ACNB Corp. in Gettysburg, Pa., repositioned its balance sheet.
The $2.8 billion-asset company said in a press release that it sold $51.1 million of available-for-sale securities at an after-tax loss of $3.5 million. The net proceeds were used to buy higher-yielding investment securities, including agency multifamily debt and investment-grade bank holding company corporate debt.
ACNB said it still expects to report a profit in the fourth quarter.
The repositioning should improve interest income on the securities portfolio by about $1.9 million over the next 12 months. It should take two to three years to earn back the loss from the securities sales.