SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
(Mark one)
__XX__ Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Fee Required)
For the fiscal year ended December 31, 1994
or
______ Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(No Fee Required)
For the Transition Period from______to______
Commission file no. 0-11783
ACNB CORPORATION
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 23-2233457
(State of incorporation) (IRS employer Identification Number)
675 OLD HARRISBURG ROAD, GETTYSBURG, PA 17325
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 717-334-3161
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON CAPITAL STOCK PAR VALUE $2.50 A SHARE
(Title of class)
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. __X__
Indicate by check mark whether the registrant (1) has filed all reports
required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past ninety (90) days. YES _X_ NO__
As of February 28, 1995, ACNB Corporation had outstanding 5,316,122 shares
of Common Stock. The aggregate market value of such Common Stock held by
nonaffiliates as of February 28, 1995 was approximately $74,397,000. Shares of
Common Stock held by each officer and director and by each person who owns 5%
or more of the outstanding Common Stock have been excluded because they may be
deemed to be affiliates.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Annual Report for the year ended 12/31/94 are incorporated
by reference into Parts II and IV. Portions of the Proxy Statement for the
annual shareholders meeting to be held May 9, 1995 are incorporated by
reference into Part III.
1 of 19
ACNB CORPORATION
FORM 10-K
INDEX
PAGE
Part I
Item 1. Business 3
Item 2. Properties 12
Item 3. Legal Proceedings 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Part II
Item 5. Market for the Registrant's Common Stock and
Related Security Holder Matters 12
Item 6. Selected Financial Data 12
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 12
Item 8. Financial Statements and Supplementary Data 12
Item 9. Disagreements on Accounting and Financial
Disclosure 13
Part III
Item 10. Directors and Executive Officers of the Registrant 13
Item 11. Management Remuneration 13
Item 12. Security Ownership of Certain Beneficial Owners
and Management 13
Item 13. Certain Relationships and Related Transactions 13
Part IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K 14
Signatures 18
2
PART I
ITEM 1. BUSINESS
The Registrant owns all the outstanding shares of Adams County National Bank
(hereinafter the "Bank"). The Registrant and the Bank have the same Board of
Directors. The Registrant, organized in 1983, presently has no significant
operations other than serving as a holding company.
The Bank engages in a full service commercial and consumer banking and trust
business. With its main office at 675 Old Harrisburg Road, Gettysburg, Pa., the
Bank provides services to its customers through its branch network of 12 full
service offices located throughout Adams County, Pa. and 1 in York County, Pa.
The Bank's services include accepting time, demand, and savings deposits
including NOW, supernow, money market, and regular savings accounts, a
diversified array of certificates of deposit, IRA's, and club accounts. Its
services also include making secured and unsecured commercial and consumer
loans, financing commercial transactions, making construction and mortgage
loans, and the renting of safe deposit facilities. Additional services include
making residential mortgage loans, small business loans, and student loans. The
Bank's business loans include seasonal credit collateral loans and term loans.
Trust services provided by the Bank include services as executor and trustee
under wills and deeds, estate planning services, and custodian and agent for
various investment companies. Trust services also include transfer agent,
registrar of stock and bond issues, and escrow agent.
The Bank has a relatively stable deposit base and no material amount of
deposits is obtained from a single depositor or group of depositors (including
federal, state, and local governments). See Management's Discussion and
Analysis in the Annual Report. The Bank has not experienced any significant
seasonal fluctuations in the amount of its deposits.
As of December 31, 1994, the Registrant had a total of 139 full-time and 58
part-time employees.
SUPERVISION AND REGULATION
The Registrant and the Bank are considered "affiliates" for purposes of
Section 23A of the Federal Reserve Act and as such are subject to certain
limitations specified therein on the making of loans on, extensions of credit
to, or investments in each other. The Federal Bank Holding Company Act of 1956
restricts the Registrant's activ-ities, whether conducted directly or through
subsidiary corporations, to specified activities functionally related to
banking. Permissible activities under that Act include lending, certain leasing
activities, fiduciary and investment advisory services, acting as insurance
agent or broker in connection with loans by subsidiary or affiliated companies,
and certain bookkeeping or data processing services.
3
COMPETITION
All phases of the Bank's business are highly competitive. The Bank's market
area is the primary trade area of Adams County, Pa., a western portion of York
County, Pa. and the northernmost portions of those counties in Maryland which
are immediately adjacent to the southern border of Adams County, with
concentration in the Gettysburg, Pa. area. The Bank competes with local
commercial banks as well as other commercial banks with branches in the Bank's
market area. The Bank considers its major competition to be PNC Corporation,
Farmers Bank and Trust Company, a subsidiary of Dauphin Deposit Corporation,
and Bank of Hanover and Trust Co..
GOVERNMENT MONETARY POLICIES AND ECONOMIC CONTROLS
The earnings and growth of the Bank are affected by the policies of the
regulatory authorities including the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, and the Federal Deposit Insurance
Corporation. An important function of the Federal Reserve System is to regulate
the money supply and interest rates. Among the instruments used to implement
these objectives are open market operations in U.S. Government Securities and
changes in reserve requirements against member bank deposits. These instruments
are used in varying combinations to influence overall growth and distribution
of Bank loans, investments, and deposits. Their use may also affect interest
rates charged on loans or paid for deposits.
The policies and regulations of the Federal Reserve Board have had and will
probably continue to have a significant effect on the Bank's deposits, loans,
and investment growth, as well as the rate of interest earned and paid. The
effect of such policies and regulations upon the future business and earnings
of the Bank cannot be accurately predicted.
EXECUTIVE OFFICERS OF THE REGISTRANT
NAME AGE POSITION
---- --- --------
Ronald L. Hankey 54 Director and President of the Corporation
and the Bank
John W. Krichten 48 Secretary/Treasurer of the Corporation and
Senior Vice President, Cashier, and Chief
Financial Officer of the Bank
Lynda L. Glass 34 Assistant Secretary of the Corporation and
Senior Vice President of the Bank
CONSOLIDATED FINANCIAL AND STATISTICAL PROFILE
The following tables set forth statistical information relating to the
Registrant and the Bank. The tables should be read in conjunction with the
consolidated financial statements of the Registrant which are incorporated by
reference hereinafter.
4
INVESTMENT PORTFOLIO
The following tables show the year-end composition of the investment
security portfolio for the three years ended December 31, 1994; the maturity
distribution of the portfolio at December 31, 1994; and the weighted average
yield of the portfolio at December 31, 1994.
Book Value
December 31,
---------------------------
HELD TO MATURITY 1994 1993 1992
---------------------------------------------------------------------
(in thousands)
U.S. Government and Federal Agency
Obligations $141,140 $142,769 $112,693
State and Political Subdivision
Obligations 1,509 1,296 1,632
Other Securities 2,256 3,737 7,484
-------- -------- --------
TOTAL $144,905 $147,802 $121,809
Maturity Distribution
Book Value
---------------------------------------
1 year 1 to 5 5 to 10 Over
or less years Years 10 years
-------- ------ ------- --------
(in thousands)
U.S. Government and Federal Agency
Obligations $54,267 $86,873 $0 $0
State and Political Subdivision
Obligations 547 230 378 354
Other Securities 0 0 0 2,256
------- ------- ----- ------
TOTAL $54,814 $87,103 $ 378 $2,610
*Federal Reserve Bank stock and Federal Home Loan Bank stock, having no
stated maturity, have been included in "Over 10 years" in the above table.
Weighted Average Yield
----------------------------------------------------
1 year 1 to 5 5 to 10 Over 10
or less years years years Total
-------- ------ ------- ------- -----
(in thousands)
U.S. Government and Federal
Agency Obligations 5.25% 5.47% 5.38%
State and Political Subdivision
Obligations 4.85% 8.50% 8.33% 8.33% 7.10%
Other Securities 6.00% 6.00%
The weighted average yield of tax exempt obligations has been calculated on
a tax equivalent basis. The amounts of the taxable equivalent adjustments are
based on an effective tax rate of 34%.
5
LOAN PORTFOLIO
The following summary shows the composition of the loan portfolio for the
five years ended December 31, 1994:
1994 1993 1992 1991 1990
------ ------ ------ ------ ------
(in thousands)
Domestic Loans:
Commercial, Financial,
and Agricultural $ 10,785 $ 14,100 $ 16,104 $ 17,038 $ 19,478
Real Estate Loans 268,944 250,242 250,359 261,145 272,919
R/E Construction 12,632 4,791 4,732 4,938 3,298
Consumer 17,444 17,950 20,867 23,387 24,749
-------- -------- -------- -------- --------
Total Loans 309,805 287,083 292,062 306,508 320,444
Unearned Discount 3,883 3,785 4,239 4,708 5,247
-------- -------- -------- -------- --------
Total $305,922 $283,298 $287,823 $301,800 $315,197
The following table shows the repricing opportunities for all loans
outstanding as of December 31, 1994. Those loans with immediately adjustable
rates (such as loans tied to prime) will be totaled in the one day column.
Those loans with rates that are adjustable at some time over the life of the
loan will be totaled under the time heading when they become adjustable. All
fixed rate loans will be totaled under the heading which they mature.
REPRICING
One Within 1 to 5 After
Day 1 year Years 5 Years Total
------- ------- -------- -------- -------
(in thousands)
Commercial, Financial,
and Agricultural $60,364 $ 7,430 $23,766 $1,157 $92,717
Consumer 4,688 13,147 20,773 38,608
Real Estate 0 144,076 33,875 529 178,480
------- -------- ------- ------- --------
Total $65,052 $164,653 $78,414 $1,686 $309,805
Included in the Real Estate total due within one year are $144,000,000 of
Adjustable Rate Mortgages (ARM). The Bank's ARM has a 2% per year interest rate
cap with a lifetime cap of 5%. The index used is the Federal Housing Finance
Board's National Average Mortgage Contract Rate for Mortgage Lenders on the
Purchase of Previously Occupied Homes.
6
The following table presents information concerning the aggregate amount of
nonperforming assets. Nonperforming assets comprise (a) loans accounted for on
a nonaccrual basis; (b) loans contractually past due ninety days or more but
still accruing; (c) loans with deferral of interest or principal because of
deterioration in the financial position of the borrower (exclusive of loans in
(a) or (b)); (d) loans now current where there are serious doubts as to the
ability of the borrower to comply with present loan repayment terms; and (e)
other real estate owned.
December 31
------------------------------------------------
1994 1993 1992 1991 1990
------- ------- ------- ------- -------
(in thousands)
Loans accounted for on
a nonaccrual basis $ 854 $ 977 $ 905 $1,093 $1,462
Loans contractually past due
90 days or more as to inte-
rest or principal payments 2,219 2,614 3,900 3,800 2,294
Loans whose terms have been
renegotiated to provide a
reduction or deferral of inte-
rest or principal because of a
deterioration in the financial
position of the borrower 0 377 0 0 0
Loans now current where there
are serious doubts as to the
ability of the borrower to
comply with present loan
repayment terms 0 0 0 0 0
Other real estate owned 1,037 850 1,110 0 0
The Bank does not accrue interest on any loan when principal or interest are
in default for 90 days or more unless the loan is well secured and in the
process of collection. Consumer loans and residential real estate loans secured
by 1 to 4 family dwellings shall ordinarily not be subject to these guidelines.
When a loan is placed in a nonaccrual status all previously accrued but
uncollected interest is charged against the interest income account. Previously
accrued interest is not charged off if principal and interest are protected by
sound collateral values.
7
SUMMARY OF LOAN LOSS EXPERIENCES
A detailed analysis of the Bank's Reserve for Loan Losses for the past five
years is shown below:
Year ended December 31
-------------------------------------
1994 1993 1992 1991 1990
------ ------ ------ ------ ------
Balance of reserve for loan
losses at beginning of period $3,581 $3,417 $2,815 $2,366 $2,061
Loans charged off:
Commercial, financial, and
agricultural 8 37 90 77 67
Real estate-mortgage 178 35 75 102 67
Real estate-construction 0 0 0 34 52
Consumer 70 120 125 148 135
------ ------ ------ ------ ------
Total loans charged off 256 192 290 361 321
Recovery of charged off loans:
Commercial, financial, and
agricultural 5 8 22 3 7
Real estate-mortgage 13 1 1 22 25
Real estate-construction 0 0 0 17 0
Consumer 27 32 14 23 17
------ ------ ------ ------ ------
Total recoveries 45 41 37 65 49
Net loans charged off 211 151 253 296 272
Additions to reserve 0 315 855 745 577
Balance at end of period $3,370 $3,581 $3,417 $2,815 $2,366
The amounts of additional provision to the reserve were based on
management's judgment after considering an analysis of larger loans, all loans
known to management to have unusual risk characteristics, non-performing or
problem loans, historical patterns of charge-offs and recoveries, and actual
net charge-offs. Further consideration was given to current economic and
employment conditions both nationally and in the Bank's local service area.
Loans secured by real estate comprise 92% of the Bank's total loan portfolio
at December 31, 1994. The majority of loans in both the commercial, financial,
and agricultural category and the consumer category are also secured by
personal property, negotiable assets, or business assets. This conservative
policy explains the low ratio of losses to loans experienced by the Bank over
the last five years. This policy did not change during the year ending 1994.
1995 losses for all loan categories are expected to approximate $200,000.
8
The following table reflects certain historical statistics of the Bank
relative to the relationship among loans (net of unearned discount), net
charge-offs, and the reserve:
Year ended December 31
-----------------------------------------------
1994 1993 1992 1991 1990
-------- -------- -------- -------- -------
(in thousands)
Balances
Average total loans $289,350 $288,790 $293,075 $307,489 $316,222
Total loans at yearend 305,922 283,298 287,823 301,800 315,197
Net charge-offs 211 151 253 296 272
Reserve for loan losses
at yearend 3,370 3,581 3,417 2,815 2,366
Ratios
Net charge-offs to:
Average total loans .07% .05% .09% .10% .09%
Total loans at yearend .07 .05 .09 .10 .09
Reserve for loan losses 6.26 4.22 7.40 10.52 11.50
Reserve for loan losses to:
Average total loans 1.16 1.24 1.17 .92 .75
Total loans at yearend 1.10 1.26 1.19 .93 .75
DEPOSITS
The average daily amounts of deposits are summarized below:
Year ended December 31
------------------------------
1994 1993 1992
-------- -------- --------
(in thousands)
Demand deposits $ 38,772 $ 33,906 $ 30,826
Interest-bearing demand deposits 56,420 50,563 46,302
Savings 137,910 127,785 102,406
Time deposits (excluding time cer-
tificates of deposit of $100,000
or more) 162,366 173,880 190,772
Time certificates of $100,000 or
more 13,856 18,255 24,260
-------- -------- --------
Total $409,324 $404,389 $394,566
9
Maturities of time deposits of $100,000 or more outstanding at December 31,
1994 are summarized as follows (in thousands):
3 months or less $ 3,938
Over 3 through 6 months 3,115
Over 6 through 12 months 3,035
Over 12 months 1,854
-------
Total $11,942
FINANCIAL RATIOS
The following ratios are among those commonly used in analyzing bank holding
company statements.
Year ended December 31
--------------------------------
1994 1993 1992 1991 1990
---- ---- ---- ---- ----
Profitability ratios:
Rate of return on average:
Earning assets 1.49% 1.57% 1.66% 1.51% 1.57%
Total assets 1.43 1.51 1.59 1.45 1.52
Total stockholders equity 14.15 15.61 17.63 16.85 18.48
Liquidity and capital ratios:
Average primary (1) capital
to average total assets 10.85 10.48 9.74 9.21 8.78
Average total stockholders eq-
uity to average earning assets 10.54 10.07 9.40 8.95 8.52
Average total stockholders eq-
uity to average total assets 10.12 9.70 9.04 8.62 8.22
Common dividend payout ratio (2) 50.45 44.73 40.68 42.74 40.97
----------------
(1) includes total shareholders equity and reserve for loan losses.
(2) Cash dividends paid on common stock as a percentage of net income.
10
The following table sets forth for the periods indicated a summary of the
changes in interest earned and interest paid resulting from changes in volume
and changes in rate.
1994 compared to 1993 1993 compared to 1992
(in thousands)
Increase (decrease) due to
----------------------------------------------------
Volume Rate Net Volume Rate Net
------ ----- ------ ------ ------ -------
Interest earned on:
Loans $ 48 $(1,721) $(1,673) $(399) $(2,606) $(3,005)
Taxable investment
securities 976 (615) 361 1,330 (1,296) 34
Non-taxable invest-
ment securities 56 (30) 26 (15) (6) (21)
Federal funds sold (261) 104 (157) (64) (84) (148)
Time deposits with
banks (77) 37 (40) (79) (39) (118)
------ ----- ------ ------ ------ ------
Total interest earning
assets 742 (2,225) (1,483) 773 (4,031) (3,258)
Interest paid on:
Interest bearing
Demand deposits 153 (165) (12) 135 (379) (244)
Savings deposits 307 (698) (391) 920 (831) 89
Time deposits (639) (605) (1,244) (1,149) (2,458) (3,607)
Short term borrowings 209 (37) 172 90 (16) 74
------ ---- ------ ------ ------ ------
Total interest bearing
liabilities 30 (1,505) (1,475) (4) (3,684) (3,688)
Net interest earnings $ 712 $ (720) $ (8) $ 777 $ (347) $ 430
The change in interest rates due to both rate and volume has been allocated
to volume and rate changes in proportion to the relationship of the absolute
dollar amounts of the change in each. Nonaccruing loans, being a small portion
of total loans, have not been excluded for these calculations.
11
ITEM 2. PROPERTIES
The principal properties of the Registrant and its subsidiary are those held
by the Bank. The Bank's main office and executive offices are located at 675
Old Harrisburg Road, Gettysburg, Adams County, Pa. Additionally, the Bank owns
13 other properties located at 2 Chambersburg St., 18-20 Chambersburg St.,
22-22 1/2 Chambersburg St., Gettysburg, Pa.; 17 S. Queen St., W. King St.,
Littlestown, Pa.; 369 Main St., McSherrystown; 1677 Abbottstown Pike, East
Berlin, Pa.; 202 Main St., York Springs, Pa.; 101 Main St., Arendtsville, Pa.;
U.S. Rte. 30, Cashtown, Pa.; 101 N. Main St., Bendersville, Pa.; Rte. 116 and
Sanders Road, Fairfield, Pa.; and Eichelberger St. and Kennedy Ct., Hanover,
Pa. The Bank also leases a full service office at South Main St., Biglerville,
Pa.
ITEM 3. LEGAL PROCEEDINGS
There are no material legal proceedings pending against the Registrant or
the Bank.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Page 37, entitled "Common Stock Market Prices and Dividends" and Note G on
page 31 of the Annual Report to Shareholders for the year ended December 31,
1994, are herein incorporated by reference.
ITEM 6. SELECTED FINANCIAL DATA
Selected Financial Data on page 36 of the Annual Report to Share-holders for
the year ended December 31, 1994, is herein incorporated by reference.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results of
Operations on pages 15 through 21 of the Annual Report to Shareholders for the
year ended December 31, 1994, is hereby incorporated by reference.
ITEM 8. FINANCIAL STATEMENTS AND SUPLEMENTARY DATA
The consolidated financial statements of the Registrant and the Bank,
included in the Annual Report to Shareholders, on pages 22 through 34 for the
year ended December 31, 1994, are incorporated herein by reference.
12
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
That portion of the Registrant's Proxy Statement dated April 15, 1995,
entitled "Election of Directors", appearing on pages 5 through 9 thereof, is
hereby incorporated by reference.
Information regarding executive officers of the Registrant is included in
PART I, ITEM I, BUSINESS.
ITEM 11. MANAGEMENT REMUNERATION
Those portions of the Registrant's Proxy Statement dated April 15, 1995,
entitled "Executive Compensation" and "Compensation of Directors", appearing on
page 9 through 14 thereof, are hereby incorporated by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
As of February 28,1995, there were no persons known to the Registrant to be
beneficial owners of more than 5% of the Registrant's common capital stock.
Those portions of the Registrant's Proxy Statement dated April 15, 1995,
entitled "Beneficial Ownership by Officers, Directors and Nominees ", appearing
on pages 3 through 5 are hereby incorporated by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information on page 15 through 16 of the Registrant's Proxy Statement
dated April 15, 1995, is hereby incorporated by reference.
Footnote M--Loans to Related Parties included in the Annual Report to
Shareholders, on page 34, for the year ended December 31, 1994, is herein
incorporated by reference.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
The Report of Independent Certified Public Accountants is on page 15.
Item 14(a)(1) Financial Statements:
The following consolidated financial statements of the Registrant and its
wholly-owned subsidiary included in the Annual Report to Shareholders, page 22
through 34, for the year ended December 31, 1994, are incorporated by reference
in Item 8:
13
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
ACNB CORPORATION
(Registrant)
By /s/ Ronald L. Hankey
----------------------------
President
/s/ John W. Krichten
----------------------------
Secretary/Treasurer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons in the capacities and on
the dates indicated.
/s/ R.W. Tyson
------------------------ Director 3/14/95
R.W. Tyson
/s/ Frank Elsner, Jr.
------------------------ Director 3/14/95
Frank Elsner, Jr.
/s/ William B. Lower
------------------------ Director 3/14/95
William B. Lower
/s/ Philip Asper
------------------------ Director 3/14/95
Philip Asper
/s/ Glenn Guise
------------------------ Director 3/14/95
Glenn Guise
/s/ Robert G. Bigham
------------------------ Director 3/14/95
Robert G. Bigham
/s/ C.F. Ditzler
------------------------ Director 3/14/95
C.F. Ditzler
/s/ Wayne Lau
------------------------ Director 3/14/95
Wayne Lau
/s/ Richard Galusha
------------------------ Director 3/14/95
Richard Galusha
/s/ Ralph S. Sandoe
------------------------ Director 3/14/95
Ralph S. Sandoe
/s/ Jennifer W. Hartman
------------------------ Director 3/14/95
Jennifer W. Hartman
/s/ Marian B. Schultz
------------------------ Director 3/14/95
Marian B. Schultz
/s/ Guy F. Donaldson
------------------------ Director 3/14/95
Guy F. Donaldson
/s/ Paul G. Pitzer
------------------------ Director 3/14/95
Paul G. Pitzer
/s/ D. Richard Guise
------------------------ Director 3/14/95
D. Richard Guise
/s/ Charles E. Ritter
------------------------ Director 3/14/95
Charles E. Ritter
/s/ S.M. Raffensperger
------------------------ Director 3/14/95
S.M. Raffensperger
/s/ Ronald L. Hankey
------------------------ Director 3/14/95
Ronald L. Hankey
/s/ [signature]
------------------------ [title] [date]
[name]
/s/ [signature]
------------------------ [title] [date]
[name]
/s/ [signature]
------------------------ [title] [date]
[name]
19
Consolidated Balance Sheets - December 31, 1994 and 1993
Consolidated Statements of Income - Years ended December 31, 1994, 1993, and
1992
Consolidated Statements of Cash Flows - December 31, 1994, 1993, and 1992
Consolidated Statements of Changes in Equity Capital - years ended December
31, 1994, 1993, and 1992
Condensed Financial Information of Registrant - year ended December 31, 1994
and 1993
Notes to Consolidated Financial Statements - December 31, 1994 and 1993
Schedules not listed above are omitted since the required information is
either not applicable, not deemed material, or is shown in the respective
financial statements or in the notes thereto.
ITEM 14(a)(3) EXHIBITS
Exhibit 3(a) Copy of Articles of Incorporation of ACNB Corporation is
incorporated by reference to Exhibit 3(a), page 15.
Exhibit 3(b) Copy of By-laws of ACNB Corporation is incorporated by
reference to Exhibit 3(b) of the Annual Report on Form 10-K for the year ended
December 31, 1992.
Exhibit 13 Annual Report to Shareholders, page 16.
Exhibit 21 Subsidiary of the Registrant, page 17.
Exhibit 23 Consent of Experts and Counsel, page 18.
Exhibit 27 Financial Data Schedule
ITEM 14(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the fourth quarter of 1994.
14