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Borrowings
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Corporation had short-term debt outstanding as follows:
In thousandsSeptember 30, 2023December 31, 2022
Securities sold under repurchase agreements$33,106 $41,954 
$33,106 $41,954 

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.

The Corporation had long-term debt outstanding as follows:
In thousandsSeptember 30, 2023December 31, 2022
FHLB advances$100,000 $— 
Trust preferred subordinated debt5,282 6,000 
Subordinated debt15,000 15,000 
$120,282 $21,000 

The long-term FHLB advances mature between 2026 and 2028 and have a weighted average rate of 4.63%, with a prepayment penalty. The advances are collateralized by the assets defined in the security agreement and FHLB capital stock. Based on this collateral and ACNB’s holding of FHLB stock, ACNB is eligible to borrow up to $845.5 million, of which $745.2 million was available at September 30, 2023.

The trust preferred subordinated debt is comprised of debt securities issued by Frederick County Bancorp, Inc. (FCBI) in December 2006 and assumed by ACNB Corporation through the acquisition. 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 basis points over the three-month Chicago Mercantile Exchange (CME) Term Secured Overnight Financing Rate (SOFR) plus applicable tenor spread adjustment. The debenture has a provision for when LIBOR is no longer available. On September 15, 2023, the most recent interest rate reset date, the interest rate was adjusted to 7.30% for the period ending December 14, 2023. 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.

On March 30, 2021, ACNB Corporation (the Company) entered into Subordinated Note Purchase Agreements (Purchase Agreements) with certain institutional accredited investors and qualified institutional buyers (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 Notes). The Notes will 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 basis points. As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than the 90-day average SOFR. The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The 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.