GETTYSBURG, Pa., Sept. 24, 2020 (GLOBE NEWSWIRE) — ACNB Company (NASDAQ: ACNB) introduced that its wholly-owned banking subsidiary, ACNB Bank, has skilled a considerable lower within the quantity and quantity of loans topic to short-term modification or deferral as a result of financial impacts of the Coronavirus Illness 2019 (COVID-19) pandemic. As of June 30, 2020, ACNB Bank reported accredited loan modifications and deferrals for 466 loans totaling $234.6 million in principal balances, representing 13.5% of the whole loan portfolio. As of August 31, 2020, ACNB Bank has excellent approvals for loan modifications and deferrals for 88 loans totaling $86.7 million in principal balances, representing 5.0% of the whole loan portfolio.
James P. Helt, President & Chief Government Officer of ACNB Company and ACNB Bank, famous, “Government public health measures relating to the COVID-19 pandemic and significant curtailment of consumer spending has had a significant effect on the economies of the communities served by ACNB Corporation. Upon announcement of the government measures earlier this year, ACNB Bank anticipated receiving a significant number of requests for loan modifications and deferrals from its commercial and consumer customers and developed a vigorous program to work with customers through this difficult time. Overall, we are pleased that the demand for loan modification and deferral requests has resulted in a decrease in our preliminary estimates of potential defaults and loan losses. Reduced 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 customers on a case-by-case basis and to monitor the loan portfolio, economic factors, governmental responses to the pandemic, and their interrelated effects.”
ACNB Company, headquartered in Gettysburg, PA, is the $2.four billion monetary holding firm for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance coverage Group, Inc., Westminster, MD. Initially based in 1857, ACNB Bank serves its market with banking and wealth administration providers, together with belief and retail brokerage, by way of a community of 21 group banking workplaces, positioned within the 4 southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, in addition to loan workplaces in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Bank working in Maryland, FCB Bank and NWSB Bank serve the native market with a community of 5 and 7 group banking workplaces positioned in Frederick County and Carroll County, MD, respectively. Russell Insurance coverage Group, Inc., the Company’s insurance coverage subsidiary, is a full-service company with licenses in 44 states. The company presents a broad vary of property, casualty, well being, life and incapacity insurance coverage serving private and business purchasers by workplace areas in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For extra data concerning ACNB Company and its subsidiaries, please go to acnb.com.
FORWARD-LOOKING STATEMENTS – Along with historic data, this press launch may include forward-looking statements. Examples of forward-looking statements embody, however usually are not restricted to, (a) projections or statements concerning future earnings, bills, web curiosity revenue, different revenue, earnings or loss per share, asset combine and high quality, development prospects, capital construction, and different monetary phrases, (b) statements of plans and aims of administration or the Board of Administrators, and (c) statements of assumptions, corresponding to financial situations within the Company’s market areas. Such forward-looking statements may be recognized by means of forward-looking terminology corresponding to “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the unfavourable of any of the foregoing or different variations thereon or comparable terminology, or by dialogue of technique. Ahead-looking statements are topic to sure dangers and uncertainties corresponding to native financial situations, aggressive elements, and regulatory limitations. Precise outcomes may differ materially from these projected within the forward-looking statements. Such dangers, uncertainties and different elements that might trigger precise outcomes and expertise to vary from these projected embody, however usually are not restricted to, the next: the consequences of governmental and financial insurance policies, in addition to legislative and regulatory modifications; the consequences of latest legal guidelines and laws, particularly the impression of the Tax Cuts and Jobs Act and the Dodd-Frank Wall Street Reform and Client Safety Act; impacts of the capital and liquidity necessities of the Basel III requirements; the consequences of modifications in accounting insurance policies and practices, as may be adopted by the regulatory businesses, in addition to the Monetary Accounting Requirements Board and different accounting normal setters; ineffectiveness of the enterprise technique because of modifications in present or future market situations; future actions or inactions of the USA authorities, together with the consequences of short- and long-term federal price range and tax negotiations and a failure to extend the federal government debt restrict or a chronic shutdown of the federal authorities; the consequences of financial situations notably with regard to the unfavourable impression of extreme, wide-ranging and persevering with disruptions attributable to the unfold of Coronavirus Illness 2019 (COVID-19) and the responses thereto on the operations of the Company and present prospects, particularly the impact of the economic system on loan prospects’ capability to repay loans; the consequences of competitors, and of modifications in legal guidelines and laws on competitors, together with trade consolidation and growth of competing monetary services; the dangers of modifications in rates of interest on the extent and composition of deposits, loan demand, and the values of loan collateral, securities, and rate of interest safety agreements, in addition to rate of interest dangers; difficulties in acquisitions and integrating and working acquired enterprise operations, together with data expertise difficulties; challenges in establishing and sustaining operations in new markets; the consequences of expertise modifications; volatilities within the securities markets; the impact of normal financial situations and extra particularly within the Company’s market areas; the failure of assumptions underlying the institution of reserves for loan losses and estimations of values of collateral and numerous monetary belongings and liabilities; acts of warfare or terrorism; disruption of credit score and fairness markets; the power to handle present ranges of impaired belongings; the lack of sure key officers; the power to take care of the value and picture of the Company’s model and shield the Company’s mental property rights; continued relationships with main prospects; and, potential impacts to the Company from regularly evolving cybersecurity and different technological dangers and assaults, together with further prices, reputational injury, regulatory penalties, and monetary losses. We warning readers to not place undue reliance on these forward-looking statements. They solely mirror administration’s evaluation as of this date. The Company doesn’t revise or replace these forward-looking statements to mirror occasions or modified circumstances. Please fastidiously overview the chance elements described in different paperwork the Company recordsdata every now and then with the SEC, together with the Annual Reviews on Type 10-Ok and Quarterly Reviews on Type 10-Q. Please additionally fastidiously overview any Present Reviews on Type 8-Ok filed by the Company with the SEC.
|Contact:||Lynda L. Glass|
|Chief Governance Officer|