Acnb Corp (ACNB) 10-Q Quarterly Report May 2023

GETTYSBURG, PA, April 27, 2023 --- 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

The following information was filed by Acnb Corp (ACNB) on Thursday, April 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Acnb Corp's 10-Q Quarterly Report:

Revenue - Product Highlight
At the Corporation's wholly-owned insurance subsidiary, ACNB Insurance Services, Inc., commissions from insurance sales were up by $702,000, or 58.5%, to $1,902,000 driven primarily by the acquisition of the business and assets of the Hockley & O'Donnell Agency in the first quarter of 2022 and higher contingent income.

Financial - Expense Highlight
Interest expense decreased by $207,000 for the three months ended March 31, 2023 compared to the three months ended March 31, 2022, driven by declining deposit balances and costs.
Financial - Shares Highlight
On October 24, 2022, the Corporation announced that the Board of Directors approved on October 18, 2022, a new plan to repurchase, in open market and privately negotiated transactions, up to 255,575, or approximately 3%, of the outstanding shares of the Corporation's common stock.
Financial - Income Highlight
Income from fiduciary, investment management and brokerage activities increased $30,000, or 3.7%, due to strong fixed annuity sales and an increase in assets under management and administration.
Other - Other Highlight
This accounting standard requires that credit losses for financial assets and off-balance-sheet credit exposures be measured based on expected credit losses, rather than on incurred credit losses as in prior periods.
Financial - Earnings
These new purchases were consistent...Read more
Financial - Shares
A $20,000 net gain on...Read more
Other - Other
The following policies are deemed...Read more
Financial - Cash Flow
Compared to year-end 2022, repurchase...Read more
Financial - Earnings
The average yield on earnings...Read more
Other - Other
Bank-owned life insurance increased by...Read more
Other - Other
Quantitative measures established by regulation...Read more
Other - Other
Failure to meet minimum capital...Read more
Revenue - Product
In addition, the previously mentioned...Read more
Other - Other
The allowance for credit losses...Read more
Financial - Expense
Supplies and postage expense increased...Read more
Revenue - Geography
These risks involve interest rate...Read more
Financial - Expense
Other tax expense decreased by...Read more
Financial - Expense
The increase in professional services...Read more
Financial - Cash Flow
37 The banking subsidiary's capital...Read more
Other - Other
Provision for Credit Losses &...Read more
Other - Other
From time to time, various...Read more
Other - Other
Also, as part of the...Read more
Financial - Earnings
These changes, along with net...Read more
Financial - Earnings
The net interest margin for...Read more
Other - Other
The Corporation adopted CECL effective...Read more
Financial - Expense
Other Expenses Other expenses for...Read more
Financial - Income
Other Income Total other income...Read more
Other - Other
The phase-in period for community...Read more
Financial - Debt
The debt is redeemable by...Read more
Other - Other
However, the determination of the...Read more
Financial - Income
Other income in the three...Read more
Revenue - Product
The fair values of securities...Read more
Other - Other
Short-term FHLB borrowings are used...Read more
Other - Other
For more information, please refer...Read more
Financial - Expense
The increase in salaries and...Read more
Financial - Expense
Equipment expense increased by $89,000,...Read more
Other - Other
Generally, foreclosure actions could become...Read more
Other - Other
The decrease from March 31,...Read more
M & A - Other
Long-term borrowings consist of longer-term...Read more
Revenue - Geography
These borrowers are geographically dispersed...Read more
Other - Other
The final rules call for...Read more
Financial - Earnings
The increase in net income...Read more
Other - Other
Borrowings Short-term Bank borrowings are...Read more
Financial - Earnings
RESULTS OF OPERATIONS Quarter ended...Read more
Other - Other
Forward-looking statements are subject to...Read more
Revenue - Product
The change in fair value...Read more
Other - Other
ACNB charges confirmed credit losses...Read more
Other - Other
Total loans outstanding were $1,531,626,000...Read more
M & A - Other
Intangible amortization increased 16.5% due...Read more
Financial - Earnings
Basic earnings per share for...Read more
Other - Other
The Pennsylvania Department of Banking...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Acnb Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ACNB
CIK: 715579
Form Type: 10-Q Quarterly Report
Accession Number: 0000715579-23-000044
Submitted to the SEC: Tue May 09 2023 1:34:31 PM EST
Accepted by the SEC: Tue May 09 2023
Period: Friday, March 31, 2023
Industry: State Commercial Banks