ACNB Corporation Holds 2022 Annual Meeting of Shareholders
GETTYSBURG, Pa., May 05, 2022 (GLOBE NEWSWIRE) — The 2022 Annual Meeting of Shareholders of ACNB Corporation (NASDAQ: ACNB) was held on Tuesday, May 3 as a virtual meeting. ACNB Corporation is the financial holding company for wholly owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD.
“At ACNB Corporation, our vision is to be the independent financial services provider of choice in key markets served by building relationships and finding solutions. We remain focused on this vision as we enter 2022 and look to a post-pandemic environment for growth. After responding to the first impacts of COVID-19 in 2020, we managed to look to the future in 2021 despite the challenges of the business environment. The result was record earnings for the year 2021,” said James P. Helt, President and CEO of ACNB Corporation, during his presentation at the meeting.
“Despite the low interest rate environment and excessive market liquidity which negatively impacted our net interest income and net interest margin for the year, net income for the year ended December 31, 2021 totaled $27.8 million or $3.19 per common share. Compared to 2020, this is an increase of $9.4 million or 51%. significant increase in net income are higher fee income from the banking business and a reduction in loan loss provision for the year, as well as one-time merger charges related to the acquisition of Frederick County Bancorp, Inc. in 2020,” he continued.
Speaking of the subsidiary bank, which dates back to 1857, Mr. Helt said, “ACNB Bank remains a strong, well-capitalized, full-service financial institution that has provided stability for our customers, our communities and our shareholders for more than 165 years. The organization celebrated its 165and birthday on April 11 this year. We believe that a strong community bank should support the communities we serve, and ACNB Bank has a long and proud history of serving our communities.
Mr. Helt ended the presentation by saying, “In conclusion, ACNB Corporation remains well capitalized and positioned to continue our growth trends for the benefit of our customers, employees, shareholders and communities. Asset quality remains strong as we continue to weather the impacts of the pandemic and market uncertainties. ACNB Corporation remains focused on maximizing shareholder value by executing our strategic initiatives. Without the strength of our shareholders, we would not have the ability to pursue our vision and live our values by serving our customers with diligence and determination. We can all be proud of our accomplishments, and we are excited and confident about our future. »
During the business portion of the annual meeting, ACNB Corporation shareholders elected Todd L. Herring and James J. Lott as Class 1 Directors for a three-year term. All of the elected candidates were previously members of the Board of Directors of ACNB Corporation. Each member of the Company’s Board also sits on the Board of Directors of the Company’s banking subsidiary, ACNB Bank.
In addition, the Company’s shareholders approved the proposals relating to executive compensation and the ratification of the selection of the independent registered public accounting firm for the year ending December 31, 2022.
ACNB Corporation, headquartered in Gettysburg, PA, is the $2.7 billion financial holding company for wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its market with banking and wealth management services, including trusts and retail brokerage, through a network of 20 community banking offices, located in the four central counties- southern Pennsylvania, namely Adams, Cumberland, Franklin, and York, as well as 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 market 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 wide range of property and casualty, health, life and disability insurance serving personal and business clients through offices located in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, Pennsylvania. For more information about 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 composition 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 Company’s market sectors. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, ” provides”, or the negative of any of the foregoing or other variations thereof or comparable terminology, or by a 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. These 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: the short-term and long-term effects of inflation and increased costs to the Company, customers and the economy; the effects of governmental and tax policies, as well as legislative and regulatory changes; the effects of new laws and regulations (including tax, banking, securities and insurance laws and regulations) and their application with which the Company and its subsidiaries must comply; the impacts of the capital and liquidity requirements of the Basel III standards; the effects of changes in accounting policies and practices, as they may be adopted by regulatory bodies, as well as by the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the short- and long-term effects of the federal budget and tax negotiations and a failure to raise the public debt ceiling or an extended federal government shutdown; effects of economic conditions, including with respect to the adverse impact of severe, widespread and ongoing disruption caused by the spread of coronavirus disease 2019 (COVID-19) and any other pandemic, epidemic or health crisis and responses to bring to the operations of the Company and current customers, in particular the effect of the economy on the ability of borrowing customers to repay their loans; the effects of competition and changes in laws and regulations on competition, including industry consolidation and the development of competing financial products and services; inflation, stock market and currency fluctuations; the risks of changes in interest rates on the level and composition of deposits, the demand for loans and the value of loan guarantees, securities and interest rate protection agreements, as well as interest rate risks. ‘interest ; difficulties relating to acquisitions and the integration and operation of acquired business operations, including difficulties relating to information technology; challenges in establishing and maintaining operations in new markets; effects of technological change; the effects of general economic conditions and more specifically in the Company’s market sectors; failure of assumptions underlying the establishment of loan loss reserves and estimates of the values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption in credit and equity markets; ability to manage current levels of impaired assets; the loss of certain key executives; the ability to maintain the Company’s value and brand image and to protect the Company’s intellectual property rights; maintaining relationships with key customers; and, the potential impacts on the Company of evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties and financial loss. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis to date. The Company 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 that the Company files with the SEC from time to time, including annual reports on Form 10-K and quarterly reports on Form 10-Q. Please also carefully review all current reports on Form 8-K filed by the Company with the SEC.
May 5, 2022
|Contact:||Lynda L. Glass|
|Head of Governance|