ACNB's Q3 EPS and net income beat estimates, helped by loan growth and higher yields
Overview
US financial holding company's Q3 adjusted EPS and net income beat analyst expectations
Net interest income for Q3 rose, driven by loan growth and higher yields
Company repurchased shares and raised quarterly dividend compared to prior year
Outlook
ACNB did not provide specific financial guidance for the current quarter or full year in its press release
Result Drivers
LOAN GROWTH - Co said Q3 net interest income rose due to modest loan growth, especially in real estate construction and residential mortgage portfolios
HIGHER YIELDS - Co attributed increased net interest income and margin to loans and investment securities funded at higher rates than those that paid off or matured
CORE FUNDING GROWTH - Co said solid core funding growth allowed paydown of brokered deposits and was supported by promotional incentives and seasonal influx of municipal deposits
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | Beat | $1.55 | $1.48 (3 Analysts) |
Q3 Net Income | Beat | $15.7 mln | $14.95 mln (3 Analysts) |
Q3 Net Interest Income | $34.80 mln | ||
Q3 Net Interest Margin | 4.56% |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for ACNB Corp is $67.00, about 5.3% above its October 21 closing price of $63.64
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
Reuters Recommended Reads
Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth
Oct 22 - S&T Bancorp's Q3 EPS rises to record high
Oct 22 - Amalgamated Financial's Q3 core EPS beats on higher interest income
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)