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Borrowings | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Borrowings | Borrowings The Corporation had long-term debt outstanding as follows:
In thousands |  | September 30, 2019 |  | December 31, 2018
FHLB advances |  | $ | 64,216 |  |  | $ | 75,216 |
Loan payable to local bank |  | 1,952 |  |  | 2,300 |
Loan payable to local bank |  | 900 |  |  | 1,000 |
Trust preferred subordinated debt |  | 5,000 |  |  | 5,000 |
|  | $ | 72,068 |  |  | $ | 83,516 |
The FHLB advances are collateralized by the assets defined in the security agreement and FHLB capital stock. FHLB advances have maturity dates from 2019 to 2023 with a weighted average rate of 2.54%. The first loan payable to a local bank has 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 principal balance of this note may be prepaid at any time without penalty. The second loan payable to a local bank is a commercial revolving line of credit which has a variable rate equal to the Wall Street Journal Prime Rate minus 0.25%, 4.75% at September 30, 2019. Principal shall be payable when and in amounts demanded by the bank. The principal balance of this note may be prepaid at any time without penalty. The trust preferred subordinated debt is comprised of debt securities issued by New Windsor in June 2005 and assumed by ACNB Corporation through the acquisition. New Windsor issued $5,000,000 of 6.39% fixed rate capital securities to institutional investors in a private pooled transaction. The proceeds were transferred to New Windsor 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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