ACNB Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>ACNB Corp has filed its 2023 annual report (10-K), detailing financial performance and corporate structure for the fiscal year ending December 31, 2023.</b>

AI Summary

ACNB CORP (ACNB) filed a Annual Report (10-K) with the SEC on March 14, 2024. ACNB Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as common stock, retained earnings, and accumulated other comprehensive income are detailed for the fiscal years 2021, 2022, and 2023. The company operates within the State Commercial Banks industry (SIC 6022). ACNB Corp is incorporated in Pennsylvania with its principal business address in Gettysburg.

Why It Matters

For investors and stakeholders tracking ACNB CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ACNB Corp's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and growth prospects. The detailed financial statements and risk factors outlined in the report are essential for understanding the company's exposure to market, regulatory, and operational risks, informing investment decisions and due diligence.

Risk Assessment

Risk Level: medium — ACNB CORP shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by its SIC code and the nature of its financial products.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess ACNB Corp's performance and outlook in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-14 — Filing Date (Filed as of date)
• 2023-01-01 — Reporting Period Start (Fiscal year start date)
• 2022-12-31 — Prior Year End (Previous fiscal year end date)

Key Players & Entities

• ACNB CORP (company) — Filer name
• 10-K (document) — Form type
• 20231231 (date) — Conformed period of report
• 20240314 (date) — Filed as of date
• PA (location) — State of incorporation
• Gettysburg (location) — Business address city
• 7173343161 (phone) — Business phone
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed by ACNB Corp, containing detailed financial and operational information.)

SIC

Standard Industrial Classification code used to classify industries. (ACNB Corp is classified under SIC 6022 (State Commercial Banks), indicating its core business operations.)

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value per share ACNB The NASDAQ Sto
• $2.4 b — 31, 2023, ACNB Bank had total assets of $2.4 billion, total loans, net of unearned of
• $1.6 b — illion, total loans, net of unearned of $1.6 billion, total deposits of $1.9 billion,
• $1.9 b — rned of $1.6 billion, total deposits of $1.9 billion, and total equity capital of $258
• $258.7 million — .9 billion, and total equity capital of $258.7 million. In October 2010, the Bank converted fr
• $384.1 million — otal trust assets under management were $384.1 million at December 31, 2023. The Bank through
• $255.3 million — management with the broker/dealer were $255.3 million. NONBANKING SUBSIDIARY ACNB Insurance
• $19.7 million — Services as of December 31, 2023, were $19.7 million. ACNB Insurance Services is managed se
• $10 thousand — vice currency transactions of more than $10 thousand or multiple transactions of which a ban

Filing Documents

• acnb-20231231.htm (10-K) — 3410KB
• a2023acnbexhibit1031.htm (EX-10.31) — 102KB
• a2023acnbexhibit1032.htm (EX-10.32) — 16KB
• a2023acnbexhibit1033.htm (EX-10.33) — 68KB
• a2023acnbexhibit21.htm (EX-21) — 2KB
• a2023acnbexhibit231.htm (EX-23.1) — 3KB
• a2023acnbexhibit311.htm (EX-31.1) — 10KB
• a2023acnbexhibit312.htm (EX-31.2) — 11KB
• a2023acnbexhibit321.htm (EX-32.1) — 6KB
• a2023acnbexhibit322.htm (EX-32.2) — 6KB
• a2023acnbexhibit97.htm (EX-97) — 26KB
• acnb-20231231_g1.jpg (GRAPHIC) — 97KB
• acnb-20231231_g2.jpg (GRAPHIC) — 100KB
• 0000715579-24-000028.txt (&nbsp;) — 18882KB
• acnb-20231231.xsd (EX-101.SCH) — 82KB
• acnb-20231231_cal.xml (EX-101.CAL) — 163KB
• acnb-20231231_def.xml (EX-101.DEF) — 501KB
• acnb-20231231_lab.xml (EX-101.LAB) — 1038KB
• acnb-20231231_pre.xml (EX-101.PRE) — 827KB
• acnb-20231231_htm.xml (XML) — 3824KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [RESERVED] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 99 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 Part III Item 10. Directors, Executive Officers and Corporate Governance 100 Item 11.

Executive Compensation

Executive Compensation 100 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100 Item 13. Certain Relationships and Related Transactions and Director Independence 100 Item 14. Principal Accountant Fees and Services 100 Part IV Item 15. Exhibits and Financial Statement Schedules 101 Item 16. Form 10-K Summary 104

Signatures

Signatures 105 2 Table of Contents Glossary ACL Allowance for Credit Losses ACNB Insurance Services ACNB Insurance Services, Inc. ACNB, Corporation or Company ACNB Corporation AFS Available for Sale AI Artificial Intelligence ASC Accounting Standard Codification ASU Accounting Standard Update ATM Automatic Teller Machine Bank ACNB Bank Basel III Risk-based requirements and rules issued by federal banking agencies BSA Bank Secrecy Act CECL Current Expected Credit Loss CFPB Consumer Financial Protection Bureau CRA Community Reinvestment Act of 1977 DCF Discounted Cash Flow Dodd-Frank Dodd-Frank Wall Street Reform and Consumer Protection Act ERISA Employee Retirement Income Security Act ETR Effective Tax Rate Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FCB Frederick County Bank FCBI Frederick County Bancorp, Inc. FDIC Federal Deposit Insurance Corporation FDICIA Federal Deposit Insurance Corporation Improvement Act of 1991 FHLB Federal Home Loan Bank FINRA Financial Industry Regulatory Authority GAAP U.S. Generally Accepted Accounting Principles GLBA Gramm-Leach-Bliley Act of 1999 Hockley & O'Donnell Hockley & O'Donnell Insurance Agency, LLC HTM Held to Maturity JOBS Act Jumpstart Our Business Startups Act LGD Loss Given Default Market Area Southcentral Pennsylvania and Northern Maryland MSA Metropolitan statistical area N/A Not Applicable N/M Not Meaningful (percentage changes greater than +/- 150% not considered meaningful) NWSB New Windsor State Bank OBS Off-Balance Sheet PCD Purchased credit-deteriorated PD Probability of Default Purchasers Institutional accredited investors and qualified institutional buyers ROU Right of Use SBIC Small Business Investment Company 3 Table of Contents SEC Securities and Exchange Commission SOA Sarbanes-Oxley Act of 2002 SOFR Secured Overnight Financing Rate Subordinated Notes 4.00% fixed-to-floating rate subordinated notes due

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In addition to historical information, this Form 10-K may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation's Market Areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "intends", "will", "should", "anticipates", or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; banking system instability caused by failures and continuing financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, bank

—BUSINESS

ITEM 1—BUSINESS ACNB CORPORATION ACNB Corporation, headquartered in Gettysburg, Pennsylvania, is the financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, Pennsylvania, and ACNB Insurance Services, formerly Russell Insurance Group, Inc., Westminster, Maryland. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 26 community banking offices and three loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll, and Frederick. ACNB Insurance Services, the Corporation's insurance subsidiary, is a full-service agency licensed to do business in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, Maryland, and Gettysburg, Pennsylvania. ACNB Corporation was formed in 1982, then became the bank holding company for ACNB Bank (formerly Adams County National Bank) in 1983. The Corporation purchased ACNB Insurance Services (formerly Russell Insurance Group, Inc.), its insurance subsidiary, in 2005. On July 1, 2017, ACNB Corporation completed the acquisition of New Windsor Bancorp, Inc. and its wholly-owned subsidiary, New Windsor State Bank, a Maryland state-chartered, FDIC-insured community bank headquartered in Taneytown, Maryland. On January 11, 2020, ACNB completed its acquisition of Frederick County Bancorp, Inc. and its wholly-owned subsidiary, Frederick County Bank, a Maryland state-chartered, FDIC-insured community bank headquartered in Frederick, Maryland. On February 28, 2022, ACNB Insurance Services, completed the acquisition of the business and assets of Hockley & O'Donnell, located in Gettysburg, PA. ACNB's major source of unconsolidated operating funds is dividends that it receives from

View Full Filing

View this 10-K filing on SEC EDGAR