We embrace
change as
an opportunity
and see every
challenge
as a chance
to make
a difference.
2020 ANNUAL REVIEW
OU R CO R E VA L UE S
We tell the truth and keep our promises.
We treat everyone with dignity and respect.
We believe the success of this company
is the responsibility of every employee.
OUR
CORE
VALUES
We embrace change as an opportunity
and see every challenge as a chance
to make a difference.
We recognize communication and teamwork
are essential to building relationships.
We take ownership of every opportunity to
satisfy our customers and our coworkers.
We encourage creative thinking
and alternative solutions.
We work hard to exceed expectations,
fulfill our mission, and live our values.
Positive. Professional. Proud.
R E P O R T T O
SHAREHOLDERS
At ACNB Corporation, our vision is to be the independent
financial services provider of choice in the core markets served
by building relationships and finding solutions. Fundamental to
this vision are the organization’s core values. One core value was
especially instrumental in navigating the unprecedented and
uncertain times of 2020. We embrace change as an opportunity
and see every challenge as a chance to make a difference.
Coronavirus Disease 2019 Pandemic Response
In March of 2020, the professional and personal lives of all
of our staff members changed dramatically and quickly as
ACNB Corporation responded to the Coronavirus Disease 2019,
or COVID-19, pandemic and the associated governmental actions
which negatively impacted our banking and insurance operations,
both considered to be essential businesses in Pennsylvania and
Maryland. With the objective of protecting customers, staff
members and local communities, measures were taken to close
offices resulting in drive-up only services for in-person banking
transactions and a sudden move to a remote work environment
for many operational and administrative staff members.
Communication and collaboration were particularly critical during
the ongoing pandemic in 2020 at our subsidiaries of ACNB Bank
and Russell Insurance Group, Inc. due to continuous changes in the
operating landscape based upon the pandemic’s metrics.
At ACNB Bank, the focus was on supporting customers impacted
by COVID-19. Among pivotal measures taken, drive-up hours
were extended at select community banking office locations,
various deposit account fees were waived for personal and
business customers, and additional staff members were allocated
to assist customers over the telephone and to handle increased
new customer enrollments in Online Banking, Mobile Banking,
and Bill Pay. The Bank, most importantly, worked with loan
customers to accommodate requests for loan payment deferrals
and loan modifications, as well as participated in the Small
Business Administration’s Paycheck Protection Program. As of
December 31, 2020, the Bank closed and funded 1,440 Paycheck
Protection Program, or PPP, loans in the total dollar amount
of $160,858,000.
Exemplifying ACNB Corporation’s commitment to its
communities during these difficult times, a special initiative was
launched in April 2020—ACNB Helping Hands. The organization’s
leadership recognized the pandemic’s severe impact in the form
of financial hardship on many local businesses and residents. The
ACNB Helping Hands program, funded by both ACNB Bank and
its affiliated employees, provided nearly 6,000 meals prepared
by 16 restaurant and catering businesses that are customers
which were then distributed over several months to people in
need through 16 local community organizations across the Bank’s
southcentral Pennsylvania and central Maryland footprint. Staff
members and Directors personally contributed $13,250 to this
effort, which supplemented the Bank’s commitment of $40,000
to assist those in need within our local communities.
COVID-19 business and economic impacts, although initially
unexpected and abrupt, are ongoing as we progress into 2021. At
ACNB Corporation, we have been resilient and resolute in our
endeavors to ensure the safety and soundness of our organization
for the benefit of all of our stakeholders. During this challenge,
as always, we have embraced the change with the purpose of
seeking opportunities and making a difference.
Frederick County Bancorp, Inc. Acquisition
Effective January 11, 2020, ACNB Corporation and its community
banking subsidiary, ACNB Bank, completed the acquisition of
Frederick County Bancorp, Inc. of Frederick, Maryland, and its
wholly-owned subsidiary of Frederick County Bank. This second
transaction across the Mason-Dixon Line was announced on
July 2, 2019, furthering the Corporation’s strategic expansion into
the Maryland market. The acquisition also complemented the
2020 ANNUAL REVIEW
3
organization’s banking and insurance operations based in Carroll
County, Maryland. With this acquisition transaction, there was
the resulting addition of $443,425,000 in assets, $329,312,000
in loans, $374,058,000 in deposits, $22,528,000 in goodwill, and
$57,280,000 in equity to ACNB Corporation’s balance sheet.
Including the new Frederick County market, at December 31,
2020, ACNB Corporation stood at $2,555,362,000 in total assets,
$1,637,784,000 in total loans, $2,185,525,000 in total deposits, and
$257,972,000 in total stockholders’ equity. These high points in
the Corporation’s history are the result of inorganic and organic
growth strategies working in tandem as we continue execution of
our plan for the future.
2020 Financial Performance
ACNB Corporation reported net income of $18,394,000, or $2.13
basic earnings per share, for the year ended December 31, 2020—
as compared to $23,721,000, or $3.36 basic earnings per share, for
the year ended December 31, 2019. This year-over-year decrease
was primarily the result of one-time expenses related to the
acquisition of Fredrick County Bancorp, Inc., higher provision
for loan losses attributable to the increased risk due to the
COVID-19 pandemic, and a large unanticipated charge-off of
one loan relationship during the first quarter of 2020. Without
the nonrecurring expenses in 2020 of $5,965,000 incurred due to
the acquisition and integration of Frederick County Bancorp, Inc.,
ACNB Corporation’s net income for 2020 would have been more
in line with that of the prior year of 2019.
The principal component of ACNB Corporation’s net income
is net interest income, which is the income derived from the
interest earned on loans and investments, less the interest paid
on deposits and borrowings. Net interest income is impacted by
changes in interest rates, the volume of interest earning assets
and interest bearing liabilities, and the composition of these
assets and liabilities. By its inherent nature, this income source
is predominantly influenced by market interest rates, local
economic conditions, stock market impacts, and competitive
market dynamics.
The Corporation’s net interest income for the year ended
December 31, 2020, was $73,068,000, an increase of 23.0% in
comparison to the year ended December 31, 2019. This significant
change was a direct result of the acquisition transaction in 2020,
reinforcing the positive contribution to ACNB Corporation’s
ongoing financial growth and stability despite the lower market
yields in 2020.
Shareholder Dividends & Equity
In 2020, ACNB Corporation furthered its long history of paying
dividends to its shareholders. Even with the pressures of the
pandemic, the Corporation maintained its quarterly dividend of
$0.25 per share for all four quarters of the year—resulting in an
annual dividend paid in the amount of $1.00 per share for 2020.
This was an increase from $0.98 per share paid for the year of 2019.
Aggregate dividends paid to all shareholders totaled $8,685,000
for 2020, which was 25.5% more than was paid in 2019. The rise in
total dividends paid was also a result of the issuance of additional
shares of common stock in connection with the acquisition of
Frederick County Bancorp, Inc. in January 2020.
At December 31, 2020, total stockholders’ equity was $257,972,000
including the addition from the Frederick County Bancorp, Inc.
transaction. Compared to $189,516,000 at December 31, 2019, this
was an increase of $68,456,000 or 36.1%. The primary ongoing
source of capital growth is the retention of earnings. In 2020,
ACNB Corporation retained $9,709,000, or 52.8%, of its net income
despite the challenges faced during the year.
The ACNB Corporation Dividend Reinvestment and Stock
Purchase Plan offers registered shareholders the opportunity
to purchase additional shares of the Corporation’s common
stock through the automatic reinvestment of cash dividends
and voluntary cash payments on a quarterly basis. The benefit to
the registered shareholders who elect to participate in the plan
includes the convenience of the acquisition of additional shares
of ACNB Corporation common stock, as well as the ability to do so
without paying service fees or brokerage commissions. Since the
plan’s introduction in January 2011, 190,611 new shares of ACNB
Corporation common stock, totaling approximately $4,400,000 in
plan investments, have been issued to plan participants as a result
of both dividend reinvestment and voluntary cash purchases,
which continue to fortify the Corporation’s equity position.
ACNB Bank
ACNB Corporation’s community banking subsidiary, ACNB Bank,
operates in both southcentral Pennsylvania and central Maryland
with strategic market expansion across the Mason-Dixon Line
beginning in 2017. The most recent acquisition of Frederick County
Bancorp, Inc. and its subsidiary bank, Frederick County Bank, as of
January 11, 2020, further strengthened the Corporation’s position
in the Maryland market, which also includes the Corporation’s
other wholly-owned subsidiary, Russell Insurance Group, Inc.
ACNB Bank’s community banking operations in the Maryland
market are branded as NWSB Bank, A Division of ACNB Bank,
and FCB Bank, A Division of ACNB Bank, serving customers in
the Carroll County and Frederick County markets, respectively.
With the systems conversion for FCB Bank customers completed
in March 2020, all ACNB Bank customers can conduct business
at any of the community banking offices located in Pennsylvania
and Maryland. The Corporation’s commitment to the community
banking model is fundamentally predicated upon the reinvestment
of depositors’ dollars in loans to others for the economic benefit of
the communities served.
For 2021, plans are in motion for a conversion of the Bank’s core
operating system to a new platform providing for enhancements
and efficiencies in how the Bank services customer accounts. The
core and digital banking transformation project has been a long-
term initiative started in 2018, many months prior to the onset of
the pandemic. Vendor selection was completed in August 2019,
followed by the successful implementation of person-to-person
transfers via Zelle®, end-to-end online deposit account opening,
and debit card instant issuance in 2020. Due to the tireless efforts
of many staff members, these projects have continued onward
during the pandemic along with needed technology adaption
to work in and support the organization’s significant remote
workforce resulting from COVID-19.
Wealth Management
ACNB Bank’s Wealth Management Division is composed of Trust
& Investment Services staff and Wealth Advisors, with the purpose
of working in tandem to offer a full array of options for client
investment planning and portfolios. Trust & Investment Services
staff provide traditional fiduciary, estate, investment management,
and related services to clients, as has been the focus for decades.
Assets under management totaled $277,340,000 at December 31,
2020, up 7.9% compared to $257,025,000 at December 31, 2019.
Through a third-party relationship, ACNB Bank offers retail
brokerage services, including non-deposit investment products,
through the brands of ACNB Wealth Advisors and Windsor
Wealth Advisors. Assets under management in the brokerage
portfolio totaled $159,432,000 at December 31, 2020, up 20.8%
compared to $132,023,000 at December 31, 2019.
Total Wealth Management Division revenues from fiduciary,
investment management and brokerage activities were
$2,672,000 for the year ended December 31, 2020, an increase
of 8.2% in comparison to the year ended December 31, 2019,
due primarily to the combination of increased assets under
management, higher estate fee income, and continued fee growth
in brokerage relationships.
Russell Insurance Group, Inc.
Acquired by ACNB Corporation in 2005, Russell Insurance
Group, Inc. is a full-service insurance agency offering a broad
range of property, casualty, health, life and disability insurance
to both personal and commercial clients through licenses in
44 states. The agency is based in Westminster, Carroll County,
Maryland. It also conducts business in Maryland at satellite office
locations in Germantown, Montgomery County, and Jarrettsville,
Harford County.
Effective April 1, 2020, Russell Insurance Group, Inc. completed
an asset purchase transaction for the book of business of Bergdale
Insurance Agency, Inc. located in Gettysburg, Pennsylvania.
As a Maryland-based entity, this was the first step northward
to expand insurance operations in the legacy geography of its
affiliate, ACNB Bank.
Revenues from this subsidiary’s commissions from insurance
sales is the most significant source of other income for ACNB
Corporation. Commissions from insurance sales totaled $6,125,000
for the year of 2020, as compared to $6,339,000 for the year of
2019. The year-over-year decline of 3.4% was primarily attributable
to the decreased contingency fee income received from insurance
carriers in 2020.
In Closing
2021 has progressed with the hope of continued health and
economic recovery in our markets. Regardless of the path of the
pandemic, ACNB Corporation will be focused internally on capital
preservation, credit quality, expense management, and digital
transformation, while simultaneously looking to the future and
our continued commitment to customers and community.
With a history spanning more than 160 years since 1857,
ACNB Corporation has proven its resiliency time and time again to
overcome the adversity arising from wars and economic recessions
alike. Today is no exception. It is with a similar tenacity that we
envision the future after the pandemic. We are solidly positioned
to leverage our new acquisition in Maryland with prospects of
growth and enhanced shareholder value.
Working together, the people of ACNB Corporation have indeed
embraced change as an opportunity and seen every challenge as a
chance to make a difference in the turbulent times of 2020 through
today. This core value requires resolve and is also key to our future
success. As always, ACNB Corporation’s vision and core values are
steadfast as we take deliberate steps to move forward.
Thank you for your continued interest and investment in our
future. Without the strength of ACNB Corporation’s shareholders,
we would not have the ability to pursue our vision and live our
values in serving customers with diligence and determination
each business day.
Sincerely,
Alan J. Stock
Chairman of the Board
James P. Helt
President & Chief Executive Officer
Lynda L. Glass
Executive Vice President/Secretary
& Chief Governance Officer
David W. Cathell
Executive Vice President/Treasurer
& Chief Financial Officer
4
5
ACNB CORPORATION2020 ANNUAL REVIEW O U R
PROFILE
ACNB Corporation, headquartered in
Gettysburg, PA, is the financial holding company for the
wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA,
and Russell Insurance Group, Inc., Westminster, MD.
As of April 1, 2021, ACNB Bank serves its marketplace with banking and wealth management services,
including trust and retail brokerage, via a network of 20 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.
Russell Insurance Group, Inc., the Corporation’s insurance subsidiary, 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, Germantown and
Jarrettsville, MD, and Gettysburg, PA.
For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.
2020 ANNUAL REVIEW
7
OU R V I S I O N
To be the independent
financial services provider of choice
in the core markets served by
building relationships and
finding solutions.
Market Geography
CUMBERLAND
LANCASTER
FRANKLIN
ADAMS
YORK
CARROLL
PENNSYLVANIA
MARYLAND
FREDERICK
BALTIMORE
HARFORD
MONTGOMERY
Locations
ACNB Corporation Operations Center
ACNB Bank
FCB Bank
NWSB Bank
ACNB Bank Loan Office
Russell Insurance Group, Inc.
Visit acnb.com and riginsurance.com
for specific locations.
8
9
ACNB CORPORATION2020 ANNUAL REVIEW Financial Highlights
Financial Overview
For The Year
Net Interest Income
Net Income
Cash Dividends Paid
Per Share Statistics
Basic Earnings
Cash Dividends Paid
Book Value (Year-End)
At Year-End
Total Assets
Total Loans
Total Deposits
2020
2019
2018
Total Assets IN MILLIONS OF DOLLARS
Total Deposits IN MILLIONS OF DOLLARS
$73,068,000
$59,418,000
$57,095,000
18,394,000*
23,721,000
21,748,000
8,685,000
6,920,000
6,261,000
$ 2.13
1.00
29.62
$ 3.36
0.98
26.77
$ 3.09
0.89
23.86
$2,555,362,000
$1,720,253,000
$1,647,724,000
1,637,784,000
1,272,601,000
1,302,465,000
2,185,525,000
1,412,260,000
1,348,092,000
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
$1,206.3
$1,595.4
$1,647.7
$1,720.3
$2,555.4
$967.6
$1,298.5
$1,348.1
$1,412.3
$2,185.5
Total Loans IN MILLIONS OF DOLLARS
Total Stockholders’ Equity IN MILLIONS OF DOLLARS
Total Stockholders’ Equity
257,972,000
189,516,000
168,137,000
Key Ratios
Return on Average Assets
Return on Average Equity
Dividend Payout
Average Stockholders’ Equity to Average Assets
0.78%
7.39%
47.22%
10.53%
1.40%
13.33%
29.17%
10.54%
1.34%
13.62%
28.79%
9.85%
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
$907.9
$1,244.2
$1,302.5
$1,272.6
$1,637.8
$120.1
$154.0
$168.1
$189.5
$258.0
Net Income IN MILLIONS OF DOLLARS
Book Value Per Share IN DOLLARS
* Without the nonrecurring expenses incurred as a result of the acquisition and integration of Frederick County Bancorp, Inc., net of the corresponding
tax impact at the marginal tax rate, in the amount of $4,639,000, ACNB Corporation’s net income for the year ended December 31, 2020, would have
been $23,033,000 (non-GAAP).
† Without the nonrecurring expenses incurred as a result of the acquisition and integration of New Windsor Bancorp, Inc., net of the corresponding tax
impact at the marginal tax rate, in the amount of $3,010,000 and the one-time charge due to the Tax Cuts and Jobs Act in the amount of $1,700,000,
ACNB Corporation’s net income for the year ended December 31, 2017, would have been $14,498,000 (non-GAAP).
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
$10.9
$9.8/$14.5†
$21.7
$23.7
$18.4/$23.0*
$19.80
$21.92
$23.86
$26.77
$29.62
10
11
ACNB CORPORATION2020 ANNUAL REVIEW Consolidated Statements of Condition
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Assets
Cash and due from banks
Interest bearing deposits with banks
Total Cash and Cash Equivalents
Equity securities with readily determinable fair values
Debt securities available for sale
Securities held to maturity (fair value $10,768 in 2020 and $19,281 in 2019)
Loans held for sale
Loans, net of allowance for loan losses ($20,226 in 2020 and $13,835 in 2019)
Premises and equipment
Right of use assets
Restricted investment in bank stocks
Investment in bank-owned life insurance
Investments in low-income housing partnerships
Goodwill
Intangible assets
Foreclosed assets held for resale
Other assets
Total Assets
Liabilities
Deposits
Non-interest bearing
Interest bearing
Total Deposits
Short-term borrowings
Long-term borrowings
Lease liabilities
Other liabilities
Total Liabilities
Stockholders’ Equity
Preferred stock ($2.50 par value; 20,000,000 shares authorized; no shares outstanding)
Common stock ($2.50 par value; 20,000,000 shares authorized; 8,771,993 and 7,141,959 shares issued in
2020 and 2019, respectively; 8,709,393 and 7,079,359 shares outstanding in 2020 and 2019, respectively)
Treasury stock, at cost (62,600 shares in 2020 and 2019)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
December 31
2020
2019
$ 23,739
375,613
399,352
2,170
337,718
10,294
11,034
1,617,558
33,013
3,145
2,942
63,401
1,380
42,108
7,265
—
23,982
$ 16,878
97,478
114,356
2,106
190,837
19,234
2,406
1,258,766
25,724
3,502
3,644
50,663
1,506
19,580
4,427
364
23,138
$ 2,555,362
$ 1,720,253
$ 556,666
1,628,859
2,185,525
38,464
53,745
3,138
16,518
$ 314,377
1,097,883
1,412,260
33,435
66,296
3,502
15,244
2,297,390
1,530,737
—
—
21,918
(728)
94,048
148,372
(5,638)
257,972
17,855
(728)
39,579
138,663
(5,853)
189,516
$ 2,555,362
$ 1,720,253
See the consolidated financial statements and accompanying notes presented in the Corporation’s Annual Report on Form 10-K.
12
Consolidated Statements of Income
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Interest Income
Loans, including fees
Securities
Taxable
Tax-exempt
Dividends
Other
Total Interest Income
Interest Expense
Deposits
Short-term borrowings
Long-term borrowings
Total Interest Expense
Net Interest Income
Provision For Loan Losses
Net Interest Income After Provision For Loan Losses
Other Income
Commissions from insurance sales
Service charges on deposit accounts
Income from fiduciary, investment management and brokerage activities
Income from mortgage loans held for sale
Earnings on investment in bank-owned life insurance
Net (losses) gains on equity securities
Service charges on ATM and debit card transactions
Other
Total Other Income
Other Expenses
Salaries and employee benefits
Net occupancy
Equipment
Other tax
Professional services
Supplies and postage
Marketing and corporate relations
FDIC and regulatory
Merger-related expenses
Intangible assets amortization
Foreclosed real estate expenses
Other operating expenses
Total Other Expenses
Income Before Income Taxes
Provision For Income Taxes
Net Income
Per Share Data
Basic earnings
Cash dividends paid
Years Ended December 31
2020
2019
$ 78,967
$ 63,653
4,927
470
311
615
85,290
10,318
59
1,845
12,222
73,068
9,140
63,928
6,125
3,355
2,672
2,331
1,442
(193)
2,946
1,256
19,934
35,278
3,681
5,442
1,208
1,417
745
561
616
5,965
1,264
(156)
5,139
61,160
22,702
4,308
4,183
140
328
1,254
69,558
8,129
94
1,917
10,140
59,418
600
58,818
6,339
3,903
2,469
697
1,160
267
2,444
890
18,169
28,798
3,094
4,771
1,086
1,772
747
559
436
769
621
12
4,956
47,621
29,366
5,645
$ 18,394
$ 23,721
$2.13
$1.00
$3.36
$0.98
13
ACNB CORPORATION2020 ANNUAL REVIEW Boards of Directors
ACNB CORPORATION AND ACNB BANK
Frank Elsner, III
Owner & Managing Director
ODT Global, LLC
Donna M. Newell
President & Chief Executive Officer
NTM Engineering, Inc.
D. Arthur Seibel, Jr.
Retired Chief Operating Officer
Springdale Preparatory School
Alan J. Stock
Retired Owner & President
Eicholtz Company
Chairman of the Board
ACNB Corporation and ACNB Bank
Todd L. Herring
Market Director
Pivot Health Solutions
Vice Chairman of the Board
ACNB Corporation and ACNB Bank
James P. Helt
President & Chief Executive Officer
ACNB Corporation and ACNB Bank
Daniel W. Potts
Client Executive
DXC Technology
Scott L. Kelley, Esquire
Partner
Barley Snyder LLP
Thomas A. Ritter
Retired President &
Chief Executive Officer
ACNB Corporation and ACNB Bank
Marian B. Schultz
Retired Dean
Shippensburg University
Kimberly S. Chaney
Owner
Kimberly S. Chaney, CPA LLC
James J. Lott
President
Bonnie Brae Fruit Farms, Inc.
David L. Sites
Owner
Sites Realty, Inc. and Realty
Leasing & Management Co.
James E. Williams
President
C.E. Williams Sons, Inc.
Managing Partner
Frantz Plumbing LLC
Scott L. Kelley, Esquire
Daniel W. Potts
Alan J. Stock
RUSSELL INSURANCE GROUP, INC.
Thomas A. Ritter
Chairman of the Board
Frank Elsner, III
Vice Chairman of the Board
Lynda L. Glass
James P. Helt
Officers
ACNB CORPORATION
James P. Helt
President & Chief Executive Officer
Lynda L. Glass
Executive Vice President/Secretary
& Chief Governance Officer
David W. Cathell
Executive Vice President/Treasurer
& Chief Financial Officer
RUSSELL INSURANCE GROUP, INC.
Mark A. Westcott
President & Chief Executive Officer
Daniel J. Coughlin
Vice President & General Manager
David W. Cathell
Vice President & Treasurer
Lynda L. Glass
Vice President & Secretary
Officers
ACNB BANK
James P. Helt
President & Chief Executive Officer
David W. Cathell
Executive Vice President/
Treasurer & Chief Financial Officer
Lynda L. Glass
Executive Vice President/
Secretary and Chief Risk &
Governance Officer
Douglas A. Seibel
Executive Vice President/
Chief Lending & Revenue Officer
Kathy S. Hansel
Senior Vice President/
Principal Accounting Officer
Thomas R. Stone
Executive Vice President/
Chief Community Banking Officer
Kevin J. Hayes
Senior Vice President/
General Counsel
Mark P. Bernier
Senior Vice President/
Wealth Management Officer
Andrew P. Heck
Senior Vice President/
Regional Commercial
Lending Manager
Lisa A. Monthley
Senior Vice President/
Regional Sales Manager
Michelle N. Paulnock
Senior Vice President/
Information Systems Manager
Laurie A. Laub
Executive Vice President/
Chief Credit & Operations Officer
Emily E. Berwager
Senior Vice President/
Human Resources Manager
Tom N. Rasmussen
Executive Vice President/
Maryland Market President
Denise Guyton-Boyer
Senior Vice President/
Commercial Loan Officer
First Vice Presidents
Karen B. Arthur
Barry C. Dillman
Vice Presidents
Brian T. Adair
Daniel K. Baer
James W. Bear
Timothy A. Berwager
Duane E. Bock
Dawn M. Bornman
Sarah E. Brechbuehl
Michael S. Burrier
Cara Lynn Clabaugh
Kevin L. Cook
Lori C. Cromwell
Assistant Vice Presidents
Eric L. Alleman
Danielle L. Barto
Tonya A. Boczek
Amber R. Bowers
Brianna M. Buckley
Andree V. Dennis
Kacie N. Dillman
Kellie J. Doherty
Corey V. Dorsey
Stephanie N. Fitch
Scott E. Hartlaub
Dennis R. Hollinger
Laura L. McCusker
Arthur L. Rathell, III
Carolyn M. Dull
Tiffany M. Faust
Heather N. Gormont
Christopher D. Grimm
Vickie L. Hoffheins
Thomas A. Holmes
Grant J. Holub
John D. Husser
Tammie S. Jones
John E. Kashner
Frank E. Koser II
Sheila J. Fleischer
Andrea D. Foore
Jacqueline A. Grasley
Nancy L. Hamilton
Dale D. Henderson
Ginny L. Huntsberry
Tiffany L. Jacinto
Holly A. Keffer
Douglas R. Lindsay
Michael E. Lippy
Gregory S. Liegey
Nathan E. Lightner
Leslie R. Metzger
Celeste M. Miller
Scott A. Miller
Lauren J. Muzzy
Timothy H. Owings
Adnan Pasic
Jacob R. Price
Matthew A. Rickeman
Michael W. Rittase
George F. Marguglio
Julie A. Marshall
Joey L. Martin
Sylvia E. Mason
Lauren E. McMullen
Lisa M. Miller
Stanley E. Miller
Nicole D. Mooney
Brian M. Neely
Zachary K. Pretty
Gary W. Rappoldt
Senior Vice President/
Regional Commercial
Lending Manager
Lauren L. Shutt
Senior Vice President/
Risk Manager
Wayne A. Steinour
Senior Vice President/
Agribusiness Lending Manager
Harry L. Weetenkamp, Jr.
Senior Vice President/
Regional Commercial
Lending Manager
Merle J. Zehr
Senior Vice President/
Regional Commercial
Lending Manager
Linda S. Roth
Patrick O. Sease
Christine R. Settle
Thomas M. Slover
Kristen R. Snow
Kristie L. Stottlemyer
Jennifer A. Tyler
Kathleen P. Wagner
Stephen R. Wientge
Rhonda L. Winterstein
Christina D. Ziser
Susan M. Saylor
Sara M. Sciarretta
Angela M. Sibert
Lisa A. Smith
Anthony A. Spangler
Jeffrey B. Stambaugh
Morgan A. Stevenson
Ruby L. Sullivan
Gerald L. Waytashek
Steven M. Williams
14
15
ACNB CORPORATION2020 ANNUAL REVIEW Shareholder Information
2021 Annual Meeting
Annual Report on Form 10-K
The Annual Meeting of Shareholders for
ACNB Corporation will be held on Tuesday,
May 4, at 1:00 p.m. in a virtual-only meeting
format. All proxy and other materials
for the Annual Meeting are available at
investor.acnb.com.
Stock Listing
ACNB Corporation common stock is listed
and traded on The NASDAQ Capital Market
under the symbol ACNB.
A copy of ACNB Corporation’s Annual Report
on Form 10-K, as filed with the Securities
and Exchange Commission, may be obtained,
without charge, by contacting:
Lynda L. Glass
Executive Vice President/
Secretary & Chief Governance Officer
ACNB Corporation
P.O. Box 3129
Gettysburg, PA 17325
717.339.5085
The Annual Report and other Corporation
reports are also filed electronically with
the Securities and Exchange Commission
and are accessible by the public at
sec.gov/edgar.
Transfer Agent, Registrar
and Dividend Disbursing Agent
Computershare Investor Services
P.O. Box 505000
Louisville, KY 40233-5000
computershare.com/investor
For shareholder inquiries or information
regarding the ACNB Corporation Dividend
Reinvestment and Stock Purchase Plan, call
Computershare toll free at 1.800.368.5948.
Contact Information
ACNB Bank
acnb.com
FCB Bank
fcbmd.com
NWSB Bank
nwsbbank.com
Customer Contact Center
Toll Free 1.888.334.ACNB (2262)
Customer Contact Center
Toll Free 1.844.413.5463
Customer Contact Center
Toll Free 1.844.822.NWSB (6972)
24-Hour Telephone Banking Line
Toll Free 1.888.338.ACNB (2262)
24-Hour Telephone Banking Line
Toll Free 1.877.236.1485
24-Hour Telephone Banking Line
Toll Free 1.866.276.4979
Russell Insurance Group, Inc.
riginsurance.com
Toll Free 1.800.289.4097
Forward-Looking Statements
In addition to historical information, this document 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: the effects of governmental and fiscal policies, as well as legislative and regulatory changes; the effects
of new laws and regulations, specifically the impact of the Coronavirus Response and Relief Supplemental Appropriations Act, the Coronavirus Aid, Relief, and Economic Security Act, the Tax Cuts
and Jobs Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act; impacts of the capital and liquidity requirements of the Basel III standards; the 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- 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; the 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 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; the effects of competition, and of changes in laws and regulations on competition, including
industry consolidation and development of competing financial products and services; the 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; the effects of technology changes; volatilities in the securities markets; the effect of
general economic conditions and more specifically in the Corporation’s market areas; the 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; disruption of credit and equity markets; the ability to manage current levels of impaired assets; the loss of certain
key officers; the 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.
16
OU R M I S S I O N S TAT E M E N T
ACNB Corporation, the financial holding company for ACNB Bank
and Russell Insurance Group, Inc., strives to serve the financial and
insurance needs of consumers, businesses and other entities through the
multiple delivery channels of these subsidiaries. In all of its endeavors,
the Corporation seeks to maintain its strength and independence as a
leader in the markets served. Our management is dedicated to maximizing
long-term investment value to its shareholders by means of:
Providing and marketing quality financial products and services
designed to focus on the customer’s objectives;
Ensuring a productive, encouraging and growth-oriented work
environment for staff members;
Adopting and leveraging new technologies for the benefit of customer
service, operational efficiencies, and/or competitive position;
Managing human and capital resources for the dual purpose of
effectively serving and satisfying customers’ needs and enhancing
the organization’s profitability; and,
Contributing to the economic vitality and overall well-being of
the communities served by actively participating as a responsible
and caring corporate citizen.
Fundamental to ACNB Corporation’s performance is the commitment to
integrity and compliance in business conduct, as well as the recognition
that our business is one built upon relationships and trust.
ACNB CORPORATION Committed
to you.
ACNB.COM