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

GETTYSBURG, PA, July 27, 2023 --- ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced financial results for the quarter ended June 30, 2023 with net income of $9.5 million, an increase of $0.9 million or 10.36%, compared to net income of $8.6 million for the three months ended June 30, 2022. For the three months ended June 30, 2023 and 2022, basic and diluted earnings per share were $1.12 and $0.99, respectively, which is an increase of $0.13 per share, or 13.13%. Compared to the prior quarter, net income increased $0.5 million, or 5.55%, and basic and diluted earnings per share increased $0.06 per share, or 5.66%.

2023 Second Quarter Highlights

•Return on average assets was 1.62% and return on average equity was 14.74%.

•Fully taxable equivalent (“FTE”) net interest margin was 4.11% compared to 4.22% for the prior quarter and 3.15% for the comparable quarter last year.

•Efficiency ratio1 was 55.52% compared to 56.36% for the prior quarter and 56.16% from the comparable quarter last year.

•Total loans outstanding were $1.57 billion at June 30, 2023, an increase of $42.2 million, or 2.75%, from March 31, 2023 and an increase of $64.0 million, or 4.24% from June 30, 2022.

•Total non-performing loans to loans held-for-investment was 0.23% compared to 0.25% for the prior quarter and 0.35% for the comparable quarter of last year. Net charge-offs to average loans (annualized) was 0.02% compared to 0.02% for the prior quarter and 0.01% for the comparable quarter last year.

The following information was filed by Acnb Corp (ACNB) on Thursday, July 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/715579/000071557923000069/acnb-20230630.htm

View differences made from one quarter to another to evaluate Acnb Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Acnb Corp.

Continue

Assess how Acnb Corp's management team is paid from their Annual Proxy

Acnb Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Revenue

Financial

M & A

Other

Filter Subcategory:

All

Product

Earnings

Expense

Income

Cash Flow

Geography

Debt

Other

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 was up by $734,000, or 18.3%, to $4,742,000 during the period primarily due to the acquisition of the business and assets of the Hockley & O'Donnell Agency in the first quarter of 2022 and higher contingent income.

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 - Earnings Highlight
Earnings on investment in bank-owned life insurance increased by $121,000 driven primarily by additional purchases of insurance with a cash surrender value of $12,200,000 during the second half of 2022 and higher net annualized yield on the investments.
Financial - Earnings Highlight
Earnings on bank-owned life insurance increased by $236,000, or 34.2%, driven primarily by additional purchases of insurance with a cash surrender value of $12,200,000 during the second half of 2022 and higher net annualized yield on the investments.
Financial - Expense Highlight
Other operating expenses increased $435,000, or 29.4%, driven primarily by a loss of $142,000 as a result of writing off an investment in a title agency, a mark-to-market loss of $83,000 related to a Small Business Investment Company ("SBIC") fund, an increase in costs for the Bank's internet banking activity of $60,000, a $43,000 increase to loan-related insurance costs, and an increase in fraud losses.
Other - Other
This accounting standard requires that...Read more
Financial - Expense
Other operating expenses increased $486,000,...Read more
Financial - Income
The increase in net interest...Read more
Financial - Income
Income from fiduciary, investment management...Read more
Financial - Earnings
These new purchases were consistent...Read more
Financial - Income
Income from fiduciary, investment management...Read more
Financial - Earnings
The average yield on earnings...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
Failure to meet minimum capital...Read more
Revenue - Product
In addition, the previously mentioned...Read more
Revenue - Geography
These risks involve interest rate...Read more
Other - Other
32 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
The fully taxable equivalent (FTE)...Read more
Financial - Expense
Other Expenses Other expenses for...Read more
Financial - Income
Other Income Total other income...Read more
Financial - Cash Flow
41 Liquidity Effective liquidity management...Read more
Other - Other
The Corporation adopted CECL effective...Read more
Financial - Expense
The increase in professional expenses...Read more
Other - Other
The phase-in period for community...Read more
Financial - Expense
Equipment expense increased by $96,000,...Read more
Financial - Expense
Equipment expense increased by $185,000,...Read more
Financial - Debt
The debt is redeemable by...Read more
Other - Other
However, the determination of the...Read more
Financial - Expense
34 Other Expenses Other expenses...Read more
Financial - Earnings
The FTE net interest margin...Read more
Financial - Income
Other Income Total other income...Read more
Financial - Income
Income from mortgage loans held...Read more
Revenue - Product
The fair values of securities...Read more
Other - Other
Short-term FHLB borrowings are used...Read more
Financial - Income
Other income in the six...Read more
Financial - Shares
A $5,000 net gain on...Read more
Revenue - Product
During the six months ended...Read more
M & A - Other
Long-term borrowings consist of longer-term...Read more
Revenue - Geography
These borrowers are geographically dispersed...Read more
Financial - Earnings
Six Months ended June 30,...Read more
Financial - Income
Other income in the three...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 borrowings are comprised...Read more
Other - Other
Forward-looking statements are subject to...Read more
Financial - Earnings
The higher net income for...Read more
Revenue - Product
The change in fair value...Read more
Financial - Earnings
RESULTS OF OPERATIONS Quarter ended...Read more
Financial - Earnings
Basic and diluted earnings per...Read more
Other - Other
The Pennsylvania Department of Banking...Read more
Other - Other
ACNB's funds are available from...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: 0000715579-23-000069
Submitted to the SEC: Fri Aug 04 2023 8:32:40 AM EST
Accepted by the SEC: Fri Aug 04 2023
Period: Friday, June 30, 2023
Industry: State Commercial Banks