ACNB (ACNB) - 2024 Q3 - Quarterly Results

Financial Performance - ACNB Corporation reported net income of $7.2 million, or$ 0.84 diluted earnings per share, for Q3 2024, down from $9.0 million, or$ 1.06 per share in Q3 2023[1]. - Net income for Q3 2024 reached $7,204 thousand, compared to$ 6,768 thousand in Q2 2024, reflecting a growth of 6.43%[21]. - Net Income for Q3 2024 decreased to $7,204,000, down 20.4% from$ 9,044,000 in Q3 2023[24]. - Basic earnings per share for Q3 2024 were $0.85, compared to$ 1.06 in Q3 2023, reflecting a decline of 19.8%[24]. - The company reported a core net income of $8,083 thousand for the three months ended September 30, 2024[29]. Income and Expenses - Net interest income for Q3 2024 was$ 20.9 million, a decrease of $803 thousand, or 3.7%, compared to Q3 2023, driven by a decrease in the fully taxable equivalent net interest margin[6]. - Noninterest income increased by$ 536 thousand, or 8.5%, to $6.8 million in Q3 2024 compared to Q3 2023, with wealth management income rising to$ 1.2 million[8]. - Noninterest expense rose to $18.2 million, an increase of$ 1.9 million, or 11.7%, from Q3 2023, primarily due to merger-related expenses and higher salaries[10]. - Total Noninterest Income increased to $6,833,000 in Q3 2024, up 8.5% from$ 6,297,000 in Q3 2023[24]. - Total Noninterest Expenses rose to $18,244,000 in Q3 2024, an increase of 11.7% from$ 16,336,000 in Q3 2023[24]. Asset and Loan Management - Total loans outstanding were $1.68 billion at September 30, 2024, a decrease of$ 2.5 million, or 0.1%, from June 30, 2024, but an increase of $61.1 million, or 3.8%, from September 30, 2023[12]. - Total loans amounted to$ 1,681,280,000, with a taxable yield of 5.68% for the quarter ended September 30, 2024, compared to 5.66% in the prior quarter[25]. - Total loans, net of unearned income, stood at $1,677,112 thousand, a marginal increase from$ 1,664,980 thousand in the previous quarter[21]. - Total loans increased to $1,665,681 thousand as of September 30, 2024, from$ 1,555,347 thousand in the same period last year, a growth of 7.09%[26]. Equity and Dividends - Total stockholders' equity increased to $306.8 million as of September 30, 2024, up from$ 289.3 million at June 30, 2024, and $255.6 million at September 30, 2023[17]. - The Board of Directors declared a quarterly cash dividend of$ 0.32 per share, reflecting a $0.02 increase or 6.7% from the same quarter of 2023[17]. - Cash dividends paid per share rose to$ 0.32 in Q3 2024 from $0.30 in Q2 2024, marking a 6.67% increase[21]. - The company’s total stockholders' equity reached$ 306,755,000, an increase from $289,331,000 in the previous quarter[23]. Risk Factors and Forward-Looking Statements - The company faces risks including economic conditions, regulatory changes, and competition that may impact future performance[19]. - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections[20]. - Management considers subsequent events that may require adjustments to financial statements up to the filing date with the SEC[20]. Operational Efficiency - The efficiency ratio improved to 60.56% in Q3 2024 from 66.18% in Q2 2024, indicating enhanced operational efficiency[21]. - Efficiency ratio for the three months ended September 30, 2024, was 60.56%, up from 58.61% in the previous quarter, indicating a decline in operational efficiency[27]. Asset Growth - Total assets as of September 30, 2024, increased to$ 2,420,914 thousand from $2,414,288 thousand as of March 31, 2024, representing a growth of 0.27%[21]. - Total assets for ACNB Corporation as of September 30, 2024, were$ 2,440,116,000, showing a slight increase from $2,439,298,000 in the previous quarter[25]. - Total assets increased to$ 2,436,169 thousand as of September 30, 2024, compared to $2,387,403 thousand in the same period last year, reflecting a growth of 2.04%[26].