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ACNB Corporation (ACNB+2.52%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $7.2 million, down from $9.0 million in the same quarter the previous year. The decrease is attributed to reduced net interest income and higher noninterest expenses, including merger-related costs.
Net interest income for the quarter was $20.9 million, compared to $21.7 million in the previous year, with the decline attributed to increased costs of deposits and borrowings.
Noninterest income increased to $6.8 million from $6.3 million, driven by higher wealth management income and insurance commissions.
Noninterest expenses rose to $18.2 million from $16.3 million, primarily due to merger-related expenses and increased salaries and employee benefits.
The company reported a gross loan portfolio of $1.68 billion, with a 3.0% increase from December 31, 2023, mainly due to growth in the commercial real estate portfolio.
ACNB's total deposits decreased by 3.8% to $1.79 billion, driven by a decline in municipal deposits.
The allowance for credit losses was $17.2 million, representing 1.03% of total loans, compared to 1.23% at the end of the previous year.
ACNB's capital ratios remain strong, with a Tier 1 leverage capital ratio of 12.46% and a Common Equity Tier 1 capital ratio of 16.07%.
The filing also discusses the pending merger with Traditions Bancorp, Inc., which is expected to close in the first quarter of 2025, subject to regulatory approvals and shareholder consent.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ACNB Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.