ACNB Corporation Reports 2024 Third Quarter Financial Results

Core Insights - ACNB Corporation reported a net income of $7.2 million, or $0.84 diluted earnings per share, for Q3 2024, a decrease from $9.0 million, or $1.06 per share in Q3 2023, and $11.3 million, or $1.32 per share in Q2 2024, impacted by $1.1 million in merger-related expenses due to the pending acquisition of Traditions Bancorp, Inc. [1][2] Financial Performance - Return on average assets was 1.17% and return on average equity was 9.63% for Q3 2024, with core return on average assets at 1.32% and core return on average equity at 10.81% [2]. - Fully taxable equivalent (FTE) net interest margin was 3.77% for Q3 2024, down from 4.01% in Q3 2023 and 3.82% in Q2 2024 [2][3]. - Noninterest income increased to $6.8 million, an 8.5% rise from Q3 2023, driven by wealth management and insurance commissions [4]. Asset Quality - Total loans outstanding were $1.68 billion at September 30, 2024, a slight decrease of 0.1% from Q2 2024 but an increase of 3.8% from Q3 2023 [7]. - Non-performing loans increased to $6.6 million, or 0.39% of total loans, compared to 0.19% in Q2 2024 and 0.22% in Q3 2023, primarily due to one commercial relationship in the healthcare sector [7][8]. Capital and Equity - Total stockholders' equity rose to $306.8 million at September 30, 2024, compared to $289.3 million at June 30, 2024, and $255.6 million at September 30, 2023 [9]. - Tangible book value per share increased to $29.90 from $27.82 in Q2 2024 and $23.80 in Q3 2023 [9]. Deposits and Borrowings - Total deposits were $1.79 billion, a decrease of 2.6% from Q2 2024 and 8.2% from Q3 2023 [8]. - Total borrowings decreased to $293.1 million, down 3.7% from Q2 2024 but up 91.1% from Q3 2023 [8].