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ACNB Corporation Announces First Quarter Cash Dividend

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ACNB Corporation (NASDAQ: ACNB) announced a 7.1% increase in their regular quarterly cash dividend to $0.30 per share, resulting in aggregate dividend payments of nearly $2.6 million to shareholders in the first quarter of 2024. This marks the Corporation’s 165th consecutive quarterly cash dividend to shareholders since its formation in 1982. ACNB Corporation is the independent $2.4 billion financial holding company for ACNB Bank and ACNB Insurance Services, Inc., offering banking, wealth management, and insurance services in Pennsylvania and Maryland.
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The announcement by ACNB Corporation of a 7.1% increase in its quarterly cash dividend is a reflection of the company's financial health and its commitment to shareholder returns. This increment is notably above the inflation rate, suggesting that the company is not only maintaining but potentially increasing its real dividend value. The consistency of the dividend payout, with 165 consecutive quarters since 1982, indicates a stable and reliable income stream for investors, which is particularly attractive in a volatile market. Moreover, the aggregate payment of nearly $2.6 million in dividends implies that the company has sufficient cash flow to support this distribution without compromising its operational capabilities or growth investments.

In the context of the broader banking industry, ACNB Corporation's dividend increase can be seen as a competitive move to attract and retain investors. Banks and financial institutions are often evaluated on their dividend yield and payout ratios and a higher dividend can make ACNB's stock more appealing in comparison to its peers. However, it is also essential to consider the payout ratio in relation to the company's earnings to ensure that the dividends are sustainable in the long term. Investors may view the increase as a positive signal of the company's confidence in its future earnings and cash flow stability.

The decision by ACNB Corporation to increase its dividend during a period of economic uncertainty may be indicative of its strong capital position and prudent management. It is important to analyze the broader economic conditions, such as interest rate trends and regulatory changes, which can significantly impact the banking sector's profitability. A bank that can increase its dividends in such an environment may be better positioned to weather economic headwinds. However, it is also critical to monitor the bank's loan portfolio quality and capital adequacy ratios to ensure that the increased dividend does not come at the expense of necessary capital buffers.

GETTYSBURG, Pa., Jan. 24, 2024 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today that the Board of Directors approved and declared a regular quarterly cash dividend of $0.30 per share of ACNB Corporation common stock payable on March 15, 2024, to shareholders of record as of March 1, 2024. This per share amount reflects a 7.1% increase over the same quarter of 2023 and will result in aggregate dividend payments of nearly $2.6 million to ACNB Corporation shareholders in the first quarter of 2024. Compared to a year ago, ACNB Corporation paid a $0.28 dividend per common share in the first quarter of 2023. This action marks the Corporation’s 165th consecutive quarterly cash dividend to shareholders since its formation in 1982.

ACNB Corporation, headquartered in Gettysburg, PA, is the independent $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, 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 26 community banking offices and three loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance 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 and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.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 national, regional and 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: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; 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-term 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; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis 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; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; 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; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; 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 or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; 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.

ACNB #2024-2
January 24, 2024

Contact:Kevin J. Hayes
 SVP/General Counsel,
 Secretary & Chief
 Governance Officer
 717.339.5161
 khayes@acnb.com

FAQ

What is the ticker symbol for ACNB Corporation?

The ticker symbol for ACNB Corporation is ACNB.

What is the amount of the regular quarterly cash dividend declared by ACNB Corporation?

ACNB Corporation declared a regular quarterly cash dividend of $0.30 per share.

When will the regular quarterly cash dividend be payable to shareholders?

The regular quarterly cash dividend will be payable on March 15, 2024.

How much will ACNB Corporation pay in aggregate dividend payments in the first quarter of 2024?

ACNB Corporation will pay nearly $2.6 million in aggregate dividend payments in the first quarter of 2024.

How many community banking offices does ACNB Bank have?

ACNB Bank has a network of 26 community banking offices and three loan offices.

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