ACNB Corporation, headquartered in Gettysburg, Pennsylvania, reported its financial results for the third quarter and the first nine months of 2024, highlighting a decrease in net income and net interest income compared to the same periods in 2023. For the three months ended September 30, 2024, net income was $7.2 million, down 20.3% from $9.0 million in Q3 2023. Diluted earnings per share for the same period decreased to $0.84 from $1.06. For the nine months ended September 30, 2024, net income totaled $25.3 million, an 8.5% decline from $27.6 million in the prior year.
The company's net interest income for Q3 2024 was $20.9 million, a decrease of 3.7% from $21.7 million in Q3 2023. The net interest margin also fell to 3.77%, down from 4.01% in the previous year. For the nine-month period, net interest income decreased to $62.5 million from $66.8 million, reflecting a 6.5% decline. The decrease in net interest income was attributed to lower interest income and higher noninterest expenses, including costs related to the pending merger with Traditions Bancorp, Inc.
ACNB's total assets as of September 30, 2024, were $2.44 billion, an increase from $2.37 billion a year earlier. Total loans, net of unearned income, rose to $1.68 billion, up 3.0% from December 31, 2023. The commercial real estate portfolio grew by 6.6%, with non-owner occupied properties representing a significant portion of the portfolio. However, nonaccrual loans increased to $6.1 million, primarily due to one commercial relationship in the healthcare sector.
The company announced a pending merger with Traditions Bancorp, Inc., valued at $73.5 million, expected to close in the first quarter of 2025, pending regulatory approvals. This acquisition is anticipated to enhance ACNB's market presence and service offerings.
Total deposits decreased to $1.79 billion as of September 30, 2024, from $1.86 billion at the end of 2023, with a notable decline in noninterest-bearing deposits. The loan-to-deposit ratio increased to 93.62%, compared to 87.44% at the end of 2023.
ACNB's stockholders' equity rose to $306.8 million, up from $277.5 million at the end of 2023, reflecting retained earnings growth. The company continues to maintain strong capital ratios, with a Tier 1 leverage capital ratio of 12.46% as of September 30, 2024.
Overall, ACNB Corporation's financial performance in 2024 reflects challenges in net income and interest income, alongside strategic developments related to its merger with Traditions Bancorp.
About ACNB CORP
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