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 $0.28 per share of ACNB Corporation common stock
payable on December 15, 2022, to shareholders of record as of
December 1, 2022. This per share amount reflects a 7.7% increase
over the same quarter of 2021 and will result in aggregate dividend
payments of approximately $2.4 million to ACNB Corporation
shareholders in the fourth quarter of 2022. Compared to a year ago,
ACNB Corporation paid a $0.26 dividend per common share in the
fourth quarter of 2021.
In addition, the ACNB Corporation Board of
Directors approved a new plan to repurchase, in open market and
privately negotiated transactions, up to 255,575, or approximately
3.0%, of the outstanding shares of the Corporation’s common stock.
The amount and timing of any shares repurchased will be evaluated
and determined based upon current market conditions and other
factors, with no guarantee as to the exact number of shares that
will be repurchased. The common stock repurchases are expected to
be funded by using available capital. Further, this new common
stock repurchase program replaces and supersedes any and all
earlier announced repurchase plans.
“The actions of the ACNB Corporation Board of
Directors to enhance the quarterly cash dividend and to authorize a
new common stock repurchase program reflects our ongoing and
long-term commitment to maximizing shareholder value. Providing a
fair return on the investment of the Corporation’s shareholders is
fundamental and clearly evidenced by our solid quarterly dividend
payments over a history of decades. The declaration of the $0.28
dividend per common share for the fourth quarter of 2022 is an
increase of $0.02 per share, or 7.7%, over the same quarter of
2021. This significant increase is predicated upon ACNB
Corporation’s 2022 financial performance and strong capital base,”
said James P. Helt, ACNB Corporation President & Chief
Executive Officer.
Mr. Helt continued, “As 2022 comes to a close,
the Corporation’s strategic focus remains constant in seeking
opportunities for both organic and inorganic growth. At ACNB
Corporation, the vision is to be the independent financial services
provider of choice in the core markets served by building
relationships and finding solutions. As always, our staff members
work diligently to fulfill this vision for the benefit of customers
and shareholders alike.”
With the declaration of the fourth quarter cash
dividend for 2022, the regular quarterly cash dividends paid to
shareholders for the year of 2022 will total $1.06 per common
share. This per share amount will result in a total of more than
$9.1 million paid to shareholders for 2022. In comparison to a year
ago, ACNB Corporation paid a total of $1.03 per common share in
2021---$1.01 per common share in regular quarterly dividends
coupled with the special cash dividend of an additional $0.02 per
common share paid on June 15, 2021---and an aggregate of nearly
$9.0 million to shareholders during the same period.
ACNB Corporation, headquartered in Gettysburg,
PA, is the $2.7 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 18 community banking offices, located in the four
southcentral Pennsylvania counties of Adams, Cumberland, Franklin
and York, as well as loan offices in Lancaster and York, PA, and
Hunt Valley, MD. As divisions of ACNB Bank operating in Maryland,
FCB Bank and NWSB Bank serve the local marketplace with a network
of five and six community banking offices located in Frederick
County and Carroll County, MD, respectively. ACNB Insurance
Services, Inc. is a full-service 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 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 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 severe, wide-ranging and continuing
disruptions caused by the spread of Coronavirus Disease 2019
(COVID-19) and any other 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.
Contact: |
Lynda L. Glass |
|
EVP/Secretary & |
|
Chief Governance Officer |
|
717.339.5085 |
|
lglass@acnb.com |
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