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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) has declared a regular quarterly cash dividend of $0.25 per share, and for the first time in over a decade, a special cash dividend of $0.02 per share. Both dividends are payable on June 15, 2021, to shareholders of record as of June 1, 2021. This marks the 154th consecutive quarterly dividend issued by the company since its inception in 1982. The total dividends for the first six months of 2021 will be $0.52 per share, a 4% increase from $0.50 during the same period in 2020.
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.
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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.