ACNB Corporation Reports Fourth Quarter and 2024 Financial Results
ACNB reported Q4 2024 net income of $6.6 million ($0.77 per diluted share), showing a 61.0% increase from Q4 2023 but an 8.5% decrease from Q3 2024. Full-year 2024 net income reached $31.8 million ($3.73 per diluted share), up 0.5% from 2023.
Key financial metrics include a return on average assets of 1.31% and return on average equity of 10.94% for 2024. The fully taxable equivalent net interest margin was 3.79%, down from 4.07% in 2023. Total loans outstanding reached $1.68 billion, up 3.4% year-over-year, while deposits totaled $1.79 billion, decreasing 3.7% from 2023.
Financial results were impacted by $2.0 million in merger-related expenses due to the pending acquisition of Traditions Bancorp, expected to close on February 1, 2025. The company also benefited from a $2.8 million reversal of provisions for credit losses and unfunded commitments in 2024.
ACNB ha riportato un reddito netto per il Q4 2024 di 6,6 milioni di dollari (0,77 dollari per azione diluita), mostrando un aumento del 61,0% rispetto al Q4 2023, ma una diminuzione dell'8,5% rispetto al Q3 2024. Il reddito netto per l'intero anno 2024 ha raggiunto 31,8 milioni di dollari (3,73 dollari per azione diluita), in aumento dello 0,5% rispetto al 2023.
I principali indicatori finanziari includono un ritorno sugli attivi medi dell'1,31% e un ritorno sul capitale netto medio del 10,94% per il 2024. Il margine d'interesse netto equivalente completamente tassabile è stato del 3,79%, in calo rispetto al 4,07% nel 2023. I prestiti totali in essere hanno raggiunto 1,68 miliardi di dollari, con un aumento del 3,4% anno su anno, mentre i depositi hanno totalizzato 1,79 miliardi di dollari, segnando una diminuzione del 3,7% rispetto al 2023.
I risultati finanziari sono stati influenzati da spese legate alla fusione per 2,0 milioni di dollari a causa della prossima acquisizione di Traditions Bancorp, prevista per il 1° febbraio 2025. L'azienda ha anche beneficiato di un'inversione di 2,8 milioni di dollari delle accantonamenti per perdite su crediti e impegni non finanziati nel 2024.
ACNB reportó un ingreso neto del Q4 2024 de 6.6 millones de dólares (0.77 dólares por acción diluida), lo que representa un aumento del 61.0% en comparación con el Q4 2023, pero una disminución del 8.5% respecto al Q3 2024. El ingreso neto del año completo 2024 alcanzó los 31.8 millones de dólares (3.73 dólares por acción diluida), un incremento del 0.5% en comparación con 2023.
Los indicadores financieros clave incluyen un retorno sobre activos promedio del 1.31% y un retorno sobre patrimonio promedio del 10.94% para 2024. El margen de interés neto equivalente completamente gravable fue del 3.79%, en comparación con el 4.07% en 2023. Los préstamos totales pendientes alcanzaron los 1.68 mil millones de dólares, con un aumento del 3.4% interanual, mientras que los depósitos totalizaron 1.79 mil millones de dólares, disminuyendo un 3.7% en comparación con 2023.
Los resultados financieros se vieron afectados por 2.0 millones de dólares en gastos relacionados con la fusión debido a la adquisición pendiente de Traditions Bancorp, que se espera se cierre el 1 de febrero de 2025. La empresa también se benefició de una reversión de 2.8 millones de dólares en provisiones para pérdidas crediticias y compromisos no financiados en 2024.
ACNB는 2024년 4분기 순이익이 660만 달러(희석 주당 0.77달러)에 달하며, 2023년 4분기 대비 61.0% 증가했으나 2024년 3분기 대비 8.5% 감소했다고 보고했습니다. 2024년 전체 연간 순이익은 3180만 달러(희석 주당 3.73달러)에 달하며, 2023년 대비 0.5% 증가했습니다.
주요 재무 지표에는 2024년 평균 자산 수익률 1.31%와 평균 자기자본 수익률 10.94%가 포함되어 있습니다. 완전 과세 등가 순이자 마진은 3.79%로, 2023년 4.07%에서 감소했습니다. 총 대출 잔액은 16억8000만 달러로, 전년 대비 3.4% 증가했고, 예치금은 17억9000만 달러로 2023년 대비 3.7% 감소했습니다.
재무 성과는 Traditions Bancorp의 인수와 관련된 200만 달러의 비용 영향으로 영향을 받았으며, 이 인수는 2025년 2월 1일에 완료될 것으로 예상되고 있습니다. 회사는 또한 2024년 신용 손실 및 미지급 약정에 대한 280만 달러의 대손충당금 환입 혜택을 받았습니다.
ACNB a annoncé un revenu net de 6,6 millions de dollars (0,77 dollar par action diluée) pour le 4e trimestre 2024, ce qui représente une augmentation de 61,0% par rapport au 4e trimestre 2023 mais une diminution de 8,5% par rapport au 3e trimestre 2024. Le revenu net pour l'année 2024 s'est élevé à 31,8 millions de dollars (3,73 dollars par action diluée), en hausse de 0,5% par rapport à 2023.
Les principaux indicateurs financiers incluent un rendement sur les actifs moyens de 1,31% et un rendement sur les capitaux propres moyens de 10,94% pour 2024. La marge d'intérêt nette équivalente totalement imposable était de 3,79%, en baisse par rapport à 4,07% en 2023. Le total des prêts en cours a atteint 1,68 milliard de dollars, en hausse de 3,4% d'une année sur l'autre, tandis que les dépôts se sont élevés à 1,79 milliard de dollars, enregistrant une baisse de 3,7% par rapport à 2023.
Les résultats financiers ont été affectés par des frais liés à la fusion s'élevant à 2,0 millions de dollars en raison de l'acquisition imminente de Traditions Bancorp, qui devrait être finalisée le 1er février 2025. L'entreprise a également bénéficié d'une reprise de 2,8 millions de dollars des provisions pour pertes sur créances et engagements non financés en 2024.
ACNB berichtete für das 4. Quartal 2024 ein Nettoergebnis von 6,6 Millionen US-Dollar (0,77 US-Dollar pro verwässerter Aktie), was einem Anstieg von 61,0% gegenüber dem 4. Quartal 2023 entspricht, jedoch einem Rückgang von 8,5% im Vergleich zum 3. Quartal 2024. Das Nettoergebnis für das gesamte Jahr 2024 belief sich auf 31,8 Millionen US-Dollar (3,73 US-Dollar pro verwässerter Aktie), ein Anstieg von 0,5% gegenüber 2023.
Wichtige Finanzkennzahlen umfassen eine Rendite auf das durchschnittliche Vermögen von 1,31% und eine Rendite auf das durchschnittliche Eigenkapital von 10,94% für 2024. Die voll steuerpflichtige äquivalente Nettomarge lag bei 3,79%, ein Rückgang von 4,07% im Jahr 2023. Die gesamten ausstehenden Kredite beliefen sich auf 1,68 Milliarden US-Dollar, was einem Anstieg von 3,4% im Vergleich zum Vorjahr entspricht, während die Einlagen 1,79 Milliarden US-Dollar betrugen, was einem Rückgang von 3,7% gegenüber 2023 entspricht.
Die finanziellen Ergebnisse wurden durch Fusionskosten in Höhe von 2,0 Millionen US-Dollar beeinträchtigt, die aufgrund der bevorstehenden Übernahme von Traditions Bancorp, die am 1. Februar 2025 abgeschlossen werden soll, entstanden sind. Das Unternehmen profitierte auch von einer Rückbuchung von 2,8 Millionen US-Dollar für Rückstellungen für Kreditverluste und nicht finanzierte Verpflichtungen im Jahr 2024.
- Net income increased 61.0% year-over-year in Q4 2024
- Total loans grew by 3.4% to $1.68 billion year-over-year
- $2.8 million reversal of provisions for credit losses in 2024
- Strong asset quality with low net charge-offs of 0.02%
- Q4 2024 net income decreased 8.5% quarter-over-quarter
- Net interest margin declined to 3.79% from 4.07% year-over-year
- Total deposits decreased 3.7% year-over-year
- Non-performing loans increased to 0.40% from 0.26% year-over-year
Insights
ACNB 's Q4 2024 results reveal a complex picture of operational resilience amid challenging market conditions. The 61% year-over-year earnings growth to
The net interest margin dynamics are particularly telling. The FTE margin of
Asset quality metrics remain robust but show early warning signs. While the
The strategic acquisition of Traditions Bancorp represents a transformative move. Post-merger, ACNB will emerge as one of Pennsylvania's largest community banks under
Capital position remains solid with a tangible common equity ratio of
GETTYSBURG, Pa., Jan. 23, 2025 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of
2024 Highlights
- Return on average assets was
1.31% and return on average equity was10.94% for the twelve months ended December 31, 2024. - Fully taxable equivalent (“FTE”) net interest margin was
3.79% for the twelve months ended December 31, 2024 compared to4.07% for the twelve months ended December 31, 2023. - Total non-performing loans to total loans, net of unearned income, was
0.40% at December 31, 2024 compared to0.26% at December 31, 2023. The increase in non-performing loans to total loans, net of unearned income, for the twelve months ended December 31, 2024 was driven primarily by one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current year. - Net charge-offs to average loans outstanding were
0.02% for both the twelve months ended December 31, 2024 and 2023. - Tangible common equity to tangible assets ratio1 of
10.72% at December 31, 2024 compared to9.48% at December 31, 2023. The net unrealized loss on the available for sale securities portfolio was$47.7 million at December 31, 2024 compared to a net unrealized loss of$50.2 million at December 31, 2023. - ACNB and ACNB Bank capital levels remain well in excess of ACNB’s internal minimums and those required to be categorized as a well-capitalized institution by our bank regulators.
“We are excited to share a strong year of operating results with our shareholders. Our continued focus on community banking principles have produced another year of solid financial performance and continued strong returns for our shareholders. In addition, we were successfully able to announce the strategic acquisition of Traditions Bancorp, Inc. that will create one of the largest community banks in Pennsylvania with assets less than
“As we turn our focus to 2025, we look forward to successfully integrating Traditions Bank’s customers and employees into the ACNB model as we expand our presence in York and Lancaster counties. We are confident that this acquisition will complement our current operations with profitable growth opportunities and will contribute to our commitment of enhancing long-term shareholder value.”
Mr. Helt continued, “We would like to express our gratitude for the continued support of our shareholders, customers and employees that have enabled us to fulfill our vision to be the independent financial services provider of choice in the markets that we serve by building relationships and finding solutions.”
Net Interest Income and Margin
Net interest income for the three months ended December 31, 2024 totaled
Net interest income for the twelve months ended December 31, 2024 totaled
Noninterest Income
Noninterest income for the three months ended December 31, 2024 was
Noninterest income, excluding net gains (losses) on sales or calls of securities, for the twelve months ended December 31, 2024 was
Noninterest Expense
Noninterest expense for the three months ended December 31, 2024 was
Noninterest expense for the twelve months ended December 31, 2024 increased
Loans and Asset Quality
Total loans outstanding were
Asset quality metrics continue to be stable. The provisions for credit losses and unfunded commitments were
Non-performing loans were
Deposits and Borrowings
Deposits totaled
Total borrowings were
The average rate on total borrowings was
Stockholders’ Equity
Total stockholders’ equity was
About ACNB Corporation
ACNB Corporation, headquartered in Gettysburg, PA, is the
SAFE HARBOR AND FORWARD-LOOKING STATEMENTS - Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. 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 loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such 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 foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the 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-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation's consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.
ACNB #2025-1
January 23, 2025
| ACNB Corporation Financial Highlights Selected Financial Data by Respective Quarter End (Unaudited) | ||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||
| BALANCE SHEET DATA | ||||||||||||||||||||||||
| Assets | $ | 2,394,830 | $ | 2,420,914 | $ | 2,457,753 | $ | 2,414,288 | $ | 2,418,847 | ||||||||||||||
| Investment securities | 459,472 | 483,604 | 483,868 | 490,626 | 517,221 | |||||||||||||||||||
| Total loans, net of unearned income | 1,682,910 | 1,677,112 | 1,679,600 | 1,664,980 | 1,627,988 | |||||||||||||||||||
| Allowance for credit losses | (17,280 | ) | (17,214 | ) | (17,162 | ) | (20,172 | ) | (19,969 | ) | ||||||||||||||
| Deposits | 1,792,501 | 1,791,317 | 1,838,588 | 1,835,224 | 1,861,813 | |||||||||||||||||||
| Allowance for unfunded commitments | 1,394 | 1,349 | 1,310 | 1,569 | 1,719 | |||||||||||||||||||
| Borrowings | 271,159 | 293,091 | 304,286 | 272,605 | 252,174 | |||||||||||||||||||
| Stockholders’ equity | 303,273 | 306,755 | 289,331 | 279,920 | 277,461 | |||||||||||||||||||
| INCOME STATEMENT DATA | ||||||||||||||||||||||||
| Interest and dividend income | $ | 27,381 | $ | 27,241 | $ | 26,869 | $ | 25,974 | $ | 25,284 | ||||||||||||||
| Interest expense | 6,269 | 6,299 | 5,905 | 5,381 | 3,791 | |||||||||||||||||||
| Net interest income | 21,112 | 20,942 | 20,964 | 20,593 | 21,493 | |||||||||||||||||||
| Provision for (reversal of ) credit losses | 249 | 81 | (2,990 | ) | 223 | 786 | ||||||||||||||||||
| Provision for (reversal of) unfunded commitments | 44 | 40 | (259 | ) | (151 | ) | (242 | ) | ||||||||||||||||
| Net interest income after provisions for credit losses and unfunded commitments | 20,819 | 20,821 | 24,213 | 20,521 | 20,949 | |||||||||||||||||||
| Noninterest income | 5,803 | 6,833 | 6,427 | 5,667 | 970 | |||||||||||||||||||
| Noninterest expenses | 18,388 | 18,244 | 16,391 | 17,662 | 17,173 | |||||||||||||||||||
| Income before income taxes | 8,234 | 9,410 | 14,249 | 8,526 | 4,746 | |||||||||||||||||||
| Provision for income taxes | 1,639 | 2,206 | 2,970 | 1,758 | 649 | |||||||||||||||||||
| Net income | $ | 6,595 | $ | 7,204 | $ | 11,279 | $ | 6,768 | $ | 4,097 | ||||||||||||||
| PROFITABILITY RATIOS | ||||||||||||||||||||||||
| Total loans, net of unearned income to deposits | 93.89 | % | 93.62 | % | 91.35 | % | 90.72 | % | 87.44 | % | ||||||||||||||
| Return on average assets (annualized) | 1.08 | 1.17 | 1.86 | 1.12 | 0.68 | |||||||||||||||||||
| Return on average equity (annualized) | 8.57 | 9.63 | 16.12 | 9.76 | 6.09 | |||||||||||||||||||
| Efficiency ratio3 | 63.83 | 60.56 | 58.61 | 66.18 | 62.48 | |||||||||||||||||||
| FTE Net interest margin | 3.81 | 3.77 | 3.82 | 3.77 | 3.93 | |||||||||||||||||||
| Yield on average earning assets | 4.93 | 4.90 | 4.89 | 4.74 | 4.62 | |||||||||||||||||||
| Yield on investment securities | 2.58 | 2.59 | 2.65 | 2.70 | 2.36 | |||||||||||||||||||
| Yield on total loans | 5.61 | 5.56 | 5.53 | 5.37 | 5.29 | |||||||||||||||||||
| Cost of funds | 1.19 | 1.19 | 1.12 | 1.02 | 0.71 | |||||||||||||||||||
| PER SHARE DATA | ||||||||||||||||||||||||
| Diluted earnings per share | $ | 0.77 | $ | 0.84 | $ | 1.32 | $ | 0.80 | $ | 0.48 | ||||||||||||||
| Cash dividends paid per share | 0.32 | 0.32 | 0.32 | 0.30 | 0.30 | |||||||||||||||||||
| Tangible book value per share3 | 29.51 | 29.90 | 27.82 | 26.70 | 26.44 | |||||||||||||||||||
| CAPITAL RATIOS4 | ||||||||||||||||||||||||
| Tier 1 leverage ratio | 12.52 | % | 12.46 | % | 12.25 | % | 11.91 | % | 11.57 | % | ||||||||||||||
| Common equity tier 1 ratio | 16.27 | 16.07 | 15.78 | 15.40 | 15.16 | |||||||||||||||||||
| Tier 1 risk based capital ratio | 16.56 | 16.36 | 16.07 | 15.69 | 15.45 | |||||||||||||||||||
| Total risk based capital ratio | 18.36 | 18.15 | 17.86 | 17.68 | 17.41 | |||||||||||||||||||
| CREDIT QUALITY | ||||||||||||||||||||||||
| Net charge-offs to average loans outstanding (annualized) | 0.04 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.02 | % | ||||||||||||||
| Total non-performing loans to total loans, net of unearned income5 | 0.40 | 0.39 | 0.19 | 0.24 | 0.26 | |||||||||||||||||||
| Total non-performing assets to total assets6 | 0.30 | 0.29 | 0.14 | 0.18 | 0.19 | |||||||||||||||||||
| Allowance for credit losses to total loans, net of unearned income | 1.03 | 1.03 | 1.02 | 1.21 | 1.23 | |||||||||||||||||||
| Consolidated Balance Sheet (Unaudited) | |||||||||||
| (Dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 16,352 | $ | 24,636 | $ | 21,442 | |||||
| Interest-bearing deposits with banks | 30,910 | 33,456 | 44,516 | ||||||||
| Total Cash and Cash Equivalents | 47,262 | 58,092 | 65,958 | ||||||||
| Equity securities with readily determinable fair values | 919 | 947 | 928 | ||||||||
| Investment securities available for sale, at estimated fair value | 393,975 | 418,079 | 451,693 | ||||||||
| Investment securities held to maturity, at amortized cost (fair value | 64,578 | 64,578 | 64,600 | ||||||||
| Loans held for sale | 426 | 1,080 | 280 | ||||||||
| Total loans, net of unearned income | 1,682,910 | 1,677,112 | 1,627,988 | ||||||||
| Less: Allowance for credit losses | (17,280 | ) | (17,214 | ) | (19,969 | ) | |||||
| Loans, net | 1,665,630 | 1,659,898 | 1,608,019 | ||||||||
| Premises and equipment, net | 25,454 | 25,542 | 26,283 | ||||||||
| Right of use asset | 2,663 | 2,110 | 2,615 | ||||||||
| Restricted investment in bank stocks | 10,853 | 10,853 | 9,677 | ||||||||
| Investment in bank-owned life insurance | 81,850 | 81,344 | 79,871 | ||||||||
| Investments in low-income housing partnerships | 877 | 909 | 1,003 | ||||||||
| Goodwill | 44,185 | 44,185 | 44,185 | ||||||||
| Intangible assets, net | 7,838 | 8,142 | 9,082 | ||||||||
| Foreclosed assets held for resale | 438 | 406 | 467 | ||||||||
| Other assets | 47,882 | 44,749 | 54,186 | ||||||||
| Total Assets | $ | 2,394,830 | $ | 2,420,914 | $ | 2,418,847 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 451,503 | $ | 463,501 | $ | 500,332 | |||||
| Interest-bearing | 1,340,998 | 1,327,816 | 1,361,481 | ||||||||
| Total Deposits | 1,792,501 | 1,791,317 | 1,861,813 | ||||||||
| Short-term borrowings | 15,826 | 37,769 | 56,882 | ||||||||
| Long-term borrowings | 255,333 | 255,322 | 195,292 | ||||||||
| Lease liability | 2,764 | 2,110 | 2,615 | ||||||||
| Allowance for unfunded commitments | 1,394 | 1,349 | 1,719 | ||||||||
| Other liabilities | 23,739 | 26,292 | 23,065 | ||||||||
| Total Liabilities | 2,091,557 | 2,114,159 | 2,141,386 | ||||||||
| Stockholders’ Equity: | |||||||||||
| Preferred Stock, | — | — | — | ||||||||
| Common stock, | 22,357 | 22,344 | 22,231 | ||||||||
| Treasury stock, at cost; 391,508 at both December 31, 2024 and September 30, 2024, and 384,666 at December 31, 2023 | (11,203 | ) | (11,203 | ) | (10,954 | ) | |||||
| Additional paid-in capital | 99,163 | 98,697 | 97,602 | ||||||||
| Retained earnings | 234,624 | 230,752 | 213,491 | ||||||||
| Accumulated other comprehensive loss | (41,668 | ) | (33,835 | ) | (44,909 | ) | |||||
| Total Stockholders’ Equity | 303,273 | 306,755 | 277,461 | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,394,830 | $ | 2,420,914 | $ | 2,418,847 | |||||
| Consolidated Income Statements (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| INTEREST AND DIVIDEND INCOME | |||||||||||||||
| Loans, including fees | |||||||||||||||
| Taxable | $ | 23,294 | $ | 21,303 | $ | 90,547 | $ | 79,433 | |||||||
| Tax-exempt | 289 | 336 | 1,232 | 1,405 | |||||||||||
| Investment securities: | |||||||||||||||
| Taxable | 2,555 | 2,534 | 10,748 | 10,985 | |||||||||||
| Tax-exempt | 284 | 285 | 1,136 | 1,168 | |||||||||||
| Dividends | 231 | 135 | 970 | 331 | |||||||||||
| Other | 728 | 691 | 2,832 | 3,318 | |||||||||||
| Total Interest and Dividend Income | 27,381 | 25,284 | 107,465 | 96,640 | |||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 3,279 | 1,808 | 11,194 | 3,695 | |||||||||||
| Short-term borrowings | 12 | 334 | 859 | 898 | |||||||||||
| Long-term borrowings | 2,978 | 1,649 | 11,801 | 3,727 | |||||||||||
| Total Interest Expense | 6,269 | 3,791 | 23,854 | 8,320 | |||||||||||
| Net Interest Income | 21,112 | 21,493 | 83,611 | 88,320 | |||||||||||
| Provision for (reversal of) credit losses | 249 | 786 | (2,437 | ) | 860 | ||||||||||
| Provision for (reversal of) unfunded commitments | 44 | (242 | ) | (326 | ) | (16 | ) | ||||||||
| Net Interest Income after Provisions for (Reversal of) Credit Losses and Unfunded Commitments | 20,819 | 20,949 | 86,374 | 87,476 | |||||||||||
| NONINTEREST INCOME | |||||||||||||||
| Insurance commissions | 2,105 | 1,948 | 9,754 | 9,319 | |||||||||||
| Wealth management | 1,007 | 872 | 4,226 | 3,644 | |||||||||||
| Service charges on deposits | 1,084 | 1,007 | 4,144 | 3,958 | |||||||||||
| ATM debit card charges | 815 | 846 | 3,303 | 3,348 | |||||||||||
| Earnings on investment in bank-owned life insurance | 506 | 479 | 1,979 | 1,878 | |||||||||||
| Gain from mortgage loans held for sale | 107 | 25 | 301 | 56 | |||||||||||
| Net (losses) gains on sales or calls of investment securities | — | (4,501 | ) | 69 | (5,240 | ) | |||||||||
| Net (losses) gains on equity securities | (28 | ) | 40 | (9 | ) | 18 | |||||||||
| Gain on assets held for sale | — | — | — | 337 | |||||||||||
| Other | 207 | 254 | 963 | 1,127 | |||||||||||
| Total Noninterest Income | 5,803 | 970 | 24,730 | 18,445 | |||||||||||
| NONINTEREST EXPENSES | |||||||||||||||
| Salaries and employee benefits | 10,318 | 10,596 | 42,929 | 40,931 | |||||||||||
| Equipment | 2,324 | 1,730 | 7,321 | 6,514 | |||||||||||
| Net occupancy | 1,096 | 927 | 4,162 | 3,908 | |||||||||||
| Professional services | 586 | 720 | 2,140 | 2,320 | |||||||||||
| Other tax | 360 | 304 | 1,446 | 1,269 | |||||||||||
| FDIC and regulatory | 337 | 456 | 1,425 | 1,388 | |||||||||||
| Intangible assets amortization | 304 | 352 | 1,244 | 1,424 | |||||||||||
| Merger-related | 885 | — | 2,045 | — | |||||||||||
| Other | 2,178 | 2,088 | 7,973 | 8,318 | |||||||||||
| Total Noninterest Expenses | 18,388 | 17,173 | 70,685 | 66,072 | |||||||||||
| Income Before Income Taxes | 8,234 | 4,746 | 40,419 | 39,849 | |||||||||||
| Provision for income taxes | 1,639 | 649 | 8,573 | 8,161 | |||||||||||
| Net Income | $ | 6,595 | $ | 4,097 | $ | 31,846 | $ | 31,688 | |||||||
| PER SHARE DATA | |||||||||||||||
| Basic earnings | $ | 0.78 | $ | 0.48 | $ | 3.75 | $ | 3.72 | |||||||
| Diluted earnings | $ | 0.77 | $ | 0.48 | $ | 3.73 | $ | 3.71 | |||||||
| Weighted average shares basic | 8,511,253 | 8,477,525 | 8,503,473 | 8,507,803 | |||||||||||
| Weighted average shares diluted | 8,549,691 | 8,510,548 | 8,536,965 | 8,536,125 | |||||||||||
| Average Balances, Income and Expenses, Yields and Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest7 | Yield/ Rate | Average Balance | Interest7 | Yield/ Rate | Average Balance | Interest7 | Yield/ Rate | Average Balance | Interest7 | Yield/ Rate | Average Balance | Interest7 | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | $ | 1,619,245 | $ | 23,294 | 5.72 | % | $ | 1,618,879 | $ | 23,108 | 5.68 | % | $ | 1,612,380 | $ | 22,675 | 5.66 | % | $ | 1,573,109 | $ | 21,470 | 5.49 | % | $ | 1,559,411 | $ | 21,303 | 5.42 | % | ||||||||||||||||||||||||
| Tax-exempt | 57,683 | 366 | 2.52 | 62,401 | 394 | 2.51 | 64,276 | 396 | 2.48 | 65,825 | 404 | 2.47 | 69,058 | 425 | 2.44 | |||||||||||||||||||||||||||||||||||||||
| Total Loans8 | 1,676,928 | 23,660 | 5.61 | 1,681,280 | 23,502 | 5.56 | 1,676,656 | 23,071 | 5.53 | 1,638,934 | 21,874 | 5.37 | 1,628,469 | 21,728 | 5.29 | |||||||||||||||||||||||||||||||||||||||
| Investment Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 431,338 | 2,786 | 2.57 | 441,135 | 2,868 | 2.59 | 442,390 | 2,913 | 2.65 | 467,466 | 3,151 | 2.71 | 453,713 | 2,669 | 2.33 | |||||||||||||||||||||||||||||||||||||||
| Tax-exempt | 54,453 | 359 | 2.62 | 54,549 | 359 | 2.62 | 54,644 | 359 | 2.64 | 54,740 | 359 | 2.64 | 54,835 | 361 | 2.61 | |||||||||||||||||||||||||||||||||||||||
| Total Investments9 | 485,791 | 3,145 | 2.58 | 495,684 | 3,227 | 2.59 | 497,034 | 3,272 | 2.65 | 522,206 | 3,510 | 2.70 | 508,548 | 3,030 | 2.36 | |||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits with banks | 60,104 | 728 | 4.82 | 48,794 | 670 | 5.46 | 50,851 | 684 | 5.41 | 54,156 | 750 | 5.57 | 50,225 | 691 | 5.46 | |||||||||||||||||||||||||||||||||||||||
| Total Earning Assets | 2,222,823 | 27,533 | 4.93 | 2,225,758 | 27,399 | 4.90 | 2,224,541 | 27,027 | 4.89 | 2,215,296 | 26,134 | 4.74 | 2,187,242 | 25,449 | 4.62 | |||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 20,413 | 21,684 | 21,041 | 20,540 | 21,578 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Premises and equipment | 25,679 | 25,716 | 25,903 | 26,102 | 25,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 181,180 | 184,105 | 187,937 | 187,075 | 191,329 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (17,153 | ) | (17,147 | ) | (20,124 | ) | (19,963 | ) | (19,232 | ) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,432,942 | $ | 2,440,116 | $ | 2,439,298 | $ | 2,429,050 | $ | 2,406,900 | ||||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 519,833 | $ | 511 | 0.39 | % | $ | 518,368 | $ | 552 | 0.42 | % | $ | 513,163 | $ | 275 | 0.22 | % | $ | 512,701 | $ | 264 | 0.21 | % | $ | 560,510 | $ | 275 | 0.19 | % | ||||||||||||||||||||||||
| Money markets | 251,781 | 747 | 1.18 | 246,653 | 692 | 1.12 | 248,191 | 613 | 0.99 | 248,297 | 536 | 0.87 | 274,226 | 707 | 1.02 | |||||||||||||||||||||||||||||||||||||||
| Savings deposits | 315,512 | 34 | 0.04 | 318,291 | 26 | 0.03 | 327,274 | 30 | 0.04 | 335,215 | 29 | 0.03 | 348,244 | 28 | 0.03 | |||||||||||||||||||||||||||||||||||||||
| Time deposits | 268,559 | 1,987 | 2.94 | 258,053 | 1,842 | 2.84 | 263,045 | 1,725 | 2.64 | 244,481 | 1,331 | 2.19 | 221,778 | 798 | 1.43 | |||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Deposits | 1,355,685 | 3,279 | 0.96 | 1,341,365 | 3,112 | 0.92 | 1,351,673 | 2,643 | 0.79 | 1,340,694 | 2,160 | 0.65 | 1,404,758 | 1,808 | 0.51 | |||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 23,087 | 12 | 0.21 | 38,666 | 204 | 2.10 | 37,256 | 304 | 3.28 | 47,084 | 339 | 2.90 | 56,872 | 334 | 2.33 | |||||||||||||||||||||||||||||||||||||||
| Long-term borrowings | 255,326 | 2,978 | 4.64 | 255,316 | 2,983 | 4.65 | 255,305 | 2,958 | 4.66 | 248,701 | 2,882 | 4.66 | 137,026 | 1,649 | 4.77 | |||||||||||||||||||||||||||||||||||||||
| Total Borrowings | 278,413 | 2,990 | 4.27 | 293,982 | 3,187 | 4.31 | 292,561 | 3,262 | 4.48 | 295,785 | 3,221 | 4.38 | 193,898 | 1,983 | 4.06 | |||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,634,098 | 6,269 | 1.53 | 1,635,347 | 6,299 | 1.53 | 1,644,234 | 5,905 | 1.44 | 1,636,479 | 5,381 | 1.32 | 1,598,656 | 3,791 | 0.94 | |||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 464,949 | 477,350 | 485,351 | 486,648 | 519,797 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 27,887 | 29,946 | 28,348 | 26,904 | 21,648 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity | 306,008 | 297,473 | 281,365 | 279,019 | 266,799 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,432,942 | $ | 2,440,116 | $ | 2,439,298 | $ | 2,429,050 | $ | 2,406,900 | ||||||||||||||||||||||||||||||||||||||||||||
| Taxable Equivalent Net Interest Income | 21,264 | 21,100 | 21,122 | 20,753 | 21,658 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable Equivalent Adjustment | (152 | ) | (158 | ) | (158 | ) | (160 | ) | (165 | ) | ||||||||||||||||||||||||||||||||||||||||||||
| Net Interest Income | $ | 21,112 | $ | 20,942 | $ | 20,964 | $ | 20,593 | $ | 21,493 | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of Funds | 1.19 | % | 1.19 | % | 1.12 | % | 1.02 | % | 0.71 | % | ||||||||||||||||||||||||||||||||||||||||||||
| FTE Net Interest Margin | 3.81 | % | 3.77 | % | 3.82 | % | 3.77 | % | 3.93 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Average Balances, Income and Expenses, Yields and Rates | |||||||||||||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest10 | Yield/ Rate | Average Balance | Interest10 | Yield/ Rate | |||||||||||||||||
| ASSETS | |||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||
| Taxable | $ | 1,605,976 | $ | 90,547 | 5.64 | % | $ | 1,499,635 | $ | 79,433 | 5.30 | % | |||||||||||
| Tax-exempt | 62,532 | 1,559 | 2.49 | 73,993 | 1,778 | 2.40 | |||||||||||||||||
| Total Loans11 | 1,668,508 | 92,106 | 5.52 | 1,573,628 | 81,211 | 5.16 | |||||||||||||||||
| Investment Securities: | |||||||||||||||||||||||
| Taxable | 445,531 | 11,718 | 2.63 | 491,208 | 11,316 | 2.30 | |||||||||||||||||
| Tax-exempt | 54,596 | 1,438 | 2.63 | 57,670 | 1,478 | 2.56 | |||||||||||||||||
| Total Investments12 | 500,127 | 13,156 | 2.63 | 548,878 | 12,794 | 2.33 | |||||||||||||||||
| Interest-bearing deposits with banks | 53,482 | 2,832 | 5.30 | 66,246 | 3,318 | 5.01 | |||||||||||||||||
| Total Earning Assets | 2,222,117 | 108,094 | 4.86 | 2,188,752 | 97,323 | 4.45 | |||||||||||||||||
| Cash and due from banks | 20,920 | 30,684 | |||||||||||||||||||||
| Premises and equipment | 25,873 | 26,582 | |||||||||||||||||||||
| Other assets | 185,037 | 165,175 | |||||||||||||||||||||
| Allowance for credit losses | (18,589 | ) | (18,915 | ) | |||||||||||||||||||
| Total Assets | $ | 2,435,358 | $ | 2,392,278 | |||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 516,033 | $ | 1,603 | 0.31 | % | $ | 569,357 | $ | 757 | 0.13 | % | |||||||||||
| Money markets | 248,733 | 2,588 | 1.04 | 283,918 | 1,192 | 0.42 | |||||||||||||||||
| Savings deposits | 324,034 | 118 | 0.04 | 377,498 | 122 | 0.03 | |||||||||||||||||
| Time deposits | 258,560 | 6,885 | 2.66 | 230,431 | 1,624 | 0.70 | |||||||||||||||||
| Total Interest-Bearing Deposits | 1,347,360 | 11,194 | 0.83 | 1,461,204 | 3,695 | 0.25 | |||||||||||||||||
| Short-term borrowings | 36,492 | 859 | 2.35 | 49,433 | 898 | 1.82 | |||||||||||||||||
| Long-term borrowings | 253,671 | 11,801 | 4.65 | 78,262 | 3,727 | 4.76 | |||||||||||||||||
| Total Borrowings | 290,163 | 12,660 | 4.36 | 127,695 | 4,625 | 3.62 | |||||||||||||||||
| Total Interest-Bearing Liabilities | 1,637,523 | 23,854 | 1.46 | 1,588,899 | 8,320 | 0.52 | |||||||||||||||||
| Noninterest-bearing demand deposits | 478,534 | 543,843 | |||||||||||||||||||||
| Other liabilities | 28,276 | 442 | |||||||||||||||||||||
| Stockholders’ Equity | 291,025 | 259,094 | |||||||||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,435,358 | $ | 2,392,278 | |||||||||||||||||||
| Taxable Equivalent Net Interest Income | 84,240 | 89,003 | |||||||||||||||||||||
| Taxable Equivalent Adjustment | (629 | ) | (683 | ) | |||||||||||||||||||
| Net Interest Income | $ | 83,611 | $ | 88,320 | |||||||||||||||||||
| Cost of Funds | 1.13 | % | 0.39 | % | |||||||||||||||||||
| FTE Net Interest Margin | 3.79 | % | 4.07 | % | |||||||||||||||||||
Non-GAAP Reconciliation
Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.
| Three Months Ended | ||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Tangible book value per share | ||||||||||||||||||||||||
| Stockholders’ equity | $ | 303,273 | $ | 306,755 | $ | 289,331 | $ | 279,920 | $ | 277,461 | ||||||||||||||
| Less: Goodwill and intangible assets | (52,023 | ) | (52,327 | ) | (52,631 | ) | (52,946 | ) | (53,267 | ) | ||||||||||||||
| Tangible common stockholders’ equity (numerator) | $ | 251,250 | $ | 254,428 | $ | 236,700 | $ | 226,974 | $ | 224,194 | ||||||||||||||
| Shares outstanding, less unvested shares, end of period (denominator) | 8,515,347 | 8,510,187 | 8,507,191 | 8,501,137 | 8,478,460 | |||||||||||||||||||
| Tangible book value per share | $ | 29.51 | $ | 29.90 | $ | 27.82 | $ | 26.70 | $ | 26.44 | ||||||||||||||
| Tangible common equity to tangible assets (TCE/TA Ratio) | ||||||||||||||||||||||||
| Tangible common stockholders’ equity (numerator) | $ | 251,250 | $ | 254,428 | $ | 236,700 | $ | 226,974 | $ | 224,194 | ||||||||||||||
| Total assets | $ | 2,394,830 | $ | 2,420,914 | $ | 2,457,753 | $ | 2,414,288 | $ | 2,418,847 | ||||||||||||||
| Less: Goodwill and intangible assets | (52,023 | ) | (52,327 | ) | (52,631 | ) | (52,946 | ) | (53,267 | ) | ||||||||||||||
| Total tangible assets (denominator) | $ | 2,342,807 | $ | 2,368,587 | $ | 2,405,122 | $ | 2,361,342 | $ | 2,365,580 | ||||||||||||||
| Tangible common equity to tangible assets | 10.72 | % | 10.74 | % | 9.84 | % | 9.61 | % | 9.48 | % | ||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||||||
| Noninterest expense | $ | 18,388 | $ | 18,244 | $ | 16,391 | $ | 17,662 | $ | 17,173 | ||||||||||||||
| Less: Intangible amortization | 304 | 304 | 315 | 321 | 352 | |||||||||||||||||||
| Less: Merger-related expense | 885 | 1,137 | 23 | — | — | |||||||||||||||||||
| Noninterest expense (numerator) | $ | 17,199 | $ | 16,803 | $ | 16,053 | $ | 17,341 | $ | 16,821 | ||||||||||||||
| Net interest income | $ | 21,112 | $ | 20,942 | $ | 20,964 | $ | 20,593 | $ | 21,493 | ||||||||||||||
| Plus: Total noninterest income | 5,803 | 6,833 | 6,427 | 5,667 | 970 | |||||||||||||||||||
| Less: Net gains (losses) on sales or calls of securities | — | — | — | 69 | (4,501 | ) | ||||||||||||||||||
| Less: Net (losses) gains on equity securities | (28 | ) | 28 | 1 | (10 | ) | 40 | |||||||||||||||||
| Total revenue (denominator) | $ | 26,943 | $ | 27,747 | $ | 27,390 | $ | 26,201 | $ | 26,924 | ||||||||||||||
| Efficiency ratio | 63.83 | % | 60.56 | % | 58.61 | % | 66.18 | % | 62.48 | % | ||||||||||||||
1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
2 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
3 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
4 Regulatory capital ratios as of December 31, 2024 are preliminary.
5 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
6 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.
7 Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the
8 Average balances include non-accrual loans and are net of unearned income.
9 Average balances of investment securities is computed at fair value.
10 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the
11 Average balances include non-accrual loans and are net of unearned income.
12 Average balances of investment securities is computed at fair value.
| Contact: | Jason H. Weber |
| EVP/Treasurer & | |
| Chief Financial Officer | |
| 717.339.5090 | |
| jweber@acnb.com | |
FAQ
What was ACNB 's net income for Q4 2024?
How much did ACNB's total loans grow in 2024?
When is ACNB's acquisition of Traditions Bancorp expected to close?
What was ACNB's net interest margin for 2024?
How much were ACNB's merger-related expenses in 2024?
