ACNB Corporation, financial holding company for ACNB Bank and Russell Insurance Group, Inc., announced record financial results for the year ended Dec. 31, 2018, with net income of $21,748,000. Compared to net income of $9,788,000 for the year ended Dec. 31, 2017, this is an increase of $11,960,000, or 122.2 percent, over prior year-end results. Basic earnings per share were $3.09 and $1.50 for the year ended Dec. 31, 2018 and 2017, respectively, which is an increase of $1.59 per share or 106 percent.
The higher net income reported for 2018 was a result of merger-related expenses incurred in 2017, organic net revenue growth in 2018, as well as the additional revenues and cost efficiencies associated with the acquisition of New Windsor Bancorp Inc. on July 1, 2017. In addition, net income was aided by a lower effective tax rate due to the Tax Cuts and Jobs Act effective on Jan. 1, 2018. For the three months ended Dec. 31, 2018, the corporation reported net income of $5,289,000. Compared to net income of $2,517,000 for the three months ended Dec. 31, 2017, this is an increase of $2,772,000, or 110.1 percent, over comparable period results. Basic earnings per share were 75 cents and 36 cents for the three months ended Dec. 31, 2018 and 2017, respectively, which is an increase of $0.39 per share or 108.3 percent.
ACNB Corporation, headquartered in Gettysburg, Pennsylvania, is the financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, and Russell Insurance Group Inc., Westminster. ACNB Bank serves its marketplace via a network of 22 community banking offices. In addition, NWSB Bank, a division of ACNB Bank, serves its marketplace via a network of seven community banking offices located in Carroll County.