ACNB Corporation reported a net income of $31.8 million for the fiscal year ending December 31, 2024, reflecting a slight increase of $158,000, or 0.5%, compared to $31.7 million in 2023. The diluted earnings per share rose to $3.73 from $3.71 in the previous year. The company's financial performance was influenced by a $2.0 million in merger-related expenses associated with the acquisition of Traditions Bancorp, offset by a $2.8 million reversal of provisions for credit losses. Total assets decreased to $2.39 billion from $2.42 billion in 2023, primarily due to a reduction in cash and investment securities.
In terms of operational metrics, ACNB's net interest income fell to $83.6 million, down 5.3% from $88.3 million in 2023, largely due to increased funding costs and long-term borrowings. The net interest margin also decreased to 3.79% from 4.07%. However, average loans grew by $94.9 million, or 6.0%, driven by increases in commercial real estate and residential mortgages. Total deposits decreased by $69.3 million, or 3.7%, with a notable decline in noninterest-bearing and interest-bearing demand deposits.
Strategically, ACNB Corporation is in the process of integrating Traditions Bancorp, which was acquired in a transaction valued at approximately $83.8 million, effective February 1, 2025. This acquisition is expected to enhance ACNB's market presence in Pennsylvania, as Traditions operated eight community banking offices in the region. The company also completed the acquisition of Hockley & O’Donnell Insurance Agency in February 2022, further expanding its insurance services.
As of December 31, 2024, ACNB had 391 full-time and 25 part-time employees, with a workforce composition of approximately 66% female and 34% male. The company emphasized its commitment to employee development and community involvement, with employees contributing over 2,500 volunteer hours to various organizations in 2024. Looking ahead, ACNB anticipates continued growth in its loan portfolio and aims to enhance its operational efficiency while navigating the challenges posed by market conditions and regulatory requirements.
About ACNB CORP
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