ACNB Corporation Announces First Quarter Cash Dividend

Rhea-AI Summary

ACNB Corporation's Board of Directors has declared a quarterly cash dividend of $0.25 per share, payable on March 15, 2021, to shareholders of record as of March 1, 2021. This dividend will total approximately $2.2 million for the first quarter of 2021, consistent with last year's dividend amount. Despite challenges posed by the COVID-19 pandemic, CEO James P. Helt affirmed the company's commitment to sustain this dividend, highlighting the resilience of ACNB's community banking and insurance subsidiaries amidst ongoing uncertainty.

Positive

• Quarterly cash dividend of $0.25 per share demonstrates consistent shareholder returns.
• Aggregate dividend payments of approximately $2.2 million reflect company stability.
• Sustained dividend during the pandemic indicates management's confidence in resilience.

Negative

• Ongoing uncertainty related to operational challenges due to COVID-19.

GETTYSBURG, Pa., Feb. 01, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of ACNB Corporation recently approved and declared the payment of the regular quarterly cash dividend. The cash dividend of $0.25 per share is payable on March 15, 2021, to shareholders of record on March 1, 2021. This per share amount will result in aggregate dividend payments of approximately $2.2 million to ACNB Corporation shareholders in the first quarter of 2021. In comparison to a year ago, ACNB Corporation also paid a $0.25 dividend per share in the first quarter of 2020.

“At ACNB Corporation, there is a long history of continuous and meaningful quarterly dividends paid to shareholders. For the first quarter of 2021, the Board of Directors voted to sustain this history even though we still face challenges while operating in a COVID-19 environment,” said James P. Helt, ACNB Corporation President & Chief Executive Officer. “The quarterly dividend to our shareholders remains steady at $0.25 per share, as it has throughout the pandemic.”

Mr. Helt continued, “Looking forward, there is still uncertainty ahead. However, at ACNB Corporation’s community banking and insurance agency subsidiaries, we have proven to be resilient and will continue to adapt in 2021 to further our commitment to our customers, shareholders and communities.”
        
ACNB Corporation, headquartered in Gettysburg, PA, is the $2.6 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 21 community banking offices, located in the four southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, as well as loan offices in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Bank operating in Maryland, FCB Bank and NWSB Bank serve the local marketplace with a network of five and seven community banking offices located in Frederick County and Carroll County, MD, respectively. Russell Insurance Group, Inc., the Corporation’s insurance subsidiary, is a full-service agency with licenses in 44 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.

FORWARD-LOOKING STATEMENTS - In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of governmental and fiscal policies, as well as legislative and regulatory changes; the effects of new laws and regulations, specifically the impact of the Coronavirus Response and Relief Supplemental Appropriations Act, the Coronavirus Aid, Relief, and Economic Security Act, the Tax Cuts and Jobs Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act; impacts of the capital and liquidity requirements of the Basel III standards; the effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short- and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; the effects of economic conditions particularly with regard to the negative impact of severe, wide-ranging and continuing disruptions caused by the spread of Coronavirus Disease 2019 (COVID-19) and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; the effects of technology changes; volatilities in the securities markets; the effect of general economic conditions and more specifically in the Corporation’s market areas; the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism; disruption of credit and equity markets; the ability to manage current levels of impaired assets; the loss of certain key officers; the ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

Contact: Lynda L. Glass
EVP/Secretary &
Chief Governance Officer
717.339.5085
lglass@acnb.com

FAQ

What is the dividend amount declared by ACNB for Q1 2021?

ACNB declared a dividend amount of $0.25 per share for Q1 2021.

When will the ACNB dividend be paid?

The ACNB dividend will be paid on March 15, 2021.

What are the implications of the ACNB dividend during the pandemic?

The decision to maintain the dividend amidst the pandemic reflects ACNB's operational resilience and commitment to shareholders.

What is the total dividend payment for ACNB shareholders in Q1 2021?

The total dividend payment for ACNB shareholders in Q1 2021 will be approximately $2.2 million.