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ACNB Corp reports Q4 EPS $1.20 vs. 52c last year
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ACNB Corp reports Q4 EPS $1.20 vs. 52c last year

Total stockholders’ equity was $245,042,000 at December 31, 2022, compared to $272,114,000 at December 31, 2021. Year-over-year, the $27,072,000 decline in stockholders’ equity from December 31, 2021 to December 31, 2022 was primarily attributable to the change in accumulated other comprehensive income due to unrealized losses in the securities portfolio resulting from the increase in market interest rates during the year. These unrealized losses were also the primary driver of the decline in the Corporation’s book value per share, which was $28.78 and $31.35 at December 31, 2022 and 2021, respectively. "We, at ACNB Corporation, are extremely pleased to report another year of record earnings for 2022 totaling more than $35,000,000. This corporate achievement was not anticipated at the start of the year, but neither were the economic conditions that evolved during the year. In response to inflationary pressures, the unprecedented actions of the Federal Reserve resulted in seven interest rate hikes beginning in March of 2022 for a fed funds target rate range of 4.25% to 4.50% at the end of the year. The steep interest rate changes during the year pushed the fed funds rate to its highest point since December 2007. These interest rate increases were a major contributor to ACNB Corporation’s 2022 earnings performance as assets repriced more quickly than liabilities, which coupled with asset growth resulted in strong net interest income performance," said James P. Helt, ACNB Corporation President & CEO. "Despite these unusual and unprecedented economic times, the Corporation completed key strategic initiatives planned for 2022 including the acquisition by the insurance subsidiary, ACNB Insurance Services, Inc., of the business and assets of Hockley & O’Donnell Insurance Agency in Gettysburg, PA, in February and the opening of the new Upper Adams Office in Biglerville, PA, in October as the banking subsidiary, ACNB Bank, continued its plans for optimization of the community banking network. ACNB Corporation was also honored in 2022 to be named by the Central Penn Business Journal to its annual list of Fastest Growing Companies in Central Pennsylvania for the fifth consecutive year. As always, ACNB Corporation’s Management and Board of Directors looks to the past with respect, but also anticipates the future and its inherent challenges and opportunities. With record financial performance in 2022, in tandem with ongoing strength in its capital base and asset quality, the Corporation is poised for continued progress in 2023. Our fundamental focus remains to be the independent financial services provider of choice in the core markets served by building relationships and finding solutions."

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