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ACNB up in Q3, First Citizens hit by expansion costs
Michael Sadowski//November 6, 2015//
Listen to this articleACNB Corp.
The bank holding company for ACNB Bank of Gettysburg posted net income for the third quarter of more than $2.8 million, up from about $2.6 million in the same quarter of 2014.
That’s a gain of about 7 percent, with earnings per share going up to 47 cents from 44 cents in the third quarter of 2014.
Year to date, the company reported net income of $8.2 million, up from about $7.8 million for the first nine months of 2014. That equated to $1.36 per share this year, compared with $1.30 last year.
The company also reported assets of $1.13 billion at the end of the third quarter, up about 6 percent from the end of 2014’s third quarter.
ACNB Corp. trades its shares on the NASDAQ exchange at the ticker symbol ACNB.
Citizens Financial Services Inc.
The bank holding company for First Citizens Community Bank reported it has spent $405,000 so far this year on its planned acquisition of First National Bank of Fredericksburg in Lebanon County.
In the third quarter, it spent $282,000 on the acquisition. That cut into earnings for Mansfield-based First Citizens, which reported a drop of more than 15 percent for the quarter. Net income dropped from $3.7 million to about $2.9 million.
Earnings were also hurt from $328,000 of foreclosed property expenses, according to the company.
For the year, net income is at $9.2 million, compared to $9.9 million in the first nine months of 2014. That’s down 7.5 percent from last year, impacted by the acquisition costs and foreclosed properties expended. Together, the two expenses total about $1.1 million.
CEO and President Randall E. Black said there were also expenses incurred when the bank expanded into the Lock Haven market in the first quarter.
The Pennsylvania Department of Banking and Securities already has approved the local acquisition, which will be First Citizens’ first move into the Central Pennsylvania market. The deal is for $22.1 million.
The company trades its shares on the OTC exchange at the ticker symbol CZFS.
