ACNB (US:ACNB)2025-01-23 21:20Financial Performance - ACNB Corporation reported net income of $6.6 million, or $0.77 diluted earnings per share, for Q4 2024, a 61.0% increase from $4.1 million, or $0.48 per share in Q4 2023[2]. - For the twelve months ended December 31, 2024, net income was $31.8 million, a slight increase of 0.5% compared to $31.6 million in 2023, impacted by $2.0 million in merger-related expenses[2]. - Net income for the fourth quarter of 2024 was $6,595 thousand, a decrease from $7,204 thousand in the third quarter of 2024[28]. - Net Income for the year ended December 31, 2024, was $31,846,000, compared to $31,688,000 for the previous year, reflecting a stable performance[33]. - Basic earnings per share rose to $0.78 in Q4 2024, up from $0.48 in Q4 2023, indicating improved profitability[33]. Asset and Loan Growth - Total loans outstanding were $1.68 billion at December 31, 2024, reflecting a 3.4% increase from $1.63 billion at December 31, 2023, driven by growth in the commercial real estate portfolio[15]. - Total loans rose to $1,668,508 thousand in 2024, up from $1,573,628 thousand in 2023, marking an increase of 6.0%[38]. - Total loans amounted to $1,676,928 thousand with an average yield of 5.61% for the quarter ending December 31, 2024, compared to $1,681,280 thousand and 5.56% in the previous quarter[34]. Income and Expenses - Noninterest income for the twelve months ended December 31, 2024 was $24.7 million, an increase of 4.1% from $23.7 million in 2023, driven by growth in wealth management income and insurance commissions[11]. - Total Noninterest Income increased significantly to $5,803,000 in Q4 2024 from $970,000 in Q4 2023, marking a substantial growth[33]. - Noninterest expense for the twelve months ended December 31, 2024 increased by 7.0% to $70.1 million, driven primarily by merger-related expenses and higher salaries[14]. - Total Noninterest Expenses increased to $18,388,000 in Q4 2024 from $17,173,000 in Q4 2023, showing a rise in operational costs[33]. Capital and Equity - Total stockholders' equity was $303.3 million at December 31, 2024, down from $306.8 million at September 30, 2024, but up from $277.5 million at December 31, 2023[22]. - Tangible book value per share was $29.51 at December 31, 2024, compared to $29.90 at September 30, 2024, and $26.44 at December 31, 2023[22]. - Stockholders' equity increased to $306,008 thousand from $297,473 thousand in the prior quarter[34]. - Tangible common equity to tangible assets ratio was 10.72% in December 2024, slightly up from 9.48% in December 2023, showing improved capital efficiency[39]. Efficiency and Ratios - The return on average assets was 1.31% and return on average equity was 10.94% for the twelve months ended December 31, 2024[3]. - The efficiency ratio increased to 63.83% from 60.56% in the previous quarter, indicating a decline in operational efficiency[28]. - Efficiency ratio for the fourth quarter of 2024 was 63.83%, compared to 62.48% in the same quarter of 2023, indicating a decrease in operational efficiency[39]. Borrowings and Deposits - Total average borrowings increased by 127.2% to $288.5 million for the twelve months ended December 31, 2024, compared to the same period in 2023[9]. - Total deposits reached $1.79 billion as of December 31, 2024, reflecting a slight increase of $1.2 million, or 0.1%, from September 30, 2024, but a decrease of $69.3 million, or 3.7%, from December 31, 2023[19]. - Total borrowings were $271.2 million at December 31, 2024, a decrease of $21.9 million, or 7.5%, from September 30, 2024, but an increase of $19.0 million, or 7.5%, from December 31, 2023[20]. Credit Quality - Non-performing loans increased to $6.8 million, or 0.40% of total loans, at December 31, 2024, compared to $4.2 million, or 0.26% at December 31, 2023[17]. - The allowance for credit losses was $17,280 thousand, slightly increased from $17,214 thousand in the previous quarter[30]. - The company experienced a reversal of credit losses amounting to $(2,437,000) for the year, compared to a provision of $860,000 in the previous year, indicating improved credit quality[33]. - Annualized net charge-offs for the three months ended December 31, 2024, were 0.04% of total average loans, up from 0.01% for the three months ended September 30, 2024[18].