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ACNB Corp. reports net income dip, high hopes in first months after buying Md. bank

ACNB Corp. is headquartered in Gettysburg. - (Photo / File)

ACNB Corp. spent more than $4.67 million this year to buy a Maryland banking company, but ACNB’s leaders believe they are already seeing a return on that investment.

The Gettysburg-based bank holding company reported $1.91 million in net income in the third quarter, its first full quarter as owners of seven branches formerly operated by New Windsor State Bank. That’s a 30 percent drop from the third quarter of 2016.

Without the acquisition expenses, though, the bank would have brought in $4.65 million, a 68 percent increase from the same quarter last year. Bank leaders are focusing on this number as they look at what they hope will prove a profitable addition to their company.

ACNB Corp. finished its purchase of New Windsor Bancorp, the parent company for New Windsor State Bank, on July 1. New Windsor had seven branches and about $311 million in assets when the companies announced plans for the acquisition last year. The total deal was valued around $33 million, including cash and shares of stock.

ACNB Corp. now has 29 branches. Its footprint includes Adams, Cumberland, Franklin and York counties, as well as the former New Windsor branches – now operating as NWSB, A Division of ACNB Bank – in Maryland.

Other notable numbers from ACNB’s third-quarter earnings include

  • $1.2 billion in loans, a 42 percent increase from the third quarter of 2016
  • $1.3 billion in deposits, a 36 percent increase from the third quarter of 2016
  • $1.6 billion in assets

Jennifer Wentz
Jennifer Wentz covers Lancaster County, York County, financial services, taxation and legal services. Have a tip or question for her? Email her at [email protected].

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