ACNB's Q3 EPS and net income beat estimates, helped by loan growth and higher yields
ACNB•ACNB reported Q3 adjusted EPS of $1.55, above the $1.48 analyst estimate, and net income of $15.7 million, above the $14.95 million estimate. Net interest income rose with loan growth and higher yields.
1. Quarterly results
ACNB's Q3 adjusted EPS was $1.55, compared with analyst expectations of $1.48. Net income was $15.7 million, versus an estimate of $14.95 million.
2. Income drivers
Net interest income was $34.80 million and net interest margin was 4.56%. The company attributed higher net interest income to modest loan growth, particularly in real estate construction and residential mortgage portfolios, and to loans and investment securities funded at higher rates than those that paid off or matured.
3. Funding and shareholder returns
ACNB said core funding growth allowed it to pay down brokered deposits and was supported by promotional incentives and seasonal municipal deposits. The company repurchased shares and raised its quarterly dividend compared with the prior year. It provided no specific financial guidance for the current quarter or full year.
