ACNB Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ACNB Corp filed its quarterly 10-Q report for the period ending March 31, 2024, detailing financial performance and operational data.</b>

AI Summary

ACNB CORP (ACNB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. ACNB Corp filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers financial data and operational details for the specified period. Key financial statement items such as common stock, retained earnings, and accumulated other comprehensive income are detailed. The report includes data on financing receivables, unfunded loan commitments, and deposit accounts. Information regarding ATM service charges, debit card transactions, and mortgage banking activities is presented.

Why It Matters

For investors and stakeholders tracking ACNB CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of ACNB Corp, crucial for understanding its current performance and financial health. The detailed breakdown of assets, liabilities, and equity allows for a comprehensive analysis of the company's financial position and trends.

Risk Assessment

Risk Level: low — ACNB CORP shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or high-risk events.

Analyst Insight

Monitor future filings for trends in financing receivables, deposit growth, and profitability metrics to assess ACNB Corp's ongoing performance.

Key Numbers

• 2024-03-31 — Report Date (Period Ending Date)
• 2024-05-09 — Filing Date (Date Filed)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-03-31 — Prior Year Quarter End (Q1 2023)

Key Players & Entities

• ACNB CORP (company) — Filer
• PA (location) — State of Incorporation
• Gettysburg (location) — Business Address City

FAQ

Industry Context

ACNB Corp operates within the commercial banking industry, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, ACNB Corp is subject to regulations from various federal and state authorities, including the FDIC and state banking departments.

What Investors Should Do

1. Review the detailed financial statements for changes in loan portfolios and deposit bases.
2. Analyze trends in non-interest income, such as ATM service charges and debit card transactions.
3. Compare key financial metrics to prior periods to identify performance trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, following the annual report filed previously.

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value per share ACNB The NASDAQ Sto

Filing Documents

• acnb-20240331.htm (10-Q) — 2592KB
• acnb-20240331xex311.htm (EX-31.1) — 11KB
• acnb-20240331xex312.htm (EX-31.2) — 11KB
• acnb-20240331xex321.htm (EX-32.1) — 6KB
• acnb-20240331xex322.htm (EX-32.2) — 6KB
• acnb-20240331_g1.jpg (GRAPHIC) — 97KB
• acnb-20240331_g2.jpg (GRAPHIC) — 99KB
• 0000715579-24-000061.txt (&nbsp;) — 13626KB
• acnb-20240331.xsd (EX-101.SCH) — 45KB
• acnb-20240331_cal.xml (EX-101.CAL) — 109KB
• acnb-20240331_def.xml (EX-101.DEF) — 326KB
• acnb-20240331_lab.xml (EX-101.LAB) — 707KB
• acnb-20240331_pre.xml (EX-101.PRE) — 536KB
• acnb-20240331_htm.xml (XML) — 3130KB

- Financial Information

Part I - Financial Information

Consolidated Statements of Condition (Unaudited)

Item 1. Consolidated Statements of Condition (Unaudited) 4 Consolidated Statements of Income (Unaudited) 5 Consolidated Statements of Comprehensive Income (Unaudited) 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 7 Consolidated Statements of Cash Flows (Unaudited) 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 43

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 49 Table of Contents ACNB CORPORATION Glossary of Defined Acronyms and Terms ACL Allowance for Credit Losses ACNB Insurance Services ACNB Insurance Services, Inc. ACNB, Corporation or Company ACNB Corporation AFS Available for Sale ALCO Asset Liability Committee 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 bp or bps Basis point(s) CECL Current Expected Credit Loss CME Chicago Mercantile Exchange CRA Community Reinvestment Act of 1977 ETR Effective Tax Rate Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FCA Financial Conduct Authority FCBI Frederick County Bancorp, Inc. FDIC Federal Deposit Insurance Corporation FOMC Federal Open Market Committee FTE Fully Taxable Equivalent GAAP U.S. Generally Accepted Accounting Principles HTM Held to Maturity LIBOR London Inter-Bank Offered Rate Market Area Southcentral Pennsylvania and Northern Maryland PPP Paycheck Protection Program Purchase Agreements Subordinated Note Purchase Agreements Purchasers Institutional accredited investors and qualified institutional buyers SBIC Small Business Investment Company SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate Subordinated Notes 4.00% fixed-to-floating rate subordinated notes due March 31, 2031 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ACNB CORPORATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED) (Dollars in thousands, except per share data) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 17,395 $ 21,442 Interest-bearing deposits with banks 35,740 44,516 Total Cash and Cash Equivalents 53,135 65,958 Equity securities with readily determinable fair values 918 928 Investment securities available for sale, at estimated fair value 425,114 451,693 Investment securities held to maturity, at amortized cost (fair value $ 58,084 , $ 59,057 ) 64,594 64,600 Loans held for sale 88 280 Total loans, net of unearned income 1,664,980 1,627,988 Less: Allowance for credit losses ( 20,172 ) ( 19,969 ) Loans, net 1,644,808 1,608,019 Premises and equipment, net 25,916 26,283 Right of use asset 2,447 2,615 Restricted investment in bank stocks 10,877 9,677 Investment in bank-owned life insurance 80,348 79,871 Investments in low-income housing partnerships 971 1,003 Goodwill 44,185 44,185 Intangible assets, net 8,761 9,082 Foreclosed assets held for resale 467 467 Other assets 51,659 54,186 Total Assets $ 2,414,288 $ 2,418,847 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 499,583 $ 500,332 Interest-bearing 1,335,641 1,361,481 Total Deposits 1,835,224 1,861,813 Short-term borrowings 17,303 56,882 Long-term borrowings 255,302 195,292 Lease liability 2,447 2,615 Allowance for unfunded commitments 1,569 1,719 Other liabilities 22,523 23,065 Total Liabilities 2,134,368 2,141,386 Stockholders' Equity: Preferred stock, $ 2.50 par value; 20,000,000 shares authorized; no shares outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock, $ 2.50 par value; 20,000,000 shares authorized; 8,928,441 and 8,896,119 shares issued; 8,539,575 and 8,511,453 shares outstanding at March 31, 2024 and December 31, 2023, respectively 22,315 22,231 Treasury stock, at cost; 388,866 and 384,666 shares at March 31, 2024 and D

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Basis of Presentation and Nature of Operations ACNB Corporation, headquartered in Gettysburg, Pennsylvania, provides banking, insurance, and financial services to businesses and consumers through its wholly-owned subsidiaries, ACNB Bank and ACNB Insurance Services. The Bank engages in full-service commercial and consumer banking and wealth management services, including trust and retail brokerage, through its 26 community banking offices, including 17 community banking office locations in Adams, Cumberland, Franklin and York Counties, Pennsylvania, and nine community banking office locations in Carroll and Frederick Counties, Maryland. There are also loan production offices in Lancaster and York, Pennsylvania, and Hunt Valley, Maryland. ACNB Insurance Services is a full-service insurance agency based in Westminster, Maryland, with additional locations in Jarrettsville, Maryland, and Gettysburg, Pennsylvania. The agency offers a broad range of property, casualty, health, life and disability insurance to both individual and commercial clients. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation. All such adjustments are of a normal recurring nature. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes included in the Co

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