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ACNB Corporation Reports Fourth Quarter and 2024 Financial Results

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Jason H. Weber EVP/Treasurer & Chief Financial Officer 717.339.5090 [email protected]

ACNB CORPORATION REPORTS

FOURTH QUARTER AND 2024 FINANCIAL RESULTS

GETTYSBURG, PA, January 23, 2025 --- 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

  • Retuon average assets was 1.31% and retuon 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 during the current year.

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 2 of 12

  • Net charge-offs to average loans outstanding were 0.02% for both the twelve months ended December 31, 2024 and 2023.
  • Tangible common equity to tangible assets ratio1 of 10.72% at December 31, 2024 compared to 9.48% at December 31, 2023. The net unrealized loss on the available for sale securities portfolio was $47.7 million at December 31, 2024 compared to a net unrealized loss of $50.2 million at December 31, 2023.
  • ACNB and ACNB Bank capital levels remain well in excess of ACNB's internal minimums and those required to be categorized as a well-capitalized institution by our bank regulators.

"We are excited to share a strong year of operating results with our shareholders. Our continued focus on community banking principles have produced another year of solid financial performance and continued strong returns for our shareholders. In addition, we were successfully able to announce the strategic acquisition of Traditions Bancorp, Inc. that will create one of the largest community banks in Pennsylvania with assets less than $5 billion. We currently expect the acquisition of Traditions Bancorp, Inc. to be effective February 1, 2025." said James P. Helt, ACNB Corporation President and Chief Executive Officer.

"As we tuour focus to 2025, we look forward to successfully integrating Traditions Bank's customers and employees into the ACNB model as we expand our presence in York and Lancaster counties. We are confident that this acquisition will complement our current operations with profitable growth opportunities and will contribute to our commitment of enhancing long-term shareholder value."

Mr. Helt continued, "We would like to express our gratitude for the continued support of our shareholders, customers and employees that have enabled us to fulfill our vision to be the independent financial services provider of choice in the markets that we serve by building relationships and finding solutions."

Net Interest Income and Margin

Net interest income for the three months ended December 31, 2024 totaled $21.1 million, an increase of $170 thousand, or 0.8%, compared to the three months ended September 30, 2024 driven by an increase in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended December 31, 2024 was 3.81%, an increase of 4 basis points from 3.77% for the three months ended September 30, 2024. The increase in FTE net interest margin was driven primarily by the recognition of nonaccrual interest income on a commercial loan removed from nonaccrual status, a decrease in average short-term borrowings, a decrease in a time deposit promotional rate and an increase in seasonal, lower-cost deposits. Total average loans decreased $4.4 million, or 0.3%, compared to the three months ended September 30, 2024. The yield on total loans was 5.61% for the three months ended December 31, 2024, an increase of 5 basis points compared to the three months ended September 30, 2024. Total average borrowings decreased $15.6 million for the three months ended December 31, 2024 compared to the same period in September 30, 2024. A short-term $25.0 million FHLB advance was paid off during August of 2024. The average rate paid on total borrowings was 4.27% for the three months ended December 31, 2024, a decrease of 4 basis points from the three months ended September 30, 2024. Total average interest-bearing deposits increased $14.3 million, or 1.1%, for the three months ended December 31, 2024 compared to the same period September 30, 2024 driven primarily by a $10.5 million increase in average time deposit balances due to an ongoing promotion and an increase in brokered time deposits. In October of 2024, ACNB Bank issued $24.1 million in brokered time deposits. The average rate paid on interest-bearing deposits was 0.96% for the three months ended December 31, 2024, an increase of 4 basis points from the three months ended September 30, 2024.

  • Non-GAAPfinancial measure. Please refer to the calculation on the page titled "Non-GAAP Reconciliation" at the end of this document.

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 3 of 12

Net interest income for the twelve months ended December 31, 2024 totaled $83.6 million, a decrease of $4.7 million, or 5.3%, from $88.3 million for the twelve months ended December 31, 2023 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the twelve months ended December 31, 2024 was 3.79%, a 28 basis points decrease from 4.07% for the twelve months ended December 31, 2023. The decrease was driven primarily by a higher cost of funds and an increase in long-term borrowings. The average rate paid on interest-bearing deposits was 0.83% for the twelve months ended December 31, 2024, an increase of 58 basis points from the twelve months ended December 31, 2023. The average rate paid on total borrowings was 4.36% for the twelve months ended December 31, 2024, an increase of 74 basis points from the twelve months ended December 31, 2023. Total average borrowings increased $162.5 million, or 127.2%, for the twelve months ended December 31, 2024 compared to the same period of 2023. The average yield on interest-earning assets was 4.86% for the twelve months ended December 31, 2024, an increase of 41 basis points from the twelve months ended December 31, 2023. Total average loans grew $94.9 million, or 6.0%, and the yield increased 36 basis points for the twelve months ended December 31, 2024 compared to the same period of 2023.

Noninterest Income

Noninterest income for the three months ended December 31, 2024 was $5.8 million, a decrease of $1.0 million, or 15.1%, from the three months ended September 30, 2024. The decrease was driven primarily by insurance commissions and wealth management income. Insurance commissions for the three months ended December 31, 2024 were $2.1 million, a $682 thousand, or 24.5%, decrease from the three months ended September 30, 2024 due to seasonality in policy renewals. Wealth management income was $1.0 million for the three months ended December 31, 2024, a $181 thousand, or 15.2%, decrease from the three months ended September 30, 2024 driven primarily by lower estate income.

Noninterest income, excluding net gains (losses) on sales or calls of securities, for the twelve months ended December 31, 2024 was $24.7 million, an increase of $976 thousand, or 4.1%, from the twelve months ended December 31, 2023. On December 15, 2023, ACNB completed a repositioning of the investment securities portfolio by selling $51.1 million in book value of AFS debt securities, consisting of lower-yielding agency debt securities, for an estimated pre-tax loss of $4.5 million. The increase in noninterest income, excluding net gains (losses) on sales or calls of securities, was driven primarily by wealth management income, insurance commissions and gain from mortgage loans held for sale. Wealth management income for the twelve months ended December 31, 2024 was $4.2 million compared to $3.6 million for the twelve months ended December 31, 2023. The increase was driven primarily by portfolio market appreciation, estate income and new business generation. Insurance commissions for the twelve months ended December 31, 2024 were $9.8 million compared to $9.3 million for the twelve months ended December 31, 2023. The increase of $435 thousand was driven primarily by growth in commissions on policy renewals and new business. During the twelve months ended December 31, 2024, gains from mortgage loans held for sale increased $245 thousand, compared to the twelve months ended December 31, 2023 as a result of a higher volume of mortgage loans sold.

Noninterest Expense

Noninterest expense for the three months ended December 31, 2024 was $18.4 million, an increase of $144 thousand, or 0.8%, from the three months ended September 30, 2024. The increase was driven primarily by equipment and other expenses partially offset by lower salaries and employee benefits. Equipment expenses increased $626 thousand, or 36.9%, driven primarily by higher core processing and software expenses and incremental purchases of office equipment related to the upcoming Traditions acquisition of $355 thousand.

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 4 of 12

Other expenses increased $169 thousand, or 8.4%, driven primarily by a decrease in the net asset value of a Small Business Investment Company ("SBIC") investment and an increase in marketing, miscellaneous employee and director expenses. These increases were partially offset by a decrease in salaries and employee benefits of $699 thousand, or 6.3%, driven primarily by lower base wages and employee health insurance expense. Merger-related expense totaled $885 thousand for the three months ended December 31, 2024 compared to $1.1 million for the three months ended September 30, 2024.

Noninterest expense for the twelve months ended December 31, 2024 increased $4.6 million, or 7.0%, compared to the twelve months ended December 31, 2023. The increase was driven primarily by merger-related and salaries and employee benefits expenses. Merger-related expense totaled $2.0 million for the twelve months ended December 31, 2024 compared to none for the twelve months ended December 31, 2023. Salaries and employee benefits expense increased $2.0 million during the twelve months ended December 31, 2024 compared to the twelve months ended December 31, 2023 driven primarily by higher employee health insurance expense and higher base wages. Additionally, equipment expense increased $807 thousand, or 12.4% due to higher core processing and software maintenance expenses coupled with incremental purchases of office equipment related to the upcoming Traditions acquisition of $355 thousand. Professional services expense decreased $180 thousand, or 7.8%, during the twelve months ended December 31, 2024 compared to the twelve months ended December 31, 2023 driven primarily by a decrease in consulting expenses.

Loans and Asset Quality

Total loans outstanding were $1.68 billion at December 31, 2024, an increase of $5.8 million, or 0.3%, from September 30, 2024 and an increase of $54.9 million, or 3.4%, from December 31, 2023. The increases from both September 30, 2024 and December 31, 2023 were driven primarily by growth in the commercial real estate portfolio in our core markets and was spread throughout the Bank's geographic footprint and across various property types. The commercial real estate portfolio grew $70.8 million, or 7.9%, in 2024. The collateral for these loans is primarily spread across our Pennsylvania and Maryland market areas. Despite the intense competition in the Corporation's market areas, management continues to focus on asset quality and disciplined underwriting standards in the loan origination process.

Asset quality metrics continue to be stable. The provisions for credit losses and unfunded commitments were $249 thousand and $44 thousand, respectively, for the three months ended December 31, 2024 compared to $81 thousand and $40 thousand, respectively, for the three months ended September 30, 2024. For the twelve months ended December 31, 2024, there were reversals to the provisions for credit losses and unfunded commitments of $2.4 million and $326 thousand, respectively, compared to a provision for credit losses of $860 thousand and a $16 thousand reversal to the provision for unfunded commitments for the twelve months ended December 31, 2023. The decrease in the provisions for credit losses and unfunded commitments for the twelve months ended December 31, 2024 compared to the prior year was driven primarily by updated estimates utilized as input assumptions within the Current Expected Credit Loss "CECL" model calculation. These estimates, which were based on more current information available during 2024, drive input assumptions which are used in the determination of the Corporation's allowance for credit losses and the reserve for unfunded commitments.

Non-performing loans were $6.8 million, or 0.40%, of total loans, net of unearned income, at December 31, 2024 compared to $6.6 million, or 0.39%, of total loans at September 30, 2024 and $4.2 million, or 0.26%, of total loans at December 31, 2023. The increase in non-performing loans at December 31, 2024 compared to the prior quarter was driven primarily by one loan that moved to greater than 90 days past due and still accruing partially offset by the movement of one relationship back to accruing status. The increase in non- performing loans at December 31, 2024 compared to December 31, 2023 was driven primarily by one long-

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 5 of 12

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 during the year. Annualized net charge-offs for the three months ended December 31, 2024 were 0.04% of total average loans compared to 0.01% for the three months ended September 30, 2024. Net charge-offs for both the twelve months ended December 31, 2024 and December 31, 2023 were 0.02% of total average loans.

Deposits and Borrowings

Deposits totaled $1.79 billion at December 31, 2024, an increase of $1.2 million, or 0.1%, since September 30, 2024 and a decrease of $69.3 million, or 3.7%, from December 31, 2023. Included in total deposits were $1.34 billion interest-bearing deposits at December 31, 2024 which increased $13.2 million, or 1.0%, from September 30, 2024 and decreased $20.5 million, or 1.5%, from December 31, 2023. Time deposits, included in interest-bearing deposits, increased $16.3 million, or 6.3%, and $40.9 million, or 17.6%, since September 30, 2024 and December 31, 2023, respectively. In October of 2024, ACNB Bank issued $24.1 million in brokered time deposits to offset outflows of municipal deposits during the quarter. Total noninterest- bearing deposits were $451.5 million at December 31, 2024 compared to $463.5 million at September 30, 2024 and $500.3 million at December 31, 2023.

Total borrowings were $271.2 million at December 31, 2024, a decrease of $21.9 million, or 7.5%, compared to September 30, 2024 and an increase of $19.0 million, or 7.5%, compared to December 31, 2023. The decrease in total borrowings from September 30, 2024 to December 31, 2024 was driven primarily by a seasonal decrease in repurchase agreements. The increase in total borrowings from December 31, 2023 to December 31, 2024 was driven primarily by an increase in FHLB borrowings to fund balance sheet activity.

The average rate on total borrowings was 4.27% for the three months ended December 31, 2024 compared to 4.31% for the three months ended September 30, 2024 and 4.06% for the three months ended December 31, 2023. For the twelve months ended December 31, 2024, the average rate on total borrowings was 4.36% compared to 3.62% for the twelve months ended December 31, 2023.

Stockholders' Equity

Total stockholders' equity was $303.3 million at December 31, 2024 compared to $306.8 million at September 30, 2024 and $277.5 million at December 31, 2023. Tangible book value2 per share was $29.51, $29.90 and $26.44 at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. ACNB did not repurchase shares of ACNB common stock during the three months ended December 31, 2024. During the twelve months ended December 31, 2024 ACNB repurchased 6,842 shares of ACNB common stock. As of December 31, 2024, there were 187,667 shares remaining under the current plan.

About ACNB Corporation

ACNB Corporation, headquartered in Gettysburg, PA, is the $2.39 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, MD

  • Non-GAAPfinancial measure. Please refer to the calculation on the page titled "Non-GAAP Reconciliation" at the end of this document.

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 6 of 12

and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

# # #

SAFE HARBOR AND FORWARD-LOOKING STATEMENTS - Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation's market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "intends", "will", "should", "anticipates", or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers' ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation's market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation's brand and protect the Corporation's intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation's consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management's analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

ACNB #2025-1 January 23, 2025

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results January 23, 2025

Page 7 of 12

ACNB Corporation Financial HighlightsSelected Financial Data by Respective Quarter End (Unaudited)

(Dollars in thousands, except per share data)

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

BALANCE SHEET DATA

$

2,394,830

Assets

$

2,420,914

$

2,457,753

$

2,414,288

$

2,418,847

Investment securities

459,472

483,604

483,868

490,626

517,221

Total loans, net of unearned income

1,682,910

1,677,112

1,679,600

1,664,980

1,627,988

Allowance for credit losses

(17,280)

(17,214)

(17,162)

(20,172)

(19,969)

Deposits

1,792,501

1,791,317

1,838,588

1,835,224

1,861,813

Allowance for unfunded commitments

1,394

1,349

1,310

1,569

1,719

Borrowings

271,159

293,091

304,286

272,605

252,174

Stockholders' equity

303,273

306,755

289,331

279,920

277,461

INCOME STATEMENT DATA

Interest and dividend income

$

27,381

$

27,241

$

26,869

$

25,974

$

25,284

Interest expense

6,269

6,299

5,905

5,381

3,791

Net interest income

21,112

20,942

20,964

20,593

21,493

Provision for (reversal of ) credit losses

249

81

(2,990)

223

786

Provision for (reversal of) unfunded commitments

44

40

(259)

(151)

(242)

Net interest income after provisions for credit losses

20,819

20,821

24,213

20,521

20,949

and unfunded commitments

Noninterest income

5,803

6,833

6,427

5,667

970

Noninterest expenses

18,388

18,244

16,391

17,662

17,173

Income before income taxes

8,234

9,410

14,249

8,526

4,746

Provision for income taxes

1,639

2,206

2,970

1,758

649

Net income

$

6,595

$

7,204

$

11,279

$

6,768

$

4,097

PROFITABILITY RATIOS

93.89 %

Total loans, net of unearned income to deposits

93.62 %

91.35 %

90.72 %

87.44 %

Retuon average assets (annualized)

1.08

1.17

1.86

1.12

0.68

Retuon average equity (annualized)

8.57

9.63

16.12

9.76

6.09

Efficiency ratio3

63.83

60.56

58.61

66.18

62.48

FTE Net interest margin

3.81

3.77

3.82

3.77

3.93

Yield on average earning assets

4.93

4.90

4.89

4.74

4.62

Yield on investment securities

2.58

2.59

2.65

2.70

2.36

Yield on total loans

5.61

5.56

5.53

5.37

5.29

Cost of funds

1.19

1.19

1.12

1.02

0.71

PER SHARE DATA

Diluted earnings per share

$

0.77

$

0.84

$

1.32

$

0.80

$

0.48

Cash dividends paid per share

0.32

0.32

0.32

0.30

0.30

Tangible book value per share3

29.51

29.90

27.82

26.70

26.44

CAPITAL RATIOS4

Tier 1 leverage ratio

12.52 %

12.46 %

12.25 %

11.91 %

11.57 %

Common equity tier 1 ratio

16.27

16.07

15.78

15.40

15.16

Tier 1 risk based capital ratio

16.56

16.36

16.07

15.69

15.45

Total risk based capital ratio

18.36

18.15

17.86

17.68

17.41

CREDIT QUALITY

Net charge-offs to average loans outstanding

0.04 %

0.01 %

0.00 %

0.00 %

0.02 %

(annualized)

Total non-performing loans to total loans, net of

0.40

0.39

0.19

0.24

0.26

unearned income5

Total non-performing assets to total assets6

0.30

0.29

0.14

0.18

0.19

Allowance for credit losses to total loans, net of

1.03

1.03

1.02

1.21

1.23

unearned income
  • Non-GAAPfinancial measure. Please refer to the calculation on the page titled "Non-GAAP Reconciliation" at the end of this document.
    4 Regulatory capital ratios as of December 31, 2024 are preliminary.
    5 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest. 6 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 8 of 12

Consolidated Balance Sheet

(Unaudited)

December 31,

September 30,

December 31,

(Dollars in thousands, except per share data)

2024

2024

2023

ASSETS

$

16,352

$

24,636

$

21,442

Cash and due from banks

Interest-bearing deposits with banks

30,910

33,456

44,516

Total Cash and Cash Equivalents

47,262

58,092

65,958

Equity securities with readily determinable fair values

919

947

928

Investment securities available for sale, at estimated fair value

393,975

418,079

451,693

Investment securities held to maturity, at amortized cost (fair value $56,924,

64,578

64,578

64,600

$59,038 and $59,057)

Loans held for sale

426

1,080

280

Total loans, net of unearned income

1,682,910

1,677,112

1,627,988

Less: Allowance for credit losses

(17,280)

(17,214)

(19,969)

Loans, net

1,665,630

1,659,898

1,608,019

Premises and equipment, net

25,454

25,542

26,283

Right of use asset

2,663

2,110

2,615

Restricted investment in bank stocks

10,853

10,853

9,677

Investment in bank-owned life insurance

81,850

81,344

79,871

Investments in low-income housing partnerships

877

909

1,003

Goodwill

44,185

44,185

44,185

Intangible assets, net

7,838

8,142

9,082

Foreclosed assets held for resale

438

406

467

Other assets

47,882

44,749

54,186

Total Assets

$

2,394,830

$

2,420,914

$

2,418,847

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

$

451,503

$

463,501

$

500,332

Noninterest-bearing

Interest-bearing

1,340,998

1,327,816

1,361,481

Total Deposits

1,792,501

1,791,317

1,861,813

Short-term borrowings

15,826

37,769

56,882

Long-term borrowings

255,333

255,322

195,292

Lease liability

2,764

2,110

2,615

Allowance for unfunded commitments

1,394

1,349

1,719

Other liabilities

23,739

26,292

23,065

Total Liabilities

2,091,557

2,114,159

2,141,386

Stockholders' Equity:

Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares

outstanding at December 31, 2024, September 30, 2024 and December 31,

-

2023

-

-

Common stock, $2.50 par value; 20,000,000 shares authorized; 8,945,293,

8,940,133, and 8,896,119 shares issued; 8,553,785, 8,548,625, and

8,511,453 shares outstanding at December 31, 2024, September 30, 2024

and December 31, 2023, respectively

22,357

22,344

22,231

Treasury stock, at cost; 391,508 at both December 31, 2024 and

September 30, 2024, and 384,666 at December 31, 2023

(11,203)

(11,203)

(10,954)

Additional paid-in capital

99,163

98,697

97,602

Retained earnings

234,624

230,752

213,491

Accumulated other comprehensive loss

(41,668)

(33,835)

(44,909)

Total Stockholders' Equity

303,273

306,755

277,461

Total Liabilities and Stockholders' Equity

$

2,394,830

$

2,420,914

$

2,418,847

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 9 of 12

Consolidated Income Statements

(Unaudited)

Three Months Ended December 31,

Years Ended December 31,

(Dollars in thousands, except per share data)

2024

2023

2024

2023

INTEREST AND DIVIDEND INCOME

Loans, including fees

$

23,294

$

21,303

$

90,547

$

79,433

Taxable

Tax-exempt

289

336

1,232

1,405

Investment securities:

2,555

2,534

10,748

10,985

Taxable

Tax-exempt

284

285

1,136

1,168

Dividends

231

135

970

331

Other

728

691

2,832

3,318

Total Interest and Dividend Income

27,381

25,284

107,465

96,640

INTEREST EXPENSE

3,279

1,808

11,194

3,695

Deposits

Short-term borrowings

12

334

859

898

Long-term borrowings

2,978

1,649

11,801

3,727

Total Interest Expense

6,269

3,791

23,854

8,320

Net Interest Income

21,112

21,493

83,611

88,320

Provision for (reversal of) credit losses

249

786

(2,437)

860

Provision for (reversal of) unfunded commitments

44

(242)

(326)

(16)

Net Interest Income after Provisions for (Reversal of) Credit

20,819

20,949

86,374

87,476

Losses and Unfunded Commitments

NONINTEREST INCOME

2,105

1,948

9,754

9,319

Insurance commissions

Wealth management

1,007

872

4,226

3,644

Service charges on deposits

1,084

1,007

4,144

3,958

ATM debit card charges

815

846

3,303

3,348

Earnings on investment in bank-owned life insurance

506

479

1,979

1,878

Gain from mortgage loans held for sale

107

25

301

56

Net (losses) gains on sales or calls of investment securities

-

(4,501)

69

(5,240)

Net (losses) gains on equity securities

(28)

40

(9)

18

Gain on assets held for sale

-

-

-

337

Other

207

254

963

1,127

Total Noninterest Income

5,803

970

24,730

18,445

NONINTEREST EXPENSES

10,318

10,596

42,929

40,931

Salaries and employee benefits

Equipment

2,324

1,730

7,321

6,514

Net occupancy

1,096

927

4,162

3,908

Professional services

586

720

2,140

2,320

Other tax

360

304

1,446

1,269

FDIC and regulatory

337

456

1,425

1,388

Intangible assets amortization

304

352

1,244

1,424

Merger-related

885

-

2,045

-

Other

2,178

2,088

7,973

8,318

Total Noninterest Expenses

18,388

17,173

70,685

66,072

Income Before Income Taxes

8,234

4,746

40,419

39,849

Provision for income taxes

1,639

649

8,573

8,161

Net Income

$

6,595

$

4,097

$

31,846

$

31,688

PER SHARE DATA

$

0.78

$

0.48

$

3.75

$

3.72

Basic earnings

Diluted earnings

$

0.77

$

0.48

$

3.73

$

3.71

Weighted average shares basic

8,511,253

8,477,525

8,503,473

8,507,803

Weighted average shares diluted

8,549,691

8,510,548

8,536,965

8,536,125

ACNB Corporation

Press Release/Fourth Quarter and 2024 Financial Results

January 23, 2025

Page 10 of 12

Average Balances, Income and Expenses, Yields and Rates

Three months ended

Three months ended

Three months ended

Three months ended

Three months ended

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

Average

Interest7

Yield/

Average

Interest7

Yield/

Average

Interest7

Yield/

Average

Interest7

Yield/

Average

Interest7

Yield/

(Dollars in thousands)

Balance

Rate

Balance

Rate

Balance

Rate

Balance

Rate

Balance

Rate

ASSETS

Loans:

Taxable

$

1,619,245

$

23,294

5.72 %

$

1,618,879

$

23,108

5.68 %

$

1,612,380

$

22,675

5.66 %

$

1,573,109

$

21,470

5.49 %

$

1,559,411

$

21,303

5.42 %

Tax-exempt

57,683

366

2.52

62,401

394

2.51

64,276

396

2.48

65,825

404

2.47

69,058

425

2.44

Total Loans8

1,676,928

23,660

5.61

1,681,280

23,502

5.56

1,676,656

23,071

5.53

1,638,934

21,874

5.37

1,628,469

21,728

5.29

Investment Securities:

Taxable

431,338

2,786

2.57

441,135

2,868

2.59

442,390

2,913

2.65

467,466

3,151

2.71

453,713

2,669

2.33

Tax-exempt

54,453

359

2.62

54,549

359

2.62

54,644

359

2.64

54,740

359

2.64

54,835

361

2.61

Total Investments9

485,791

3,145

2.58

495,684

3,227

2.59

497,034

3,272

2.65

522,206

3,510

2.70

508,548

3,030

2.36

Interest-bearing deposits with banks

60,104

728

4.82

48,794

670

5.46

50,851

684

5.41

54,156

750

5.57

50,225

691

5.46

Total Earning Assets

2,222,823

27,533

4.93

2,225,758

27,399

4.90

2,224,541

27,027

4.89

2,215,296

26,134

4.74

2,187,242

25,449

4.62

Cash and due from banks

20,413

21,684

21,041

20,540

21,578

Premises and equipment

25,679

25,716

25,903

26,102

25,983

Other assets

181,180

184,105

187,937

187,075

191,329

Allowance for credit losses

(17,153)

(17,147)

(20,124)

(19,963)

(19,232)

Total Assets

$

2,432,942

$

2,440,116

$

2,439,298

$

2,429,050

$

2,406,900

LIABILITIES

$

519,833

$

511

0.39 %

$

518,368

$

552

0.42 %

$

513,163

$

275

0.22 %

$

512,701

$

264

0.21 %

$

560,510

$

275

0.19 %

Interest-bearing demand deposits

Money markets

251,781

747

1.18

246,653

692

1.12

248,191

613

0.99

248,297

536

0.87

274,226

707

1.02

Savings deposits

315,512

34

0.04

318,291

26

0.03

327,274

30

0.04

335,215

29

0.03

348,244

28

0.03

Time deposits

268,559

1,987

2.94

258,053

1,842

2.84

263,045

1,725

2.64

244,481

1,331

2.19

221,778

798

1.43

Total Interest-Bearing Deposits

1,355,685

3,279

0.96

1,341,365

3,112

0.92

1,351,673

2,643

0.79

1,340,694

2,160

0.65

1,404,758

1,808

0.51

Short-term borrowings

23,087

12

0.21

38,666

204

2.10

37,256

304

3.28

47,084

339

2.90

56,872

334

2.33

Long-term borrowings

255,326

2,978

4.64

255,316

2,983

4.65

255,305

2,958

4.66

248,701

2,882

4.66

137,026

1,649

4.77

Total Borrowings

278,413

2,990

4.27

293,982

3,187

4.31

292,561

3,262

4.48

295,785

3,221

4.38

193,898

1,983

4.06

Total Interest-Bearing Liabilities

1,634,098

6,269

1.53

1,635,347

6,299

1.53

1,644,234

5,905

1.44

1,636,479

5,381

1.32

1,598,656

3,791

0.94

Noninterest-bearing demand deposits

464,949

477,350

485,351

486,648

519,797

Other liabilities

27,887

29,946

28,348

26,904

21,648

Stockholders' Equity

306,008

297,473

281,365

279,019

266,799

Total Liabilities and Stockholders'

$

2,432,942

$

2,440,116

$

2,439,298

$

2,429,050

$

2,406,900

Equity

Taxable Equivalent Net Interest Income

21,264

21,100

21,122

20,753

21,658

Taxable Equivalent Adjustment

(152)

(158)

(158)

(160)

(165)

Net Interest Income

$

21,112

$

20,942

$

20,964

$

20,593

$

21,493

Cost of Funds

1.19%

1.19 %

1.12 %

1.02 %

0.71%

FTE Net Interest Margin

3.81%

3.77 %

3.82 %

3.77 %

3.93%
  • Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    8 Average balances include non-accrual loans and are net of unearned income. 9 Average balances of investment securities is computed at fair value.

Disclaimer

ACNB Corporation published this content on January 23, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 24, 2025 at 15:26:04.170.

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