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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 (NASDAQ: ACNB) has initiated a stock repurchase plan to buy back up to 261,000 shares, representing about 3% of its outstanding common stock. This decision, endorsed by the Board of Directors, aims to enhance shareholder value. CEO James P. Helt emphasized that the buyback signifies a commitment to investors and seeks to improve the investment potential for shareholders. The buybacks will be executed based on market conditions and available capital, replacing any previous repurchase plans.
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.
ACNB Corporation reported net income of $7,049,000 for Q4 2020, a 38.7% increase from Q4 2019, with earnings per share rising to $0.81. However, the annual net income dropped to $18,394,000, down 22.5% from 2019, mainly due to $5,965,000 in merger-related expenses and a $9,140,000 increase in loan loss provisions linked to COVID-19 impacts. Total assets grew by $443,425,000 following the Frederick County Bancorp acquisition. Net interest income rose to $73,068,000, up 23%, and total deposits increased by 54.8% to $2,185,525,000.
ACNB Corporation reported a net income of $6,771,000 for Q3 2020, a 7.3% increase from Q3 2019. Basic earnings per share decreased to $0.79. For the nine months ending September 30, 2020, net income was $11,345,000, down 39.1% year-over-year due to merger-related expenses of $5,965,000 and a higher provision for loan losses of $8,100,000. Despite these struggles, total revenues grew by 16.9% to $68,237,000, and total loans increased by 32.0% to $1,700,883,000 due to the acquisition of Frederick County Bancorp.
ACNB Corporation has declared a quarterly cash dividend of $0.25 per share, payable on December 15, 2020, to shareholders of record on December 1, 2020. This dividend results in total payments of approximately $8.7 million for 2020, reflecting a year-over-year increase of about $1.8 million. The company has maintained this dividend amount since June 2019, demonstrating stability despite the challenges posed by the COVID-19 pandemic. ACNB's dividend policy showcases its commitment to shareholder returns and financial resilience.
ACNB Corporation (NASDAQ: ACNB) announced a significant decline in loans under temporary modification due to COVID-19. As of June 30, 2020, 466 loans totaling $234.6 million were modified, representing 13.5% of its portfolio. By August 31, 2020, only 88 loans totaling $86.7 million remained modified, dropping to 5.0%. CEO James P. Helt highlighted the reduced demand for modifications as a sign of the customer base's resilience, noting a lower potential for defaults and losses. The corporation continues to support customers on a case-by-case basis while monitoring the economic landscape.
ACNB Corporation has reported financial results for the second quarter of 2020, highlighting a net income of $5,797,000, a 10.4% decrease from the same period in 2019. For the first half of 2020, net income totaled $4,574,000, down 62.9% year-over-year, mainly due to merger-related expenses and increased loan loss provisions linked to COVID-19 impacts. The corporation acquired Frederick County Bancorp, adding $443.4 million in assets and $374.1 million in deposits. Net interest income rose 20.8% to $35.8 million, with total loans growing by 35.5%. Dividends paid reached $0.50 per share for the first half.
ACNB Corporation has announced a quarterly cash dividend of $0.25 per share, payable on September 15, 2020, to shareholders of record by August 31, 2020. This totals approximately $2.2 million in dividends for Q3 2020, matching the dividend amount from Q3 2019. Over the first nine months of 2020, total dividends paid will amount to $0.75 per share, aggregating to over $6.5 million, compared to $5.1 million during the same period last year. The Board emphasized its commitment to shareholders during the challenges posed by the COVID-19 pandemic.
ACNB Corporation held its 2020 Annual Meeting virtually on May 5, addressing performance highlights from 2019. The company achieved record earnings of $23.7 million, a 9% increase from 2018, and expanded into Lancaster, PA with a new loan office. Shareholders approved executive compensation and elected new board members during the meeting. The company also announced plans to acquire Frederick County Bancorp, Inc. and received recognition as one of the Top 50 Fastest Growing Companies in central Pennsylvania. The firm emphasized community support amid the ongoing COVID-19 pandemic.
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