ACNB Corporation reports on its role as the financial holding company for ACNB Bank and ACNB Insurance Services, Inc. Its recurring news centers on community banking results, loan and deposit trends, net interest margin, credit quality, insurance agency activity, wealth management, trust and retail brokerage services, and the completed integration of Traditions Bank and Traditions Mortgage.
Company updates also cover board-approved dividends, special dividends, share repurchase authorizations, capital management, investment securities portfolio actions, and the performance of its banking markets in Pennsylvania and Maryland.
ACNB Corporation (NASDAQ: ACNB) announced the appointment of Jason H. Weber as the new CFO, succeeding David W. Cathell, who plans to retire on May 31, 2022. Weber will join the company on January 31, 2022, as Executive Vice President/Finance to facilitate a smooth transition. With extensive experience in financial services, including previous roles at Atlantic Community Bankers Bank and Fulton Financial Corporation, Weber is expected to manage financial operations and drive strategic growth. The search for his successor was conducted by Kaplan Partners.
ACNB Corporation (NASDAQ: ACNB) has rebranded its insurance subsidiary from Russell Insurance Group, Inc. to ACNB Insurance Services, Inc., effective January 1, 2022. This change reflects ACNB's growth in the Maryland market and aligns the agency's name with its parent company. ACNB Insurance Services, Inc. offers a variety of insurance solutions and aims to enhance cross-selling opportunities with ACNB Bank. The financial holding company, headquartered in Gettysburg, PA, manages assets totaling $2.8 billion.
ACNB Corporation (NASDAQ: ACNB) reported a net income of $7.36 million for Q3 2021, an 8.7% increase from the same period in 2020. Basic earnings per share rose to $0.84, up 6.3%. For the first nine months, net income surged 105.7% to $23.34 million, with EPS increasing 102.3% to $2.67. Total deposits grew 10.6% year-to-date, totaling $2.42 billion. The bank saw a 25.0% increase in new loan production despite a 9.2% decrease in total loans outstanding, largely due to PPP loan forgiveness.
ACNB Corporation (NASDAQ: ACNB) announced a quarterly cash dividend of $0.26 per share, reflecting a 4.0% increase compared to the previous year. This dividend will be payable on December 15, 2021, to shareholders on record as of December 1, 2021, totaling approximately $2.3 million for Q4 2021. For the entire year, total dividends will reach $1.03 per share, up 3.0% from 2020, amounting to nearly $9.0 million in total payments. ACNB remains focused on growth, despite the pandemic's impacts.
ACNB Corporation (NASDAQ: ACNB) announces the retirement of David W. Cathell, CFO, effective May 31, 2022. Cathell has served the corporation since 2005, contributing to significant growth, including bank acquisitions in Maryland in 2017 and 2020. Kaplan Partners will lead the search for a new CFO as part of the corporation's long-term executive succession plan. ACNB Corporation, a $2.7 billion financial holding company, operates ACNB Bank and Russell Insurance Group, providing a range of banking and insurance services across Pennsylvania and Maryland.
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ACNB Corporation (NASDAQ: ACNB) reported significant financial growth for Q2 2021, with a net income of $8,508,000, up 46.8% from Q2 2020. Basic earnings per share increased 46.3% to $0.98. Year-to-date net income reached $15,979,000, a surge of 249.3% year-over-year. The rise was fueled by higher fee income and lower loan loss provisions, alongside a 0.3% increase in net interest income. Total deposits rose 7.0% to $2,338,035,000. A special cash dividend of $0.02 per share was declared, marking the first such distribution in over a decade.
ACNB Corporation (NASDAQ: ACNB) declared a quarterly cash dividend of $0.25 per share, totaling approximately $2.2 million, payable on September 15, 2021. The dividend, consistent with the third quarter of 2020, marks the Corporation's 155th consecutive quarterly dividend since 1982. The first nine months of 2021 will see total dividends of $0.75 per share, alongside a special dividend of $0.02 paid on June 15, 2021, leading to over $6.7 million in total payments to shareholders.
ACNB Corporation held its 2021 Annual Meeting of Shareholders virtually on May 4. Despite a challenging year due to COVID-19, the company reported a net income of $18.4 million for 2020, a decrease of 22.5% from the previous year, primarily due to merger expenses and increased loan loss provisions. Shareholders approved key proposals, including director elections and executive compensation. The company remains well-capitalized and committed to community support, having paid $8.7 million in dividends, reflecting a 25.5% increase over 2019.
ACNB Corporation reported substantial financial growth for Q1 2021, with net income skyrocketing to $7,471,000, a 710.9% increase from Q1 2020. Basic earnings per share surged to $0.86, compared to a loss of $(0.14) the previous year. Total revenues rose by 7.5% year-over-year to $23,238,000, despite a slight decline in net interest income, which fell by 0.7% to $17,325,000. Total deposits rose significantly by 25.8% to $2,278,622,000. The company announced a special dividend of $0.02 per share, payable June 15, 2021, alongside a steady quarterly dividend of $0.25.