ACBB 2017 Financial Results

ACBB reported net income (unaudited) of $2,732,495, yielding an ROAA of 0.43%.  This included a deferred tax adjustment of $1,594,173 which was primarily due to our robust loan loss reserve coverage.  On a consolidated holding company basis, earnings were $2,549,941, primarily due to merger related legal expenses.  It should be noted without the DTA we would have experienced near record levels of earnings.  Please also note, remaining estimated merger related expenses (i.e. severance, vendor contracts) of approximately $500K will be realized within the first half of 2018.