Business
ACNB Corporation Reports Fourth Quarter and 2024 Financial Results
GETTYSBURG, Pa., Jan. 23, 2025 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and
About this update from Acnb Corporation
[{"type":"text","content":"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 $6.6 million, or $0.77 diluted earnings per share, for the three months ended December 31, 2024, a $2.5 million, or 61.0%, increase, compared to net income of $4.1 million, or $0.48 diluted earnings per share, for the three months ended December 31, 2023 and a $609 thousand, or 8.5%, decrease compared to net income of $7.2 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2024. The Corporation reported net income of $31.8 million, or $3.73 per diluted earnings per share, for the twelve months ended December 31, 2024, an increase of $158 thousand, or 0.5%, compared to the twelve months ended December 31, 2023. The financial results for both the three and twelve months ended December 31, 2024 were impacted by $885 thousand and $2.0 million, respectively, in merger-related expense due to the pending acquisition of Traditions Bancorp, Inc. Financial results for the twelve months ended December 31, 2024 were impacted by a $2.8 million reversal of the provisions for credit losses and unfunded commitments. Financial results for the twelve months ended December 31, 2023 were impacted by a repositioning of the investment securities portfolio in which ACNB sold approximately $51.1 million in book value of available for sale investment securities generating an after-tax loss of approximately $3.5 million. 2024 Highlights Return on average assets was 1.31% and return on average equity was 10.94% 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 to 4.07% 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 to 0.26% 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 du...