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ACNB Corporation Reports 2023 First Quarter Financial Results
GETTYSBURG, Pa., April 27, 2023 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services,
About this update from Acnb Corporation
[{"type":"text","content":"GETTYSBURG, Pa., April 27, 2023 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced financial results for the three months ended March 31, 2023 with net income of $9.0 million, an increase of $2.4 million or 36.73%, compared to net income of $6.6 million for the three months ended March 31, 2022. For the three months ended March 31, 2023 and 2022, basic and diluted earnings per share were $1.06 and $0.76, respectively, which is an increase of $0.30 per share or 39.47%. Compared to the prior quarter, net income decreased $1.2 million, or 11.53%, and basic and diluted earnings per share decreased $0.14 per share, or 11.67%. 2023 First Quarter Highlights Return on average assets was 1.50% and return on average equity was 14.58%.Net interest margin increased 20 basis points from the prior quarter and 152 basis points from the comparable quarter last year. Efficiency ratio1 was 56.36% compared to 55.66% for the prior quarter and 60.00% from the comparable quarter of last year.Loan to deposit ratio of 74.5%. The ratio of uninsured and non-collateralized deposits to total deposits was approximately 19.2%.The ratio of the allowance for credit losses on loans to total loans was 1.27% compared to 1.16% at December 31, 2022 and 1.28% at March 31, 2022. The Corporation recorded a net decrease to retained earnings of $2.4 million net of tax as of January 1, 2023 for the cumulative effect of adopting Topic 326. Tangible common equity to tangible assets ratio1 of 8.56% compared to 7.71% for the prior quarter and 7.45% for the comparable quarter last year. The net unrealized loss on the available for sale securities portfolio was $57.6 million at March 31, 2023 compared to a net unrealized loss of $64.1 million at December 31, 2022 and a net unrealized loss of $32.0 million at March 31, 2022.Common stockholders’ equity (tangible), per share1 was $23.66 compared to $22.37 for the prior quarter and $23.01 for the comparable quarter last year. 1 - Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document. “At ACNB Corporation, 2023 is off to a sound start on many fronts despite the continued economic turmoil and the uncertainty that presented itself in the banking industry during the first...