Business
ACNB Corporation Reports 2022 Second Quarter and Year-To-Date Financial Results
2022 Second Quarter and Year-To-Date Highlights Net income for the three months and quarter ended June 30, 2022, totaled $8,630,000, which was an increase of
About this update from Acnb Corporation
[{"type":"text","content":"2022 Second Quarter and Year-To-Date Highlights Net income for the three months and quarter ended June 30, 2022, totaled $8,630,000, which was an increase of $122,000 or 1.43% from comparable period results for the three months ended June 30, 2021. Basic earnings per share was $0.99 and $0.98 for the three months ended June 30, 2022 and 2021, respectively. The increase in net income for the second quarter of 2022 was driven by increases in net interest income of $1,235,000 and commissions from insurance sales of $955,000. Net income for the six months ended June 30, 2022, totaled $15,229,000, with basic earnings per share of $1.75. This reflects a decrease of $750,000 or 4.69% from comparable period results for the six months ended June 30, 2021. The lower net income for the first half of 2022 was primarily a result of reduced income from residential mortgage loans sold of $1,771,000.Net interest income for the six months ended June 30, 2022, totaled $36,857,000, which was an increase of $963,000 or 2.68% over comparable period results for the six months ended June 30, 2021.The net interest margin for the second quarter of 2022 increased 46 basis points to 3.13% from 2.67% in the first quarter of 2022 and 8 basis points to 3.13% from 3.05% in the second quarter of 2021. Paycheck Protection Program (PPP) fees and purchase accounting accretion for the second quarter of 2022 totaled $1,014,000, compared to $1,058,000 and $3,035,000 in the first quarter of 2022 and second quarter of 2021, respectively. Total loans outstanding were $1,509,792,000 at June 30, 2022, as compared to $1,557,776,000 at June 30, 2021, for a decrease of 3.08%. Year over year, the decrease in loans was largely attributable to the payoff of PPP loans and a reduction in residential mortgage loans. PPP loans declined by $93,112,000 during this period. Conversely, from December 31, 2021 to June 30, 2022, loans increased by $41,365,000, or 2.82%, due primarily to strong loan originations in the commercial and government lending portfolios during the period. Excluding payoffs for PPP loans, loans grew by 4.1% from December 31, 2021 to June 30, 2022.Total deposits were $2,363,773,000 at June 30, 2022, as compared to $2,338,035,000 at June 30, 2021, for an increase of 1.10%. Year over year, the increase in deposits was a result of customers holding higher balances ac...