Companies: 10,793     total market cap: S$176.921 T
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ACNB Corporation
ACNB
#7156
Rank
S$0.67 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
S$64.94
Share price
2.53%
Change (1 day)
26.51%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. ACNB Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

ACNB Corporation - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q 
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission file number 1-35015
 
ACNB CORPORATION
(Exact name of Registrant as specified in its charter) 
Pennsylvania 23-2233457
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
16 Lincoln Square, Gettysburg, Pennsylvania
 17325
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (717) 334-3161

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, $2.50 par value per share ACNBThe NASDAQ Stock Market, LLC
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes ☒ No ☐
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐ Accelerated filer ☒
Non-accelerated filer☐Smaller reporting company ☐
Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
 
The number of shares of the Registrant’s Common Stock outstanding on October 30, 2025, was 10,384,812.


ACNB CORPORATION
Table of Contents
Page
3
Part I – Financial Information
Item 1.
4
5
6
7
9
10
Item 2.
36
Item 3.
53
Item 4.
55
Part II – Other Information
Item 1.
56
Item 1A.
56
Item 2.
56
Item 3.
57
Item 4.
57
Item 5.
57
Item 6.
58
62
2

ACNB CORPORATION
Glossary of Defined Acronyms and Terms
ACLAllowance for Credit Losses
ACNB Insurance ServicesACNB Insurance Services, Inc.
ACNB, Corporation or CompanyACNB Corporation
AcquisitionAcquisition of Traditions Bancorp, Inc. effective February 1, 2025
AFSAvailable for Sale
ALCOAsset Liability Committee
AOCIAccumulated other comprehensive income
ASCAccounting Standard Codification
ASUAccounting Standard Update
ATMAutomatic Teller Machine
BankACNB Bank
Basel IIIRisk-based requirements and rules issued by federal banking agencies
bp or bpsBasis point(s)
CECLCurrent Expected Credit Loss
CMEChicago Mercantile Exchange
CODMChief Operating Decision Maker
COVID/COVID-19Coronavirus Disease 2019
CRACommunity Reinvestment Act of 1977
ETREffective Tax Rate
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FCBIFrederick County Bancorp, Inc.
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FTEFully Taxable Equivalent
GAAPU.S. Generally Accepted Accounting Principles
HTMHeld to Maturity
Market AreaSouthcentral Pennsylvania and Northern Maryland
N/ANot Applicable
N/MNot Meaningful (percentage changes greater than +/- 150% not considered meaningful)
OBSOff-Balance Sheet
OCIOther comprehensive income
PCDPurchased credit-deteriorated
Purchase AgreementsSubordinated Note Purchase Agreements
PurchasersInstitutional accredited investors and qualified institutional buyers
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
Subordinated Notes4.00% fixed-to-floating rate subordinated notes due March 31, 2031
TraditionsTraditions Bancorp, Inc.
3
PART I - FINANCIAL INFORMATION
 

ACNB CORPORATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(Dollars in thousands, except per share data)September 30, 2025December 31, 2024
ASSETS  
Cash and due from banks$30,500 $16,352 
Interest-bearing deposits with banks71,639 30,910 
Total Cash and Cash Equivalents102,139 47,262 
Equity securities with readily determinable fair values945 919 
Investment securities available for sale, at estimated fair value462,217 393,975 
Investment securities held to maturity, at amortized cost (fair value $56,932, $56,924)
63,408 64,578 
Loans held for sale16,850 426 
Total loans, net of unearned income2,336,605 1,682,910 
Less: Allowance for credit losses(23,660)(17,280)
Loans, net2,312,945 1,665,630 
Premises and equipment, net31,107 25,454 
Right of use asset4,403 2,663 
Restricted investment in bank stocks14,462 10,853 
Investment in bank-owned life insurance96,755 81,850 
Investments in low-income housing partnerships783 877 
Goodwill64,449 44,185 
Intangible assets, net23,565 7,838 
Assets held for sale275 — 
Foreclosed assets held for resale32 438 
Other assets56,503 47,882 
Total Assets$3,250,838 $2,394,830 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Deposits:  
Noninterest-bearing$581,697 $451,503 
Interest-bearing1,884,199 1,340,998 
Total Deposits2,465,896 1,792,501 
Short-term borrowings80,468 15,826 
Long-term borrowings255,365 255,333 
Lease liability4,696 2,764 
Allowance for unfunded commitments1,384 1,394 
Other liabilities34,387 23,739 
Total Liabilities2,842,196 2,091,557 
Stockholders’ Equity:  
Preferred stock, $2.50 par value, 20,000,000 shares authorized; no shares outstanding at September 30, 2025 and December 31, 2024
— — 
Common stock, $2.50 par value, 20,000,000 shares authorized; 11,023,573
and 8,945,293 shares issued; 10,423,015 and 8,553,785 shares outstanding at September 30, 2025 and December 31, 2024, respectively
27,555 22,357 
Treasury stock, at cost, 600,558 and 391,508 shares at September 30, 2025 and December 31, 2024, respectively
(19,875)(11,203)
Additional paid-in capital179,130 99,163 
Retained earnings250,410 234,624 
Accumulated other comprehensive loss(28,578)(41,668)
Total Stockholders’ Equity408,642 303,273 
Total Liabilities and Stockholders’ Equity$3,250,838 $2,394,830 
The accompanying notes are an integral part of the Consolidated Financial Statements.
4
 ACNB CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands, except share data)2025202420252024
INTEREST AND DIVIDEND INCOME  
Loans, including fees:
Taxable$36,961 $23,108 $105,192 $67,253 
Tax-exempt324 311 933 943 
Investment Securities:  
Taxable3,430 2,617 9,615 8,193 
Tax-exempt281 284 852 852 
Dividends332 251 979 739 
Other1,162 670 2,785 2,104 
Total Interest and Dividend Income42,490 27,241 120,356 80,084 
INTEREST EXPENSE  
Deposits6,872 3,112 20,152 7,915 
Short-term borrowings513 204 1,148 847 
Long-term borrowings2,968 2,983 8,817 8,823 
Total Interest Expense10,353 6,299 30,117 17,585 
Net Interest Income32,137 20,942 90,239 62,499 
(Reversal of) provision for credit losses(584)81 5,156 (2,686)
(Reversal of) provision for unfunded commitments(145)40 (979)(370)
Net Interest Income after (Reversal of) Provisions for Credit Losses and Unfunded Commitments32,866 20,821 86,062 65,555 
NONINTEREST INCOME  
Insurance commissions2,545 2,787 7,600 7,649 
Service charges on deposits1,286 1,048 3,559 3,060 
Wealth management1,125 1,188 3,275 3,219 
Gain from mortgage loans held for sale1,463 112 3,893 194 
ATM debit card charges904 828 2,640 2,488 
Earnings on investment in bank-owned life insurance651 503 1,858 1,473 
Gain on life insurance proceeds— — 285 — 
Net gains on sales or calls of investment securities— — 22 69 
Net gains on equity securities9 28 26 19 
Other428 339 1,119 756 
Total Noninterest Income8,411 6,833 24,277 18,927 
NONINTEREST EXPENSES  
Salaries and employee benefits13,191 11,017 39,745 32,611 
Equipment2,302 1,698 7,121 4,997 
Net occupancy1,217 945 3,936 3,066 
Professional services588 409 1,908 1,554 
FDIC and regulatory457 365 1,293 1,088 
Other tax561 360 1,308 1,086 
Intangible assets amortization1,129 304 3,127 940 
Merger-related169 1,137 10,143 1,160 
Other2,747 2,009 8,481 5,795 
Total Noninterest Expenses22,361 18,244 77,062 52,297 
Income Before Income Taxes18,916 9,410 33,277 32,185 
Income tax expense4,046 2,206 7,031 6,934 
Net Income$14,870 $7,204 $26,246 $25,251 
PER SHARE DATA  
Basic earnings$1.43 $0.85 $2.57 $2.97 
Diluted earnings$1.42 $0.84 $2.56 $2.96 
Weighted average shares basic10,419,581 8,507,140 10,228,029 8,500,860 
Weighted average shares diluted10,455,461 8,545,578 10,257,800 8,532,691 
The accompanying notes are an integral part of the Consolidated Financial Statements.
5
ACNB CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
NET INCOME
$14,870 $7,204 $26,246 $25,251 
OTHER COMPREHENSIVE INCOME  
INVESTMENT SECURITIES  
Unrealized gains arising during the period, net of income tax expense of $882, $3,621, $3,902 and $3,034, respectively
4,266 12,334 12,741 10,331 
Reclassification adjustment for net AFS investment securities gains included in net income, net of income tax effect of $0, $0, $(5), and $16, respectively
— — (17)53 
Total unrealized gains on AFS investment securities4,266 12,334 12,724 10,384 
Amortization of unrealized losses on AFS investment securities transferred to HTM, net of income taxes of $36, $63, $141, and $189, respectively
133 215 492 645 
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized losses on interest rate derivatives used in cash flow hedges, net of income tax benefit of $(37), $—, $(37), and $—, respectively
(126)— (126)— 
DEFINED BENEFIT PENSION PLAN  
Amortization of pension net loss, net of income tax expense of $0, $4, $0, and $13, respectively
— 15 — 45 
TOTAL OTHER COMPREHENSIVE INCOME4,273 12,564 13,090 11,074 
TOTAL COMPREHENSIVE INCOME $19,143 $19,768 $39,336 $36,325 
 
The accompanying notes are an integral part of the Consolidated Financial Statements.



6
ACNB CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Nine Months Ended September 30, 2025

Common StockTreasury StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Stockholders’
Equity
(Dollars in thousands, except per share data)SharesAmount
BALANCE – January 1, 2025
8,553,785 $22,357 $(11,203)$99,163 $234,624 $(41,668)$303,273 
Net loss— — — — (272)— (272)
Other comprehensive income, net of taxes— — — — — 6,350 6,350 
Issuance of common stock to acquire Traditions2,035,246 5,088 — 78,561 — — 83,649 
Common stock shares issued6,470 16 — 251 — — 267 
Repurchased shares(75,872)— (3,106)— — — (3,106)
Restricted stock grants, net of forfeitures and withheld for taxes24,042 60 — (576)— — (516)
Compensation expense for restricted shares— — — 612 — — 612 
Cash dividends declared ($0.32 per share)
— — — — (3,374)— (3,374)
BALANCE – March 31, 202510,543,671 27,521 (14,309)178,011 230,978 (35,318)386,883 
Net income— — — — 11,648 — 11,648 
Other comprehensive income, net of taxes— — — — — 2,467 2,467 
Common stock shares issued4,128 11 — 268 — — 279 
Repurchased shares(71,592)— (2,858)— — — (2,858)
Restricted stock grants, net of forfeitures and withheld for taxes1,942 7 — (2)— — 5 
Compensation expense for restricted shares— — — 276 — — 276 
Cash dividends declared ($0.34 per share)
— — — — (3,549)— (3,549)
BALANCE – June 30, 202510,478,149 27,539 (17,167)178,553 239,077 (32,851)395,151 
Net income— — — — 14,870 — 14,870 
Other comprehensive income, net of taxes— — — — — 4,273 4,273 
Common stock shares issued6,452 16 — 276 — — 292 
Repurchased shares(61,586)— (2,708)— — — (2,708)
Compensation expense for restricted shares— — — 301 — — 301 
Cash dividends declared ($0.34 per share)
— — — — (3,537)— (3,537)
BALANCE – September 30, 202510,423,015 $27,555 $(19,875)$179,130 $250,410 $(28,578)$408,642 

The accompanying notes are an integral part of the Consolidated Financial Statements.



7
ACNB CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Nine Months Ended September 30, 2024

Common StockTreasury StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Stockholders’
Equity
(Dollars in thousands, except per share data)SharesAmount
BALANCE – January 1, 20248,511,453 $22,231 $(10,954)$97,602 $213,491 $(44,909)$277,461 
Net income— — — — 6,768 — 6,768 
Other comprehensive loss, net of taxes— — — — — (1,915)(1,915)
Common stock shares issued4,898 13 — 161 — — 174 
Repurchased shares(4,200)— (147)— — — (147)
Restricted stock grants, net of forfeitures and withheld for taxes27,424 71 — (479)— — (408)
Compensation expense for restricted shares— — — 534 — — 534 
Cash dividends declared ($0.30 per share)
— — — — (2,547)— (2,547)
BALANCE – March 31, 20248,539,575 22,315 (11,101)97,818 217,712 (46,824)279,920 
Net income— — — — 11,279 — 11,279 
Other comprehensive income, net of taxes— — — — — 425 425 
Common stock shares issued6,054 15 — 171 — — 186 
Compensation expense for restricted shares— — — 241 — — 241 
Cash dividends declared ($0.32 per share)
— — — — (2,720)— (2,720)
BALANCE – June 30, 20248,545,629 22,330 (11,101)98,230 226,271 (46,399)289,331 
Net income— — — — 7,204 — 7,204 
Other comprehensive income, net of taxes— — — — — 12,564 12,564 
Common stock shares issued5,638 14 — 223 — — 237 
Repurchased shares(2,642)— (102)— — — (102)
Compensation expense for restricted shares— — — 244 — — 244 
Cash dividends declared ($0.32 per share)
— — — — (2,723)— (2,723)
BALANCE – September 30, 20248,548,625 $22,344 $(11,203)$98,697 $230,752 $(33,835)$306,755 

The accompanying notes are an integral part of the Consolidated Financial Statements.
8
ACNB CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,
(In thousands)20252024
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$26,246 $25,251 
Adjustments to reconcile net income to net cash provided by operating activities: 
Gain on sales of loans originated for sale(3,893)(194)
Earnings on investment in bank-owned life insurance(1,858)(1,473)
Gain on life insurance proceeds(285)— 
Gain on sales or calls of securities(22)(69)
Gain on equity securities(26)(19)
Restricted stock compensation expense1,189 1,019 
Depreciation and amortization4,976 2,268 
Provision for (reversal of) credit losses and unfunded commitments4,177 (3,056)
Net amortization of investment securities premiums960 1,300 
Decrease in interest receivable351 93 
(Decrease) increase in interest payable(661)737 
Mortgage loans originated for sale(137,252)(9,010)
Proceeds from sales of loans originated for sale137,233 8,404 
Decrease in other assets313 10,954 
Decrease (increase) in deferred tax asset6,807 (4,144)
Increase in other liabilities2,633 2,015 
Net Cash Provided by Operating Activities40,888 34,076 
CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from calls/maturities of investment securities held to maturity1,503 554 
Proceeds from calls/maturities of investment securities available for sale40,767 31,783 
Proceeds from sales of investment securities available for sale98,272 14,336 
Purchase of investment securities available for sale(93,632)— 
Purchase of restricted investment in bank stocks(286)(1,176)
Net increase in loans(5,473)(49,193)
Net cash and cash equivalents received from acquisition36,206 — 
Net capital expenditures(904)(587)
Net Cash Provided by (Used in) Investing Activities76,453 (4,283)
CASH FLOWS FROM FINANCING ACTIVITIES  
Net increase (decrease) in noninterest-bearing deposits19,822 (36,831)
Net decrease in interest-bearing deposits(87,935)(33,665)
Net increase (decrease) in short-term borrowings64,642 (19,113)
Proceeds from long-term borrowings— 60,000 
Repayments on long-term borrowings(40,188)— 
Dividends paid(10,460)(7,990)
Common stock repurchased(8,672)(249)
Common stock issued, net of restricted stock forfeitures and withheld for taxes327 189 
Net Cash Used in Financing Activities(62,464)(37,659)
Net Increase (Decrease) in Cash and Cash Equivalents54,877 (7,866)
CASH AND CASH EQUIVALENTS — BEGINNING47,262 65,958 
CASH AND CASH EQUIVALENTS — ENDING$102,139 $58,092 
Supplemental disclosures of cash flow information
Cash paid for interest$29,365 $16,848 
Cash paid for income taxes1,941 4,175 
Supplemental disclosures of certain noncash activities:
Recognition of operating lease right of use assets$729 $— 
Recognition of operating lease liabilities729 — 
Premises and equipment, net transferred to assets held for sale275— 
Transactions related to acquisition:
Increase in assets and liabilities:
Net assets acquired$877,557 $— 
Liabilities assumed793,908 — 
Common shares issued83,649 — 
 The accompanying notes are an integral part of the Consolidated Financial Statements.
9
ACNB CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 –    Basis of Presentation and Nature of Operations
ACNB Corporation, headquartered in Gettysburg, Pennsylvania, provides banking, wealth management, mortgage and insurance 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 33 community banking offices, including 24 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 is also a loan production office in Hunt Valley, Maryland.
Recent Acquisition
Effective February 1, 2025, ACNB closed the acquisition of Traditions Bancorp, Inc., holding company for Traditions Bank, York, Pennsylvania. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank is operating the former Traditions Bank offices as “Traditions Bank, A Division of ACNB Bank”. Traditions Bank operated eight community banking offices in South Central Pennsylvania which were included in the Acquisition. In April 2025, ACNB closed two of the eight Traditions Bank offices.
ACNB Insurance Services is a full-service insurance agency based in Westminster, Maryland, with an additional location in 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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024. The Corporation evaluates subsequent events through the filing date of this Form 10-Q with the SEC. The results of operations for the three and nine month periods ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year.
Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. Reclassifications had no material effect on prior year net income or stockholders’ equity.
Significant Accounting Policies
The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation’s 2024 Annual Report on Form 10-K. Those significant accounting policies are unchanged at September 30, 2025 with the exception of the following modifications or additions:
Loans Held for Sale — The Corporation previously elected to measure loans originated and intended for sale in the secondary market at the lower of aggregate cost or fair value. Net unrealized losses were recognized through a valuation allowance by charges to income. During the first quarter of 2025, management made the decision to measure loans held for sale at fair value to more appropriately reflect the performance of its entire mortgage banking activities in its Consolidated Financial Statements. The impact of the change in accounting policy for prior periods presented was deemed to be immaterial. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the header “Derivative Financial Instruments and Hedging Activities” below and in Note 9, “Derivative Financial Instruments.” Changes in the fair value of loans held for sale and derivative financial instruments related to mortgage banking during the period are recorded as components of gain from mortgage loans held for sale on the Consolidated Statements of Income. Interest income earned on mortgage loans held for sale is classified within interest income on the Consolidated Statements of Income.
Derivative Financial Instruments and Hedging Activities — FASB ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Corporation’s objectives
10
and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.
The Corporation records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Corporation has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Corporation may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Corporation elects not to apply hedge accounting.
Acquisition Accounting — The Corporation accounts for its mergers and acquisitions using the acquisition method of accounting, in accordance with the provisions of ASC 805 – Business Combinations. Under ASC 805, assets acquired and liabilities assumed in a business combination are at acquisition date fair value and transaction costs and restructuring costs associated with the business combination are expensed as incurred. The determination of fair values involves significant judgment regarding methods and assumptions, including discount rates, future expected cash flows, market conditions and other future events. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. The results of operations of the acquired entity are included in the consolidated statements of operations from the Acquisition date. In accordance with business combination accounting guidance, the Company's review of the fair values of the assets and liabilities acquired is ongoing, with management evaluating these fair values for up to one year following the Acquisition date. Adjustments would be recorded to goodwill in the period in which they were determined.
Accounting Standards Pending Adoption
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)”. This ASU is intended to improve the disclosures for income taxes to address requests from investors, lenders, creditors and other allocators of capital that use the financial statements to make capital allocation decisions. The amendments in ASU 2023-09 will require consistent categories and greater disaggregation of information in the rate reconciliation disclosure as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024, and early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Corporation intends to adopt the amendments of ASU 2023-09 effective January 1, 2025, and will include the required disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025. The Corporation is currently evaluating the impact of this standard, and believes that its adoption will not have a material impact on the Corporation’s Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)”. This ASU is intended to improve the decision usefulness of expense information on public business entities’ income statements through the disaggregation of relevant expense captions in the notes to the financial statements. The amendments of ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Corporation is currently evaluating the impact of this standard, and believes that its adoption will not have a material impact on the Corporation’s Consolidated Financial Statements.
Note 2 – Business Combination
Effective February 1, 2025, ACNB Corporation completed its acquisition of Traditions Bancorp, Inc., holding company for Traditions Bank, York, Pennsylvania. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank is operating the former Traditions Bank offices as “Traditions Bank, A Division of ACNB Bank”. In connection with the close of the Acquisition, Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share of Traditions common stock that they owned as of the closing date, with cash paid in lieu of fractional shares. ACNB issued 2,035,246 shares of its common stock, and cash in exchange for fractional shares based on $41.10 per whole share of ACNB common stock. The transaction is valued at $83.8 million.
Traditions’ results of operations were included in the ACNB’s results of operations beginning on February 1, 2025. Net interest income and income before income taxes for Traditions were estimated to be $23.4 million and $8.1 million, respectively, since the date of acquisition through September 30, 2025 and is included in the Corporation’s Consolidated Statements of Income. ACNB’s financial results for any periods ended prior to February 1, 2025 reflect ACNB on a standalone basis. As a result,
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ACNB’s financial results for the three and nine months ended September 30, 2025 may not be directly comparable to prior reported periods. Merger-related costs totaled $169 thousand and $10.1 million for the three and nine months ended September 30, 2025, respectively.
The acquisition method of accounting, in accordance with the provisions of FASB ASC Topic 805, Business Combinations, was used to account for the Acquisition. ACNB recorded the assets and liabilities of Traditions at their respective fair values as of February 1, 2025. Under the acquisition method of accounting, the total merger consideration is allocated to the acquired tangible and intangible assets and assumed liabilities of Traditions based on their estimated fair value as of the acquisition date of the merger. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. ACNB recorded goodwill of $20.3 million in connection with the Acquisition, which is not amortized for financial reporting purposes, but is subject to annual impairment testing.
The total merger consideration of $83.8 million is allocated to Traditions’ tangible and intangible assets and liabilities based on their fair values as follows:
(In thousands)Traditions Bancorp, Inc.
Book Value
1/31/2025		Acquisition Accounting AdjustmentsTraditions Bancorp, Inc.
Fair Value
1/31/2025
Consideration
Common stock$83,649 
Cash consideration157
Fair value of total consideration transferred$83,806 
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents$36,363 $— $36,363 
Investment securities, available for sale98,484 (818)97,666 
Loans held for sale12,512 — 12,512 
Total loans673,805 (25,343)648,462 
Less: Allowance for credit losses(4,045)2,581 (1,464)
Loans, net669,760 (22,762)646,998 
Premises and equipment, net7,235 (362)6,873 
Right of use asset2,932 — 2,932 
Restricted investment in bank stocks3,323 — 3,323 
Investment in bank-owned life insurance16,384 — 16,384 
Core deposit intangibles— 18,854 18,854 
Other assets14,147 1,398 15,545 
Total assets acquired$861,140 $(3,690)$857,450 
Deposits$741,723 $(215)$741,508 
Borrowings40,000 188 40,188 
Lease liability3,125 — 3,125 
Allowance for unfunded commitments118 852 970 
Other liabilities8,158 (41)8,117 
Total liabilities assumed$793,124 $784 $793,908 
Total identifiable net assets$68,016 $(4,474)$63,542 
Goodwill$20,264 
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ACNB used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities. As permitted under GAAP, the Corporation has up to twelve months following the date of the Acquisition to finalize the fair values of the acquired assets and assumed liabilities related to the Acquisition. During this measurement period, ACNB may record subsequent adjustments to goodwill for provisional amounts recorded at the Acquisition date, with provisional merger-related tax adjustments.
ACNB completed, shortly following the Acquisition date, the sale of approximately $98.0 million of Traditions’ investment securities with a yield of 5.03%. With the proceeds from the sale, ACNB paid off $40.2 million of FHLB borrowings with a cost of 4.73% and invested the remainder of the proceeds into investment securities with a yield of 5.07%. The acquisition accounting adjustment on the AFS securities represents the difference between the fair value of the AFS securities as of January 31, 2025 and the final proceeds received as a result of the sales. For the fair value policy see Note 10 – “Fair Value Measurements” in the Notes to Consolidated Financial Statements under Part I, Item I.
ACNB evaluated and classified the acquired loans between non-PCD or PCD. ACNB’s senior credit management team reviewed Traditions’ loan portfolio on a loan-by-loan basis to determine which loans met the definition of an ASC 326-20 PCD loan. PCD loans include loans which experienced more-than-insignificant credit deterioration since origination. PCD loans included loans on nonaccrual status, loans risk-rated pass/watch or worse, COVID-19 loan deferrals, loans more than 90 days past due and still accruing, accruing loans but were more than 60 days past due in the past, accruing loans but were more than 30 days past due more than 3 times in the past and other loans evaluated. The acquisition accounting adjustments for non-PCD loans and PCD loans were $21.6 million and $4.4 million, respectively, on the Acquisition date. Included in the acquisition accounting adjustment for loans was $635 thousand of net deferred income that served to decrease the acquisition accounting adjustment of the loans acquired.
ACNB recorded an allowance for credit losses of $6.9 million at the Acquisition date, comprised of $5.5 million for non-PCD loans, which was recognized through the provision for credit losses, and $1.5 million for accruing PCD loans, which was recognized as an acquisition accounting adjustment to the amortized cost basis of the acquired loans. The following table presents details related to the fair value of acquired PCD loans at the Acquisition date:
(In thousands)Unpaid Principal BalanceTotal Premium/(Discount)Gross Up for PCD Allowance for Credit LossesFair Value of PCD Loans
PCD Accruing$140,053 $(5,359)$1,464 $136,158 
PCD Non-Accruing2,962 (528)— 2,434 
Total PCD Loans$143,015 $(5,887)$1,464 $138,592 
The acquisition accounting adjustment for premises and equipment was $362 thousand at the Acquisition date as a result of updated independent market-based appraisals on real estate and the write-off of obsolete fixed assets.
Pursuant to customer-related intangible assets ASC 805-20-55-13(b), ACNB, with the assistance of an independent valuation specialist, completed a core deposit intangible asset valuation that resulted in a core deposit intangible asset of $18.9 million at the Acquisition date. To establish the core deposit intangible asset, ACNB used a present value analysis that calculated the expected after-tax cash flow benefits of each acquired core deposit type versus the cost of obtaining an alternative source of funding (brokered deposits) over the expected life of each acquired core deposit type, discounted at a long-term market oriented after-tax rate of return. The core deposit intangible asset is amortized based on the sum-of-the-years digits method over the expected life of 10 years.
The acquisition accounting adjustment for other assets was $1.4 million at the Acquisition date driven primarily by a net deferred tax position for each acquisition accounting adjustment. The acquisition accounting adjustment for deposits was $215 thousand at the Acquisition date as a result of acquisition accounting adjustments on certificates of deposits using a present value approach that represents the present value of the certificates’ expected contractual payments discounted by market rates for similar certificates of deposits. The acquisition accounting adjustment for the allowance for unfunded commitments was $852 thousand as a result of applying ACNB’s existing policies, procedures and methodologies in calculating the allowance for Traditions’ unfunded commitments. The acquisition accounting adjustment for other liabilities was $41 thousand at the Acquisition date as a result of the write-off of unearned letter of credit fees.
The following table presents supplemental pro forma information for the three and nine months ended September 30, 2025 and 2024 as if the acquisition had occurred January 1, 2024. The unaudited pro forma information includes acquisition accounting adjustments for interest income on loans acquired, amortization of core deposit intangibles arising from the transaction, depreciation expense on property acquired, interest expense of deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the
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transactions been affected on the assumed dates. In addition, the unaudited proforma information excludes merger-related expenses and the provision for credit losses on non-PCD loans at the Acquisition date, and does not reflect management’s estimate of any revenue-enhancing opportunities or anticipated cost savings as a result of the integration:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Net interest income$30,027 $29,105 $91,725 $87,091 
Net income13,980 8,242 38,136 31,639 
Note 3 –    Earnings Per Share
The Corporation has a simple capital structure. Basic earnings per share of common stock is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding less unvested restricted stock at the end of the period. Diluted earnings per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted average shares outstanding (basic)10,419,581 8,507,140 10,228,029 8,500,860 
Dilutive effect of unvested shares35,880 38,438 29,771 31,831 
Weighted average shares outstanding (diluted)10,455,461 8,545,578 10,257,800 8,532,691 
Per share:
Basic$1.43 $0.85 $2.57 $2.97 
Diluted1.42 0.84 2.56 2.96 
There were no antidilutive instruments at September 30, 2025 and 2024.
Share Repurchase Plans
On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares, or approximately 3%, of the outstanding shares of ACNB’s common stock. This common stock repurchase program replaced and superseded any and all earlier announced repurchase plans. There were 61,586 shares purchased under this plan during the three months ended September 30, 2025.
On October 24, 2022, the Corporation announced that the Board of Directors approved on October 18, 2022, a plan to repurchase, in open market and privately negotiated transactions, up to 255,575, or approximately 3%, of the outstanding shares of the Corporation’s common stock. The plan was replaced by the plan announced on June 18, 2025. There were 215,372 treasury shares purchased under this plan through June 30, 2025.
Note 4 – Investment Securities
Fair value of equity securities with readily determinable fair values at September 30, 2025 and December 31, 2024, are as follows:
(In thousands)Fair Value at Beginning of PeriodGains (Losses)Fair Value at End of Period
Nine Months Ended September 30, 2025
CRA Mutual Fund$919 $26 $945 
Twelve Months Ended December 31, 2024
CRA Mutual Fund$928 $(9)$919 



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Amortized cost and fair value of investment securities were as follows:
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2025
Available for Sale    
U.S. Government and agencies$148,469 $— $10,696 $137,773 
Collateralized mortgage obligations54,782 182 2,489 52,475 
Residential mortgage-backed securities163,697 381 14,270 149,808 
Commercial mortgage-backed securities93,389 800 3,957 90,232 
State and municipal4,066 — 28 4,038 
Corporate bonds28,856 309 1,274 27,891 
$493,259 $1,672 $32,714 $462,217 
Held to Maturity
State and municipal$62,170 $— $6,442 $55,728 
Residential mortgage-backed securities1,238 — 34 1,204 
$63,408 $— $6,476 $56,932 
December 31, 2024    
Available for Sale
U.S. Government and agencies$159,799 $— $16,606 $143,193 
Collateralized mortgage obligations39,540 — 3,886 35,654 
Residential mortgage-backed securities159,349 2 20,811 138,540 
Commercial mortgage-backed securities65,350 — 4,565 60,785 
Corporate bonds17,600 — 1,797 15,803 
 $441,638 $2 $47,665 $393,975 
Held to Maturity
State and municipal$62,838 $— $7,586 $55,252 
Residential mortgage-backed securities1,740 — 68 1,672 
$64,578 $— $7,654 $56,924 




















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The following table shows the Corporation’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025, and December 31, 2024:
 Less than 12 Months12 Months or MoreTotal
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
September 30, 2025      
Available for Sale      
U.S. Government and agencies$— $— $137,773 $10,696 $137,773 $10,696 
Collateralized mortgage obligations4,538 31 33,012 2,458 37,550 2,489 
Residential mortgage-backed securities2,493 31 128,239 14,239 130,732 14,270 
Commercial mortgage-backed securities1,293 1 27,571 3,956 28,864 3,957 
State and municipal4,038 28 — — 4,038 28 
Corporate bonds— — 12,826 1,274 12,826 1,274 
$12,362 $91 $339,421 $32,623 $351,783 $32,714 
Held to Maturity
State and municipal$— $— $55,728 $6,442 $55,728 $6,442 
Residential mortgage-backed securities— — 1,204 34 1,204 34 
$— $— $56,932 $6,476 $56,932 $6,476 
December 31, 2024
Available for Sale      
U.S. Government and agencies$— $— $143,193 $16,606 $143,193 $16,606 
Collateralized mortgage obligations— — 35,654 3,886 35,654 3,886 
Residential mortgage-backed securities2,692 26 135,626 20,785 138,318 20,811 
Commercial mortgage-backed securities31,860 73 28,925 4,492 60,785 4,565 
Corporate bonds— — 15,803 1,797 15,803 1,797 
 $34,552 $99 $359,201 $47,566 $393,753 $47,665 
Held to Maturity
State and municipal$— $— $55,252 $7,586 $55,252 $7,586 
Residential mortgage-backed securities— — 1,672 68 1,672 68 
$— $— $56,924 $7,654 $56,924 $7,654 
All mortgage-backed securities, and those of a similar asset class, are government-sponsored enterprise pass-through instruments issued by the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation or they are issued by the Government National Mortgage Association which is backed by the U.S. government which guarantees the timely payment of principal on these investments.
The Company evaluates AFS debt securities for impairment in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. In estimating credit events, management considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before anticipated recovery or if it does not expect to recover the entire amortized cost basis. There was no impairment on AFS debt securities as of September 30, 2025 and December 31, 2024. The Company evaluates HTM debt securities for expected credit losses at each measurement date to determine if an ACL is required. The Corporation did not have an ACL for HTM investment securities as of September 30, 2025 and December 31, 2024.
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Amortized cost and fair value at September 30, 2025, by contractual maturity, where applicable, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay with or without penalties. Securities not due at a single maturity date are shown separately below.
 Available for SaleHeld to Maturity
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$8,756 $8,720 $400 $393 
Over 1 year through 5 years135,684 128,082 4,640 4,320 
Over 5 years through 10 years32,885 28,863 37,322 35,153 
Over 10 years4,066 4,037 19,808 15,862 
Mortgage-backed securities311,868 292,515 1,238 1,204 
 $493,259 $462,217 $63,408 $56,932 
The proceeds from sales and calls of securities and the associated gains and losses are listed below:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Proceeds from sales$— $— $98,272 $14,336 
Proceeds from calls2,000 — 14,322 1,984 
Gross gains— — 56 87 
Gross losses— — 34 18 
ACNB received $97.7 million in proceeds from the sale of Traditions’ investments subsequent to the Acquisition date.
At September 30, 2025 and December 31, 2024, securities with a carrying value of $200.0 million and $157.3 million, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.
Note 5 – Loans and Allowance for Credit Losses
The following table presents the composition of the loan portfolio:
(In thousands)September 30, 2025December 31, 2024
Commercial real estate$1,263,896 $969,514 
Residential mortgage593,283 401,950 
Commercial and industrial218,364 140,906 
Home equity lines of credit125,839 85,685 
Real estate construction126,451 76,773 
Consumer10,144 9,318 
Gross loans2,337,977 1,684,146 
Unearned income(1,372)(1,236)
Total loans, net of unearned income$2,336,605 $1,682,910 
Loans with a fair value of $648.5 million at the Acquisition date were assumed and included an acquisition accounting adjustment of $25.3 million.
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One of the factors used to monitor the performance and credit quality of the loan portfolio is to analyze the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status:
(In thousands)30–59 Days Past Due60–89 Days
Past Due		≥ 90 Days
Past Due		Total Past
Due		CurrentTotal Loans
Receivable		Loans
Receivable
≥ 90 Days
and Accruing
September 30, 2025
Commercial real estate$132 $135 $89 $356 $1,263,540 $1,263,896 $— 
Residential mortgage320 975 3,583 4,878 588,405 593,283 2,910 
Commercial and industrial115 — 143 258 218,106 218,364 — 
Home equity lines of credit572 227 70 869 124,970 125,839 70 
Real estate construction— — — — 126,451 126,451 — 
Consumer56 17 — 73 10,071 10,144 — 
Gross Loans$1,195 $1,354 $3,885 $6,434 $2,331,543 $2,337,977 $2,980 
(In thousands)30–59 Days Past Due60–89 Days
Past Due		≥ 90 Days
Past Due		Total Past
Due		CurrentTotal Loans
Receivable		Loans
Receivable
≥ 90 Days
and Accruing
December 31, 2024
Commercial real estate$763 $527 $314 $1,604 $967,910 $969,514 $— 
Residential mortgage953 987 850 2,790 399,160 401,950 850 
Commercial and industrial437 24 155 616 140,290 140,906 — 
Home equity lines of credit161 — 91 252 85,433 85,685 91 
Real estate construction15 11 — 26 76,747 76,773 — 
Consumer47 18 — 65 9,253 9,318 — 
Gross Loans$2,376 $1,567 $1,410 $5,353 $1,678,793 $1,684,146 $941 
Nonaccrual and Nonperforming Loans
Loans individually evaluated consist of nonaccrual loans, presented in the following table:
September 30, 2025December 31, 2024
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate$— $3,573 $3,573 $314 $3,250 $3,564 
Residential mortgage— 1,062 1,062 — — — 
Commercial and industrial1,877 518 2,395 2,081 226 2,307 
Home equity lines of credit— 6 6 — — — 
 Total$1,877 $5,159 $7,036 $2,395 $3,476 $5,871 
During the nine months ended September 30, 2025, no material amount of interest income was recognized on nonaccrual loans subsequent to their classification as nonaccrual.
Total nonperforming loans are as follows:
(In thousands)September 30, 2025December 31, 2024
Nonaccrual loans$7,036 $5,871 
Greater than or equal to 90 days past due and accruing2,980 941 
Total nonperforming loans$10,016 $6,812 
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Nonperforming loans include consumer residential mortgages and home equity lines of credit which are well secured by residential real estate properties and are in the process of collection are not considered nonaccrual.
Collateral-Dependent Loans
A loan is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the collateral-dependent loan’s carrying value to the fair value of the collateral less cost to sell. Substantially all of the collateral supporting collateral-dependent loans consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agriculture land, and vacant land. Changes in the fair value of the collateral for individually evaluated loans are reported as provision for credit losses or a reversal of provision for credit losses in the period of change.
The following table presents the amortized cost basis of individually evaluated loans by type of collateral as of the periods presented:
September 30, 2025December 31, 2024
(In thousands)Business AssetsReal EstateBusiness AssetsReal Estate
Commercial real estate$— $3,573 $— $3,564 
Residential mortgage— 1,062 — — 
Commercial and industrial2,058 337 2,307 — 
Home equity lines of credit— 6 — — 
Total$2,058 $4,978 $2,307 $3,564 
Loan Modifications
The Corporation evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or combinations of the above. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows.
During the three and nine months ended September 30, 2025 the Corporation did not modify any loans nor were there any commitments to lend any additional funds on existing modified loans. During the three and nine months ended September 30, 2024 the Corporation modified $4.0 million of commercial real estate and commercial and industrial loans that were experiencing financial difficulty with a combination of payment deferrals and interest only payments. These loans were current as of September 30, 2025. There were no loans modified in the previous twelve months as of September 30, 2025 and no loans defaulted during the period that had been modified preceding the payment default when the borrower was experiencing financial difficulty at the time of modification. For purposes of this disclosure, a default occurs when, within 12 months of the original modification, either a full or partial charge-off occurs or the loan becomes 90 days or more past due.
Allowance for Credit Losses
The Corporation maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Corporation’s financial instruments over the life of those instruments as of the balance sheet date. The ACL consists of loans evaluated collectively and individually for expected credit losses. The Corporation considers the performance of the loan portfolio and its impact on the ACL and does not assign internal risk ratings to smaller balance, homogeneous loans such as certain residential mortgage, home equity lines of credit, construction loans to individuals secured by residential real estate and consumer loans. For these loans, the Corporation evaluates credit quality based on the aging status of the loan and designates as performing and nonperforming.

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The following summarizes designated internal risk categories by portfolio segment for loans assigned a risk rating and those evaluated based on the performance status:
September 30, 2025
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost Basis
(In thousands)20252024202320222021PriorTotal
Internally Risk Rated:
Commercial real estate
Pass$57,733 $163,778 $179,021 $206,993 $170,951 $407,445 $27,181 $1,213,102 
Special Mention414 1,514 2,491 4,629 7,385 25,049 1,793 43,275 
Substandard154 — — 2,228 331 4,806 — 7,519 
Total Commercial real estate$58,301 $165,292 $181,512 $213,850 $178,667 $437,300 $28,974 $1,263,896 
Year-to-date gross charge-offs$— $— $— $— $— $32 $— $32 
Residential mortgage
Pass$28,321 $30,190 $35,670 $24,129 $38,788 $56,517 $617 $214,232 
Special Mention178 128 141 310 141 2,874 124 3,896 
Substandard— — 233 1,032 — 277 — 1,542 
Total Residential Mortgage$28,499 $30,318 $36,044 $25,471 $38,929 $59,668 $741 $219,670 
Commercial and industrial
Pass$17,512 $22,174 $17,474 $21,130 $36,785 $35,177 $50,854 $201,106 
Special Mention382 221 434 5,072 72 534 7,083 13,798 
Substandard— — 471 798 122 560 1,509 3,460 
Total Commercial and industrial$17,894 $22,395 $18,379 $27,000 $36,979 $36,271 $59,446 $218,364 
Year-to-date gross charge-offs$— $— $— $— $— $14 $— $14 
Home equity lines of credit
Pass$— $— $289 $86 $30 $52 $8,642 $9,099 
Special Mention— — — — 95 — 627 722 
Substandard— — — — — 5 6 11 
Total Home equity lines of credit$— $— $289 $86 $125 $57 $9,275 $9,832 
Real estate construction
Pass$17,079 $28,754 $21,747 $7,692 $1,682 $779 $7,119 $84,852 
Special Mention— — — 4,705 — 373 45 5,123 
Total Real estate construction$17,079 $28,754 $21,747 $12,397 $1,682 $1,152 $7,164 $89,975 
Performance Rated:
Residential mortgage
Performing$26,091 $34,631 $55,740 $82,074 $41,182 $125,340 $5,645 $370,703 
Nonperforming— — — 1,614 165 1,131 — 2,910 
Total Residential Mortgage$26,091 $34,631 $55,740 $83,688 $41,347 $126,471 $5,645 $373,613 
Home equity lines of credit
Performing$— $— $15 $30 $— $2,146 $113,746 $115,937 
Nonperforming— — — — — — 70 70 
Total Home equity lines of credit$— $— $15 $30 $— $2,146 $113,816 $116,007 
Real estate construction
Performing$21,379 $12,993 $702 $368 $148 $885 $1 $36,476 
Total Real estate construction$21,379 $12,993 $702 $368 $148 $885 $1 $36,476 
Consumer
Performing$1,282 $1,402 $1,001 $1,277 $315 $686 $4,181 $10,144 
Total Consumer$1,282 $1,402 $1,001 $1,277 $315 $686 $4,181 $10,144 
Year-to-date gross charge-offs$— $27 $38 $15 $— $8 $170 $258 
Total Portfolio loans:
Pass$120,645 $244,896 $254,201 $260,030 $248,236 $499,970 $94,413 $1,722,391 
Special Mention974 1,863 3,066 14,716 7,693 28,830 9,672 66,814 
Substandard154 — 704 4,058 453 5,648 1,515 12,532 
Performing48,752 49,026 57,458 83,749 41,645 129,057 123,573 533,260 
Nonperforming— — — 1,614 165 1,131 70 2,980 
Total Portfolio loans$170,525 $295,785 $315,429 $364,167 $298,192 $664,636 $229,243 $2,337,977 
Year-to-date gross charge-offs$— $27 $38 $15 $— $54 $170 $304 
20
December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost Basis
(In thousands)20242023202220212020PriorTotal
Internally Risk Rated:
Commercial real estate
Pass$120,989 $135,995 $164,167 $121,092 $55,408 $312,999 $17,276 $927,926 
Special Mention1,887 3,826 2,880 6,639 2,177 11,613 1,303 30,325 
Substandard— — 2,332 342 1,485 7,059 45 11,263 
Total Commercial real estate$122,876 $139,821 $169,379 $128,073 $59,070 $331,671 $18,624 $969,514 
Residential mortgage
Pass$27,887 $35,566 $23,095 $38,848 $13,446 $31,784 $466 $171,092 
Special Mention130 1,692 167 146 366 3,246 115 5,862 
Substandard— 237 188 — — 68 — 493 
Total Residential mortgage$28,017 $37,495 $23,450 $38,994 $13,812 $35,098 $581 $177,447 
Commercial and industrial
Pass$10,000 $10,067 $19,584 $29,673 $13,162 $18,976 $30,015 $131,477 
Special Mention165 109 246 192 78 459 2,554 3,803 
Substandard— 526 468 335 2 979 3,316 5,626 
Total Commercial and industrial$10,165 $10,702 $20,298 $30,200 $13,242 $20,414 $35,885 $140,906 
Year-to-date gross charge-offs$— $38 $— $— $— $100 $— $138 
Home equity lines of credit
Pass$— $294 $92 $— $— $501 $5,729 $6,616 
Special Mention— — — — — — 696 696 
Substandard— — — — — 6 — 6 
Total Home equity lines of credit$— $294 $92 $— $— $507 $6,425 $7,318 
Real estate construction
Pass$21,227 $24,463 $7,719 $1,209 $298 $1,060 $6,086 $62,062 
Special Mention— 168 5,100 — — 667 45 5,980 
Substandard— — — — — 62 — 62 
Total Real estate construction$21,227 $24,631 $12,819 $1,209 $298 $1,789 $6,131 $68,104 
Performance Rated:
Residential mortgage
Performing$14,786 $41,275 $39,943 $13,523 $13,876 $100,601 $72 $224,076 
Nonperforming— — — — — 427 — 427 
Total Residential mortgage$14,786 $41,275 $39,943 $13,523 $13,876 $101,028 $72 $224,503 
Home equity lines of credit
Performing$— $18 $34 $— $12 $2,591 $75,621 $78,276 
Nonperforming— — — — — — 91 91 
Total Home equity lines of credit$— $18 $34 $— $12 $2,591 $75,712 $78,367 
Real estate construction
Performing$6,486 $222 $725 $160 $188 $888 $— $8,669 
Total Real estate construction$6,486 $222 $725 $160 $188 $888 $— $8,669 
Consumer
Performing$2,000 $1,521 $1,694 $465 $276 $778 $2,584 $9,318 
Total Consumer$2,000 $1,521 $1,694 $465 $276 $778 $2,584 $9,318 
Year-to-date gross charge-offs$— $4 $9 $— $1 $7 $197 $218 
Total Portfolio loans
Pass$180,103 $206,385 $214,657 $190,822 $82,314 $365,320 $59,572 $1,299,173 
Special Mention2,182 5,795 8,393 6,977 2,621 15,985 4,713 46,666 
Substandard— 763 2,988 677 1,487 8,174 3,361 17,450 
Performing23,272 43,036 42,396 14,148 14,352 104,858 78,277 320,339 
Nonperforming— — — — — 427 91 518 
Total Portfolio loans$205,557 $255,979 $268,434 $212,624 $100,774 $494,764 $146,014 $1,684,146 
Year-to-date gross charge-offs$— $42 $9 $— $1 $107 $197 $356 

21
The following table presents the activity in the ACL by loan portfolio segment:
(In thousands)Commercial
Real Estate		Residential
Mortgage		Commercial
and
Industrial		Home Equity
Lines of
Credit		Real Estate
Construction		ConsumerTotal
Three Months Ended September 30, 2025    
Beginning balance - July 1, 2025$13,037 $5,204 $2,237 $450 $3,256 $169 $24,353 
Charge-offs(32)— — — — (101)(133)
Recoveries— — 1 — — 23 24 
(Reversal of) provisions(25)20 (203)(40)(401)65 (584)
Ending balance - September 30, 2025$12,980 $5,224 $2,035 $410 $2,855 $156 $23,660 
Nine Months Ended September 30, 2025
Beginning balance - January 1, 2025$10,578 $2,976 $1,416 $294 $1,918 $98 $17,280 
Allowance established for acquired PCD loans798 140 194 13 169 150 1,464 
Charge-offs(32)— (14)— — (258)(304)
Recoveries— — 11 — — 53 64 
Provisions1,636 2,108 428 103 768 113 5,156 
Ending balance - September 30, 2025$12,980 $5,224 $2,035 $410 $2,855 $156 $23,660 
Three Months Ended September 30, 2024    
Beginning balance - July 1, 2024$10,196 $2,839 $1,465 $312 $2,247 $103 $17,162 
Charge-offs— — — — — (51)(51)
Recoveries— — 6 — — 16 22 
Provisions (reversal of)196 31 301 (16)(467)36 81 
Ending balance - September 30, 2024$10,392 $2,870 $1,772 $296 $1,780 $104 $17,214 
Nine Months Ended September 30, 2024
Beginning balance - January 1, 2024$12,010 $3,303 $2,048 $397 $2,070 $141 $19,969 
Charge-offs— — — — — (163)(163)
Recoveries— — 24 — — 70 94 
(Reversal of) provisions(1,618)(433)(300)(101)(290)56 (2,686)
Ending balance - September 30, 2024$10,392 $2,870 $1,772 $296 $1,780 $104 $17,214 
Note 6 – Goodwill and Intangible Assets
Goodwill, which has an indefinite useful life, is evaluated for impairment annually or more frequently if events and circumstances indicate that the asset might be impaired. The Corporation did not identify any goodwill impairment on the Bank or ACNB Insurance Services from its most recent testing performed as of November 30, 2024. There were no impairment losses or accumulated impairment losses associated with goodwill as of September 30, 2025 and December 31, 2024.
The following table presents goodwill as of the periods presented:
(In thousands)September 30, 2025December 31, 2024
Balance, beginning of year$44,185 $44,185 
Acquired goodwill20,264 — 
Balance, end of period$64,449 $44,185 
22
The following table presents intangible assets, net of accumulated amortization, for the periods shown below:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Beginning of period$24,694 $8,446 $7,838 $9,082 
Acquired core deposit intangible— — 18,854 — 
Amortization expense(1,129)(304)(3,127)(940)
Balance, end of period$23,565 $8,142 $23,565 $8,142 
The following table shows the amortization expense of the intangible assets for future periods:
Year (In thousands)
Remainder of 2025$1,130 
20264,117 
20273,628 
20283,139 
20292,732 
Thereafter8,819 
$23,565 
Note 7 – Deposits
Deposits were comprised of the following for the periods presented:
(In thousands)September 30, 2025December 31, 2024
Noninterest-bearing demand deposits$581,697 $451,503 
Interest-bearing demand deposits614,130 505,096 
Money market493,430 251,667 
Savings330,200 311,207 
Total demand and savings2,019,457 1,519,473 
Time446,439 273,028 
Total deposits$2,465,896 $1,792,501 
Time deposits include brokered deposits totaling $44.0 million at September 30, 2025 and $24.1 million at December 31, 2024. Deposits with a fair value of $741.5 million at the date of the Acquisition were assumed and included an acquisition accounting adjustment of $215 thousand.
Scheduled maturities of time deposits at September 30, 2025 are as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Less than 1 year$293,690 $78,485 
1 - 2 years52,900 5,518 
2 - 3 years7,349 2,452 
3 - 4 years3,645 — 
4 - 5 years2,400 — 
Thereafter— — 
Total time deposits$359,984 $86,455 
23
Note 8 – Borrowings
Short-term borrowings and weighted-average interest rates for the periods presented:
September 30, 2025December 31, 2024
(Dollars in thousands)AmountRateAmountRate
Securities sold under repurchase agreements$27,127 0.19 %$15,826 0.23 %
FHLB advances50,000 4.49 — — 
Federal funds purchased3,341 4.09 — — 
$80,468 3.02 %$15,826 0.23 %
Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Under an agreement with the FHLB, the Bank has short-term borrowing capacity included within its maximum borrowing capacity. All FHLB advances are collateralized by a security agreement covering qualifying loans. In addition, all FHLB advances are secured by the FHLB capital stock owned by the Bank having a par value of $14.2 million at September 30, 2025.
Long-term borrowings and their weighted-average contractual rates were comprised of the following for the periods presented:
September 30, 2025December 31, 2024
(Dollars in thousands)AmountRateAmountRate
FHLB fixed-rate advances maturing:
2026$80,000 4.71 %$80,000 4.71 %
202790,000 4.55 90,000 4.55 
202835,000 4.23 35,000 4.23 
202930,000 4.25 30,000 4.25 
Trust preferred subordinated debt 1
5,365 6.20 5,333 6.25 
Subordinated debt15,000 4.00 15,000 4.00 
$255,365 4.52 %$255,333 4.52 %
________________________________________
1 Net of purchase accounting fair value mark.
The long-term FHLB advances have a weighted average rate of 4.52%, and are collateralized by the assets defined in the security agreement and FHLB capital stock described previously. Based on this collateral and ACNB’s holding of FHLB stock, ACNB is eligible to borrow up to $1.29 billion, of which $1.01 billion was available at September 30, 2025.
The trust preferred subordinated debt is comprised of debt securities issued by FCBI in December 2006 and assumed by ACNB Corporation through the acquisition of FCBI. FCBI completed the private placement of an aggregate of $6.0 million of trust preferred securities. The interest rate on the subordinated debentures is adjusted quarterly to 163 bps over the three-month CME Term SOFR plus applicable tenor spread adjustment. On September 15, 2025, the most recent interest rate reset date, the interest rate was adjusted to 5.93% through the period ending December 14, 2025. The trust preferred securities mature on December 15, 2036, and may be redeemed at par, at the Corporation’s option, on any interest payment date. The trust preferred subordinated debt is considered Tier 1 capital for the consolidated capital ratios.
On March 30, 2021, the Company entered into Purchase Agreements with the Purchasers pursuant to which the Company sold and issued $15.0 million in aggregate principal amount of its 4.00% fixed-to-floating rate subordinated notes due March 31, 2031. The Subordinated Notes bear interest at a fixed rate of 4.00% per year, from and including March 30, 2021 to, but excluding, March 31, 2026 or earlier redemption date. From and including March 31, 2026 to, but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current 90-day average SOFR plus 329 bps. As provided in the Subordinated Notes, the interest rate on the Subordinated Notes during the applicable floating rate period may be determined based on a rate other than the 90-day average SOFR. The Subordinated Notes were issued by the Corporation to the Purchasers at a price equal to 100% of their face amount. The Subordinated Notes have a stated maturity of March 31, 2031, are redeemable by the Company at its option, in whole or in part, on or after March 30, 2026, and at any time upon the occurrences of certain events. The Subordinated Notes are considered Tier 2 capital for the consolidated capital ratios.
24
Note 9 – Derivative Financial Instruments
ACNB is exposed to certain risks arising from both its business operations and economic conditions. ACNB manages market risk, including interest rate risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage interest rate risk that arise from business operations.
All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Condition. Until a derivative is settled, favorable changes in fair values result in unrealized gains that are recognized as assets, while unfavorable changes result in unrealized losses that are recognized as liabilities.
Interest rate-lock commitments extended to borrowers relate to the origination of residential mortgage loans. To mitigate the interest rate risk inherent in these commitments, ACNB enters into mandatory delivery and best efforts forward commitments to sell adjustable-rate and fixed-rate residential mortgage loans (servicing released). Forward commitments and interest rate-lock commitments on residential mortgage loans are considered derivatives. Hedge accounting has not been applied for these derivatives. Accordingly, changes in the fair value of forward and interest rate-lock commitments are recognized in current earnings.
ACNB executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset with essentially matching interest rate swaps with ACNB’s counterparties, such that ACNB minimizes its net risk exposure resulting from such transactions. Hedge accounting has not been applied for these derivatives. Accordingly, changes in the fair value of all such interest rate swaps are recognized in current earnings.
ACNB applies hedge accounting, when applicable, to its derivatives used for interest rate risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exist between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. The hedge accounting method depends upon whether the derivative instrument is classified as a fair value hedge (i.e. hedging an exposure related to a recognized asset or liability, or a firm commitment) or a cash flow hedge (i.e. hedging an exposure related to the variability of future cash flows associated with a recognized asset or liability, or a forecasted transaction). Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recorded in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income or loss until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings.

25
The following table presents the fair value of the Corporation’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of September 30, 2025 and December 31, 2024:
September 30, 2025Consolidated Statements of Condition
Location		December 31, 2024
(In thousands)Notional
Amount		Asset (Liability)
Fair Value		Notional
Amount		Asset
(Liability)
Fair Value
Derivatives not designated as hedging instruments:
Interest rate lock commitments:
Assets$63,386 $1,616 Other Assets$— $— 
Liabilities— — Other Liabilities— — 
Forward commitments:
Assets11,481 19 Other Assets— — 
Liabilities11,710 (55)Other Liabilities— — 
Interest rate derivatives with customers:
Assets5,472 23 Other Assets— — 
Liabilities44,912 (3,548)Other Liabilities— — 
Interest rate derivatives with dealer counterparties:
Assets44,912 3,548 Other Assets— — 
Liabilities5,472 (23)Other Liabilities— — 
Derivatives designated as hedging instruments:
Interest rate derivatives used in cash flow hedges:
Assets— — Other Assets— — 
Liabilities25,000 (125)Other Liabilities— — 
The following presents a summary of the fair value gains and losses on derivative financial instruments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,Consolidated Statements of Income Classification
(In thousands)2025202420252024
Interest Rate Lock Commitments$(139)$— $404 $— Gain from mortgage loans held for sale
Forward Commitments126 — 37 — Gain from mortgage loans held for sale
26
The following table presents the effect of fair value and cash flow hedge accounting on AOCI for the periods presented:
(In thousands)Amount of Gain (Loss) Recognized in OCI on DerivativeAmount of Gain (Loss) Recognized in OCI Included ComponentAmount of Gain (Loss) Recognized in OCI Excluded ComponentLocation of Gain (Loss) Recognized from AOCI into IncomeAmount of Gain (Loss) Reclassified from OCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
Three Months Ended September 30, 2025
Interest rate derivatives$(125)$(125)$— Interest Expense$(38)$(38)$— 
Three Months Ended September 30, 2024
Interest rate derivatives— — — Interest Expense— — — 
Nine Months Ended September 30, 2025
Interest rate derivatives(125)(125)— Interest Expense(38)(38)— 
Nine Months Ended September 30, 2024
Interest rate derivatives— — — Interest Expense— — — 
As of September 30, 2025 the fair value of interest rate derivatives used in cash flow hedges in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $125 thousand. As of September 30, 2025, the Company has posted $260 thousand of collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2025, it could have been required to settle its obligations under the agreements at their termination value of $125 thousand.
The following table presents the effect of fair value and cash flow hedge accounting on the Consolidated Statements of Income for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded$(38)$— $(38)$— 
The effects of fair value or cash flow hedging:
Amount of loss reclassified from AOCI into income(38)— (38)— 
Amount of loss reclassified from AOCI into income - included component(38)— (38)— 
Amount of loss reclassified from AOCI into income - excluded component— — — — 
Note 10 – Fair Value Measurements
Fair value is the exchange price that would be received to sell the asset or transfer the liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions.
Fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
27
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 — Quoted prices for similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The following tables present assets measured at fair value and the basis of measurement used at the periods presented:
September 30, 2025
(In thousands)BasisLevel 1Level 2Level 3Total
Assets
Equity securities with readily determinable fair valuesRecurring$945 $— $— $945 
AFS Investment Securities:
U.S. Government and agencies — 137,773 — 137,773 
Collateralized mortgage obligations— 52,475 — 52,475 
Residential mortgage-backed securities— 149,808 — 149,808 
Commercial mortgage-backed securities — 90,232 — 90,232 
State and municipal — 4,038 — 4,038 
Corporate bonds — 27,891 — 27,891 
Total AFS Investment SecuritiesRecurring$— $462,217 $— $462,217 
Loans held for saleRecurring— 16,850 — 16,850 
Derivative financial instruments - assetsRecurring— 5,206 — 5,206 
Individually evaluated loansNon-recurring— — 1,520 1,520 
Foreclosed assets held for resaleNon-recurring— — 32 32 
Liabilities
Derivative financial instruments - liabilitiesRecurring$— $3,751 $— $3,751 
December 31, 2024
(In thousands)BasisLevel 1Level 2Level 3Total
Equity securities with readily determinable fair valuesRecurring$919 $— $— $919 
AFS Investment Securities:
U.S. Government and agencies — 143,193 — 143,193 
Collateralized mortgage obligations— 35,654 — 35,654 
Residential mortgage-backed securities— 138,540 — 138,540 
Commercial mortgage-backed securities — 60,785 — 60,785 
Corporate bonds — 15,803 — 15,803 
Total AFS Investment SecuritiesRecurring$— $393,975 $— $393,975 
Loans held for saleRecurring— 426 — 426 
Individually evaluated loansNon-recurring— — 1,690 1,690 
Foreclosed assets held for resaleNon-recurring$— $— $438 $438 
The valuation techniques used to measure fair value for the items in the preceding tables are as follows:
Equity securities — The fair value of equity securities with readily determinable fair values is recorded on the Consolidated Statements of Condition, with realized and unrealized gains and losses reported in noninterest income on the Consolidated Statements of Income. They are classified as Level 1 assets.
28
Available for sale investment securities — Included in this asset category are debt and pass through securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable.
•     U.S. Government and agencies — These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.
•     Collateralized mortgage obligations, Mortgage-backed securities and State and Municipal securities — These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.
•     Corporate bonds — This category consists of subordinated and senior debt issued by financial institutions and are classified as Level 2 investments. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above.
Loans held for sale — This category includes mortgage loans held for sale that are measured at fair value utilizing Level 2 measurements. Fair values are measured as the price that secondary market investors were offering for loans with similar characteristics.
Derivative financial instruments — Derivative financial instruments include interest rate lock commitments, forward commitments and interest rate derivatives. The fair value of interest rate lock commitments is derived from the value of the underlying loans, adjusted for changes in market interest rates relative to the committed rate. The fair value of forward commitments is based on quoted prices for mortgage-backed securities with similar characteristics. The fair value of interest rate derivatives are based upon broker quotes. The fair value of both the assets and the related liabilities are determined in the same manner and are all classified as Level 2 assets.
Individually evaluated loans — This category consists of loans that were individually evaluated for impairment and have a specific reserve. They are classified as Level 3 assets.
Foreclosed assets held for resale — This category consists of foreclosed assets that are held for resale and classified as Level 3 assets, for which the fair values are based on estimated selling prices less estimated selling costs for similar assets in active markets.
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:
(Dollars in thousands)Fair Value Estimate
Valuation Technique 1
Unobservable Input 2
RangeWeighted Average
September 30, 2025
Individually evaluated loans$1,520 Appraisal of collateral Appraisal adjustments
16% – 100%
45%
Foreclosed assets held for resale32 Appraisal of collateralAppraisal adjustments
17%
17%
December 31, 2024
Individually evaluated loans$1,690 Appraisal of collateralAppraisal adjustments
16% – 100%
47%
Foreclosed assets held for resale438 Appraisal of collateralAppraisal adjustments
17% – 53%
50%
_______________________________________
1 Fair value is generally determined through management’s estimate or independent third-party appraisals of the underlying collateral, which generally
includes various Level 3 inputs which are not observable.
2 Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, and/or age of the appraisal.
The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Management uses its best judgment
29
in estimating the fair value of the Corporation’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Corporation could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective reporting dates and have not been reevaluated or updated for purposes of these Consolidated Financial Statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period end. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful.
The following tables present the carrying amount and the estimated fair value of the Corporation’s financial instruments:
September 30, 2025
Carrying AmountEstimated Fair Value
(In thousands)TotalLevel 1Level 2Level 3
Financial assets:
Cash and due from banks$30,500 $30,500 $30,500 $— $— 
Interest-bearing deposits with banks71,639 71,639 71,639 — — 
Equity securities with readily determinable fair values945 945 945 — — 
Investment securities AFS462,217 462,217 — 462,217 — 
Investment securities HTM63,408 56,932 — 56,932 — 
Loans held for sale16,850 16,850 — 16,850 — 
Loans, net2,312,945 2,324,921 — — 2,324,921 
Accrued interest receivable10,754 10,754 — 10,754 — 
Restricted investment in bank stocks14,462 N/A— N/A— 
Derivative assets5,206 5,206 — 5,206 — 
Financial liabilities:
Demand deposits, savings, and money markets$2,019,457 $2,019,457 $— $2,019,457 $— 
Time deposits446,439 440,508 — 440,508 — 
Securities sold under repurchase agreements27,127 27,127 — 27,127 — 
Federal funds purchased3,341 3,341 — 3,341 — 
FHLB Advances285,000 287,674 — 287,674 — 
Trust preferred and subordinated debt20,365 19,277 — 19,277 — 
Accrued interest payable2,303 2,303 — 2,303 — 
Derivative liabilities3,751 3,751 — 3,751 — 

30
December 31, 2024
Carrying AmountEstimated Fair Value
(In thousands)TotalLevel 1Level 2Level 3
Financial assets:
Cash and due from banks$16,352 $16,352 $16,352 $— $— 
Interest-bearing deposits with banks30,910 30,910 30,910 — — 
Equity securities with readily determinable fair values919 919 919 — — 
Investment securities AFS393,975 393,975 — 393,975 — 
Investment securities HTM64,578 56,924 — 56,924 — 
Loans held for sale426 426 — 426 — 
Loans, net1,665,630 1,635,351 — — 1,635,351 
Accrued interest receivable8,189 8,189 — 8,189 — 
Restricted investment in bank stocks10,853 N/A— N/A— 
Financial liabilities:
Demand deposits, savings, and money markets$1,519,473 $1,269,889 $— $1,269,889 $— 
Time deposits273,028 267,336 — 267,336 — 
Securities sold under repurchase agreements15,826 16,435 — 16,435 — 
FHLB Advances235,000 235,290 — 235,290 — 
Trust preferred and subordinated debt20,333 18,420 — 18,420 — 
Accrued interest payable1,551 1,551 — 1,551 — 
Note 11 – Stock-Based Compensation
The Corporation grants equity awards to employees in the form of restricted stock awards under its ACNB Corporation 2018 Omnibus Stock Incentive Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the vesting period of the stock issued. During the nine months ended September 30, 2025, 36,887 restricted stock awards were granted, 969 were forfeited, and 38,476 restricted stock awards vested.
The following table presents compensation expense and the related tax benefits for equity awards recognized in the Consolidated Statements of Income:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Compensation Expense$301 $244 $1,189 $1,019 
Tax benefit(65)(55)(264)(231)
Total stock-based compensation, net of tax$236 $189 $925 $788 
Note 12 – Defined Benefit Pension Plan
The components of net periodic benefit income related to the non-contributory, defined benefit pension plan were as follows:
 Three Months Ended September 30, Nine Months Ended September 30,
(In thousands)2025202420252024
Service cost$91 $107 $273 $321 
Interest cost398 373 1,196 1,121 
Expected return on plan assets(684)(712)(2,053)(2,136)
Amortization of net loss— 20 — 58 
Net Periodic Benefit Income$(195)$(212)$(584)$(636)
The Corporation has determined that it will not be contributing to the defined benefit plan in 2025 based on current levels and expected returns on plan assets. Effective April 1, 2012, no inactive or former participant in the plan is eligible to again participate in the plan, and no employee hired after March 31, 2012, is eligible to participate in the plan.
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Note 13 – Commitments and Contingencies
Commitments
The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its customers. These financial instruments consist primarily of commitments to extend credit (typically mortgages and commercial loans) and, to a lesser extent, standby letters of credit. To varying degrees, these instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Consolidated Statements of Condition.
The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. The Corporation does not anticipate any material losses from these commitments.
Commitments to extend credit, including commitments to grant loans and unfunded commitments under lines of credit, are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extensions of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property and equipment and income-producing commercial properties. On loans secured by real estate, the Corporation generally requires loan to value ratios of no greater than 80%.
Standby letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements and similar transactions. The terms of the letters of credit vary and may have renewal features. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Corporation generally holds collateral and/or personal guarantees supporting those commitments for which collateral is deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral and the enforcement of guarantees would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees.
The Corporation maintains a $5.0 million unsecured line of credit with a correspondent bank. The Corporation guarantees a note related to a $1.5 million commercial line of credit with a correspondent bank, with normal terms and conditions for such a line, for ACNB Insurance Services, the borrower. The commercial line of credit is for general working capital needs as they arise by the ACNB Insurance Services. The liability is recorded for the net drawn amount of this line, no further liability is recorded for the remaining line as to the guarantor’s obligation as the guarantor would have full recourse from all assets of its wholly-owned subsidiary. There were no advances on these lines at September 30, 2025 and at December 31, 2024.
The Corporation has not been required to perform on any financial guarantees, and has not incurred any losses on its commitments during the past three years.
A summary of the Corporation’s commitments were as follows:
(In thousands)September 30, 2025December 31, 2024
Commitments to extend credit$553,504 $372,839 
Standby letters of credit26,039 15,103 
Contingencies
The Corporation is subject to claims and lawsuits which arise primarily in the ordinary course of business. Based on information presently available and advice received from legal counsel representing the Corporation in connection with any such claims and lawsuits, it is the opinion of management that the disposition or ultimate determination of any such claims and lawsuits will not have a material adverse effect on the consolidated financial position, consolidated results of operations or liquidity of the Corporation.
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Note 14 – Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss, net of taxes, are as follows:
(In thousands)Net Change Related to Investment SecuritiesNet Change Related to Derivatives Used for Cash Flow HedgesNet Change Related to Defined Benefit Pension PlansAccumulated Other Comprehensive Loss
Three Months Ended September 30, 2025
Balance at July 1, 2025$(29,343)$— $(3,508)$(32,851)
Other comprehensive income (loss)4,399 (126)— 4,273 
Balance at September 30, 2025$(24,944)$(126)$(3,508)$(28,578)
Nine Months Ended September 30, 2025
Balance at December 31, 2024$(38,160)$— $(3,508)$(41,668)
Other comprehensive income (loss)13,216 (126)— 13,090 
Balance at September 30, 2025$(24,944)$(126)$(3,508)$(28,578)
Three Months Ended September 30, 2024
Balance at July 1, 2024$(42,472)$— $(3,927)$(46,399)
Other comprehensive income12,549 — 15 12,564 
Balance at September 30, 2024$(29,923)$— $(3,912)$(33,835)
Nine Months Ended September 30, 2024
Balance at December 31, 2023$(40,952)$— $(3,957)$(44,909)
Other comprehensive income11,029 — 45 11,074 
Balance at September 30, 2024$(29,923)$— $(3,912)$(33,835)




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Note 15 – Segment Reporting
The Corporation’s reportable segments are determined by the ACNB Board of Directors. The reportable segments are determined by how operating decisions are made and performance is assessed. The CODM evaluates the financial performance of the various business components by evaluating revenue streams, significant expenses and budget to actual results in assessing the performance of the Corporation’s segments and in order to determine the allocation of resources. The ACNB Board of Directors has determined that the Corporation has two reporting segments, the Bank and ACNB Insurance Services and considers the President and CEO of ACNB Corporation to be the CODM of both reporting segments. Key measurements of performance in the banking segment are the net interest margin and the provision for credit losses, both which indicate the Bank’s ability to manage risk, and also the Bank’s ability to grow noninterest income and manage the largest noninterest expense, salaries and employee benefits. AIS Insurance Services is a subsidiary of the Corporation and is governed by its own Board of Directors. Key measurements of performance are revenues from commissions on insurance policies and the significant expense associated with those revenues are salaries and employee benefits. These two factors are significant in assessing the performance of the agency.
Segment information as of and for the periods listed below is as follows:
(In thousands)BankingInsurance
Other1
Consolidated
Three Months Ended September 30, 2025   
Interest income$42,490 $1 $(1)$42,490 
Noninterest income5,866 2,545 — 8,411 
Total consolidated revenues50,901 
Interest expense10,106 — 24710,353 
Reversal of provision for credit losses and unfunded commitments(729)— — (729)
Depreciation and amortization expense1,569 189 — 1,758 
Salaries and employee benefits11,383 1,706 10213,191 
Other noninterest expense2
6,967 391 547,412 
Income (loss) before income taxes19,060 260 (404)18,916 
Income tax expense (benefit) 4,066 65 (85)4,046 
Net income (loss)$14,994 $195 $(319)$14,870 
Total assets$3,233,976 $21,039 $(4,177)$3,250,838 
Goodwill$56,064 $8,385 $— $64,449 
Capital expenditures$415 $15 $— $430 
Three Months Ended September 30, 2024   
Interest income$27,241 $1 $(1)$27,241 
Noninterest income4,046 2,787 — 6,833 
Total consolidated revenues34,074 
Interest expense6,035 — 2646,299 
Provision for credit losses and unfunded commitments
121 — — 121 
Depreciation and amortization expense548 196 — 744 
Salaries and employee benefits9,369 1,551 9711,017 
Other noninterest expense2
5,245 432 8066,483 
Income (loss) before income taxes9,969 609 (1,168)9,410 
Income tax expense (benefit) 2,162 168 (124)2,206 
Net income (loss)$7,807 $441 $(1,044)$7,204 
Total assets$2,403,350 $24,188 $(6,624)$2,420,914 
Goodwill$35,800 $8,385 $— $44,185 
Capital expenditures$222 $— $— $222 
______________________________________
1Includes the holding company and intercompany eliminations, including the intersegment elimination of interest income and interest expense.
2Other noninterest expense for Banking includes equipment, net occupancy, professional services, other tax, FDIC and regulatory and merger-related expenses.
Other noninterest expense for Insurance includes equipment, net occupancy and professional services expenses.
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(In thousands)BankingInsurance
Other1
Consolidated
Nine Months Ended September 30, 2025
Interest income$120,356 $3 $(3)$120,356 
Noninterest income16,666 7,600 11 24,277 
Total consolidated revenues144,633 
Interest expense29,373 — 744 30,117 
Provision for credit losses and unfunded commitments
4,177 — — 4,177 
Depreciation and amortization expense4,402 574 — 4,976 
Salaries and employee benefits34,701 4,740 304 39,745 
Other noninterest expense2
30,916 1,146 279 32,341 
Income (loss) before income taxes33,453 1,143 (1,319)33,277 
Income tax expense (benefit)7,006 296 (271)7,031 
Net income (loss)$26,447 $847 $(1,048)$26,246 
Total assets$3,233,976 $21,039 $(4,177)$3,250,838 
Goodwill$56,064 $8,385 $— $64,449 
Capital expenditures$870 $34 $— $904 
Nine Months Ended September 30, 2024
Interest income$80,075 $3 $6 $80,084 
Noninterest income11,278 7,649 — 18,927 
Total consolidated revenues99,011 
Interest expense16,790 — 79517,585 
Reversal of provision for credit losses and unfunded commitments
(3,056)— — (3,056)
Depreciation and amortization expense1,677 591 — 2,268 
Salaries and employee benefits27,851 4,468 29232,611 
Other noninterest expense2
15,117 1,218 108317,418 
Income (loss) before income taxes32,974 1,375 (2,164)32,185 
Income tax expense (benefit)6,889 378 (333)6,934 
Net income (loss)$26,085 $997 $(1,831)$25,251 
Total assets$2,403,350 $24,188 $(6,624)$2,420,914 
Goodwill$35,800 $8,385 $— $44,185 
Capital expenditures$556 $31 $— $587 
________________________________________
1Includes the holding company and intercompany eliminations, including the intersegment elimination of interest income and interest expense.
2Other noninterest expense for Banking includes equipment, net occupancy, professional services, other tax, FDIC and regulatory and merger-related expenses.
Other noninterest expense for Insurance includes equipment, net occupancy and professional services expenses.
Note 16 - Subsequent Event
On October 14, 2025 ACNB executed a forward-starting, two year $20.0 million receive-floating/pay-fixed interest rate swap at a rate of 3.20% to begin on October 27, 2025. On October 27, 2025 ACNB executed a three month FHLB borrowing of $20.0 million at a rate of 4.08%.
On October 15, 2025 ACNB purchased an additional $8.4 million in bank-owned life insurance policies.
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ACNB CORPORATION
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management’s discussion and analysis of the significant changes in the financial condition, results of operations, comprehensive income, capital resources, and liquidity presented in its accompanying Consolidated Financial Statements for ACNB Corporation, a financial holding company. Please read this discussion in conjunction with the Consolidated Financial Statements and disclosures included herein. Current performance does not guarantee, assure or indicate similar performance in the future.
Forward-Looking Statements
In addition to historical information, this Form 10-Q 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, noninterest 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; legislative and regulatory changes; banking system instability caused by failures and 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, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards or any similar standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s Market Areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses; and, trade and tariff uncertainties and volatility. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustments to, or disclosure in, the Consolidated Financial Statements. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and the Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

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Executive Overview
ACNB Corporation is the financial holding company for the wholly-owned subsidiaries of ACNB Bank and ACNB Insurance Services. ACNB Bank provides a full range of retail and commercial financial services in Pennsylvania and Maryland primarily through its network of 33 community banking offices and a loan production office in Hunt Valley, Maryland. ACNB Insurance Services offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Maryland, and Gettysburg, Pennsylvania and is licensed to do business in 46 states.
The primary source of the Corporation’s revenues is net interest income derived from interest earned on loans and investments, less deposit and borrowing funding costs. Revenues are influenced by general economic factors, including market interest rates, the economies of the markets served, stock market conditions, as well as competitive forces within the markets. The Corporation also generates revenue through commissions and fees earned on various services and financial products offered to its customers and through gains on sales of assets, such as loans, investments and properties. The Corporation incurs expenses to generate the revenue through provision for credit losses, noninterest expense and income taxes. The Corporation’s overall strategy is to increase loan growth in its local markets, while maintaining a reasonable funding base by offering competitive deposit products and services.
Traditions Acquisition
ACNB closed the Acquisition of Traditions effective February 1, 2025. Traditions contributed, after acquisition accounting adjustments, $877.7 million in assets, $648.5 million in loans and $741.5 million in deposits at the Acquisition date. Financial results for the nine months ended September 30, 2025 were impacted by two discrete items that were related to the Acquisition: a provision for credit losses on non-PCD loans of $4.2 million, net of taxes, and merger-related expenses, net of taxes, totaling $7.9 million.
The following table presents a summary of the Corporation’s earnings and selected performance and asset quality ratios:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands, except per share data)2025202420252024
Net income$14,870 $7,204 $26,246 $25,251 
Diluted earnings per share$1.42 $0.84 $2.56 $2.96 
Cash dividends declared$0.34 $0.32 $1.00 $0.94 
Return on average assets (annualized)1.80 %1.17 %1.11 %1.38 %
Return on average equity (annualized)14.66 %9.63 %9.12 %11.79 %
Net interest margin 1
4.27 %3.77 %4.19 %3.79 %
Non-performing loans to total loans, net of unearned income0.43 %0.39 %0.43 %0.39 %
Non-performing assets to total assets0.31 %0.29 %0.31 %0.29 %
Net charge-offs to average loans outstanding (annualized)0.02 %0.01 %0.01 %0.01 %
Allowance for credit losses to total loans, net of unearned income1.01 %1.03 %1.01 %1.03 %
________________________________________
1 Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.
Summary Financial Results
•Net Interest Income — Net interest income was $32.1 million for the three months ended September 30, 2025 compared to $20.9 million for the same period of 2024, an increase of $11.2 million. For the nine months ended September 30, 2025, net interest income was $90.2 million compared to $62.5 million for the same period of 2024. The increase in net interest income and growth in average loans and deposits was driven primarily by the Acquisition.
◦Net Interest Margin — The Corporation’s FTE net interest margin increased to 4.27% for the three months ended September 30, 2025 compared to 3.77% in the same period of 2024, an increase of 50 bps. The FTE net interest margin for the nine months ended September 30, 2025 was 4.19%, an increase of 40 bps from the same period of 2024. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $2.1 million and $5.8 million for the three and nine months ended September 30, 2025, respectively.
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◦Yield on Average Earning Assets — For the three and nine months ended September 30, 2025, the yield on average earning assets was 5.64% and 5.58%, respectively, an increase of 74 bps compared to both of the same periods of 2024.
◦Loan Growth — Average loans increased $675.4 million and $618.5 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods of 2024.
◦Deposit Growth — Average interest-bearing deposits increased $575.6 million and $537.6 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods of 2024.
•Asset Quality — The allowance for credit losses was $23.7 million at September 30, 2025 compared to $17.3 million at December 31, 2024. The increase was driven primarily by an initial allowance for credit losses of $5.5 million for non-PCD loans and $1.5 million for accruing PCD loans at the Acquisition date.
◦The provision for credit losses was a reversal of $584 thousand and a provision of $5.2 million or the three and nine months ended September 30, 2025, respectively, compared to a provision of $81 thousand and a reversal of $2.7 million, respectively for the same periods of 2024. The reversal of the provisions for credit losses for the three months ended September 30, 2025 was driven primarily by the movement of construction loans, which are a higher loss rate segment, to lower loss rate segments within the loan portfolio and the paydowns of loans with a specific reserve. The provision for the nine months ended September 30, 2025 was driven primarily by the initial allowance for credit losses at the Acquisition date as discussed above.
◦Non-performing loans were $10.0 million, or 0.43%, of total loans at September 30, 2025 compared to $6.6 million, or 0.39%, of total loans at September 30, 2024. The increase was driven primarily by the Acquisition.
◦Annualized net charge-offs for the three and nine months ended September 30, 2025 were 0.02% and 0.01% of total average loans, respectively, compared to 0.01% for both of the same periods of 2024.
•Noninterest income — Noninterest income was $8.4 million and $24.3 million for the three and nine months ended September 30, 2025, respectively, an increase of $1.6 million and $5.4 million, respectively, for the same periods of 2024. The increase for the three months ended September 30, 2025 was driven primarily by the Acquisition. In addition to impact of the Acquisition, the increase for the nine months ended September 30, 2025 was also driven by a gain on life insurance proceeds.
•Noninterest expenses — Noninterest expense was $22.4 million and $77.1 million for the three and nine months ended September 30, 2025, respectively, an increase of $4.1 million and $24.8 million, respectively, for the same periods of 2024. The increases were driven primarily by the Acquisition.
A more thorough discussion of the Corporation’s results of operations and financial condition is included in the following pages. 
CRITICAL ACCOUNTING POLICIES
The accounting policies that the Corporation’s management deems to be most important to the portrayal of its financial condition and results of operations, and that require management’s most difficult, subjective or complex judgment, often result in the need to make estimates about the effect of such matters which are inherently uncertain. The following accounting estimate is deemed to be critical by management:
Allowance for Credit Losses — The ACL represents an amount which, in management’s judgment, is adequate to absorb expected credit losses on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The ACL is measured and recorded upon the initial recognition of a financial asset. The ACL is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision for credit losses, which is recorded as a current period operating expense.
Determination of an appropriate ACL is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness of the ACL is reviewed quarterly by management.
Management believes it uses relevant information available to make determinations about the ACL and that it has established the existing allowance in accordance with GAAP. However, the determination of the ACL requires significant judgment, and estimates of expected credit losses in the loan portfolio can vary from the amounts actually observed. While management uses available information to recognize expected credit losses, future additions to the ACL may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes in the interest rate
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environment which may directly impact prepayment and curtailment rate assumption, and changes in the financial condition of borrowers.
RESULTS OF OPERATIONS
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Net income for the three months ended September 30, 2025 was $14.9 million, or $1.42 diluted earnings per share, compared to net income of $7.2 million, or $0.84 diluted earnings per share for the same period of 2024, an increase of $7.7 million, or $0.58 diluted earnings per share. The increase in net income was driven primarily by the Acquisition.
Net Interest Income
Net interest income totaled $32.1 million for the three months ended September 30, 2025 compared to $20.9 million for the same period of 2024, an increase of $11.2 million. The FTE net interest margin for the three months ended September 30, 2025 was 4.27%, a 50 bps increase from 3.77% for the same period of 2024. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $2.1 million for the three months ended September 30, 2025. The Corporation manages the risk associated with changes in interest rates through the techniques described within Item 3, “Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q.
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The following table provides a comparative average balance sheet and net interest income analysis for the periods presented. The discussion following the table is based on these taxable-equivalent amounts.
Three Months Ended September 30,
20252024
(Dollars in thousands)Average Balance
Interest 1
Yield/ RateAverage
Balance
Interest 1
Yield/
Rate
ASSETS
Loans:
Taxable$2,298,054 $36,961 6.38 %$1,618,879 $23,108 5.68 %
Tax-exempt58,587 410 2.78 62,401 394 2.51 
Total Loans 2
2,356,641 37,371 6.29 1,681,280 23,502 5.56 
Investment Securities:
Taxable485,309 3,762 3.08 441,135 2,868 2.59 
Tax-exempt53,165 356 2.66 54,549 359 2.62 
Total Investments 3
538,474 4,118 3.03 495,684 3,227 2.59 
Interest-bearing deposits with banks103,290 1,162 4.46 48,794 670 5.46 
Total Earning Assets2,998,405 42,651 5.64 2,225,758 27,399 4.90 
Cash and due from banks26,709 21,684 
Premises and equipment31,514 25,716 
Other assets245,899 184,105 
Allowance for credit losses(24,312)(17,147)
Total Assets$3,278,215 $2,440,116 
LIABILITIES
Interest-bearing demand deposits$616,565 $570 0.37 %$518,368 $552 0.42 %
Money markets510,655 2,530 1.97 246,653 692 1.12 
Savings deposits335,083 26 0.03 318,291 26 0.03 
Time deposits454,625 3,746 3.27 258,053 1,842 2.84 
Total Interest-Bearing Deposits1,916,928 6,872 1.42 1,341,365 3,112 0.92 
Short-term borrowings70,389 513 2.89 38,666 204 2.10 
Long-term borrowings255,358 2,968 4.61 255,316 2,983 4.65 
Total Borrowings325,747 3,481 4.24 293,982 3,187 4.31 
Total Interest-Bearing Liabilities2,242,675 10,353 1.83 1,635,347 6,299 1.53 
Noninterest-bearing demand deposits593,800 477,350 
Other liabilities39,397 29,946 
Stockholders’ Equity402,343 297,473 
Total Liabilities and Stockholders’ Equity$3,278,215 $2,440,116 
Taxable Equivalent Net Interest Income32,298 21,100 
Taxable Equivalent Adjustment(161)(158)
Net Interest Income$32,137 $20,942 
Cost of Funds1.45 %1.19 %
FTE Net Interest Margin4.27 %3.77 %
________________________________________
1 Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.
2 Average balances include non-accrual loans and are net of unearned income.
3 Average balance of investment securities is computed at fair value.



40

The following table analyzes the relative impact on FTE net interest income attributed to changes in the volume of interest-earning assets and interest-bearing liabilities and changes in yields and rates for the three months ended September 30, 2025 compared to the same period of 2024:
2025 versus 2024
(Dollars in thousands)Volume
Yield/Rate 1
Net
INTEREST EARNING ASSETS
Loans
Taxable$9,724 $4,129 $13,853 
Tax-exempt(24)40 16 
Total Loans 2
9,700 4,169 13,869 
Securities
Taxable securities288 606 894 
Tax-exempt securities(9)6 (3)
Total Securities279 612 891 
Interest-bearing deposits with banks750 (258)492 
Total$10,729 $4,523 $15,252 
INTEREST-BEARING LIABILITIES
Interest-bearing demand deposits$104 $(86)$18 
Money markets745 1,093 1,838 
Savings deposits1 (1)— 
Time deposits1,407 497 1,904 
Total Interest-Bearing Deposits2,257 1,503 3,760 
Short-term borrowings168 141 309 
Long-term borrowings— (15)(15)
Total Borrowings168 126 294 
Total2,425 1,629 4,054 
Change in Net Interest Income$8,304 $2,894 $11,198 
________________________________________
1 The effect of changing volume and rate, which cannot be segregated, has been allocated entirely to the rate column.
2 Based on average balances and includes non-accrual loans and are net of unearned income.
The increases in FTE interest income, interest expense and the increases to average interest-earning assets and liabilities were driven primarily by the Acquisition.
Total FTE interest income increased $15.3 million during the three months ended September 30, 2025 compared to the same period of 2024. ACNB experienced a $10.7 million increase in FTE interest income due to an increase in the average balance of interest earning assets and $4.5 million attributable to an increase in the yield on interest earning assets. FTE interest income on total loans increased $13.9 million compared to the same period of 2024. Average loans increased $675.4 million contributing $9.7 million to the increase in FTE interest income. The yield on total loans increased 73 bps, contributing $4.2 million to the increase.
Total interest expense increased $4.1 million during the three months ended September 30, 2025 compared to the same period of 2024. Total average interest-bearing deposits increased $575.6 million for the three months ended September 30, 2025 compared to the same period of 2024. Interest expense increased $1.5 million due to higher rates on interest-bearing deposits and increased $2.3 million as a result of the increase in average interest-bearing deposits. The cost of interest-bearing deposits was 1.42% for the three months ended September 30, 2025, an increase of 50 bps from the same period of 2024. Rates on money markets and time deposits increased 85 and 43 bps, respectively, partially offset by a decrease of 5 bps on the rate of interest-bearing demand deposits.
41

Provision for Credit Losses and Unfunded Commitments
The provision for credit losses and unfunded commitments were reversals of $584 thousand and $145 thousand, respectively, for the three months ended September 30, 2025 compared to provisions of $81 thousand and $40 thousand, respectively, for the same period of 2024. The reversal of the provision for credit losses for the three months ended September 30, 2025 was driven primarily by the movement of construction loans for completed projects, which are a higher loss rate segment, primarily to commercial real estate loans and other lower loss rate segments within the loan portfolio and the paydowns of loans with a specific reserve. The Corporation assesses risks and reserves required compared with the balances in the ACL and unfunded commitments quarterly.
Noninterest Income
The following table presents the components of noninterest income:
Three Months Ended September 30,
Increase (Decrease)
(In thousands)20252024$%
NONINTEREST INCOME
Insurance commissions$2,545 $2,787 $(242)(8.7)%
Service charges on deposits1,286 1,048 238 22.7 
Wealth management1,125 1,188 (63)(5.3)
Gain from mortgage loans held for sale1,463 112 1,351 N/M
ATM debit card charges904 828 76 9.2 
Earnings on investment in bank-owned life insurance651 503 148 29.4 
Net gains on equity securities9 28 (19)(67.9)
Other428 339 89 26.3 
Total Noninterest Income$8,411 $6,833 $1,578 23.1 %
Total noninterest income was $8.4 million for the three months ended September 30, 2025 compared to $6.8 million for the same period of 2024. The increase was driven primarily by the Acquisition. The decrease in insurance commissions was driven primarily by timing of policy renewals and a decrease of $121 thousand from the cancellation of policies related to one customer.
Noninterest Expenses
The following table presents the components of noninterest expense:
Three Months Ended September 30,
Increase (Decrease)
(In thousands)20252024$%
NONINTEREST EXPENSES
Salaries and employee benefits$13,191 $11,017 $2,174 19.7 %
Equipment2,302 1,698 604 35.6 
Net occupancy1,217 945 272 28.8 
Professional services588 409 179 43.8 
FDIC and regulatory457 365 92 25.2 
Other tax561 360 201 55.8 
Intangible assets amortization1,129 304 825 N/M
Merger-related169 1,137 (968)(85.1)
Other2,747 2,009 738 36.7 
Total Noninterest Expenses$22,361 $18,244 $4,117 22.6 %
Noninterest expenses increased $4.1 million for the three months ended September 30, 2025 compared to the same period of
42

2024 driven primarily by the Acquisition. The more significant fluctuations by category are explained below:
•Salaries and employee benefits, the largest component of noninterest expenses, increase was driven primarily by an increased number of employees attributable to the Acquisition, merit increases, and higher mortgage commissions.
•Equipment expenses increase was driven primarily by the Acquisition and the implementation of additional products into the core processing system.
•Other increased $738 thousand driven primarily by the Acquisition and higher internet banking services.
•Merger-related expenses included professional services, lease terminations and fixed asset disposals, among other expenses incurred for the Acquisition.
Provision for Income Taxes
The Corporation recognized income tax expense of $4.0 million during the three months ended September 30, 2025 compared to $2.2 million during the same period of 2024. The provision for income taxes for the three months ended September 30, 2025 reflects a combined Federal and State ETR of 21.4% compared to an ETR of 23.4% for the same period of the prior year. Any variances from the federal statutory rate of 21% are generally due to tax-free income, which includes, but not limited to, interest income on tax-free loans and investment securities and income from bank-owned life insurance policies, federal income tax credits, the impact of non-tax deductible expenses and state taxes. Additionally, ACNB has incurred non-deductible costs related to the Acquisition which are recorded within merger-related expenses on the Consolidated Statements of Income.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Net income for the nine months ended September 30, 2025 was $26.2 million, or $2.56 diluted earnings per share, compared to net income of $25.3 million, or $2.96 diluted earnings per share for the same period of 2024, an increase of $1.0 million and a decrease of $0.40 diluted earnings per share. The increase in net income for the nine months ended September 30, 2025 was driven primarily by increases in net interest income, gain from mortgage loans held for sale, and service charges on deposits primarily due to the Acquisition, partially offset by a higher provision for credit losses, higher merger-related expenses, and higher salaries and employee benefits expenses and other noninterest expenses compared to the same period of 2024.
Net Interest Income
Net interest income totaled $90.2 million for the nine months ended September 30, 2025 compared to $62.5 million for the same period of 2024, an increase of $27.7 million. The FTE net interest margin for the nine months ended September 30, 2025 was 4.19%, a 40 bps increase from 3.79% for the same period of 2024. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $5.8 million for the nine months ended September 30, 2025.













43

The following table provides a comparative average balance sheet and net interest income analysis for the periods presented. The discussion following this table is based on these taxable-equivalent amounts.
Nine Months Ended September 30,
20252024
(Dollars in thousands)Average Balance
Interest 1
Yield/ RateAverage
Balance
Interest 1
Yield/
Rate
ASSETS
Loans:
Taxable$2,225,652 $105,192 6.32 %$1,601,520 $67,253 5.61 %
Tax-exempt58,489 1,181 2.70 64,161 1,194 2.49 
Total Loans 2
2,284,141 106,373 6.23 1,665,681 68,447 5.49 
Investment Securities:
Taxable472,212 10,594 3.00 450,297 8,932 2.65 
Tax-exempt54,023 1,078 2.67 54,644 1,078 2.64 
Total Investments 3
526,235 11,672 2.97 504,941 10,010 2.65 
Interest-bearing deposits with banks84,717 2,785 4.40 51,258 2,104 5.48 
Total Earning Assets2,895,093 120,830 5.58 2,221,880 80,561 4.84 
Cash and due from banks24,330 21,091 
Premises and equipment31,151 25,939 
Other assets242,143 186,330 
Allowance for credit losses(22,971)(19,071)
Total Assets$3,169,746 $2,436,169 
LIABILITIES
Interest-bearing demand deposits$601,064 $1,608 0.36 %$514,757 $1,092 0.28 %
Money markets498,468 7,220 1.94 247,710 1,841 0.99 
Savings deposits336,185 80 0.03 326,895 84 0.03 
Time deposits446,482 11,244 3.37 255,203 4,898 2.56 
Total Interest-Bearing Deposits1,882,199 20,152 1.43 1,344,565 7,915 0.79 
Short-term borrowings51,324 1,148 2.99 40,993 847 2.76 
Long-term borrowings256,080 8,817 4.60 253,116 8,823 4.66 
Total Borrowings307,404 9,965 4.33 294,109 9,670 4.39 
Total Interest-Bearing Liabilities2,189,603 30,117 1.84 1,638,674 17,585 1.43 
Noninterest-bearing demand deposits556,992 483,095 
Other liabilities38,543 28,406 
Stockholders’ Equity384,608 285,994 
Total Liabilities and Stockholders’ Equity$3,169,746 $2,436,169 
Taxable Equivalent Net Interest Income90,713 62,976 
Taxable Equivalent Adjustment(474)(477)
Net Interest Income$90,239 $62,499 
Cost of Funds1.47 %1.11 %
FTE Net Interest Margin4.19 %3.79 %
_____________________________
1 Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.
2 Average balances include non-accrual loans and are net of unearned income.
3 Average balance of investment securities is computed at fair value.
44

The following table analyzes the relative impact on FTE net interest income attributed to changes in the volume of interest-earning assets and interest-bearing liabilities and changes in yields and rates for the nine months ended September 30, 2025 compared to the same period of 2024:
2025 versus 2024
(Dollars in thousands)Volume
Yield/Rate 1
Net
INTEREST EARNING ASSETS
Loans
Taxable$26,188 $11,751 $37,939 
Tax-exempt(106)93 (13)
Total Loans 2
26,082 11,844 37,926 
Securities
Taxable securities434 1,228 1,662 
Tax-exempt securities(12)12 — 
Total Securities422 1,240 1,662 
Interest-bearing deposits with banks1,371 (690)681 
Total$27,875 $12,394 $40,269 
INTEREST BEARING LIABILITIES
Interest bearing demand deposits$181 $335 $516 
Money markets1,857 3,522 5,379 
Savings deposits2 (6)(4)
Time deposits3,662 2,684 6,346 
Total Interest-Bearing Deposits5,702 6,535 12,237 
Short-term borrowings213 88 301 
Long-term borrowings103 (109)(6)
Total Borrowings316 (21)295 
Total6,018 6,514 12,532 
Change in Net Interest Income$21,857 $5,880 $27,737 
______________________________
1 The effect of changing volume and rate, which cannot be segregated, has been allocated entirely to the rate column.
2 Based on average balances and includes non-accrual loans and are net of unearned income.
The increases in FTE interest income, interest expense and the increases to average interest-earning assets and liabilities were driven primarily by the Acquisition.
Total FTE interest income increased $40.3 million during the nine months ended September 30, 2025 compared to the same period of 2024. Of the $40.3 million increase, $27.9 million was attributable to an increase in the average balance of interest earning assets and $12.4 million attributable to an increase in the yield on interest earning assets. FTE interest income on total loans increased $37.9 million compared to the same period of 2024. Average loans increased $618.5 million contributing $26.1 million to the increase in FTE interest income. The yield on total loans increased 74 bps, contributing $11.8 million to the increase.
Total interest expense increased $12.5 million during the nine months ended September 30, 2025 compared to the same period of 2024. Total average interest-bearing deposits increased $537.6 million for the nine months ended September 30, 2025 compared to the same period of 2024. Interest expense increased $6.5 million due to higher rates on interest-bearing deposits as a result of the Acquisition and increased $5.7 million as a result of the increase in average interest-bearing deposits. The average cost of interest-bearing deposits was 1.43% for the nine months ended September 30, 2025, an increase of 64 bps compared to the same period of 2024. The largest increases in rates were in money markets and time deposits which increased 95 and 81 bps, respectively.
45

Provision for Credit Losses and Unfunded Commitments
During the nine months ended September 30, 2025, the provision for credit losses was $5.2 million and the provision for unfunded commitments was a reversal of $979 thousand compared to reversals of both the provision for credit losses and the provision for unfunded commitments of $2.7 million and $370 thousand, respectively, for the same period of 2024. In 2025, ACNB recorded an allowance for credit losses of $6.9 million at the Acquisition date, comprised of $5.5 million for non-PCD loans, which was recognized through the provision for credit losses, and $1.5 million for accruing PCD loans, which was recognized as an acquisition accounting adjustment to the amortized cost basis of the acquired loans. The reversal of the provision for unfunded commitments was impacted by the incorporation of post-COVID data which resulted in lower loss rates utilized within the Bank’s ACL model. During the nine months ended September 30, 2024, the reversals of both the provision for credit losses and the provision for unfunded commitments were a result of the Corporation’s revision to estimates driven by a realignment of the peer group used for the CECL allowance process, an update to loss driver factors from third-party data, and an update to the application of prepayment and curtailment rate studies since implementation of CECL on January 1, 2023. These estimates, which were based on more current information available as of June 30, 2024, drive input assumptions which are used in the determination of the Corporation’s allowance for credit losses and the reserve for unfunded commitments. These updated estimates were the primary drivers for the reversal of the provision for credit losses and unfunded commitments for the nine months ended September 30, 2024. The Corporation assesses risks and reserves required compared with the balances in the ACL and unfunded commitments quarterly.
Noninterest Income
The following table presents the components of noninterest income:
Nine Months Ended September 30,Increase (Decrease)
(In thousands)20252024$%
NONINTEREST INCOME
Insurance commissions$7,600 $7,649 $(49)(0.6)%
Service charges on deposits3,559 3,060 499 16.3 
Wealth management3,275 3,219 56 1.7 
Gain from mortgage loans held for sale3,893 194 3,699 N/M
ATM debit card charges2,640 2,488 152 6.1 
Earnings on investment in bank-owned life insurance1,858 1,473 385 26.1 
Gain on life insurance proceeds285 — 285 100.0 
Net gains on sales or calls of investment securities22 69 (47)(68.1)
Net gains on equity securities26 19 7 36.8
Other1,119 756 363 48.0 
Total Noninterest Income$24,277 $18,927 $5,350 28.3 %
Total noninterest income was $24.3 million for the nine months ended September 30, 2025 compared to $18.9 million for the same period of 2024. The increases were driven primarily by the Acquisition and changes to customer products. Gain on life insurance proceeds for the nine months ended September 30, 2025 was a result of a death benefit received on a life insurance policy.

46

Noninterest Expenses
The following table presents the components of noninterest expense:
Nine Months Ended September 30,Increase (Decrease)
(In thousands)20252024$%
NONINTEREST EXPENSES
Salaries and employee benefits$39,745 $32,611 $7,134 21.9 %
Equipment7,121 4,997 2,124 42.5 
Net occupancy3,936 3,066 870 28.4 
Professional services1,908 1,554 354 22.8 
FDIC and regulatory1,293 1,088 205 18.8 
Other tax1,308 1,086 222 20.4 
Intangible assets amortization3,127 940 2,187 N/M
Merger-related10,143 1,160 8,983 N/M
Other8,481 5,795 2,686 46.4 
Total Noninterest Expenses$77,062 $52,297 $24,765 47.4 %
Noninterest expenses increased $24.8 million during the nine months ended September 30, 2025 compared to the same period of 2024 driven primarily by the Acquisition. The more significant fluctuations by category explained below:
•Salaries and employee benefits, the largest component of noninterest expenses, increased driven primarily by an increased number of employees attributable to the Acquisition, merit increases and higher mortgage commissions.
•Professional services increases were driven primarily by timing of expenses, collection fees, higher audit fees, Acquisition-related expenses and expenses related to loan review and rate studies.
•Other increased driven primarily by the Acquisition, earned income tax related donations, and higher internet banking services.
•Merger-related expenses included professional fees, legal, external accounting, loan review, advisory fees, lease terminations, fixed asset disposals and severance and change in control expenses incurred for the Acquisition.
Provision for Income Taxes
The Corporation recognized income taxes of $7.0 million for the nine months ended September 30, 2025 compared to $6.9 million during the same period of 2024. The provision for income taxes for the nine months ended September 30, 2025 reflects a combined Federal and State ETR of 21.1% compared to an ETR of 21.5% for the same period of 2024. Any variances from the federal statutory rate of 21% are generally due to tax-free income, which includes, but not limited to, interest income on tax-free loans and investment securities and income from bank-owned life insurance policies, federal income tax credits, the impact of non-tax deductible expenses, and state taxes. Additionally, ACNB has incurred non-deductible costs related to the Acquisition which are recorded within merger-related expenses on the Consolidated Statements of Income.
FINANCIAL CONDITION
Assets totaled $3.25 billion at September 30, 2025 and $2.39 billion at December 31, 2024. The Acquisition contributed $877.7 million to total assets.
Investment Securities
ACNB uses investment securities to manage interest rate risk, provide collateral for certain funding products, provide liquidity and generate interest and dividend income. The investment portfolio is comprised of U.S. Government and agencies, mortgage-backed, state and municipal, and corporate securities. These securities provide the appropriate characteristics with respect to credit quality, yield and maturity relative to the management of the overall balance sheet.
Total investment securities were $526.6 million at September 30, 2025 compared to $459.5 million at December 31, 2024, an increase of 14.6%. Following the Acquisition date, ACNB completed the sale of approximately $98.0 million of investment securities previously held by Traditions with a yield of 5.03%. ACNB paid off $40.2 million of Traditions’ FHLB borrowings with a cost of 4.73% with the proceeds from the sale of the investment securities, and invested the remainder of the proceeds
47

into investment securities with a yield of 5.07%. At September 30, 2025, the securities balance included a net unrealized loss on AFS securities of $31.0 million on amortized cost of $493.3 million compared to a net unrealized loss of $47.7 million on amortized cost of $441.6 million at December 31, 2024. At September 30, 2025, the securities balance included HTM securities with an amortized cost of $63.4 million and a fair value of $56.9 million as compared to an amortized cost of $64.6 million and a fair value of $56.9 million at December 31, 2024.
The Corporation does not own investments consisting of pools of Alt-A or subprime mortgages, private label mortgage-backed securities, or trust preferred investments.
Loans
The following table presents the composition of the loan portfolio as follows:
Increase (Decrease)
(In thousands)September 30, 2025December 31, 2024$%
Commercial real estate$1,263,896 $969,514 $294,382 30.4 %
Residential mortgage593,283 401,950 191,333 47.6 
Commercial and industrial218,364 140,906 77,458 55.0 
Home equity lines of credit125,839 85,685 40,154 46.9 
Real estate construction126,451 76,773 49,678 64.7 
Consumer10,144 9,318 826 8.9 
Gross loans2,337,977 1,684,146 653,831 38.8 
Unearned income(1,372)(1,236)(136)(11.0)
Total loans, net of unearned income$2,336,605 $1,682,910 $653,695 38.8 %
Total loans, net of unearned income, outstanding increased $653.7 million, or 38.8%, from December 31, 2024 to September 30, 2025. The increase was driven primarily by the $648.5 million in loans purchased at the Acquisition date. Total acquisition accounting adjustments on loans were $20.1 million at September 30, 2025. The majority of the loan acquisition accounting adjustments are expected to accrete back through as income as loans pay off or mature. ACNB does not have a significant concentration of credit risk with any single borrower, industry or geographic location. Most of the Corporation’s lending activities are with customers located within the Bank’s Market Area.
The commercial real estate portfolio, which includes farmland, multifamily, owner-occupied and non-owner occupied commercial real-estate, grew $294.4 million, or 30.4%, compared to December 31, 2024. The following data related to the commercial real estate portfolio through the breakout charts excludes the impact of the acquisition accounting adjustments on loans. The collateral for these loans is primarily spread across Pennsylvania and Maryland, 65.7% and 32.0%, respectively, at September 30, 2025, compared to 56.0% and 42.1%, respectively, at December 31, 2024. Less than 3% of the portfolio is for real estate in Urban areas of Baltimore, Maryland and Philadelphia, Pennsylvania. The largest sectors of the commercial real estate portfolio are retail and mixed-use commercial rental units, office complexes and hotels, motels and bed and breakfast entities. Non-owner occupied commercial real estate represented 65.6% of the commercial real estate portfolio. Non-owner occupied commercial real estate borrowers are geographically dispersed throughout ACNB’s Market Area and are leasing commercial properties to a varied group of tenants including medical offices, retail space, and other commercial purpose facilities. Because of the varied nature of the tenants, in aggregate, management believes that these loans present an acceptable risk when compared to commercial loans in general.
48

The following chart details the percentage of the various categories included in the portfolio:
36213622
_____________________________________________________________
1 Constitutes over 40 loan categories that do not fit into the categories presented above, with no loan category representing more than 3% of the total.
The concentration of non-owner occupied commercial real estate, construction, and multi-family was 242.9% of total risk-based capital of the Bank as of September 30, 2025 compared to 207.0% of total risk-based capital of the Bank as of December 31, 2024. The increase was primarily a result of the addition of Traditions’ portfolio.
Residential real estate mortgages totaled $593.3 million, an increase of $191.3 million, or 47.6%, compared to December 31, 2024. Included in the residential real estate mortgages are $217.3 million of commercial loans and $64.0 million of consumer loans secured by residential real estate mortgages. Total residential real estate mortgages include $52.0 million in junior liens. Junior liens inherently have more credit risk by virtue of the fact that another financial institution may have a senior security position in the case of foreclosure liquidation of collateral to extinguish the debt.
Commercial and industrial loans totaled $218.4 million, an increase of $77.5 million, or 55.0% compared to December 31, 2024. This segment includes loans to school districts, municipalities (including townships) and essential purpose authorities. In many cases, these loans are obtained through a bid process that includes other local and regional banks and are especially subject to refinancing in certain rate environments.
Allowance for Credit Losses and Asset Quality
The ACL at September 30, 2025 was $23.7 million, or 1.01% of total loans, net of unearned income as compared to $17.3 million, or 1.03% of loans, at December 31, 2024 and $17.2 million, or 1.03% of loans, at September 30, 2024. The increases of $6.4 million compared to December 31, 2024 and $6.4 million compared to September 30, 2024 were driven primarily by an initial $5.5 million ACL for non-PCD loans, which was recognized through the provision for credit losses, and a $1.5 million ACL for accruing PCD loans, which was recognized as an acquisition accounting adjustment to the amortized cost basis of the acquired loans, at the Acquisition date.
49

Changes in the ACL were as follows for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Beginning balance$24,353 $17,162 $17,280 $19,969 
Initial allowance established for acquired PCD loans— — 1,464 — 
(Reversal of) provision for credit losses(584)81 5,156 (2,686)
Loans charged-off(133)(51)(304)(163)
Recoveries on charged-off loans24 22 64 94 
Ending balance$23,660 $17,214 $23,660 $17,214 
Net charge-offs to average loans (annualized)0.02 %0.01 %0.01 %0.01 %
Allowance for credit losses to total loans1.01 %1.03 %1.01 %1.03 %
Information on nonaccrual loans, by collateral type rather than loan segment, at September 30, 2025, as compared to December 31, 2024, is as follows:
(Dollars in thousands)Number of
Credit
Relationships		BalanceCurrent Specific Loss
Allocations		Current Year
Charge-Offs		LocationOriginated
September 30, 2025      
Commercial real estate9 $3,910 $— $— In market2006-2022
Business assets5 2,058 357 — In market2009-2023
Residential real estate5 1,068 — — In market2019-2022
Total19 $7,036 $357 $—   
December 31, 2024      
Commercial real estate6 $3,564 $138 $— In market2006-2022
Business assets4 2,307 569 — In market2009-2023
Total10 $5,871 $707 $—   
Nonaccrual loans increased $1.2 million from December 31, 2024 to September 30, 2025 driven primarily by the Acquisition. All nonaccrual loans are to borrowers located within ACNB’s Market Area and were originated by ACNB’s banking subsidiary or were part of the Acquisition and were originated by Traditions’ banking subsidiary.
Deposits
Deposits were comprised of the following for the periods presented:
Increase (Decrease)
(In thousands)September 30, 2025December 31, 2024$%
Noninterest-bearing demand deposits$581,697 $451,503 $130,194 28.8 %
Interest-bearing demand deposits614,130 505,096 109,034 21.6 
Money market493,430 251,667 241,763 96.1 
Savings330,200 311,207 18,993 6.1 
Total demand and savings2,019,457 1,519,473 499,984 32.9 
Time446,439 273,028 173,411 63.5 
Total deposits$2,465,896 $1,792,501 $673,395 37.6 %
ACNB relies on deposits as a primary source of funds for lending activities. The increase in deposits from December 31, 2024 to September 30, 2025 was driven primarily by the Acquisition. ACNB acquired $741.5 million in deposits at the Acquisition date. Historically, deposit balances fluctuate reflecting different balance levels held by local companies, government units and school districts during different times of the year. Included in total deposits at September 30, 2025 were municipal deposits
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totaling $139.8 million, or 5.7%, of total deposits compared to $111.0 million, or 6.2%, of total deposits at December 31, 2024. Time deposits increased $173.4 million and included brokered deposits totaling $44.0 million at September 30, 2025 compared to $24.1 million at December 31, 2024. ACNB Bank issued a net $20.0 million in short-term brokered time deposits during the nine months ended September 30, 2025. The loan-to-deposit ratio was 94.76% at September 30, 2025 compared to 93.89% at December 31, 2024.
ACNB’s deposit pricing function employs a disciplined pricing approach based upon liquidity needs and alternative funding rates, but also strives to price deposits to be competitive with relevant local competition, including local government investment trusts, credit unions and larger regional banks. Based on total Bank deposits outstanding, consumer and commercial constituted approximately 59% and 41%, respectively, of total Bank deposits as of September 30, 2025 compared to approximately 63% and 37%, respectively, as of December 31, 2024. The ratio of uninsured and non-collateralized Bank deposits to total Bank deposits was 20.5% at September 30, 2025. As of September 30, 2025, cash on hand, the fair value of unencumbered investment securities and collateralized borrowing capacities at the FHLB and the Federal Reserve discount window at the Bank were 292.7% of uninsured and non-collateralized Bank deposits. At September 30, 2025, deposits from the 20 largest unrelated depositors, excluding internal accounts, of the Bank totaled $175.7 million, or 7.1%, of total Bank deposits compared to $143.4 million, or 7.9%, of total Bank deposits at December 31, 2024.
Borrowings
Short-term borrowings are comprised primarily of securities sold under agreements to repurchase and short-term borrowings from the FHLB. As of September 30, 2025, short-term borrowings were $80.5 million, an increase of $64.6 million compared to $15.8 million at December 31, 2024. Short-term FHLB advances at September 30, 2025 were $50.0 million compared to none at December 31, 2024. Short-term FHLB borrowings are used for general balance sheet management. Compared to December 31, 2024, securities sold under repurchase agreements balances increased by $11.3 million, or 71.4%, due to normal changes in the cash flow position of ACNB’s commercial and local government customer base. Agreements to repurchase accounts are within the commercial and local government customer base and have attributes similar to core deposits. Investment securities are pledged in sufficient amounts to collateralize these agreements. During the first quarter of 2025, ACNB paid off $40.2 million of short-term and long-term FHLB borrowings held by Traditions with a cost of 4.73% shortly following the Acquisition date.
Long-term borrowings consist of longer-term advances from the FHLB, trust preferred subordinated debt and subordinated debt. Long-term borrowings totaled $255.4 million at September 30, 2025 compared to $255.3 million at December 31, 2024. Further borrowings will be used when necessary for a variety of risk management and funding purposes. Please refer to the Liquidity discussion below for more information on the Corporation’s ability to borrow.
Capital
ACNB’s capital management strategies have been developed to provide an appropriate risk-adjusted rate of return, in the opinion of management, to shareholders, while maintaining levels above its internal minimums and “well-capitalized” regulatory position in relationship to its risk exposure. Total stockholders’ equity was $408.6 million at September 30, 2025 compared to $303.3 million at December 31, 2024. The primary driver of the increase to stockholders’ equity was the issuance of 2,035,246 shares of common stock, or $83.6 million, to acquire Traditions. Other impacts to stockholders’ equity during the nine months ended September 30, 2025 were net income of $26.2 million, a $13.1 million change in unrealized gains in AFS investment securities, cash dividends paid to ACNB Corporation stockholders of $10.5 million, and common stock repurchases of $8.7 million.
ACNB Corporation has a Dividend Reinvestment and Stock Purchase Plan that provides registered holders of ACNB Corporation common stock with a convenient way to purchase additional shares of common stock by permitting participants in the plan to automatically reinvest cash dividends on all or a portion of the shares owned and to make quarterly voluntary cash payments under the terms of the plan. Participation in the plan is voluntary, and there are eligibility requirements to participate in the plan. During the nine months ended September 30, 2025, 17,050 shares were issued under this plan with proceeds in the amount of $838 thousand.
Regulatory Capital
The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s Consolidated Financial Statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain OBS items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
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Minimum regulatory capital requirements established by Basel III rules require the Corporation and the Bank to:
•Meet a minimum Tier 1 leverage capital ratio of 4.0% of average assets;
•Meet a minimum Common Equity Tier 1 capital ratio of 4.5% of risk-weighted assets;
•Meet a minimum Tier 1 capital ratio of 6.0% of risk-weighted assets;
•Meet a minimum Total capital ratio of 8.0% of risk-weighted assets;
•Maintain a “capital conservation buffer” of 2.5% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus; and,
•Comply with the definition of capital to improve the ability of regulatory capital instruments to absorb losses.
The capital ratios are as follows:
 Actual
For Capital Adequacy Purposes 1
To Be Well Capitalized
Under Prompt
Corrective Action
Regulations 2
September 30, 2025
Tier 1 Leverage Capital (to average assets)
ACNB Corporation11.22 %4.00 %N/A
ACNB Bank10.86 %4.00 %5.00 %
Common Equity Tier 1 Capital (to risk-weighted assets)
ACNB Corporation14.45 %4.50 %N/A
ACNB Bank14.19 %4.50 %6.50 %
Tier 1 Capital (to risk-weighted assets)
ACNB Corporation14.67 %6.00 %N/A
ACNB Bank14.19 %6.00 %8.00 %
Total Capital (to risk-weighted assets)
ACNB Corporation16.22 %8.00 %N/A
ACNB Bank15.13 %8.00 %10.00 %
December 31, 2024
Tier 1 Leverage Capital (to average assets)
ACNB Corporation12.52 %4.00 %N/A
ACNB Bank12.03 %4.00 %5.00 %
Common Equity Tier 1 Capital (to risk-weighted assets)
ACNB Corporation16.27 %4.50 %N/A
ACNB Bank16.03 %4.50 %6.50 %
Tier 1 Capital (to risk-weighted assets)
ACNB Corporation16.56 %6.00 %N/A
ACNB Bank16.03 %6.00 %8.00 %
Total Capital (to risk-weighted assets)
ACNB Corporation18.36 %8.00 %N/A
ACNB Bank17.02 %8.00 %10.00 %
________________________________________
1 Ratios do not include capital conservation buffer.
2 N/A - Not applicable as “well capitalized” applies only to banks.
Liquidity
Effective liquidity management ensures the cash flow requirements of depositors and borrowers as well as the operating cash needs of ACNB are met. ACNB’s funds are available from a variety of sources, including assets that are readily convertible such as interest-bearing deposits with banks, maturities and repayments from the securities portfolio, scheduled repayments of loans receivable, the core deposit base, the ability to raise brokered deposits, and the ability to borrow from the FHLB, Federal Reserve Discount Window and unsecured Federal Funds line providers.
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At September 30, 2025, ACNB’s banking subsidiary had borrowing capacity of approximately $1.29 billion from the FHLB, of which $1.01 billion was available. At September 30, 2025, ACNB’s banking subsidiary could borrow approximately $56.7 million from the Discount Window, of which the full amount was available. The underlying collateral at the Discount Window is made up of eligible loan collateral held in a joint-custody account under the Bank’s name.
ACNB’s banking subsidiary maintains several unsecured Fed Funds lines with correspondent banks. As of September 30, 2025, Fed Funds line capacity at the banking subsidiary was $192.0 million, of which the full amount was available. ACNB Corporation maintains a $5.0 million unsecured line of credit with a correspondent bank, all of which was available for borrowing as of September 30, 2025. The Corporation also executed a guaranty for a note related to a $1.5 million commercial line of credit from a local bank, with customary terms and conditions for such a line, for ACNB Insurance Services, the borrower and a wholly-owned subsidiary of ACNB Corporation. The commercial line of credit is for general working capital needs as they arise by ACNB Insurance Services and did not have any outstanding balance as of September 30, 2025.
Another source of liquidity is securities sold under repurchase agreements to customers of ACNB’s banking subsidiary totaling approximately $27.1 million and $15.8 million at September 30, 2025, and December 31, 2024, respectively. These agreements vary in balance according to the cash flow needs of customers and competing accounts at other financial organizations.

The liquidity of the parent company also represents an important aspect of liquidity management. The parent company’s cash outflows consist principally of dividends to shareholders and corporate expenses. The main source of funding for the parent company is the dividends it receives from its subsidiaries. Federal and state banking regulations place certain legal restrictions and other practicable safety and soundness restrictions on dividends paid to the parent company from the subsidiary bank.
ACNB manages liquidity by monitoring projected cash inflows and outflows on a daily basis, and believes it has sufficient funding sources to maintain sufficient liquidity under varying degrees of business conditions for liquidity and capital resource requirements for all material short- and long-term cash requirements from known contractual and other obligations.
Off-Balance Sheet Arrangements
The Corporation is party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and, to a lesser extent, standby letters of credit. At September 30, 2025, the Corporation had unfunded outstanding commitments to extend credit of $553.5 million and outstanding standby letters of credit of $26.0 million. Because these commitments generally have fixed expiration dates and many will expire without being drawn upon, the total commitment level does not necessarily represent future cash requirements.
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The primary objective of ACNB’s ALCO, with direct oversight from the Board, is to maximize net interest income within established policy parameters. This objective is accomplished through the management of balance sheet composition and duration, market risk exposures arising from changing economic conditions, and liquidity risk.
Market risk comprises exposure to interest rate risk, foreign currency exchange rate risk, commodity price risk, and other relevant market rate or price risks. Specific to the banking industry, one of the greatest risk exposures is to that of changing market interest rates. The primary objective of monitoring ACNB’s interest rate sensitivity risk is to provide management the flexibility necessary to manage the statement of condition to minimize adverse changes in net interest income as a result of changes in the direction and level of interest rates. FOMC monetary policy, economic uncertainty, and fiscal policy changes have been significant factors affecting the task of managing interest rate sensitivity positions in recent years.
ACNB’s ALCO is a management committee responsible for monitoring and managing interest rate risk within approved policy limits utilizing earnings sensitivity simulation and economic value-at-risk models. These models are highly dependent on various assumptions, which change regularly as the statement of condition composition and market interest rates change. The key assumptions and strategies employed are analyzed, reviewed and documented at least annually by the ALCO as well as provided to the Board.
Interest Rate Risk
Interest rate risk is the exposure to fluctuations in the Bank’s future earnings (earnings at risk) and value (value at risk) resulting from changes in interest rates. This exposure results from differences between the amounts of interest-earning assets and interest-bearing liabilities that reprice within a specified time period as a result of scheduled maturities, scheduled and unscheduled repayments, the propensity of borrowers and depositors to react to changes in their economic interests, and contractual loan interest rate changes.
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Management attempts to manage the level of repricing and maturity mismatch through its asset/liability management processes so that fluctuations in net interest income are maintained within policy limits across a range of market conditions while satisfying liquidity and capital requirements. Management recognizes that a certain amount of interest rate risk is inherent, appropriate, and necessary to ensure the Bank’s profitability. Thus, the goal of the Bank’s interest rate risk management is to minimize the fluctuations of net interest income across all interest rate scenarios.
Management endeavors to control the exposure to changes in interest rates by understanding, reviewing, and making decisions based on its risk position. The Bank primarily uses its securities portfolio, FHLB advances, derivatives and brokered deposits to manage its interest rate risk position. Additionally, pricing, promotion, and product development activities are directed in an effort to emphasize the loan and deposit repricing characteristics that best meet current interest rate risk objectives.
ACNB uses simulation analysis to assess earnings at risk and net present value analysis to assess value at risk. These methods allow management to regularly monitor both the direction and magnitude of its interest rate risk exposure. These analyses require numerous assumptions including, but are not limited to, changes in statement of condition mix, prepayment rates on loans and securities, cash flows and repricing of all financial instruments, changes in volumes and pricing, future shapes of the yield curve, relationship of market interest rates to each other (basis risk), credit spread, and deposit sensitivity. Assumptions are based on management’s best estimates, but may not accurately reflect actual results under certain changes in interest rates due to the timing, magnitude, and frequency of rate changes and changes in market conditions and management strategies, among other factors. However, the analyses are useful in quantifying risk and providing a relative gauge of the Corporation’s interest rate risk position over time.
ACNB’s ALCO operates under management policies, approved by the Board, which define guidelines and limits on the level of risk. ALCO meets regularly and reviews its interest rate risk position and monitors various liquidity ratios to ensure a satisfactory liquidity position. By utilizing the analyses, management can determine changes that may need to be made to the asset and liability mixes to mitigate the change in net interest income under various interest rate scenarios. Management continually evaluates the condition of the economy, the pattern of market interest rates, and other economic data to inform the committee. Regulatory authorities also monitor the Corporation’s interest rate risk position along with other liquidity ratios.
Net Interest Income Sensitivity
Simulation analysis evaluates the effect of upward and downward changes in market interest rates on future net interest income. The analysis involves changing the interest rates used in determining net interest income over the next twelve months. The resulting percentage change in net interest income in various rate scenarios is an indication of Corporation’s short-term interest rate risk. The analysis assumes recent pricing trends in new loan and deposit volumes will continue while balances remain constant. Additional assumptions are applied to modify pricing under the various rate scenarios.
The simulation analysis results are presented in the table below. At September 30, 2025, results in the falling interest rate scenario project a decrease in net interest income. The Bank is currently modestly asset-sensitive according to the model in a down rate environment as interest-earning assets are expected to reprice faster than interest-bearing liabilities.
12-Month Earnings at Risk Ramps
% Change in Net Interest Income
Change in Market Interest Rates (bps)September 30, 2025December 31, 2024Policy Limits
(200)(1.0)%(1.7)%(10.0)%
(100)(0.6)%(1.0)%(5.0)%
100 (0.2)%0.3 %(5.0)%
200 (0.8)%(0.3)%(10.0)%
Economic Value
Net present value analysis provides information on the risk inherent in the statement of condition that might not be considered in the simulation analysis due to the short time horizon used. The net present value of the statement of condition incorporates the discounted present value of expected asset cash flows minus the discounted present value of expected liability cash flows. The analysis involves changing the interest rates used in determining the expected cash flows and in discounting the cash flows. The resulting percentage change in net present value in various rate scenarios is an indication of the longer-term repricing risk and options embedded in the statement of condition.
The results at September 30, 2025 and December 31, 2024 are reflected in the following table. Funding cost and repricing speed will continue to be a factor in the results of the model. The behavior of the business and retail clients also varies across the rate
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scenarios, which is reflected in the results. To improve comparability across periods, the Bank strives to follow best practices related to the assumption setting and maintains the size and mix of the period end statement of condition; thus, the results do not reflect actions management may take through the normal course of business that would impact results.
Value at Risk Ramps
% Change in Market Value
Change in Market Interest Rates (bps)September 30, 2025December 31, 2024Policy Limits
(200)(13.3)%(10.8)%(35.0)%
(100)(4.5)%(3.7)%(20.0)%
100 1.7 %(1.2)%(20.0)%
200 0.2 %(4.8)%(35.0)%
ITEM 4 – CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
As of the end of the period covered by this report, the Corporation carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Corporation (including its consolidated subsidiaries) required to be included in periodic SEC filings.
Disclosure controls and procedures are Corporation controls and other procedures that are designed to ensure that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
There were no changes in the Corporation’s internal control over financial reporting during the three months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
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PART II – OTHER INFORMATION
 

ACNB CORPORATION
ITEM 1 – LEGAL PROCEEDINGS
As of September 30, 2025, there were no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which ACNB or its subsidiaries are a party or by which any of their assets are the subject, which could have a material adverse effect on ACNB or its subsidiaries or their results of operations. In addition, no material proceedings are pending or are known to be threatened or contemplated against the Corporation or its subsidiaries by governmental authorities.
ITEM 1A – RISK FACTORS
There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors of the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 except as described below:
Changes to trade policies and tariffs can have an adverse impact on our business and our customers.
Changes in trade policies, including the imposition of tariffs or the escalation of a trade war, could negatively impact the economic conditions in the markets we serve. Our customers-particularly local businesses engaged in agriculture, manufacturing, and retail-may face higher costs for imported goods and materials, reduced export demand, and supply chain disruptions due to increased tariffs. These challenges could lead to lower revenues, reduced profitability, and potential layoffs, all of which may impair our customers' ability to meet their financial obligations. Furthermore, prolonged trade tensions and economic uncertainty could lead to market volatility, declining asset values, and weakened consumer confidence. If our customers experience financial stress, we could see an increase in loan delinquencies and credit losses, negatively affecting our asset quality and overall financial performance. Additionally, any decline in local economic activity could reduce loan demand, deposit growth, and fee income, which are critical to our long-term success. While we actively monitor economic and policy developments, we cannot predict the outcome of trade negotiations or the full impact of tariffs and trade restrictions on our business, customers, and the broader economy. Any adverse effects from tariffs or a trade war could materially and negatively impact our financial condition, results of operations, and future growth prospects.
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On May 5, 2009, shareholders approved and adopted the amendment to the Articles of Incorporation of ACNB Corporation to authorize up to 20,000,000 shares of preferred stock, par value $2.50 per share. As of September 30, 2025, there were no issued or outstanding shares of preferred stock.
On May 1, 2018, shareholders approved and ratified the ACNB Corporation 2018 Omnibus Stock Incentive Plan, effective as of March 20, 2018, in which awards shall not exceed, in the aggregate, 400,000 shares of common stock, plus any shares that were authorized, but not issued, under the ACNB Corporation 2009 Restricted Stock Plan. As of September 30, 2025, there were 183,148 shares issued under this plan. The maximum number of shares that may yet be granted under this plan is 390,907. The Corporation’s Registration Statement under the Securities Act of 1933 on Form S-8 for the ACNB Corporation 2018 Omnibus Stock Incentive Plan was filed with the Securities and Exchange Commission on March 8, 2019. In addition, on March 8, 2019, the Corporation filed Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 for the ACNB Corporation 2009 Restricted Stock Plan to add the ACNB Corporation 2018 Omnibus Stock Incentive Plan to the registration statement to reflect that the remaining unissued shares under the 2009 Restricted Stock Plan may instead be issued under the 2018 Omnibus Stock Incentive Plan.
On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares, or approximately 3%, of the outstanding shares of ACNB’s common stock. This common stock repurchase program replaced and superseded any and all earlier announced repurchase plans. There were 61,586 shares purchased under this plan during the three months ended September 30, 2025.
On October 24, 2022, the Corporation announced that the Board of Directors approved on October 18, 2022, a new plan to repurchase, in open market and privately negotiated transactions, up to 255,575, or approximately 3%, of the outstanding shares of the Corporation’s common stock. The plan was replaced by the plan announced on June 18, 2025. There were 215,372 treasury shares purchased under this plan through June 30, 2025
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The following is a summary of the Corporation’s purchases of common stock during the third quarter of 2025:
Total number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced planMaximum number of shares that may yet be purchased under the plan
July 1 - July 31, 202513,526 $42.79 13,526 300,474 
August 1 - August 31, 202525,319 $42.89 38,845 275,155 
September 1 - September 30, 202522,741 $44.55 61,586 252,414 
ITEM 3 – DEFAULTS UPON SENIOR SECURITIES – NOTHING TO REPORT.
ITEM 4 – MINE SAFETY DISCLOSURES – NOT APPLICABLE.
ITEM 5 – OTHER INFORMATION
During the three months ended September 30, 2025, no director or officer of the Corporation adopted or terminated a “Rule 10b5-1 trading agreement” or a “non-Rule 10b5-1 trading agreement” as each term is defined in Item 408(a) of Regulation S-K.
 
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ITEM 6 – EXHIBITS
 
The following exhibits are included in this report:
Exhibit 2.1
Agreement and Plan of Reorganization by and among ACNB Corporation, ACNB South Acquisition Subsidiary, LLC, ACNB Bank, New Windsor Bancorp, Inc., and New Windsor State Bank dated as of November 21, 2016, as amended. (Incorporated by reference to Annex A of the Registrant’s Registration Statement No. 333-215914 on Form S-4, filed with the Commission on February 6, 2017.) Schedules are omitted; the Registrant agrees to furnish copies of Schedules to the Securities and Exchange Commission upon request.
Exhibit 2.2
Amendment No. 2 to Agreement and Plan of Reorganization by and among ACNB Corporation, ACNB South Acquisition Subsidiary, LLC, ACNB Bank, New Windsor Bancorp, Inc., and New Windsor State Bank dated as of April 18, 2017. (Incorporated by reference to Exhibit 2.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Commission on August 4, 2017.)
Exhibit 2.3
Agreement and Plan of Reorganization by and among ACNB Corporation, ACNB South Acquisition Subsidiary, LLC, ACNB Bank, Frederick County Bancorp, Inc. and Frederick County Bank dated as of July 1, 2019. (Incorporated by reference to Annex A of the Registrant’s Registration Statement No. 333-233791 on Form S-4, filed with the Commission on September 16, 2019.) Schedules are omitted; the Registrant agrees to furnish copies of Schedules to the Securities and Exchange Commission upon request.
Exhibit 2.4
Agreement and Plan of Reorganization by and among ACNB Corporation, ACNB South Acquisition Subsidiary, LLC, ACNB Bank, Traditions Bancorp, Inc. and Traditions Bank dated as of July 23, 2024. (Incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on July 24, 2024.) Schedules are omitted; the Registrant agrees to furnish copies of Schedules to the Securities and Exchange Commission upon request.
Exhibit 3(i) 
Amended and Restated Articles of Incorporation of ACNB Corporation. (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on May 7, 2018.)
   
Exhibit 3(ii) 
Amended and Restated Bylaws of ACNB Corporation. (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on February 21, 2024.)
Exhibit 4.1
Form of ACNB Corporation 4.00% Fixed-to-Floating Rate Subordinated Note due March 31, 2031. (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on March 30, 2021.)
   
Exhibit 10.1 
ACNB Bank Amended and Restated Executive Supplemental Life Insurance Plan — Applicable to James P. Helt, Douglas A. Seibel and Laurie A. Laub. (Incorporated by reference to Exhibit 10.3 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Commission on March 6, 2015.)
Exhibit 10.2 
ACNB Bank Amended and Restated Director Supplemental Life Insurance Plan — Applicable to Kimberly S. Chaney, Frank Elsner, III, Todd L. Herring, Scott L. Kelley, James J. Lott, Donna M. Newell, Daniel W. Potts, D. Arthur Seibel, Jr. and Alan J. Stock. (Incorporated by reference to Exhibit 10.4 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Commission on March 6, 2015.)
   
Exhibit 10.3 
ACNB Bank Amended and Restated Director Deferred Fee Plan — Applicable to Kimberly S. Chaney, Frank Elsner, III, Todd L. Herring, Scott L. Kelley, James J. Lott, Donna M. Newell, D. Arthur Seibel, Jr. and Alan J. Stock. (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on January 6, 2012.)
   
Exhibit 10.4 
ACNB Bank Salary Savings Plan. (Incorporated by reference to Exhibit 10.4 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the Commission on November 4, 2022.)
   
Exhibit 10.5 
Group Pension Plan for Employees of ACNB Bank. (Incorporated by reference to Exhibit 10.5 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the Commission on November 4, 2022.)
   
Exhibit 10.6 
ACNB Corporation 2009 Restricted Stock Plan. (Incorporated by reference to Appendix C of the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Commission on March 25, 2009.)
   
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Exhibit 10.7
Salary Continuation Agreement by and between ACNB Bank and James P. Helt dated as of March 28, 2012. (Incorporated by reference to Exhibit 10.20 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Commission on March 7, 2014.)
Exhibit 10.8
ACNB Bank Variable Compensation Plan effective January 1, 2014, as amended. (Incorporated by reference to Exhibit 10.16 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Commission on March 14, 2022.)
Exhibit 10.9
Amended and Restated Employment Agreement by and among ACNB Corporation, ACNB Bank and James P. Helt dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.10
ACNB Corporation 2018 Omnibus Stock Incentive Plan. (Incorporated by reference to Exhibit A of the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Commission on March 27, 2018.)
Exhibit 10.11
Form of Exhibit B Split Dollar Policy Endorsement to ACNB Bank Amended and Restated Director Supplemental Life Insurance Plan dated November 27, 2018. (Incorporated by reference to Exhibit 99.4 of the Registrant’s Current Report on Form 8-K, filed with the Commission on November 28, 2018.)
Exhibit 10.12
Salary Continuation Agreement by and between ACNB Bank and James P. Helt dated as of November 27, 2018. (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on November 28, 2018.)
Exhibit 10.13
Form of Subordinated Note Purchase Agreement dated March 30, 2021, by and among ACNB Corporation and the Purchasers. (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Commission on March 30, 2021.)
Exhibit 10.14
Amended and Restated Employment Agreement by and among ACNB Corporation, ACNB Bank and Jason H. Weber dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.2 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.15
Salary Continuation Agreement by and between ACNB Bank and James P. Helt dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.3 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.16
Salary Continuation Agreement by and between ACNB Bank and Jason H. Weber dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.4 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.17
First Amendment to ACNB Bank Salary Continuation Agreement by and between ACNB Bank and James P. Helt dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.5 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.18
First Amendment to ACNB Bank Salary Continuation Agreement by and between ACNB Bank and Jason H. Weber dated as of October 5, 2022. (Incorporated by reference to Exhibit 99.7 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.19
Salary Continuation Agreement by and between ACNB Bank and Jason H. Weber dated as of January 31, 2022. (Incorporated by reference to Exhibit 99.8 of the Registrant’s Current Report on Form 8-K, filed with the Commission on October 7, 2022.)
Exhibit 10.20
Amended and Restated Employment Agreement between ACNB Bank and Douglas A. Seibel dated as of October 20, 2022. (Incorporated by reference to Exhibit 10.31 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 3, 2023.)
Exhibit 10.21
Supplemental Executive Retirement Plan by and between ACNB Bank and Douglas A. Seibel dated as of November 27, 2018. (Incorporated by reference to Exhibit 99.2 of the Registrant’s Current Report on Form 8-K, filed with the Commission on November 28, 2018.)
Exhibit 10.22
Supplemental Executive Retirement Plan by and between ACNB Bank and Douglas A. Seibel dated as of October 20, 2022. (Incorporated by reference to Exhibit 10.33 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 3, 2023.)
59

Exhibit 10.23
Amended and Restated Employment Agreement between ACNB Bank and Laurie A. Laub dated as of October 6, 2022. (Incorporated by reference to Exhibit 10.31 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Commission on March 14, 2024.)
Exhibit 10.24
First Amendment to ACNB Bank Salary Continuation Agreement by and between ACNB Bank and Laurie A. Laub dated as of October 6, 2022. (Incorporated by reference to Exhibit 10.32 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Commission on March 14, 2024.)
Exhibit 10.25
Salary Continuation Agreement by and between ACNB Bank and Laurie A. Laub dated as of October 6, 2022. (Incorporated by reference to Exhibit 10.33 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Commission on March 14, 2024.)
Exhibit 10.26
First Amendment to ACNB Bank Amended and Restated Executive Supplemental Life Insurance Plan dated December 31, 2014. (Incorporated by reference to Exhibit 99.2 of the Registrant’s Current Report on Form 8-K, filed with the Commission on November 3, 2023.)
Exhibit 10.27
ACNB Bank 2023 Executive Supplemental Life Insurance Plan dated November 1, 2023 and Participant Election Form. (Incorporated by reference to Exhibit 99.3 of the Registrant’s Current Report on Form 8-K, filed with the Commission on November 3, 2023.)
Exhibit 10.28
Form of ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Employees dated as of March 15, 2024. (Incorporated by reference to Exhibit 99.3 of the Registrant’s Current Report on Form 8-K, filed with the Commission on March 20, 2024.)
Exhibit 10.29
Employment Agreement by and between ACNB Corporation, ACNB Bank and Brett D. Fulk dated as of September 6, 2022. (Incorporated by reference to Exhibit 10.32 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 14, 2025.)
Exhibit 10.30
Salary Continuation Agreement by and between ACNB Bank and Brett D. Fulk dated as of September 6, 2022. (Incorporated by reference to Exhibit 10.33 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 14, 2025.)
Exhibit 10.31
Deferred Compensation Agreement by and between ACNB Bank and Brett D. Fulk dated as of September 6, 2022. (Incorporated by reference to Exhibit 10.34 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 14, 2025.)
Exhibit 10.32
Form of ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Employees dated as of March 15, 2024. (Incorporated by reference to Exhibit 99.3 of the Registrant’s Current Report on Form 8-K, filed with the Commission on March 20, 2024.)
Exhibit 10.33
Form of ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Employees dated as of March 14, 2025. (Incorporated by reference to Exhibit 99.3 of the Registrant’s Current Report on Form 8-K, filed with the Commission on March 19, 2025.)
Exhibit 31.1 
Chief Executive Officer Certification of Quarterly Report on Form 10-Q.
Exhibit 31.2 
Chief Financial Officer Certification of Quarterly Report on Form 10-Q.
   
Exhibit 32.1 
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
Exhibit 32.2 
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase.
   
Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase.
   
Exhibit 101.INSXBRL Instance Document – The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
60

Exhibit 101.SCH XBRL Taxonomy Extension Schema.
   
Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase.
   
Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase.
Exhibit 104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
61

SIGNATURES
 
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  
ACNB CORPORATION (Registrant)
   
Date:November 6, 2025 /s/ James P. Helt
  James P. Helt
  President & Chief Executive Officer
   
  /s/ Jason H. Weber
  Jason H. Weber
  Executive Vice President/Treasurer &
  Chief Financial Officer (Principal Financial Officer)
62

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