ACNB

Management has been rational and shareholder‑minded. The December 2025 securities portfolio repositioning (selling ~$74.6 million of low‑yield AFS securities for a modest loss) quickly improved NIM, trading a small one‑time hit for higher ongoing earnings power.

In 2025, the company returned ~$25.5 million via dividends and buybacks combined, and in April 2026 it increased the regular dividend to $0.42, declared a $0.50 special dividend, and authorized a new buyback up to ~3% of shares.

The Traditions acquisition was completed Feb 1, 2025 with added core deposit intangible and goodwill; early run‑rate profitability has improved while capital stayed strong. We will continue to watch integration costs and any future M&A discipline.