ACNB Corp. in Gettysburg, Pa., repositioned its securities portfolio.
The company disclosed in a press release that it sold roughly $74.6 million of lower-yielding securities at an after-tax loss of about $2.8 million.
Net proceeds of $71.1 million were used to buy higher-yielding securities, including agency multifamily securities, agency collateralized mortgage obligation securities and agency mortgage-backed securities.
The moves should improve the portfolio’s interest income by $2.6 million over the next 12 months. It should take about one and a half years to earn back the loss from the sales.