ACNB

Banks cannot unilaterally raise prices, but ACNB has shown above‑industry net interest margin due to its low‑cost funding and asset mix. FTE NIM reached 4.46% in Q1 2026, well ahead of the U.S. banking industry’s ~3.31% in the same period.

This spread reflects some latent “pricing power” via funding advantage and disciplined loan pricing, though it will ebb and flow with the rate cycle and competition. Fee income from insurance, wealth, and services adds some resilience but is not dominant. We therefore assign moderate pricing power.