ACNB Corp. Files Q3 2024 10-Q Financial Report
Ticker: ACNB · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 715579
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
ACNB Corp. 10-Q filed. Q3 2024 financials out.
AI Summary
ACNB Corp. filed its 10-Q for the period ending September 30, 2024. The report details financial performance for the third quarter and the first nine months of the year. Key financial data and operational updates are provided for the company, which operates as a commercial bank.
Why It Matters
This filing provides investors and analysts with the latest financial health and performance metrics of ACNB Corp., crucial for understanding its current standing and future prospects in the banking sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news indicated in the provided snippet.
Key Players & Entities
- ACNB CORP (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241107 (date) — Filing date
- PA (location) — State of incorporation and business address
- Gettysburg (location) — City of business address
FAQ
What was ACNB Corp.'s total revenue for the nine months ended September 30, 2024?
The provided snippet does not contain specific revenue figures for the nine months ended September 30, 2024.
How did ACNB Corp.'s deposit accounts change in Q3 2024 compared to Q3 2023?
The filing indicates data for deposit accounts for Q3 2024 and Q3 2023, but specific comparative figures are not detailed in the snippet.
What is ACNB Corp.'s primary industry classification?
ACNB Corp. is classified under 'Commercial Banks' with the Standard Industrial Classification code 6022.
When is ACNB Corp.'s fiscal year end?
ACNB Corp.'s fiscal year ends on December 31.
What is the SEC file number for ACNB Corp.'s 1934 Act filings?
The SEC file number for ACNB Corp. under the 1934 Act is 001-35015.
Filing Stats: 4,744 words · 19 min read · ~16 pages · Grade level 18.1 · Accepted 2024-11-07 10:11:09
Key Financial Figures
- $2.50 — ange on which registered Common Stock, $2.50 par value per share ACNB The NASDAQ Sto
Filing Documents
- acnb-20240930.htm (10-Q) — 3198KB
- acnb-20240930xex311.htm (EX-31.1) — 11KB
- acnb-20240930xex312.htm (EX-31.2) — 11KB
- acnb-20240930xex321.htm (EX-32.1) — 6KB
- acnb-20240930xex322.htm (EX-32.2) — 6KB
- acnb-20240930_g1.jpg (GRAPHIC) — 99KB
- acnb-20240930_g2.jpg (GRAPHIC) — 99KB
- 0000715579-24-000117.txt ( ) — 15283KB
- acnb-20240930.xsd (EX-101.SCH) — 47KB
- acnb-20240930_cal.xml (EX-101.CAL) — 112KB
- acnb-20240930_def.xml (EX-101.DEF) — 320KB
- acnb-20240930_lab.xml (EX-101.LAB) — 746KB
- acnb-20240930_pre.xml (EX-101.PRE) — 548KB
- acnb-20240930_htm.xml (XML) — 3513KB
- 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) 9
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 10
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 31
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 49
Controls and Procedures
Item 4. Controls and Procedures 51
- Other Information
Part II - Other Information
Legal Proceedings
Item 1. Legal Proceedings 52
Risk Factors
Item 1A. Risk Factors 52
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 54
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 54
Other Information
Item 5. Other Information 54
Exhibits
Item 6. Exhibits 55
Signatures
Signatures 58 # 2 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. 3 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) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 24,636 $ 21,442 Interest-bearing deposits with banks 33,456 44,516 Total Cash and Cash Equivalents 58,092 65,958 Equity securities with readily determinable fair values 947 928 Investment securities available for sale, at estimated fair value 418,079 451,693 Investment securities held to maturity, at amortized cost (fair value $ 59,038 , $ 59,057 ) 64,578 64,600 Loans held for sale 1,080 280 Total loans, net of unearned income 1,677,112 1,627,988 Less: Allowance for credit losses ( 17,214 ) ( 19,969 ) Loans, net 1,659,898 1,608,019 Premises and equipment, net 25,542 26,283 Right of use asset 2,110 2,615 Restricted investment in bank stocks 10,853 9,677 Investment in bank-owned life insurance 81,344 79,871 Investments in low-income housing partnerships 909 1,003 Goodwill 44,185 44,185 Intangible assets, net 8,142 9,082 Foreclosed assets held for resale 406 467 Other assets 44,749 54,186 Total Assets $ 2,420,914 $ 2,418,847 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 463,501 $ 500,332 Interest-bearing 1,327,816 1,361,481 Total Deposits 1,791,317 1,861,813 Short-term borrowings 37,769 56,882 Long-term borrowings 255,322 195,292 Lease liability 2,110 2,615 Allowance for unfunded commitments 1,349 1,719 Other liabilities 26,292 23,065 Total Liabilities 2,114,159 2,141,386 Stockholders' Equity: Preferred stock, $ 2.50 par value; 20,000,000 shares authorized; no shares outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 2.50 par value; 20,000,000 shares authorized; 8,940,133 and 8,896,119 shares issued; 8,548,625 and 8,511,453 shares outstanding at September 30, 2024 and December 31, 2023, respectively 22,344 22,231 Treasury stock, at cost; 391,508 and 384,666 shares at September 30, 20
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 27 community banking offices, including 18 community banking office locations in Adams, Cumberland, Franklin, Lancaster and York Counties, Pennsylvania, and nine community banking office locations in Carroll and Frederick Counties, Maryland. There are also loan production offices in 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 Corpo