ACNB CORP
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
ACNB$66.79+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | ||
|---|---|---|
| (In thousands) | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $31,688 | $35,752 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Gain on sales of loans originated for sale | (56) | (487) |
| Gain on sales of assets held for sale | (337) | — |
| Loss on sale of premises and equipment | — | 41 |
| Earnings on investment in bank-owned life insurance | (1,878) | (1,532) |
| Loss on sales or calls of securities | 5,240 | 234 |
| (Gain) loss on equity securities | (18) | 298 |
| Gain on sale of low-income housing partnership | — | (421) |
| Restricted stock compensation expense | 1,004 | 729 |
| Depreciation and amortization | 3,362 | 3,796 |
| Provision for credit losses and provision for unfunded commitments | 844 | — |
| Net amortization of investment securities premiums | 690 | 2,156 |
| Increase in interest receivable | (1,165) | (1,395) |
| Increase (decrease) in interest payable | 743 | (58) |
| Mortgage loans originated for sale | (2,646) | (36,664) |
| Proceeds from sales of loans originated for sale | 2,545 | 39,221 |
| Increase in other assets | (7,449) | (4,303) |
| Decrease in deferred tax expense | 2,376 | 924 |
| Increase in other liabilities | 5,659 | 910 |
| Net Cash Provided by Operating Activities | 40,602 | 39,201 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from calls/maturities of investment securities held to maturity | 1,097 | 2,903 |
| Proceeds from calls/maturities of investment securities available for sale | 32,594 | 58,578 |
| Proceeds from sales of investment securities held to maturity | — | 1,054 |
| Proceeds from sales of investment securities available for sale | 125,241 | 3,129 |
| Proceeds from sales of equity securities | 592 | 811 |
| Purchase of investment securities available for sale | (48,838) | (284,336) |
| Purchase of investment securities held to maturity | — | (22,204) |
| Purchase of equity securities | — | (206) |
| (Purchase)/redemption of restricted investment in bank stocks | (8,048) | 674 |
| Net increase in loans | (89,589) | (71,829) |
| Proceeds from sale of low-income housing partnerships | — | 421 |
| Purchase of bank-owned life insurance | — | (12,200) |
| Acquisition of insurance books of business/agency | (174) | (7,800) |
| Capital expenditures | (1,168) | (1,811) |
| Proceeds from sales of premises and equipment | — | 1,093 |
| Proceeds from sales of assets held for sale | 3,730 | — |
| Net Cash (Used in) Provided by Investing Activities | 15,437 | (331,723) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net decrease in noninterest-bearing deposits | (94,717) | (28,311) |
| Net decrease in interest-bearing deposits | (242,445) | (199,103) |
| Net increase in short-term borrowings | 14,928 | 6,752 |
| Proceeds from long-term borrowings | 175,000 | 1,500 |
| Repayments on long-term borrowings | — | (15,200) |
| Dividends paid | (9,702) | (9,117) |
| Common stock repurchased | (2,027) | (6,682) |
| Common stock issued | 721 | 713 |
| Net Cash Used In Financing Activities | (158,242) | (249,448) |
| Net Decrease in Cash and Cash Equivalents | (102,203) | (541,970) |
| CASH AND CASH EQUIVALENTS — BEGINNING | 168,161 | 710,131 |
| CASH AND CASH EQUIVALENTS — ENDING | $65,958 | $168,161 |
CONSOLIDATED STATEMENTS OF CASH FLOWS- Continued
| Years Ended December 31, | ||
|---|---|---|
| (In thousands) | 2023 | 2022 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $7,155 | $3,682 |
| Cash paid for income taxes | 10,030 | 7,225 |
| Supplemental disclosures of certain noncash activities: | ||
| Recognition of operating lease right of use assets | $126 | $472 |
| Recognition of operating lease liabilities | 126 | 472 |
| Investments transferred from available for sale to held to maturity | — | 39,683 |
| Premises and equipment transferred to fixed assets held for sale | — | 3,393 |
| Loans transferred to foreclosed assets held for resale and other foreclosed transactions | — | 474 |
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