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Investment Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 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 Period |  |  |  | Gains (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 |
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 obligations | 54,782 |  |  | 182 |  |  | 2,489 |  |  | 52,475 |
Residential mortgage-backed securities | 163,697 |  |  | 381 |  |  | 14,270 |  |  | 149,808 |
Commercial mortgage-backed securities | 93,389 |  |  | 800 |  |  | 3,957 |  |  | 90,232 |
State and municipal | 4,066 |  |  | — |  |  | 28 |  |  | 4,038 |
Corporate bonds | 28,856 |  |  | 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 securities | 1,238 |  |  | — |  |  | 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 obligations | 39,540 |  |  | — |  |  | 3,886 |  |  | 35,654 |
Residential mortgage-backed securities | 159,349 |  |  | 2 |  |  | 20,811 |  |  | 138,540 |
Commercial mortgage-backed securities | 65,350 |  |  | — |  |  | 4,565 |  |  | 60,785 |
Corporate bonds | 17,600 |  |  | — |  |  | 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 securities | 1,740 |  |  | — |  |  | 68 |  |  | 1,672 |
| $ | 64,578 |  |  | $ | — |  |  | $ | 7,654 |  |  | $ | 56,924 |
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 Months |  | 12 Months or More |  | Total
(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 obligations | 4,538 |  |  | 31 |  |  | 33,012 |  |  | 2,458 |  |  | 37,550 |  |  | 2,489 |
Residential mortgage-backed securities | 2,493 |  |  | 31 |  |  | 128,239 |  |  | 14,239 |  |  | 130,732 |  |  | 14,270 |
Commercial mortgage-backed securities | 1,293 |  |  | 1 |  |  | 27,571 |  |  | 3,956 |  |  | 28,864 |  |  | 3,957 |
State and municipal | 4,038 |  |  | 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 securities | 2,692 |  |  | 26 |  |  | 135,626 |  |  | 20,785 |  |  | 138,318 |  |  | 20,811 |
Commercial mortgage-backed securities | 31,860 |  |  | 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. 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 Sale |  | Held 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 years | 135,684 |  |  | 128,082 |  |  | 4,640 |  |  | 4,320 |
Over 5 years through 10 years | 32,885 |  |  | 28,863 |  |  | 37,322 |  |  | 35,153 |
Over 10 years | 4,066 |  |  | 4,037 |  |  | 19,808 |  |  | 15,862 |
Mortgage-backed securities | 311,868 |  |  | 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales | $ | — |  |  | $ | — |  |  | $ | 98,272 |  |  | $ | 14,336 |
Proceeds from calls | 2,000 |  |  | — |  |  | 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.

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