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ACNB Corporation (NASDAQ: ACNB) is a financial holding company headquartered in Gettysburg, PA. Through its subsidiaries, ACNB Bank and ACNB Insurance Services, Inc., the company provides a wide range of banking, insurance, and financial services to individuals, businesses, and government entities. Originally founded in 1857, ACNB Bank offers traditional banking products such as checking, savings, and money market deposit accounts, as well as commercial and consumer lending products including commercial mortgages, real estate development and construction loans, and personal residential mortgages. ACNB Insurance Services, Inc., a full-service insurance agency operating with licenses in 46 states, provides property, casualty, health, life, and disability insurance solutions.
As of March 31, 2024, ACNB Corporation reported total assets of $2.41 billion, total loans of $1.66 billion, and total deposits of $1.84 billion. The company is dedicated to maintaining strong asset quality, evidenced by a non-performing loan ratio of 0.24% and a tangible common equity to tangible assets ratio of 9.61%. The company's financial performance highlights include a net interest margin of 3.77% and a return on average assets of 1.12% for the first quarter of 2024. ACNB Corporation also declared a quarterly cash dividend of $0.32 per share payable in June 2024, reflecting a 14.2% increase over the previous year.
Recent initiatives by ACNB Corporation include rebranding efforts to unify its subsidiaries under a single brand and strategic moves to enhance its capital base and liquidity. The company continues to focus on executing its strategic plan to remain the independent financial services provider of choice in its markets, delivering value to shareholders, supporting its communities, and meeting customer needs with a comprehensive range of financial products and services.
ACNB Corporation reported record net income of $35.75 million for the year ended December 31, 2022, a 28.45% increase from 2021, driven by $12.18 million rise in net interest income. Basic earnings per share rose to $4.15 from $3.19. For Q4 2022, net income surged 126.90% to $10.20 million, with earnings per share at $1.20. Total loans rose to $1.54 billion, an increase of 4.78%, while deposits fell 9.37% to $2.20 billion. The board approved a new stock buyback program targeting 255,575 shares. Noninterest income declined 4.25%.
ACNB Corporation (NASDAQ: ACNB) announces the rebranding of its Maryland banking divisions, NWSB Bank and FCB Bank, to align under the ACNB Bank name effective January 1, 2023. This change aims to enhance brand recognition and simplify customer interactions across markets in Carroll and Frederick counties. ACNB Bank, with 165 years of community banking experience, will continue to offer a range of financial services. The rebranding follows previous acquisitions in 2017 and 2020, reinforcing ACNB's strategic expansion in the region.
ACNB Corporation reported a strong financial performance for Q3 2022, with net income of $10,324,000, a 40.27% increase from the same period in 2021. Basic earnings per share rose to $1.20, up from $0.84. Year-to-date net income also increased to $25,553,000, a 9.49% rise. The growth was mainly attributed to an increase in net interest income, which jumped by $4,520,000, and commissions from insurance sales. However, total deposits declined by 3.72% due to customers seeking higher-yield investments amid rising interest rates.
ACNB Corporation (NASDAQ: ACNB) announced a quarterly cash dividend of $0.28 per share, a 7.7% increase from the previous year, totaling approximately $2.4 million in fourth-quarter payments. The company also approved a new share repurchase program for up to 255,575 shares, about 3.0% of outstanding stock. These actions reflect ACNB's commitment to maximizing shareholder value, supported by strong financial performance in 2022, with total annual dividends reaching $1.06 per share, compared to $1.03 in 2021.
ACNB Corporation reported net income of $8,630,000 for Q2 2022, a 1.43% increase from Q2 2021. Basic EPS rose to $0.99, up from $0.98. Key growth drivers included $1,235,000 in increased net interest income and $955,000 from insurance commissions. However, net income for the first half of 2022 fell 4.69% to $15,229,000, primarily due to reduced residential mortgage loan sales. Total loans decreased 3.08% year-over-year, while deposits grew 1.10%. The company plans to open a new banking office in October 2022 and continue strategic insurance acquisitions.
ACNB Corporation (NASDAQ: ACNB) has declared a quarterly cash dividend of $0.26 per share, payable on September 15, 2022, to shareholders of record as of September 1, 2022. This dividend reflects a 4.0% increase compared to $0.25 paid in Q3 2021, resulting in aggregate payments of approximately $2.2 million for this quarter. In total, ACNB will have paid $0.78 in dividends per share for the first nine months of 2022, amounting to over $6.7 million to shareholders. This increase highlights the company’s strong financial performance.
ACNB Corporation (NASDAQ: ACNB) has appointed Jason H. Weber as the Executive Vice President/Treasurer & Chief Financial Officer effective June 1, 2022. Weber succeeds David W. Cathell, who retired after 15 years in the position. Weber, who has a background in finance and corporate development, joined ACNB in January 2022 as Executive Vice President/Finance. His experience is seen as crucial for executing the company's strategic growth plans. ACNB Corporation, a $2.7 billion financial holding company, focuses on banking and insurance services across several regions.
ACNB Corporation held its 2022 Annual Meeting of Shareholders on May 3, 2022, emphasizing its focus on growth and maintaining strong relationships despite a challenging business environment. In 2021, the company achieved record net income of $27.8 million, reflecting a 51% increase from the previous year, driven by higher fee income and lower loan loss provisions. Shareholders elected new Class 1 Directors and approved executive compensation proposals. ACNB continues to prioritize maximizing shareholder value while navigating the impacts of the pandemic and market uncertainties.
ACNB Corporation reported a net income of $6,599,000 for Q1 2022, a decrease of 11.7% from Q1 2021. Basic earnings per share fell to $0.76, down from $0.86. The drop was attributed to a $1,000,000 decrease in residential mortgage loan sales and $775,000 from lower PPP income. However, total deposits increased by 5.8% year-over-year, reaching $2,410,761,000. Cash dividends rose 4.0% year-over-year to $0.26 per share. Looking ahead, ACNB remains optimistic about loan growth and capitalizing on higher yields from recent investments.
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