ACNB Corp. sets earnings record in 2022

Gettysburg-based ACNB Corp., the financial holding company for ACNB Bank and ACNB Insurance Services Inc., announced record financial results for 2022.

ACNB posted net income of $35.752 million, an increase of $7.918 million, or 28.45%, compared with 2021. This year-over-year increase was primarily driven by increases in net interest income of $12.181 million and commissions from insurance sales of $2.156 million.

The corporation reported net income of $10.199 million for the three months ended Dec. 31, 2022, an increase of 126.90% compared with the fourth quarter of 2021.

“We, at ACNB Corp., are extremely pleased to report another year of record earnings for 2022 totaling more than $35 million,” James P. Helt, ACNB president and CEO, said in a release. “This corporate achievement was not anticipated at the start of the year, but neither were the economic conditions that evolved during the year. In response to inflationary pressures, the unprecedented actions of the Federal Reserve resulted in seven interest rate hikes beginning in March of 2022 for a fed funds target rate range of 4.25% to 4.50% at the end of the year.”

The steep interest rate changes during the year pushed the fed funds rate to its highest point since December 2007, he noted. “These interest rate increases were a major contributor to ACNB Corp.’s 2022 earnings performance as assets repriced more quickly than liabilities, which coupled with asset growth resulted in strong net interest income performance.”

“Despite these unusual and unprecedented economic times,” Helt said, the corporation completed key strategic initiatives planned for 2022, including the acquisition by ACNB Insurance Services Inc. of the business and assets of Hockley & O’Donnell Insurance Agency in Gettysburg in February and the opening of the new Upper Adams Office in Biglerville in October as ACNB Bank continued its plans for optimization of the community banking network.

Paula Wolf is a freelance writer

ACNB opens new community banking office in Upper Adams

Gettysburg-based ACNB Bank celebrated its new, $2 million-plus Upper Adams community banking office with a ribbon-cutting ceremony Oct. 20.

The full-service office, at 3425 Biglerville Road, Biglerville, opened for business Oct. 17, with a grand opening planned for Oct. 22.

It offers plenty of parking, multiple drive-up teller lanes and a drive-up ATM. Commercial, residential mortgage and consumer loans, as well as wealth management services, are available.

In conjunction with the ribbon cutting, ACNB Bank presented a check to the Upper Adams Food Pantry.

Ashley L. Cooley, community banking manager, is responsible for overall management of the office. Melissa A. Pritt, community banking supervisor, is responsible for day-to-day supervision of the community banking staff.

“After years of planning and nine months of construction, ACNB Bank’s staff members were truly excited to officially open the doors and welcome customers and friends to the new Upper Adams office,” James P. Holt, ACNB Corp. and ACNB Bank president and CEO, said in a release.

“This new location was designed with the customer in mind from the layout of the lobby and the drive-up to the deployment of the technology – all with the intent to streamline and enhance the customer experience. We are proud of this modern, full-service office to serve the entire Upper Adams community.

“Throughout its 165-year history, ACNB Bank has engaged in a variety of similar construction projects whenever it saw the opportunity and merit to invest in local communities. This project … represents a continuation of that longstanding commitment to local investment.”

Paula Wolf is a freelance writer

ACNB Corp. announces record earnings in 2021

At the annual meeting of its shareholders May 3, ACNB Corp. reported record earnings for 2021.

Gettysburg-based ACNB is the $2.7 billion financial holding company for wholly-owned subsidiaries ACNB Bank and ACNB Insurance Services Inc.

Net income totaled $27.8 million, or $9.4 million more than in 2020.

“We remain focused on this vision as we enter 2022 and look to a post-pandemic environment for growth,” ACNB Corp. President and CEO James P. Helt said at the meeting. “After responding to the initial impacts of COVID-19 in 2020, we managed (toward) the future in 2021 despite the challenges of the business environment.”

The record earnings were in spite of continued low interest rates and excessive liquidity in the marketplace “that negatively impacted our net interest income and net interest margin for the year,” Helt said. “… The primary drivers to this significant increase in net income were higher fee income from the banking business line activity and a reduction in loan loss provision for the year, as well as one-time merger expenses related to the acquisition of Frederick County Bancorp Inc. in 2020.”

He concluded: “… ACNB Corp. remains well capitalized and positioned to continue our growth trends to the benefit of our customers, employees, shareholders and communities.”

ACNB Bank operates 20 community banking offices in Adams, Cumberland, Franklin and York counties as well as loan offices in Lancaster and York and Hunt Valley, Maryland.

ENB, ACNB declare 2nd-quarter cash dividends

Midstate financial holding companies ENB Financial Corp. and ACNB Corp. declared second-quarter cash dividends this week.

Ephrata-based ENB announced on Wednesday a cash dividend of $0.17 per share, an increase of $0.01, or 6.3% from the dividend paid in the second quarter of 2020 and the first quarter of 2021.

Shareholders will receive $0.17 for each share of ENB Financial Corp. common stock as of May 14. Shares are payable on June 15.

ENB Financial is the bank holding company for Ephrata National Bank, which operates 12 locations in Lancaster County, southeastern Lebanon County and southern Berks County.

Gettysburg-based ACNB announced on Thursday that its Board of Directors approved a regular quarterly cash dividend of $0.25, payable on June 15.

ACNB also approved a special cash dividend of $0.02 per share on ACNB Corp. common stock.

The Adams County bank has maintained a focus on credit quality, profitability and its relationship with customers and remains cautiously optimistic for the remainder of 2021 into 2022, said James Helt, president and CEO of ACNB Corp.

“The regular cash dividend and the special cash dividend for the second quarter of 2021 are a direct result of these efforts,” Helt said. “Given our progress thus far in 2021, the Board of Directors believed it was an appropriate time to reward our shareholders, while continuing to be thoughtful about the remainder of this year.”

ACNB Corp. is the financial holding company for ACNB Bank in Gettysburg and Russell Insurance Group Inc., in Westminster, Maryland. ACNB operates 20 locations in Adams, Cumberland, Franklin and York counties.

ACNB acquires Maryland-based Frederick County Bancorp

ACNB Corp. acquired a Frederick, Md.-based bank holding company and its community bank on Saturday.

Frederick County Bancorp Inc. (FCBI) and its subsidiary Frederick County Bank, were acquired by Gettysburg-based ACNB for an undisclosed amount of money.

ACNB announced last month that it was awaiting for final approval of the merger from both its and FCBI’s stockholders and that it expected to finalize the deal by Jan. 11.

The banks closed the sale on the set date and ACNB announced it will be operate the Maryland bank under the name “FCB Bank, A Division of ACNB Bank.”

FCBI stockholders received .99 share of ACNB Corp. common stock for each share they owned of FCBI’s common stock, resulting in ACNB giving 1.6 million shares of common stock to former FCBI stockholders.

With the inclusion of FCBI’s five banks in Frederick County, Gettysburg corporation now operates 34 community banking offices and three loan offices in Adams, Cumberland, Franklin, Lancaster and York counties in Pennsylvania and in Baltimore, Carroll and Frederick counties in Maryland.

“We are excited to welcome Frederick County Bancorp, Inc. as ACNB Corporation expands its presence in the Maryland market,” said James Helt, president and CEO of ACNB. “It is our belief the addition of Frederick County Bank’s community banking network in Frederick County, Maryland, positions ACNB Corporation for strong and profitable growth in a desirable market that is adjacent to our current footprint in southcentral Pennsylvania and central Maryland.”

As of Monday, ACNB Corporation now has approximately $2.2 billion in assets, $1.8 billion in deposits and $1.6 billion in loans.

ACNB approved to close on deal with Maryland bank

Gettysburg-based ACNB Corp. is moving forward on a deal to acquire a Frederick, Md. bank holding company after receiving both state and federal approval.

Frederick County Bancorp Inc. (FCBI) and its subsidiary company, Frederick County Bank, expect to complete a merger with ACNB by Jan. 11.

ACNB announced Tuesday that the regulatory bodies of both Pennsylvania and Maryland have approved the acquisition, and both companies are now waiting on approval from FCBI’s stockholders and ACNB’s shareholders.

ACNB Corp. is a $1.7 billion financial holding company that operates the Gettysburg-based ACNB Bank and Westminster, Md.-based Russel Insurance Group Inc. ACNB Bank operates 22 locations in Adams, Cumberland, Franklin and York counties.

FCBI has approximately $450 million in assets and its subsidiary, Frederick County Bank, operates one bank.

The companies have yet to disclose the price of the sale.