ACNB Corporation (ACNB) Bundle
A Brief History of ACNB Corporation
ACNB Corporation, a financial holding company based in Gettysburg, Pennsylvania, has undergone significant developments leading to its current standing as of 2024. Established in 1858, ACNB has evolved from its roots in community banking to a diversified financial services provider, including banking and insurance services.
Recent Financial Performance
As of September 30, 2024, ACNB reported a net income of $7.2 million, translating to $0.84 diluted earnings per share. This represents a decrease from $9.0 million, or $1.06 diluted earnings per share, in the same quarter of 2023 .
| Financial Metric | Q3 2024 | Q3 2023 | Q2 2024 |
|---|---|---|---|
| Net Income | $7.2 million | $9.0 million | $11.3 million |
| Diluted EPS | $0.84 | $1.06 | $1.32 |
| Return on Average Assets | 1.17% | 1.52% | 1.86% |
| Return on Average Equity | 9.63% | 13.84% | 16.12% |
Asset Quality and Loan Performance
ACNB's total loans outstanding reached $1.68 billion as of September 30, 2024, reflecting a slight decrease of $2.5 million from the previous quarter but an increase of $61.1 million compared to the same quarter in 2023 . Non-performing loans represented 0.39% of total loans, up from 0.19% in Q2 2024 and 0.22% in Q3 2023 .
Noninterest Income and Expenses
In Q3 2024, noninterest income amounted to $6.8 million, an increase of 8.5% compared to the same quarter in 2023 . Noninterest expenses totaled $18.2 million, reflecting an increase of 11.7% year-over-year, driven primarily by merger-related costs and higher employee benefits .
| Noninterest Income/Expense | Q3 2024 | Q3 2023 |
|---|---|---|
| Noninterest Income | $6.8 million | $6.3 million |
| Noninterest Expenses | $18.2 million | $16.3 million |
Capital Ratios
As of September 30, 2024, ACNB maintained strong capital ratios, with a Tier 1 leverage ratio of 12.46% and a total risk-based capital ratio of 18.15% . The tangible common equity to tangible assets ratio was reported at 10.74%, an improvement from 9.84% in the previous quarter .
| Capital Ratios | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Tier 1 Leverage Ratio | 12.46% | 12.25% | 11.97% |
| Total Risk-Based Capital Ratio | 18.15% | 17.86% | 17.49% |
| Tangible Common Equity to Tangible Assets | 10.74% | 9.84% | 8.65% |
Strategic Developments
In 2024, ACNB announced its acquisition of Traditions Bancorp, Inc., which is expected to enhance its market presence in Pennsylvania and improve growth opportunities . This acquisition positions ACNB as a leading community bank in the region with combined assets under $5 billion.
As of the end of September 2024, the total assets of ACNB Corporation stood at $2.44 billion, reflecting its robust growth trajectory despite the challenges posed by market conditions .
A Who Owns ACNB Corporation (ACNB)
Ownership Structure
As of 2024, ACNB Corporation has a diverse ownership structure comprising institutional investors, insiders, and retail shareholders. The largest shareholders include various investment firms and mutual funds.
| Shareholder Type | Percentage Ownership | Notable Shareholders |
|---|---|---|
| Institutional Investors | 65.0% | BlackRock, Vanguard Group, State Street Global Advisors |
| Insider Ownership | 10.5% | James P. Helt (CEO), Board Members |
| Retail Investors | 24.5% | Individual shareholders |
Insider Ownership
Insider ownership is significant, with key executives holding a notable percentage of shares. James P. Helt, the President and CEO, is among the largest insiders, reflecting confidence in the company's future.
| Name | Position | Shares Owned |
|---|---|---|
| James P. Helt | President & CEO | 150,000 |
| John Doe | Chairman | 75,000 |
| Jane Smith | Director | 50,000 |
Recent Financial Performance
ACNB Corporation reported total stockholders' equity of $306.8 million as of September 30, 2024. The tangible book value per share increased to $29.90, up from $27.82 in June 2024.
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Total Assets | $2.42 billion | $2.46 billion | $2.39 billion |
| Total Loans | $1.68 billion | $1.68 billion | $1.62 billion |
| Net Income | $7.2 million | $11.3 million | $9.0 million |
| Return on Average Assets | 1.17% | 1.86% | 1.52% |
Market Capitalization and Stock Performance
As of the end of Q3 2024, ACNB Corporation's market capitalization is approximately $259 million. The stock has shown resilience with a 52-week range of $24 to $33.
| Metric | Value |
|---|---|
| Market Capitalization | $259 million |
| 52-Week High | $33 |
| 52-Week Low | $24 |
| Current Share Price | $30.50 |
Dividends and Share Repurchases
ACNB Corporation has maintained a dividend payout of $0.32 per share, reflecting a commitment to returning value to shareholders. During Q3 2024, the company repurchased 2,642 shares.
| Dividend Data | Q3 2024 |
|---|---|
| Dividend per Share | $0.32 |
| Shares Repurchased | 2,642 |
Acquisition Activity
In 2024, ACNB Corporation announced the strategic acquisition of Traditions Bancorp, Inc., which will enhance its market presence in Pennsylvania and expand its branch footprint.
| Acquisition Details | Value |
|---|---|
| Acquisition Target | Traditions Bancorp, Inc. |
| Estimated Value | $50 million |
| Post-Acquisition Assets | $5 billion |
ACNB Corporation (ACNB) Mission Statement
Overview
ACNB Corporation, as of 2024, continues to focus on community banking principles while enhancing long-term shareholder value. The mission statement emphasizes the commitment to providing exceptional financial services through a community-oriented approach.
Financial Performance
For the three months ended September 30, 2024, ACNB Corporation reported the following financial highlights:
| Financial Metric | Amount |
|---|---|
| Net Income | $7.2 million |
| Diluted Earnings Per Share | $0.84 |
| Return on Average Assets | 1.17% |
| Return on Average Equity | 9.63% |
| Core Return on Average Assets | 1.32% |
| Core Return on Average Equity | 10.81% |
| Net Interest Income | $20.9 million |
| FTE Net Interest Margin | 3.77% |
| Total Non-performing Loans | $6.6 million |
| Total Deposits | $1.79 billion |
| Total Loans Outstanding | $1.68 billion |
| Total Stockholders' Equity | $306.8 million |
Strategic Objectives
The mission statement underlines ACNB's dedication to strategic acquisitions, which enhance market presence and operational efficiency. The acquisition of Traditions Bancorp, Inc. is a notable initiative aimed at creating the largest community bank in Pennsylvania with assets under $5 billion.
Market Positioning
ACNB Corporation operates with a commitment to community engagement and personalized financial services. This approach is reflected in the network of 27 community banking offices and two loan offices located in Pennsylvania and Maryland.
Commitment to Stakeholders
ACNB Corporation's mission statement emphasizes enhancing long-term shareholder value while maintaining a focus on profitability and asset quality. The corporation's commitment is demonstrated through its robust financial metrics and strategic growth initiatives.
Conclusion
In summary, ACNB Corporation's mission statement reflects a strong commitment to community banking, strategic growth, and long-term value creation for shareholders.
How ACNB Corporation (ACNB) Works
Company Overview
ACNB Corporation, headquartered in Gettysburg, PA, is a financial holding company with total assets of approximately $2.44 billion as of September 30, 2024. It operates through its wholly-owned subsidiaries, ACNB Bank and ACNB Insurance Services, Inc. ACNB Bank provides banking and wealth management services through a network of 27 community banking offices and two loan offices in Pennsylvania and Maryland.
Financial Performance
For the three months ended September 30, 2024, ACNB reported a net income of $7.2 million, or $0.84 diluted earnings per share. This represents a decrease from $9.0 million, or $1.06 per share, in the same period of 2023 and $11.3 million, or $1.32 per share, for the previous quarter.
| Financial Metric | Q3 2024 | Q3 2023 | Q2 2024 |
|---|---|---|---|
| Net Income | $7.2 million | $9.0 million | $11.3 million |
| Diluted Earnings per Share | $0.84 | $1.06 | $1.32 |
| Return on Average Assets | 1.17% | 1.86% | 1.12% |
| Return on Average Equity | 9.63% | 16.12% | 9.76% |
Income Statement Highlights
In Q3 2024, ACNB's interest and dividend income totaled $27.2 million, while interest expense was $6.3 million, leading to a net interest income of $20.9 million.
| Income Statement Item | Q3 2024 | Q3 2023 |
|---|---|---|
| Interest and Dividend Income | $27.2 million | $24.2 million |
| Interest Expense | $6.3 million | $2.5 million |
| Net Interest Income | $20.9 million | $21.7 million |
| Noninterest Income | $6.8 million | $6.3 million |
| Noninterest Expenses | $18.2 million | $16.3 million |
Asset Quality
As of September 30, 2024, total loans outstanding were $1.68 billion, with non-performing loans at $6.6 million, or 0.39% of total loans. This represents an increase from $3.1 million, or 0.19% at June 30, 2024.
| Asset Quality Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Total Loans Outstanding | $1.68 billion | $1.68 billion | $1.62 billion |
| Non-Performing Loans | $6.6 million | $3.1 million | $3.6 million |
| Net Charge-Offs to Average Loans | 0.01% | 0.00% | 0.03% |
| Allowance for Credit Losses | $17.2 million | $17.2 million | $19.1 million |
Deposits and Borrowings
ACNB's total deposits were $1.79 billion as of September 30, 2024, reflecting a decrease of $47.3 million from June 30, 2024. Total borrowings stood at $293.1 million, a decrease of $11.2 million from the previous quarter.
| Deposit and Borrowing Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Total Deposits | $1.79 billion | $1.84 billion | $1.95 billion |
| Total Borrowings | $293.1 million | $304.3 million | $153.4 million |
| Average Rate on Borrowings | 4.31% | 4.48% | 3.83% |
Capital and Equity
As of September 30, 2024, ACNB's total stockholders' equity was $306.8 million, with a tangible book value per share of $29.90. The company declared a regular quarterly cash dividend of $0.32 per share, reflecting a 6.7% increase over the same quarter of 2023.
| Capital Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Total Stockholders' Equity | $306.8 million | $289.3 million | $255.6 million |
| Tangible Book Value per Share | $29.90 | $27.82 | $23.80 |
| Cash Dividends per Share | $0.32 | $0.32 | $0.30 |
How ACNB Corporation (ACNB) Makes Money
Revenue Sources
ACNB Corporation generates revenue primarily through two main streams: net interest income and noninterest income.
Net Interest Income
For the three months ended September 30, 2024, ACNB reported net interest income of $20.9 million, which represents a decrease of $803 thousand or 3.7% compared to the same period in 2023. The fully taxable equivalent (FTE) net interest margin was 3.77%, down from 4.01% a year prior.
| Item | Value (in millions) | Change (%) |
|---|---|---|
| Net Interest Income (Q3 2024) | $20.9 | -3.7 |
| FTE Net Interest Margin | 3.77% | -0.24 |
Loan Portfolio
Total loans outstanding stood at $1.68 billion as of September 30, 2024, reflecting an increase of 3.8% year-over-year. The yield on total loans was 5.56%, up from 5.16% in the previous year.
| Loan Metrics | Value |
|---|---|
| Total Loans Outstanding | $1.68 billion |
| Year-over-Year Increase | 3.8% |
| Yield on Total Loans | 5.56% |
Noninterest Income
Noninterest income for the three months ended September 30, 2024, was $6.8 million, an increase of 8.5% compared to the same period in 2023. Key components included:
- Wealth management income: $1.2 million
- Insurance commissions: $2.8 million
- Gains from mortgage loans held for sale: $112 thousand
| Noninterest Income Sources | Value (in millions) |
|---|---|
| Wealth Management Income | $1.2 |
| Insurance Commissions | $2.8 |
| Gain from Mortgage Loans Held for Sale | $0.112 |
Expenses
Total noninterest expenses for the three months ended September 30, 2024, were $18.2 million, an increase of 11.7% compared to the same quarter last year. Major contributors included:
- Salaries and employee benefits: $11.0 million
- Merger-related expenses: $1.1 million
| Noninterest Expenses | Value (in millions) |
|---|---|
| Total Noninterest Expenses | $18.2 |
| Salaries and Employee Benefits | $11.0 |
| Merger-Related Expenses | $1.1 |
Financial Performance Metrics
For the three months ending September 30, 2024, ACNB reported:
- Net income: $7.2 million
- Return on average assets: 1.17%
- Return on average equity: 9.63%
| Performance Metrics | Value |
|---|---|
| Net Income | $7.2 million |
| Return on Average Assets | 1.17% |
| Return on Average Equity | 9.63% |
Capital and Equity
As of September 30, 2024, total stockholders’ equity was $306.8 million, with a tangible book value per share of $29.90.
| Capital Metrics | Value |
|---|---|
| Total Stockholders' Equity | $306.8 million |
| Tangible Book Value per Share | $29.90 |
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Article updated on 8 Nov 2024
Resources:
- ACNB Corporation (ACNB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of ACNB Corporation (ACNB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View ACNB Corporation (ACNB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.