ACNB Corp Q2 2024 10-Q Filing
Ticker: ACNB · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 715579
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**ACNB Corp Q2 2024 10-Q: Financials released, check deposit and loan figures.**
AI Summary
ACNB Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including key figures related to its banking operations. Specific financial data points such as total assets, deposits, and loan portfolios are presented for the second quarter of 2024 and comparative periods.
Why It Matters
This filing provides investors and analysts with a detailed look at ACNB Corp's financial health and operational performance during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) for a publicly traded company, which is standard disclosure and does not inherently indicate elevated risk.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-08-08 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
- Q2 2024 — Fiscal Quarter (Specifies the financial quarter covered by the report.)
Key Players & Entities
- ACNB CORP (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240808 (date) — Filing date
- PA (location) — State of incorporation
- GETTYSBURG (location) — Business and mailing address city
FAQ
What is the total amount of deposits reported by ACNB Corp as of June 30, 2024?
The filing indicates data for 'us-gaap:DepositAccountMember' for the period ending 2024-06-30, but the specific dollar amount is not provided in this header snippet.
What were ACNB Corp's total financing receivables excluding unfunded commitments for the quarter ending June 30, 2024?
The filing references 'acnb:FinancingReceivableExcludingUnfundedCommitmentsMember' for the period 2024-04-01 to 2024-06-30, but the specific dollar amount is not present in this header.
When did ACNB Corp's fiscal year end?
ACNB Corp's fiscal year ends on 1231.
What is the Standard Industrial Classification (SIC) code for ACNB Corp?
The SIC code for ACNB Corp is 6022, which corresponds to 'STATE COMMERCIAL BANKS'.
What is the SEC file number for ACNB Corp?
The SEC file number for ACNB Corp is 001-35015.
Filing Stats: 4,767 words · 19 min read · ~16 pages · Grade level 19.2 · Accepted 2024-08-08 10:26:28
Key Financial Figures
- $2.50 — ange on which registered Common Stock, $2.50 par value per share ACNB The NASDAQ Sto
Filing Documents
- acnb-20240630.htm (10-Q) — 3136KB
- acnb-20240630xex311.htm (EX-31.1) — 11KB
- acnb-20240630xex312.htm (EX-31.2) — 11KB
- acnb-20240630xex321.htm (EX-32.1) — 6KB
- acnb-20240630xex322.htm (EX-32.2) — 6KB
- acnb-20240630_g1.jpg (GRAPHIC) — 97KB
- acnb-20240630_g2.jpg (GRAPHIC) — 99KB
- 0000715579-24-000088.txt ( ) — 15087KB
- acnb-20240630.xsd (EX-101.SCH) — 46KB
- acnb-20240630_cal.xml (EX-101.CAL) — 111KB
- acnb-20240630_def.xml (EX-101.DEF) — 332KB
- acnb-20240630_lab.xml (EX-101.LAB) — 739KB
- acnb-20240630_pre.xml (EX-101.PRE) — 552KB
- acnb-20240630_htm.xml (XML) — 3477KB
- 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 30
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 48
Controls and Procedures
Item 4. Controls and Procedures 50
- Other Information
Part II - Other Information
Legal Proceedings
Item 1. Legal Proceedings 51
Risk Factors
Item 1A. Risk Factors 51
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 53
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 53
Other Information
Item 5. Other Information 53
Exhibits
Item 6. Exhibits 54
Signatures
Signatures 57 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 FHLB Federal Home Loan Bank 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 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 Traditions Traditions Bancorp, Inc. 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) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 26,681 $ 21,442 Interest-bearing deposits with banks 59,593 44,516 Total Cash and Cash Equivalents 86,274 65,958 Equity securities with readily determinable fair values 919 928 Investment securities available for sale, at estimated fair value 418,364 451,693 Investment securities held to maturity, at amortized cost (fair value $ 57,026 , $ 59,057 ) 64,585 64,600 Loans held for sale 1,801 280 Total loans, net of unearned income 1,679,600 1,627,988 Less: Allowance for credit losses ( 17,162 ) ( 19,969 ) Loans, net 1,662,438 1,608,019 Premises and equipment, net 25,760 26,283 Right of use asset 2,278 2,615 Restricted investment in bank stocks 11,853 9,677 Investment in bank-owned life insurance 80,841 79,871 Investments in low-income housing partnerships 940 1,003 Goodwill 44,185 44,185 Intangible assets, net 8,446 9,082 Foreclosed assets held for resale 406 467 Other assets 48,663 54,186 Total Assets $ 2,457,753 $ 2,418,847 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 479,726 $ 500,332 Interest-bearing 1,358,862 1,361,481 Total Deposits 1,838,588 1,861,813 Short-term borrowings 48,974 56,882 Long-term borrowings 255,312 195,292 Lease liability 2,278 2,615 Allowance for unfunded commitments 1,310 1,719 Other liabilities 21,960 23,065 Total Liabilities 2,168,422 2,141,386 Stockholders' Equity: Preferred stock, $ 2.50 par value; 20,000,000 shares authorized; no shares outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 2.50 par value; 20,000,000 shares authorized; 8,934,495 and 8,896,119 shares issued; 8,545,629 and 8,511,453 shares outstanding at June 30, 2024 and December 31, 2023, respectively 22,330 22,231 Treasury stock, at cost; 388,866 and 384,666 shares at June 30, 2024 and De
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