fbpx

Tag: earnings

ACNB Corp. sets earnings record in 2022

Gettysburg-based ACNB Corp., the financial holding company for ACNB Bank and ACNB Insurance Services Inc., announced record financial results for 2022.

ACNB posted net income of $35.752 million, an increase of $7.918 million, or 28.45%, compared with 2021. This year-over-year increase was primarily driven by increases in net interest income of $12.181 million and commissions from insurance sales of $2.156 million.

The corporation reported net income of $10.199 million for the three months ended Dec. 31, 2022, an increase of 126.90% compared with the fourth quarter of 2021.

“We, at ACNB Corp., are extremely pleased to report another year of record earnings for 2022 totaling more than $35 million,” James P. Helt, ACNB president and CEO, said in a release. “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, he noted. “These interest rate increases were a major contributor to ACNB Corp.’s 2022 earnings performance as assets repriced more quickly than liabilities, which coupled with asset growth resulted in strong net interest income performance.”

“Despite these unusual and unprecedented economic times,” Helt said, the corporation completed key strategic initiatives planned for 2022, including the acquisition by ACNB Insurance Services Inc. of the business and assets of Hockley & O’Donnell Insurance Agency in Gettysburg in February and the opening of the new Upper Adams Office in Biglerville in October as ACNB Bank continued its plans for optimization of the community banking network.

Paula Wolf is a freelance writer

Hershey Co. reports double-digit sales growth, raises annual forecast

The Hershey Co. announced a double-digit increase in second-quarter net sales Thursday from the year before, prompting the giant confectioner to raise its full-year financial outlook.

Helped by the acquisitions of Dot’s Pretzels, Pretzels Inc. and Lily’s, consolidated net sales jumped 19.3%, to $2.373 billion. Meanwhile reported net income rose 5.5%, to $315.6 million.

Hershey’s North America Salty Snacks segment net sales reached $256.3 million in the second quarter, an increase of 99.9% versus the same period last year; North America Confectionery net sales were more than $1.9 billion, 12.9% above last year.

To reflect continued strength in consumer demand and net price realization, Hershey’s raised its forecast and now expects its net sales to be up 12 to 14% over 2021.

“Our business momentum continued in the second quarter, with double-digit sales growth in each of our segments resulting in strong earnings per share performance,” Michele Buck, Hershey Co. president and CEO, said in a release.

“These results reflect the strength and resilience of our categories, consumers’ love for our brands, the investments we are making in our business, and the exceptional execution of our dedicated employees. We are raising our financial expectations for the year and investing more heavily in our brands, capabilities and people in the second half to continue this momentum into 2023.”

Hershey’s board of directors also announced quarterly dividends of $1.036 on common stock and $0.942 on class B common stock, an increase of approximately 15%, or $0.135 and $0.123 per share, respectively. The dividends are payable Sept. 15 to stockholders of record as of Aug. 19.

Paula Wolf is a freelance writer

ACNB Corp. announces record earnings in 2021

At the annual meeting of its shareholders May 3, ACNB Corp. reported record earnings for 2021.

Gettysburg-based ACNB is the $2.7 billion financial holding company for wholly-owned subsidiaries ACNB Bank and ACNB Insurance Services Inc.

Net income totaled $27.8 million, or $9.4 million more than in 2020.

“We remain focused on this vision as we enter 2022 and look to a post-pandemic environment for growth,” ACNB Corp. President and CEO James P. Helt said at the meeting. “After responding to the initial impacts of COVID-19 in 2020, we managed (toward) the future in 2021 despite the challenges of the business environment.”

The record earnings were in spite of continued low interest rates and excessive liquidity in the marketplace “that negatively impacted our net interest income and net interest margin for the year,” Helt said. “… The primary drivers to this significant increase in net income were higher fee income from the banking business line activity and a reduction in loan loss provision for the year, as well as one-time merger expenses related to the acquisition of Frederick County Bancorp Inc. in 2020.”

He concluded: “… ACNB Corp. remains well capitalized and positioned to continue our growth trends to the benefit of our customers, employees, shareholders and communities.”

ACNB Bank operates 20 community banking offices in Adams, Cumberland, Franklin and York counties as well as loan offices in Lancaster and York and Hunt Valley, Maryland.

Harsco announces Q1 revenue of $453 million  

Harsco Corp., which plans to relocate its Camp Hill headquarters to Philadelphia early next year, reported first-quarter revenue Tuesday from continuing operations of $453 million. 

That represented a 1% increase from the prior quarter. Operating income from continuing operations was $8 million, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled $49 million. 

Founded in 1853, Harsco provides environmental solutions for industrial and specialty waste systems and technology for the rail sector. The company employs 12,000 in more than 30 countries. 

“Despite Harsco facing a challenging operating environment marked by increased inflationary pressures, we met our first quarter guidance,” Chairman and CEO Nick Grasberger said in a release. “… As the global economy continues to grow and sustainability goals remain a focus, Harsco is poised to benefit as a leading provider of recycling and material re-use solutions within industrial markets.” 

Underlying demand within most key markets – including the steel industry – is firm, he said. “The global steel market is in the process of rebalancing as a result of the Russia-Ukraine conflict, and we anticipate limited impacts over time given the diversity of our portfolio. 

“Meanwhile, continued high inflation as well as supply-chain and labor-market tightness remain concerns, particularly in the U.S. Internal actions are underway to mitigate these impacts and we remain confident that each of our businesses is positioned to deliver operating results growth in 2022.” 

Harsco has updated its 2022 guidance to reflect the challenges related to inflation – particularly in transportation and container costs – and ongoing labor-market tightness. It now expects to report $81 million to $96 million in operating income for the year. 

First-quarter earnings up 22% for Mid Penn

Harrisburg-based Mid Penn Bancorp Inc., parent company of Mid Penn Bank and MPB Financial Services LLC, reported a 22% increase in first-quarter earnings over last year.

Net income available to common shareholders (earnings) was $11.354 million, compared with $9.312 million the prior year.

The results for the three months ending March 31 include restructuring expenses of $329,000 from Mid Penn’s acquisition of Riverview Financial Corp., which closed Nov. 30, 2021.

“While the quarter was consumed with the wrap-up of the Riverview acquisition and the conversion of its customers onto the Mid Penn platform, we still managed to have great organic growth in many balance sheet and revenue numbers,” a release said.

Organic, core loan growth – excluding Paycheck Protection Program loans – annualized at just under 13% quarter over quarter, “which is a great start to the year, particularly in that the first quarter is traditionally our slowest growth quarter of any year,” the release noted.

Organic, core deposit growth, excluding time deposits, annualized at 7%.

Total loans increased 18% since March 31, 2021, a jump mostly attributable to the Riverview acquisition.

In addition, net interest income was $34.414 million in the first quarter, an increase of 36% from a year ago.

Donegal Group reports net income growth of almost 25% 

Marietta-based Donegal Group Inc. reported a jump in net income of nearly 25% in the first quarter of 2022. 

The company’s net income totaled $13.1 million, or $0.43 per diluted Class A share. 

In addition, net premiums earned grew 6.4% compared to a year ago, to $199.2 million. 

The insurance subsidiaries and affiliates of Donegal Group, an insurance holding company, offer personal and commercial property and casualty lines of insurance in 24 states. Donegal Mutual Insurance Co. and the insurance subsidiaries of Donegal Group conduct business as Donegal Insurance Group. 

“We achieved strong net earned premium growth in the quarter, which largely reflected an increase in net premiums written throughout 2021,” Kevin G. Burke, Donegal Group president and CEO, said in a release. “Underwriting results continue to strengthen as we transform our business and migrate our products and processes to modernized technology platforms. 

“We continue to emphasize sustainable profitability in our commercial lines business segment. Considering the challenging economic and inflationary environment, we intentionally moderated new business growth and heightened our attentiveness to appropriate underwriting discipline and rate adequacy.” 

As Donegal implements state-specific strategies and introduces new personal lines products, he added, “we are confident that our go-forward business plan will increasingly enhance our total financial results.” 

Hershey Co. reports double-digit sales and earnings 

The Hershey Company announced double-digit growth in sales and earnings in the first quarter of 2022, prompting the global confectioner to revise upward its revenue projections for the calendar year. 

Compared with the 2021 first quarter, consolidated net sales rose 16.1%, to more than $2.66 billion, and reported net income climbed 35.3%, to $533.5 million. 

First-quarter 2022 reported operating profit was $721 million, 30.4% more than a year ago, resulting in an operating profit margin of 27%, an increase of 290 basis points. The adjusted operating profit of $707.9 million jumped 27.4%, producing an adjusted operating profit margin of 26.6%, an increase of 240 basis points. 

Price realization and volume growth more than offset inflation, higher supply chain and labor costs, and increased amortization and costs related to recent acquisitions to drive operating margin expansion, a release said. 

Hershey now anticipates net sales growth of 10% to 12% this year over 2021. 

Michele Buck, Hershey Co. president and CEO, said in the release that “our fast start, sustained consumer relevancy and increased visibility into our recently acquired businesses give us the confidence to increase our full-year net sales and earnings outlook despite an increasingly challenging and inflationary environment.” 

Spurred by the acquisitions of Dot’s Pretzels Inc. and Pretzels Inc., Hershey’s North America salty snacks segment net sales were $226.1 million last quarter, 86.2% more than a year ago. 

North America confectionery segment net sales were $2.217 billion, an increase of 11.7%. 

Centric Financial reports record earnings for first quarter

Centric Financial Corp., the parent company of Centric Bank, announced that net income for the quarter ending March 31, 2021, totaled $3.6 million, or $0.43 per basic and diluted share, a record high level of quarterly earnings.

The increase over the first quarter of 2020 was $2.1 million, or 136%.

Loans outstanding jumped $305 million from the same period last year, according to a release, including $216 million from Paycheck Protection Program lending net of deferred fees. Core loan growth increased 13% over the first quarter of 2020, rising by $89 million.

The second round of PPP loans generated $83 million in the first quarter.

Patricia A. Husic, president and CEO of Centric Financial Corp. and Centric Bank, stated in the release: “Our strong first-quarter results reflected expansion of our net interest margin as a result of significant recognition of deferred Paycheck Protection Program fees, impactful growth of noninterest-bearing deposits, and further reduction in our overall cost of deposits.

She added that a strong quarter for loan originations and “growing our pipeline” was offset by paydowns and payoffs because of commercial real estate buildings and businesses being sold.

“We are continuing to see momentum in all of the markets that we serve as the economy is showing strong signs of a rebound as businesses are more fully opening and demand for lending is increasing,” Husic said.

Founded in 2007, Centric Financial Corp. is headquartered in southcentral Pennsylvania with assets of $1.1 billion.

Centric Bank has financial centers in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon and Lancaster, loan production offices in Lancaster and Devon, and an operations and executive office campus in Hampden Township, Cumberland County.