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Borrowings | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Borrowings | Borrowings The Corporation had long-term debt outstanding as follows:
In thousands |  | September 30, 2017 |  | December 31, 2016
FHLB Advances |  | $ | 87,250 |  |  | $ | 74,250 |
Loan Payable to local bank |  | 4,600 |  |  | — |
Trust preferred subordinated debt |  | 5,000 |  |  | — |
|  | $ | 96,850 |  |  | $ | 74,250 |
The FHLB advances are collateralized by the assets defined in security agreement and FHLB capital stock. FHLB advances have maturity dates from 2017 to 2021 with a weighted average rate of 1.80%. The loan payable to a local bank has a one-year draw period in which monthly interest-only payments are due on the outstanding principal amount. Commencing June 2018, terms include a fixed rate of 4.5% for the first five years and a variable rate of interest with Prime Rate thereafter to final maturity in June 2028. The borrower may prepay the principal balance of this note at any time without penalty. The trust preferred subordinated debt is comprised of debt securities issued by NW Bancorp in June 2005 and assumed by ACNB Corporation through the acquisition. NW Bancorp issued $5,000,000 of 6.39% fixed rate capital securities to institutional investors in a private pooled transaction. The proceeds were transferred to NW Bancorp as trust preferred subordinated debt under the same terms and conditions. The Corporation then contributed the full amount to the Bank in the form of Tier 1 capital. The Corporation has, through various contractual arrangements, fully and unconditionally guaranteed all of the trust obligations with respect to the capital securities.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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