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ACNB Corporation (ACNB-6.32%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $2.39 billion, a decrease from $2.42 billion in the previous year. The decrease is attributed to a reduction in cash and cash equivalents and investment securities.
Net income for the year was $31.8 million, a slight increase from $31.7 million in the previous year. This was impacted by merger-related expenses and a reversal of provisions for credit losses and unfunded commitments.
Net interest income decreased by $4.7 million to $83.6 million, primarily due to higher deposit costs and an increase in long-term borrowings. The net interest margin decreased to 3.79% from 4.07%.
Noninterest income increased to $24.7 million from $18.4 million, driven by higher insurance commissions, wealth management income, and gains from mortgage loans held for sale.
Noninterest expenses increased by $4.6 million to $70.7 million, due to higher salaries and employee benefits, equipment expenses, and merger-related costs.
Total deposits decreased by $69.3 million to $1.79 billion, with a decline in demand and savings deposits partially offset by an increase in time deposits.
Total loans, net of unearned income, increased by $54.9 million to $1.68 billion, driven by growth in commercial real estate and residential mortgage portfolios.
The allowance for credit losses was $17.3 million at year-end, representing 1.03% of total loans, down from 1.23% the previous year.
ACNB's capital ratios remained strong, with the Tier 1 leverage ratio at 12.03% and the total risk-based capital ratio at 17.02%, both exceeding regulatory requirements for well-capitalized institutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ACNB Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.