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 retained earnings of $2.4
million net of tax as of January 1, 2023 for the cumulative effect
of adopting Topic 326.
- Tangible common equity to tangible
assets ratio1 of 8.56% compared to 7.71% for the prior quarter and
7.45% for the comparable quarter last year. The net unrealized loss
on the available for sale securities portfolio was $57.6 million at
March 31, 2023 compared to a net unrealized loss of $64.1
million at December 31, 2022 and a net unrealized loss of
$32.0 million at March 31, 2022.
- Common stockholders’ equity
(tangible), per share1 was $23.66 compared to $22.37 for the prior
quarter and $23.01 for the comparable quarter last year.
1 - Non-GAAP financial measure. Please refer to the calculation
on the page titled “Non-GAAP Reconciliation” at the end of this
document.
“At ACNB Corporation, 2023 is off to a sound
start on many fronts despite the continued economic turmoil and the
uncertainty that presented itself in the banking industry during
the first quarter. Our financial results for the quarter reinforce
our strategic efforts to appropriately manage risk and continue to
provide a return to our shareholders. Our rebranding efforts are
moving forward with the concept of One Together, One Team, One
Brand. Our goal of brand realignment is to operate cohesively under
one name and one brand to effectively serve our customers,” said
James P. Helt, ACNB Corporation President & Chief Executive
Officer. “We remain confident that our financial performance,
strong capital base, superior asset quality metrics and our robust
risk management practices position us well to meet the ongoing
uncertainty facing the banking industry and regional economy. As a
locally operated community bank, we remain focused on managing our
balance sheet risks on a daily basis and have worked diligently to
avoid the excessive risks experienced by others in our industry. At
the end of the first quarter, our level of uninsured and
non-collateralized deposits was approximately 19%, and our total
deposits were approximately 13.5% higher than pre-pandemic levels
as of March 31, 2020. We take pride in meeting the needs of our
local customers and supporting the communities we serve on a daily
basis, while simultaneously rewarding our shareholders with a focus
on profitability and a return on their capital investment in ACNB
Corporation.”
Mr. Helt continued, “Our vision remains to
enhance long term shareholder value by being the independent
financial services provider of choice in the markets we serve by
building relationships and finding solutions.”
Net Interest Income and
Margin
Net interest income for the three months ended
March 31, 2023 totaled $23.1 million, an increase of $6.0
million, or 35.41%, over comparable quarter results in 2022. The
net interest margin was 4.19%, an increase of 152 basis points from
2.67% for the comparable quarter in 2022. Paycheck Protection
Program (“PPP”) fees and purchase accounting accretion for the
three months ended March 31, 2023 totaled $374 thousand
compared to $1.0 million for the comparable quarter in 2022. Higher
net interest margin and net interest income were attributable to
higher interest rates, deployment of excess liquidity, lower
funding costs, and a shift into higher-yielding assets.
Compared to the prior quarter, net interest
income decreased $1.0 million, or 3.98%, driven primarily by lower
interest-bearing deposits at the Federal Reserve. The net interest
margin increased 20 basis points as earning asset yields increased
while funding costs remained relatively flat. PPP fees and purchase
accounting accretion for the three months ended March 31, 2023
totaled $374 thousand compared to $845 thousand for the prior
quarter.
The average rate paid on interest bearing
deposits was 0.12% for the three months ended March 31, 2023,
a decrease of 1 basis point from the prior quarter and 5 basis
points from the comparable quarter last year. The average yield on
earnings assets was 4.33% for the three months ended March 31,
2023, an increase of 21 basis points from the prior quarter and 150
basis points from the comparable quarter last year.
Noninterest Income
Noninterest income for the three months ended
March 31, 2023 was $5.0 million, an increase of $525 thousand,
or 11.77%, from the comparable quarter in 2022. The increase was
driven primarily by increased income from commissions from
insurance sales of $702 thousand due to the acquisition of the
business and assets of the Hockley & O’Donnell Insurance Agency
in combination with higher contingent income and an increase in
bank-owned life insurance earnings of $115 thousand partially
offset by lower income from mortgage loans held for sale of $264
thousand.
Compared to the prior quarter, noninterest
income decreased $439 thousand, or 8.10%, driven primarily by
seasonally weaker service charges and a decrease in other income.
In the prior quarter, other income included a $421 thousand net
gain on the sale of a low income housing partnership.
Noninterest Expense
Noninterest expense for the three months ended
March 31, 2023 was $16.3 million, an increase of $3.0 million,
or 22.59%, from the comparable quarter in 2022. The increase was
driven primarily by increases in salaries and employee benefits
expense. Salaries and employee benefits expense was $10.4 million
for the three months ended March 31, 2023 compared to $7.6
million for the comparable quarter in 2022. The increase in
salaries and employee benefits expense was driven primarily by a
partial reversal of incentive compensation of $750 thousand and a
reversal of $484 thousand of loan expense in the first quarter of
2022, as well as an increase in stock expense of $252 thousand, an
increase in pension expense of $157 thousand, additional expenses
of $125 thousand due to the acquisition of the business and assets
of the Hockley & O’Donnell Insurance Agency and a higher
extended leave reserve adjustment of $214 thousand.
Equipment expense was $1.6 million for the three
months ended March 31, 2023 compared to $1.5 million for the
comparable quarter in 2022. The increase in equipment expense was
attributable to the ongoing expenses related to the implementation
of a new loan origination system in late 2022. Net occupancy
expense was $1.0 million for the three months ended March 31,
2023 compared to $1.2 million for the comparable quarter in 2022.
The decrease was driven by the closure of a temporary banking
facility, less snow removal expense and an increase in rental
income. Professional services expense was $382 thousand for the
three months ended March 31, 2023 compared to $309 thousand
for the comparable quarter in 2022. The increase in professional
services expense was a result of additional expenses related to the
change in the Corporation’s independent audit firm in 2022.
Marketing and corporate relations expense was $154 thousand for the
three months ended March 31, 2023 compared to $103 thousand
for the comparable quarter in 2022. The increase was driven by $89
thousand in expenses related to the rebranding of ACNB Bank’s
Maryland banking divisions.
Compared to the prior quarter, noninterest
expense decreased $391 thousand, or 2.35%, driven primarily by
lower equipment, professional services and other operating expenses
of $439 thousand, $376 thousand and $201 thousand, respectively,
partially offset by an increase in salaries and employee benefits
expense of $656 thousand.
Loans and Asset Quality
Total loans outstanding were $1.53 billion at
March 31, 2023, an increase of $47.3 million, or 3.19%, from
March 31, 2022. Year-over-year, the increase was driven mainly
by growth in the commercial loan portfolio. Loans decreased by $7.0
million, or 0.45%, from December 31, 2022 to March 31,
2023, mainly from payoffs and paydowns in the loan portfolio.
Effective January 1, 2023, ACNB Corporation
adopted Accounting Standards Update 2016-13, “Financial
Instruments—Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments,” referred to as the current expected
credit loss model (“CECL”). 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. The Corporation
recorded a net decrease to retained earnings of $2.4 million net of
tax as of January 1, 2023 for the cumulative effect of adopting
Topic 326. The allowance for credit losses increased $1.6 million,
and the allowance for unfunded commitments, included in the
liabilities section on the balance sheet, increased $1.9 million
from the fourth quarter of 2022.
Based on the forward-looking metrics utilized
within the CECL model, combined with the current market environment
applied to the Bank’s loan portfolio, the provision for credit
losses for the first three months of 2023 was $97 thousand, and the
provision for unfunded commitments was $276 thousand.
Non-performing loans were $3.8 million, or 0.25%, of total loans at
March 31, 2023 compared to $5.5 million, or 0.37%, of total
loans at March 31, 2022 and $3.9 million, or 0.25%, of total
loans at December 31, 2022. Annualized net charge-offs for the
three months ended March 31, 2023 were 0.02% of total average loans
compared to 0.02% for the three months ended March 31, 2022 and
0.02% for the three months ended December 31, 2022. The net
charge-offs for the three months ended March 31, 2023 and 2022 and
December 31, 2022 resulted from a few isolated credits and
were not indicative of a general weakness in the overall loan
portfolio.
Deposits
Total deposits were $2.1 billion at
March 31, 2023. Deposits decreased by $143.2 million, or
6.51%, since December 31, 2022 and decreased by $354.9
million, or 14.72%, from March 31, 2022. The decrease in
deposits was driven by customers beginning to seek higher yielding
alternative deposit and investment products as market interest
rates rose during 2022 and 2023.
Total interest bearing deposits were $1.5
billion at March 31, 2023. Interest bearing deposits decreased
by $142.5 million, or 8.88%, since December 31, 2022 and
decreased by $316.2 million, or 17.79%, from March 31, 2022.
Total non-interest bearing deposits were $594.4 million at
March 31, 2023. Non-interest bearing deposits decreased by
$694 thousand, or 0.12%, since December 31, 2022 and decreased
by $38.8 million, or 6.12%, from March 31, 2022.
Stockholders’ Equity
Total stockholders’ equity was $255.8 million at
March 31, 2023 compared to $245.0 million at December 31,
2022 and $256.0 million at March 31, 2022. Stockholders equity
decreased $2.4 million due to the cumulative effect for adoption of
CECL and increased $6.1 million primarily due to the change in
accumulated other comprehensive losses from unrealized losses in
the securities portfolio. These changes, along with net income
during the quarter of $9.0 million, were the primary drivers of the
increase in stockholders equity from December 31, 2022 to
March 31, 2023. Book value per share was $29.40, $28.78 and
$30.02 at March 31, 2022, December 31, 2022 and
March 31, 2023, respectively.
Dividends and Share
Repurchases
Quarterly cash dividends paid to ACNB
Corporation shareholders in the first three months of 2023 totaled
$2.4 million, or $0.28 per common share. Compared to a year ago,
ACNB Corporation paid $2.3 million, or $0.26 per common share in
the first three months of 2022. In addition, ACNB Corporation
repurchased 850 shares of ACNB Corporation common stock during the
first quarter of 2023 at a cost of $29,000.
ACNB Corporation Update
As previously announced, on April 20, 2023, ACNB
Corporation declared the regular quarterly cash dividend for the
second quarter of 2023 in the amount of $0.28 per common share,
payable on June 15, 2023, to shareholders of record as of June 1,
2023. This quarterly cash dividend declared of $0.28 per common
share is an increase of $0.02, or 7.7%, per common share compared
to the second quarter of 2022.
About ACNB Corporation
ACNB Corporation, headquartered in Gettysburg,
PA, is the $2.4 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 26 community banking offices and three 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 44 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 and Jarrettsville, MD, 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; 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 lingering effects of
Coronavirus Disease 2019 (COVID-19) and any other 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 loan 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. 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 #2023-10April 27, 2023
ACNB Corporation Financial
Highlights
Unaudited Consolidated Condensed
Statements of IncomeDollars in thousands, except per share
data
|
Three Months Ended |
|
March 31, 2023 |
|
March 31, 2022 |
|
December 31, 2022 |
INCOME STATEMENT
DATA |
|
|
|
|
|
Interest income |
$ |
23,909 |
|
$ |
18,077 |
|
$ |
24,894 |
Interest expense |
|
817 |
|
|
1,024 |
|
|
846 |
Net interest income |
|
23,092 |
|
|
17,053 |
|
|
24,048 |
Provision for credit losses |
|
97 |
|
|
— |
|
|
— |
Provision for unfunded commitments |
|
276 |
|
|
— |
|
|
— |
Net interest income after provision for credit losses |
|
22,719 |
|
|
17,053 |
|
|
24,048 |
Noninterest income |
|
4,984 |
|
|
4,459 |
|
|
5,423 |
Noninterest expense |
|
16,282 |
|
|
13,282 |
|
|
16,673 |
Income before income taxes |
|
11,421 |
|
|
8,230 |
|
|
12,798 |
Provision for income taxes |
|
2,398 |
|
|
1,631 |
|
|
2,599 |
Net income |
$ |
9,023 |
|
$ |
6,599 |
|
$ |
10,199 |
Basic and diluted earnings per share |
$ |
1.06 |
|
$ |
0.76 |
|
$ |
1.20 |
Quarterly Unaudited Selected Financial
DataDollars in thousands, except per share data
|
March 31, 2023 |
|
March 31, 2022 |
|
December 31, 2022 |
BALANCE SHEET
DATA |
|
|
|
|
|
Assets |
$ |
2,410,933 |
|
|
$ |
2,746,156 |
|
|
$ |
2,525,507 |
|
Securities |
$ |
568,232 |
|
|
$ |
606,879 |
|
|
$ |
620,250 |
|
Loans, total |
$ |
1,531,626 |
|
|
$ |
1,484,326 |
|
|
$ |
1,538,610 |
|
Allowance for credit losses |
$ |
19,485 |
|
|
$ |
18,963 |
|
|
$ |
17,861 |
|
Deposits |
$ |
2,055,822 |
|
|
$ |
2,410,761 |
|
|
$ |
2,198,975 |
|
Allowance for unfunded commitments |
$ |
2,011 |
|
|
$ |
92 |
|
|
$ |
92 |
|
Borrowings |
$ |
76,294 |
|
|
$ |
60,228 |
|
|
$ |
62,954 |
|
Stockholders’ equity |
$ |
255,841 |
|
|
$ |
256,009 |
|
|
$ |
245,042 |
|
COMMON SHARE
DATA |
|
|
|
|
|
Basic and diluted earnings per share |
$ |
1.06 |
|
|
$ |
0.76 |
|
|
$ |
1.20 |
|
Cash dividends paid per share |
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Book value per share |
$ |
30.02 |
|
|
$ |
29.40 |
|
|
$ |
28.78 |
|
Number of common shares outstanding |
|
8,523,256 |
|
|
|
8,707,028 |
|
|
|
8,515,120 |
|
SELECTED
RATIOS |
|
|
|
|
|
Return on average assets (annualized) |
|
1.50 |
% |
|
|
0.97 |
% |
|
|
1.56 |
% |
Return on average equity (annualized) |
|
14.58 |
% |
|
|
10.04 |
% |
|
|
17.10 |
% |
Non-performing loans to total loans |
|
0.25 |
% |
|
|
0.37 |
% |
|
|
0.25 |
% |
Net charge-offs to average loans outstanding (annualized) |
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Allowance for credit losses to total loans |
|
1.27 |
% |
|
|
1.28 |
% |
|
|
1.16 |
% |
Allowance for credit losses to non-performing loans |
|
507.69 |
% |
|
|
344.34 |
% |
|
|
463.08 |
% |
Non-GAAP Reconciliation
Note: The Corporation has
presented the following non-GAAP financial measures because it
believes that these measures provide useful and comparative
information to assess trends in the Corporation’s results of
operations and financial condition. These non-GAAP financial
measures are frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in the
Corporation’s industry. Investors should recognize that the
Corporation’s presentation of these non-GAAP financial measures
might not be comparable to similarly-titled measures of other
corporations. These non-GAAP financial measures should not be
considered a substitute for GAAP basis measures, and the
Corporation strongly encourages a review of its condensed
consolidated financial statements in their entirety.
|
|
Three Months Ended |
Dollars in thousands, except per share data |
|
March 31, 2023 |
|
March 31, 2022 |
|
December 31, 2022 |
Common stockholders’
equity (tangible), per share |
|
|
|
|
|
|
Stockholders’ equity |
|
$ |
255,841 |
|
|
$ |
256,009 |
|
|
$ |
245,042 |
|
Less: Goodwill and intangible
assets |
|
|
(54,157 |
) |
|
|
(55,700 |
) |
|
|
(54,517 |
) |
Tangible common stockholders’
equity (numerator) |
|
$ |
201,684 |
|
|
$ |
200,309 |
|
|
$ |
190,525 |
|
Shares outstanding, end of
period (denominator) |
|
|
8,523,256 |
|
|
|
8,707,028 |
|
|
|
8,515,120 |
|
Common stockholders’ equity (tangible), per share |
|
$ |
23.66 |
|
|
$ |
23.01 |
|
|
$ |
22.37 |
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets (TCE/TA Ratio) |
|
|
|
|
|
|
Stockholders’ equity |
|
$ |
255,841 |
|
|
$ |
256,009 |
|
|
$ |
245,042 |
|
Less: Goodwill and intangible
assets |
|
|
(54,157 |
) |
|
|
(55,700 |
) |
|
|
(54,517 |
) |
Tangible common stockholders’
equity (numerator) |
|
$ |
201,684 |
|
|
$ |
200,309 |
|
|
$ |
190,525 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,410,933 |
|
|
$ |
2,746,156 |
|
|
$ |
2,525,507 |
|
Less: Goodwill and intangible
assets |
|
$ |
(54,157 |
) |
|
$ |
(55,700 |
) |
|
$ |
(54,517 |
) |
Total tangible assets
(denominator) |
|
$ |
2,356,776 |
|
|
$ |
2,690,456 |
|
|
$ |
2,470,990 |
|
Tangible common equity to
tangible assets |
|
|
8.56 |
% |
|
|
7.45 |
% |
|
|
7.71 |
% |
|
|
|
|
|
|
|
Efficiency
Ratio |
|
|
|
|
|
|
Non-interest expense |
|
$ |
16,282 |
|
|
$ |
13,282 |
|
|
$ |
16,673 |
|
Less: Intangible
amortization |
|
|
(360 |
) |
|
|
(309 |
) |
|
|
(399 |
) |
Non-interest expense
(numerator) |
|
$ |
15,922 |
|
|
$ |
12,973 |
|
|
$ |
16,274 |
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
23,092 |
|
|
$ |
17,053 |
|
|
$ |
24,048 |
|
Plus: Total non-interest
income |
|
|
4,984 |
|
|
|
4,459 |
|
|
|
5,423 |
|
Less: Net gains (losses) on
sales or calls of securities |
|
|
(193 |
) |
|
|
— |
|
|
|
(234 |
) |
Less: Net gains (losses) on
equity securities |
|
|
20 |
|
|
|
(109 |
) |
|
|
46 |
|
Less: Net gains on sale of low
income housing partnership |
|
|
— |
|
|
|
— |
|
|
|
421 |
|
Total revenue
(denominator) |
|
$ |
28,249 |
|
|
$ |
21,621 |
|
|
$ |
29,238 |
|
Efficiency ratio |
|
|
56.36 |
% |
|
|
60.00 |
% |
|
|
55.66 |
% |
Contact: Jason H. Weber
EVP/Treasurer & Chief Financial Officer
717.339.5090
jweber@acnb.com
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