.4 billion financial holding company of wholly owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank provides banking and wealth management services, including trust and retail brokerage services, to its market through a network of 21 community banking offices, located in the four central counties. southern Pennsylvania from Adams, Cumberland, Franklin and York, as well as as loan offices in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Bank operating in Maryland, FCB Bank and NWSB Bank serve the local market with a network of five and seven community banking offices located in Frederick County and Carroll County, Maryland, respectively. Russell Insurance Group, Inc., the Company’s insurance subsidiary, is a full-service agency with licenses in 44 states. The agency offers a wide range of P&C, health, life and disability insurance services to personal and business clients through offices in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information on ACNB Corporation and its subsidiaries, please visit acnb.com.

FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or losses per share, composition and quality of assets, growth prospects, capital structure, and other financial conditions, (b) statements of plans and objectives of management or the board of directors, and (c ) statements of assumptions, such as economic conditions in the Company’s market areas. These forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates” Or the negative of any of the preceding or other variations thereof or comparable terminology, or by a discussion of the strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors and regulatory limitations. Actual results may differ materially from those projected in forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, without limitation, the following: the effects of government and tax policies, as well as legislative changes and regulatory; the effects of new laws and regulations, in particular the impact of the Tax Cuts and Jobs Act and the Dodd-Frank Wall Street reform and Protection Act; impacts of Basel III capital and liquidity requirements; the effects of changes in accounting policies and practices, as they may be adopted by regulators, as well as by the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short- and long-term federal budget and tax negotiations and a failure to increase the public debt limit or a prolonged federal government shutdown; the effects of economic conditions, in particular with regard to the negative impact of the severe, widespread and continuing disruptions caused by the spread of the 2019 coronavirus disease (COVID-19) and the responses thereto on the operations of the Company and current customers, in particular the effect of the economy on the repayment capacity of borrowers; the effects of competition and changes in competition laws and regulations, including industry consolidation and the development of competitive financial products and services; the risks of changes in interest rates on the level and composition of deposits, loan demand and the values ​​of loan guarantees, securities and interest rate protection agreements, as well as interest rate risks ‘interest; difficulties in acquisitions and the integration and operation of acquired businesses, including difficulties related to information technology; the challenges of establishing and maintaining operations in new markets; the effects of technological change; volatility in securities markets; the effect of general economic conditions and more particularly in the Company’s market areas; the failure of the assumptions underlying the constitution of loan loss reserves and of the estimates of the values ​​of guarantees and of various financial assets and liabilities; acts of war or terrorism; disruption of credit and equity markets; the ability to manage current levels of impaired assets; the loss of some key leaders; the ability to maintain the value and image of the Company’s brand and to protect the Company’s intellectual property rights; ongoing relationships with major clients; and, the potential impacts on Society from the ever-changing cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management’s analysis on that date. The Company does not revise or update these forward-looking statements to reflect events or changes in circumstances. Please carefully review the risk factors described in other documents that the Company files from time to time with the SEC, including annual reports on Form 10-K and quarterly reports on Form 10-Q. Please also carefully review all current reports on Form 8-K filed by the company with the SEC.

Contact: Lynda L. Glass
Executive Vice President / Secretary &
Head of Governance
717.339.5085
[email protected]

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