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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q 
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission file number 1-35015
 
ACNB CORPORATION
(Exact name of Registrant as specified in its charter) 
Pennsylvania 23-2233457
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
16 Lincoln Square, Gettysburg, Pennsylvania
 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:
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, $2.50 par value per share ACNBThe NASDAQ Stock Market, LLC
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes No
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
 
The number of shares of the Registrant’s Common Stock outstanding on April 30, 2021, was 8,715,020.



PART I - FINANCIAL INFORMATION
 
ACNB CORPORATION
ITEM 1 - FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
 
Dollars in thousands, except per share dataMarch 31,
2021
March 31,
2020
December 31,
2020
ASSETS   
Cash and due from banks$24,305 $23,169 $23,739 
Interest bearing deposits with banks482,453 106,001 375,613 
Total Cash and Cash Equivalents506,758 129,170 399,352 
Equity securities with readily determinable fair values2,535 1,888 2,170 
Debt securities available for sale355,008 253,048 337,718 
Securities held to maturity, fair value $9,451; $18,565; $10,768
9,155 18,090 10,294 
Loans held for sale12,000 4,786 11,034 
Loans, net of allowance for loan losses $20,237; $15,852; $20,226
1,590,481 1,590,187 1,617,558 
Premises and equipment, net32,491 34,506 33,013 
Right of use assets2,984 5,974 3,145 
Restricted investment in bank stocks2,798 3,701 2,942 
Investment in bank-owned life insurance63,739 62,306 63,401 
Investments in low-income housing partnerships1,349 1,474 1,380 
Goodwill42,108 41,700 42,108 
Intangible assets, net6,969 7,684 7,265 
Foreclosed assets held for resale 798  
Other assets26,242 24,753 23,982 
Total Assets$2,654,617 $2,180,065 $2,555,362 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
LIABILITIES   
Deposits:   
Non-interest bearing$589,045 $433,923 $556,666 
Interest bearing1,689,577 1,377,434 1,628,859 
Total Deposits2,278,622 1,811,357 2,185,525 
Short-term borrowings31,282 26,104 38,464 
Long-term borrowings65,616 71,723 53,745 
Lease liabilities2,984 6,047 3,138 
Other liabilities18,501 17,840 16,518 
Total Liabilities2,397,005 1,933,071 2,297,390 
STOCKHOLDERS’ EQUITY   
Preferred stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding
   
Common stock, $2.50 par value; 20,000,000 shares authorized; 8,777,620, 8,732,506 and 8,771,993 shares issued; 8,715,020, 8,669,906 and 8,709,393 shares outstanding
21,932 21,819 21,918 
Treasury stock, at cost (62,600 shares)
(728)(728)(728)
Additional paid-in capital94,215 93,150 94,048 
Retained earnings153,666 135,273 148,372 
Accumulated other comprehensive loss(11,473)(2,520)(5,638)
Total Stockholders’ Equity257,612 246,994 257,972 
Total Liabilities and Stockholders’ Equity$2,654,617 $2,180,065 $2,555,362 
 The accompanying notes are an integral part of the consolidated financial statements.
2


ACNB CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 Three Months Ended March 31,
Dollars in thousands, except per share data20212020
INTEREST AND DIVIDEND INCOME  
Loans, including fees$17,798 $19,035 
Securities: 
Taxable1,284 1,284 
Tax-exempt135 92 
Dividends61 90 
Other92 408 
Total Interest Income19,370 20,909 
INTEREST EXPENSE  
Deposits1,654 2,921 
Short-term borrowings10 15 
Long-term borrowings381 518 
Total Interest Expense2,045 3,454 
Net Interest Income17,325 17,455 
PROVISION FOR LOAN LOSSES50 4,000 
Net Interest Income after Provision for Loan Losses17,275 13,455 
OTHER INCOME  
Commissions from insurance sales1,383 1,440 
Service charges on deposit accounts774 990 
Income from fiduciary, investment management and brokerage activities703 668 
Income from mortgage loans held for sale1,283 318 
Earnings on investment in bank-owned life insurance338 347 
Net gains (losses) on equity securities365 (475)
Service charges on ATM and debit card transactions778 638 
Other289 240 
Total Other Income5,913 4,166 
OTHER EXPENSES  
Salaries and employee benefits8,668 8,501 
Net occupancy1,167 981 
Equipment1,291 1,284 
Other tax393 327 
Professional services224 402 
Supplies and postage163 209 
Marketing and corporate relations77 184 
FDIC and regulatory232 41 
Merger related expenses 5,965 
Intangible assets amortization296 315 
Foreclosed real estate (income) expenses(1)75 
Other operating1,277 1,173 
Total Other Expenses13,787 19,457 
Income (Loss) before Income Taxes9,401 (1,836)
PROVISION (BENEFIT) FOR INCOME TAXES1,930 (613)
Net Income (Loss)$7,471 $(1,223)
PER SHARE DATA  
Basic earnings (loss)$0.86 $(0.14)
Cash dividends declared$0.25 $0.25 
The accompanying notes are an integral part of the consolidated financial statements.
3


ACNB CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
 Three Months Ended March 31,
Dollars in thousands20212020
NET INCOME (LOSS)$7,471 $(1,223)
OTHER COMPREHENSIVE INCOME  
SECURITIES  
Unrealized (losses) gains arising during the period, net of income taxes of $(1,738) and $907, respectively
(6,079)3,202 
Reclassification adjustment for net gains included in net income, net of income taxes of $0 and $0, respectively (A) (C)
  
PENSION  
Amortization of pension net loss, transition liability, and prior service cost, net of income taxes of $69 and $38, respectively (B) (C)
244 131 
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME(5,835)3,333 
TOTAL COMPREHENSIVE INCOME$1,636 $2,110 
 
The accompanying notes are an integral part of the consolidated financial statements.

(A) Gross amounts are included in net gains on sales or calls of securities on the Consolidated Statements of Income in total other income.

(B) Gross amounts are included in the computation of net periodic benefit cost and are included in salaries and employee benefits on the Consolidated Statements of Income in total other expenses.

(C) Income tax amounts are included in the provision for income taxes on the Consolidated Statements of Income.
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ACNB CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Three Months Ended March 31, 2021 and 2020
Dollars in thousandsCommon StockTreasury StockAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
BALANCE – JANUARY 1, 2021
$21,918 $(728)$94,048 $148,372 $(5,638)$257,972 
Net income   7,471  7,471 
Other comprehensive loss, net of taxes    (5,835)(5,835)
Common stock shares issued (5,627 shares)
14  (195)  (181)
Restricted stock compensation expense  362   362 
Cash dividends declared   (2,177) (2,177)
BALANCE – MARCH 31, 2021$21,932 $(728)$94,215 $153,666 $(11,473)$257,612 
Dollars in thousandsCommon StockTreasury StockAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
BALANCE – JANUARY 1, 2020
$17,855 $(728)$39,579 $138,663 $(5,853)$189,516 
Net loss— — — (1,223)— (1,223)
Other comprehensive income, net of taxes— — — — 3,333 3,333 
Common stock shares issued (1,590,547 shares)
3,964 — 53,309 — — 57,273 
Restricted stock compensation expense— — 262 — — 262 
Cash dividends declared— — — (2,167)— (2,167)
BALANCE – MARCH 31, 2020$21,819 $(728)$93,150 $135,273 $(2,520)$246,994 
The accompanying notes are an integral part of the consolidated financial statements.
5


ACNB CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended March 31,
Dollars in thousands20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss)$7,471 $(1,223)
Adjustments to reconcile net income to net cash provided by operating activities:  
Gain on sales of loans originated for sale(1,283)(318)
Loss on sales of foreclosed assets held for resale, including writedowns 13 
Earnings on investment in bank-owned life insurance(338)(347)
(Gain) Loss on equity securities(365)475 
Restricted stock compensation expense362 262 
Depreciation and amortization866 959 
Provision for loan losses50 4,000 
Net amortization of investment securities premiums410 125 
Decrease (Increase) in accrued interest receivable183 (91)
Decrease in accrued interest payable(612)(153)
Mortgage loans originated for sale(46,670)(14,302)
Proceeds from sales of loans originated for sale46,987 16,290 
(Increase) Decrease in other assets(184)943 
Increase in deferred tax expense(398)(221)
Increase in other liabilities2,559 2,004 
Net Cash Provided by Operating Activities9,038 8,416 
CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from maturities of investment securities held to maturity1,139 1,144 
Proceeds from maturities of investment securities available for sale26,693 6,087 
Purchase of investment securities available for sale(52,210)(42,404)
Redemption of restricted investment in bank stocks144 1,084 
Net decrease (increase) in loans27,027 (5,622)
Purchase of bank-owned life insurance (400)
Bank acquisition, net of cash acquired 35,262 
Capital expenditures(76)(406)
Proceeds from sales of premises and equipment28  
Proceeds from sales of foreclosed real estate 135 
Net Cash Provided by (Used in) Investing Activities2,745 (5,120)
CASH FLOWS FROM FINANCING ACTIVITIES  
Net increase in demand deposits32,379 16,054 
Net increase in time certificates of deposits and interest bearing deposits60,718 8,985 
Net decrease in short-term borrowings(7,182)(7,331)
Proceeds from long-term borrowings15,000  
Repayments on long-term borrowings(3,129)(4,023)
Dividends paid(2,177)(2,167)
Common stock issued14  
Net Cash Provided by Financing Activities95,623 11,518 
Net Increase in Cash and Cash Equivalents107,406 14,814 
CASH AND CASH EQUIVALENTS — BEGINNING399,352 114,356 
CASH AND CASH EQUIVALENTS — ENDING$506,758 $129,170 
Supplemental disclosures of cash flow information
Interest paid$2,657 $3,607 
Income taxes paid$ $ 
Loans transferred to foreclosed assets held for resale and other foreclosed transactions$ $118 
Transactions related to acquisition
Increase in assets and liabilities:
Securities$ $22,167 
Loans 333,967 
Premises and equipment 11,682 
Investment in bank-owned life insurance 10,896 
Restricted investments in bank stocks 1,141 
Foreclosed assets held for resale 464 
Goodwill 22,120 
Core deposit intangible assets 3,572 
Other assets 2,970 
Non-interest bearing deposits 103,492 
Interest bearing deposits 270,566 
Trust preferred debentures 6,000 
Long term borrowings 3,450 
Other liabilities 2,824 
Common shares issued 57,909 
 The accompanying notes are an integral part of the consolidated financial statements.
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ACNB CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.     Basis of Presentation and Nature of Operations
 
ACNB Corporation (the Corporation or ACNB), headquartered in Gettysburg, Pennsylvania, provides banking, insurance, and financial services to businesses and consumers through its wholly-owned subsidiaries, ACNB Bank (Bank) and Russell Insurance Group, Inc. (RIG). The Bank engages in full-service commercial and consumer banking and wealth management services, including trust and retail brokerage, through its thirty-one community banking offices, including twenty community banking office locations in Adams, Cumberland, Franklin and York Counties, Pennsylvania, as of April 1, 2021. There are also loan production offices situated in Lancaster and York, Pennsylvania, and Hunt Valley, Maryland.

RIG is a full-service insurance agency based in Westminster, Maryland, with additional locations in Germantown and Jarrettsville, Maryland. The agency offers a broad range of property and casualty and group life and health insurance to both individual and commercial clients.

On July 1, 2017, ACNB completed its acquisition of New Windsor Bancorp, Inc. (New Windsor) of Taneytown, Maryland. At the effective time of the acquisition, New Windsor merged with and into a wholly-owned subsidiary of ACNB, immediately followed by the merger of New Windsor State Bank (NWSB) with and into ACNB Bank. ACNB Bank now operates in the Maryland market as “NWSB Bank, A Division of ACNB Bank” and serves its marketplace with banking and wealth management services via a network of six community banking offices located in Carroll County, Maryland, as of April 1, 2021.

On January 11, 2020, ACNB completed the acquisition of Frederick County Bancorp, Inc. (FCBI), a bank holding company based in Frederick, Maryland. In addition, Frederick County Bank, a Maryland state-chartered bank and FCBI’s wholly-owned subsidiary, merged with and into ACNB Bank. ACNB Bank now operates in the Frederick County, Maryland, market as “FCB Bank, A Division of ACNB Bank” and serves its marketplace with banking and wealth management services via a network of five community banking offices located in Frederick County, Maryland. Further discussion of the FCBI acquisition can be found in Note 2 of these Notes to Consolidated Financial Statements.

The Corporation’s primary sources of revenue are interest income on loans and investment securities and fee income on its products and services. Expenses consist of interest expense on deposits and borrowed funds, provisions for loan losses, and other operating expenses.
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly ACNB Corporation’s financial position and the results of operations, comprehensive (loss) income, changes in stockholders’ equity, and cash flows. All such adjustments are of a normal recurring nature.
 
The accounting policies followed by the Corporation are set forth in Note A to the Corporation’s consolidated financial statements in the 2020 ACNB Corporation Annual Report on Form 10-K, filed with the SEC on March 5, 2021. It is suggested that the consolidated financial statements contained herein be read in conjunction with the consolidated financial statements and notes included in the Corporation’s Annual Report on Form 10-K. The results of operations for the three month period ended March 31, 2021, are not necessarily indicative of the results to be expected for the full year.

ASU 2018-14

The Corporation adopted ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.

The ASU removes the following disclosures:

the amounts in accumulated other comprehensive income that the entity expects to recognize in net periodic benefit cost during the next fiscal year;
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the amount and timing of plan assets expected to be returned to the employer; and,

certain related party disclosures.

The ASU clarifies the following disclosure requirements:

the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets must be disclosed; and,

the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets must be disclosed.

The ASU adds the following disclosure requirements:

the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; and,

an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period.

The ASU is effective for public business entities in fiscal years ending after December 15, 2020. Early adoption is permitted.

The Corporation is currently evaluating the impact this ASU will have on its consolidated financial condition or results of operations

The Corporation has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2021, for items that should potentially be recognized or disclosed in the consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

2.    Acquisition of Frederick County Bancorp, Inc.

On January 11, 2020, ACNB completed its previously announced acquisition of Frederick County Bancorp, Inc. (FCBI) of Frederick, Maryland. FCBI was a locally owned and managed institution with five locations in Frederick County, Maryland. The acquisition positioned ACNB Corporation for continual and profitable growth in a desirable market that is adjacent to the Corporation’s current footprint in southcentral Pennsylvania and central Maryland. ACNB transacted the merger to complement the Corporation’s existing operations, while consistent with the Corporation’s strategic plan of enhancing long-term shareholder value. The fair value of total assets acquired as a result of the merger totaled $443.4 million, loans totaled $329.3 million and deposits totaled $374.1 million.

Goodwill recorded in the merger was $22.5 million. In accordance with the terms of the Reorganization Agreement, each share of FCBI common stock was converted into the right to receive 0.9900 share of ACNB common stock. As a result of the merger, ACNB issued 1,590,547 shares of its common stock and cash in exchange for fractional shares based upon $36.43, the determined market price of ACNB common stock in accordance with the Reorganization Agreement. The results of the combined entity’s operations are included in the Corporation’s Consolidated Financial Statements from the date of acquisition.

The acquisition of FCBI is being accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition.

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The following table summarizes the consideration paid for FCBI and the fair value of assets acquired and liabilities assumed as of the acquisition date:

Purchase Price Consideration in Common Stock
FCBI shares outstanding1,601,764 
Shares paid in cash for fractional shares150.88 
Cash consideration (per share)$36.43 
Cash portion of purchase price (cash payout of stock options and cash in lieu of fractional shares)$100,798 
FCBI shares outstanding1,601,764 
Shares paid stock consideration1,601,613 
Exchange ratio0.9900 
Total ACNB shares issued1,585,597 
ACNB’s share price for purposes of calculation$36.34 
Equity portion of purchase price$57,620,595 
Cost of shares owned by buyer$187,200 
Total consideration paid$57,908,593 
Allocation of Purchase PriceIn thousands
Total Purchase Price$57,909 
Fair Value of Assets Acquired
Cash and cash equivalents35,262 
Investment securities22,167 
Loans held for sale4,050 
Loans329,312 
Restricted stock1,141 
Premises and equipment10,959 
Core deposit intangible asset3,560 
Other assets14,446 
Total assets420,897 
Fair Value of Liabilities Assumed
Non-interest bearing deposits103,492 
Interest bearing deposits270,566 
Subordinated debt6,000 
Long term borrowings3,450 
Other liabilities2,008 
Total liabilities385,516 
Net Assets Acquired35,381 
Goodwill Recorded in Acquisition$22,528 

Pursuant to the accounting requirements, the Corporation assigned a fair value to the assets acquired and liabilities assumed of FCBI. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”

The assets acquired and liabilities assumed in the acquisition of FCBI were recorded at their estimated fair values based on management’s best estimates using information available at the date of the acquisition and are subject to adjustment for up to one year after the closing date of the acquisition. While the fair values are not expected to be materially different from the estimates, any material adjustments to the estimates will be reflected, retroactively, as of
9


the date of the acquisition. The items most susceptible to adjustment are the fair value adjustments on loans, core deposit intangible and the deferred income tax assets resulting from the acquisition.

Fair values of the major categories of assets acquired and liabilities assumed were determined as follows:

Investment securities available-for-sale

The estimated fair values of the investment securities available for sale, primarily comprised of U.S. Government agency mortgage-backed securities, U.S. government agencies and municipal bonds, were determined using Level 2 inputs in the fair value hierarchy. The fair values were determined using independent pricing services. The Corporation’s independent pricing service utilized matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific security but rather relying on the security’s relationship to other benchmark quoted prices. Management reviewed the data and assumptions used in pricing the securities. A fair value premium of $163,000 was recorded and will be amortized over the estimated life of the investments using the interest rate method.

Loans

Acquired loans (impaired and non-impaired) are initially recorded at their acquisition-date fair values using Level 3 inputs. Fair values are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, expected life time losses, environmental factors, collateral values, discount rates, expected payments and expected prepayments. Specifically, the Corporation has prepared three separate loan fair value adjustments that it believed a market participant might employ in estimating the entire fair value adjustment necessary under ASC 820-10 for the acquired loan portfolio. The three-separate fair valuation methodology employed are: 1) an interest rate loan fair value adjustment, 2) a general credit fair value adjustment, and 3) a specific credit fair value adjustment for purchased credit impaired loans subject to ASC 310-30 procedures. The acquired loans were recorded at fair value at the acquisition date without carryover of FCBI’s previously established allowance for loan losses. The fair value of the financial assets acquired included loans receivable with a gross amortized cost basis of $339,577,000. The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired. The credit adjustment on purchased credit impaired loans is derived in accordance with ASC 310-30 and represents the portion of the loan balances that has been deemed uncollectible based on the Corporation’s expectations of future cash flows for each respective loan.
In thousands  
Gross amortized cost basis at January 11, 2020$339,577 
Interest rate fair value adjustment on pools of homogeneous loans(2,632)
Credit fair value adjustment on pools of homogeneous loans(5,931)
Credit fair value adjustment on purchased credit impaired loans(1,702)
Fair value of acquired loans at January 11, 2020$329,312 

For loans acquired without evidence of credit quality deterioration, ACNB prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into homogeneous pools by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value discount of $2.6 million.

Additionally for loans acquired without credit deterioration, a credit fair value adjustment was calculated using a two-part credit fair value analysis: 1) expected lifetime credit migration losses; and 2) estimated fair value adjustment for certain qualitative factors. The expected lifetime losses were calculated using historical losses observed at the Bank, FCBI and peer banks. ACNB also estimated an environmental factor to apply to each loan type. The environmental factor represents potential discount which may arise due to general credit and economic factors. A credit fair value discount of $5.3 million was determined. Both the interest rate and credit fair value adjustments relate to loans acquired with evidence of credit quality deterioration will be substantially recognized as interest income on a level yield amortization method over the expected life of the loans.

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The following table presents the acquired purchased credit impaired loans receivable at the Acquisition Date:
In thousands
Contractual principal and interest at acquisition$4,289 
Nonaccretable difference(2,361)
Expected cash flows at acquisition1,928 
Accretable yield(354)
Fair value of purchased impaired loans