Business
ACNB Corporation Reports 2022 Third Quarter and Year-To-Date Financial Results
2022 Third Quarter and Year-To-Date Highlights Net income for the three months ended September 30, 2022 totaled $10,324,000, an increase of $2,964,000, or
About this update from Acnb Corporation
[{"type":"text","content":"2022 Third Quarter and Year-To-Date Highlights Net income for the three months ended September 30, 2022 totaled $10,324,000, an increase of $2,964,000, or 40.27%, from comparable period results in 2021. Basic earnings per share was $1.20 and $0.84 for the three months ended September 30, 2022 and 2021, respectively. The increase in net income for the third quarter of 2022 was primarily driven by increases in net interest income of $4,520,000 and commissions from insurance sales of $714,000.Net income for the nine months ended September 30, 2022 totaled $25,553,000, an increase of $2,214,000, or 9.49%, from comparable period results in 2021. Basic earnings per share was $2.95 and $2.67 for the nine months ended September 30, 2022 and 2021, respectively. The higher net income for the nine months ended September 30, 2022 was primarily driven by increases in net interest income of $5,483,000 and commissions from insurance sales of $1,486,000.The net interest margin for the three months ended September 30, 2022 was 3.59%, an increase of 84 basis points from 2.75% for the comparable period in 2021. Paycheck Protection Program (PPP) fees and purchase accounting accretion for the three months ended September 30, 2022 totaled $853,000, compared to $1,722,000 for the same period in 2021. The 2022 year-to-date net interest margin was 3.13%, an increase of 23 basis points from 2.90% for the comparable nine-month period in 2021. Year-to-date, PPP fees and purchase accounting accretion totaled $2,803,000, compared to $6,665,000 for the same period in 2021.Total loans outstanding were $1,527,128,000 at September 30, 2022 compared to $1,486,886,000 at September 30, 2021, an increase of 2.71%. Year-over-year, the increase was driven by growth in the commercial loan portfolio. Loans increased by $58,701,000, or 4.00%, from December 31, 2021 to September 30, 2022, also mainly from growth in the commercial loan portfolio. Excluding payoffs for PPP loans, loans grew by 5.20% from December 31, 2021 to September 30, 2022.Total deposits were $2,336,213,000 at September 30, 2022. Deposits decreased by $90,176,000, or 3.72%, since December 31, 2021 and decreased by $81,348,000, or 3.36%, from September 30, 2021. The decrease in deposits was driven by customers beginning to seek higher yielding alternative investment products as market interest rates rose...