Orrstown Financial Services, Inc. ("Orrstown" or the “Company”)
(NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”),
announced earnings for the three months March 31, 2024. Net income
totaled $8.5 million for the three months ended March 31, 2024,
compared to $7.6 million for the three months ended December 31,
2023 and $9.2 million for the three months ended March 31, 2023.
Diluted earnings per share totaled $0.81 for the three months ended
March 31, 2024, compared to $0.73 for the three months ended
December 31, 2023 and $0.87 for the three months ended March 31,
2023. Merger-related expenses totaled $0.7 million and $1.1 million
for the three months ended March 31, 2024 and December 31, 2023,
respectively. For the first quarter of 2024, excluding the impact
from the merger-related expenses, net income and diluted earnings
per share were $9.2 million(1) and $0.88(1), respectively. For the
fourth quarter of 2023, excluding the impact from the
merger-related expenses, net income and diluted earnings per share
were $8.6 million(1) and $0.83(1), respectively.
(1) Non-GAAP measure. See Appendix A for
additional information.
"We began this year with another solid quarter,
highlighted by strong earnings. The successful workout of a large
commercial real estate loan that entered non-accrual status at the
end of 2022 aided our first quarter performance. Our team remains
conscious of the current credit environment as we seek to limit
risk while still taking steps to grow prudently. Excluding loan
payoff activity that we initiated, we experienced modest loan
growth and expect that to continue throughout the year. Orrstown's
Wealth Management team is leading the way in generating strong fee
income. As in prior years, expenses were higher in the first
quarter and, excluding merger-related costs, are expected to
normalize in the second quarter. Our liquidity position was
bolstered by strong deposit growth, which included successful CD
and money market production, as well as seasonal and short-term
balances from which we expect some runoff,” commented Thomas R.
Quinn, Jr., President and Chief Executive Officer.
DISCUSSION OF RESULTS
Balance Sheet
Loans
Loans held for investment increased by $4.8
million from December 31, 2023 to March 31, 2024. The residential
mortgage portfolio increased by $7.9 million in the three months
ended March 31, 2024 from continued portfolio production.
Commercial loans decreased by $2.3 million from December 31, 2023
to March 31, 2024; however, the balance at March 31, 2024 reflected
the payoffs of a commercial real estate loan on nonaccrual status
totaling $13.4 million and a special mention commercial loan
totaling $7.2 million during the first quarter of 2024.
Loans held-for-sale decreased by $5.3 million to
$0.5 million at March 31, 2024 from $5.8 million at December 31,
2023. During the first quarter of 2024, the Bank sold a portfolio
of residential mortgage loans that had a book value, which
approximated fair value, of $5.1 million at December 31, 2023.
Investment Securities
Investment securities, all of which are
classified as available-for-sale, increased by $1.4 million to
$514.9 million at March 31, 2024 compared to $513.5 million at
December 31, 2023. During the first quarter of 2024, purchases of
$21.8 million were partially offset by a call of a non-agency
collateralized mortgage obligation ("CMO") totaling $10.0 million,
paydowns of $8.1 million and an increase in net unrealized losses
on investment securities of $1.8 million. The overall duration of
the Company's investment securities portfolio was 4.4 years at
March 31, 2024. See Appendix B for a summary of the Bank's
investment securities at March 31, 2024, highlighting their
concentrations, credit ratings and credit enhancement levels.
Deposits
During the first quarter of 2024, deposits
increased by $137.1 million totaling approximately $2.7 billion at
March 31, 2024 compared to $2.6 billion at December 31, 2023. In
the first quarter of 2024, interest-bearing demand deposits
increased by $56.9 million, time deposits increased by $50.4
million and money market deposits increased by $48.7 million. These
increases were partially offset by decreases in non-interest
bearing deposits of $12.4 million and savings deposits of $6.5
million. The increase in interest-bearing demand deposits reflects
some seasonal public funds activity in addition to balances that
are believed to be short-term in nature. The increase in time
deposits was attributable to promotional offerings of up to
18-month terms. The declines in noninterest-bearing deposits and
savings deposits were primarily due to clients shifting to
higher-yielding products within the Bank. At March 31, 2024,
deposits that are uninsured and not collateralized totaled $413.5
million, or 15%, of total deposits compared to $442.7 million, or
17%, of total deposits at December 31, 2023. The Bank's
loan-to-deposit ratio was lowered to 85% at March 31, 2024 compared
to 90% at December 31, 2023 due to the increase in deposits during
the first quarter of 2024.
Borrowings
The Bank actively manages its liquidity position
through its various sources of funding to meet the needs of its
clients. FHLB advances and other borrowings decreased by $22.5
million to $115.0 million at March 31, 2024 compared to $137.5
million at December 31, 2023. The Bank repaid overnight borrowings
during the first quarter of 2024 based on available liquidity from
deposits. The Bank seeks to maintain sufficient liquidity to ensure
client needs can be addressed in a timely basis. The Bank had
available alternative funding sources, such as FHLB advances and
other wholesale options, of approximately $1.0 billion at March 31,
2024.
Income Statement
Net Interest Income and Margin
Net interest income was $26.9 million for the
three months ended March 31, 2024 compared to $26.0 million for the
three months ended December 31, 2023. The net interest margin, on a
tax equivalent basis, increased to 3.77% in the first quarter of
2024 from 3.71% in the fourth quarter of 2023. During the three
months ended March 31, 2024, the Bank recognized interest income
previously applied to principal of $1.6 million from the payoff of
a commercial real estate loan on nonaccrual status, which
contributed 21 basis points to net interest margin. The net
interest margin was negatively impacted by the increase in funding
costs of 27 basis points due primarily to higher interest-bearing
deposit balances. Also, the interest rate increased on the
subordinated notes, which converted from a fixed rate to a floating
rate on December 30, 2023. In addition, the net interest margin was
lower by six basis points from excess cash compared to the fourth
quarter of 2023.
Interest income on loans, on a tax equivalent
basis, increased by $2.3 million to $36.4 million for the three
months ended March 31, 2024 compared to $34.1 million for the three
months ended December 31, 2023, which was primarily due to the
aforementioned interest recovery.
Interest income on investment securities, on a
tax equivalent basis, was $5.7 million for the first quarter of
2024 compared to $5.9 million in the fourth quarter of 2023. The
decrease in interest income on investment securities was primarily
caused by the call of one higher-yielding non-agency CMO of $10.0
million during the three months ended March 31, 2024 as well as
accelerated discount accretion in the fourth quarter of 2023.
Interest expense, on a tax equivalent basis,
increased by $1.8 million to $15.8 million for the three months
ended March 31, 2024 compared to $14.0 million for the three months
ended December 31, 2023 due primarily to higher average deposit
balances and an increase in rates on deposits and the subordinated
notes. Average interest-bearing deposits increased by $55.1 million
during the three months ended March 31, 2024 compared to the three
months ended December 31, 2023.
Provision for Credit Losses
The Company recorded a provision for credit
losses of $0.3 million for the three months ended March 31, 2024
compared to $0.4 million for the three months ended December 31,
2023. The allowance for credit losses ("ACL") on loans increased to
$29.2 million at March 31, 2024 from $28.7 million at December 31,
2023. The ACL was impacted primarily by a reduction in prepayment
speed assumptions within the quantitative model due to current
economic conditions partially offset by an improvement in the gross
domestic product forecast. The ACL to total loans was 1.27% at
March 31, 2024 compared to 1.25% at December 31, 2023. Net
recoveries were less than $0.1 million for both the three months
ended March 31, 2024 and December 31, 2023.
Special mention loans decreased by $8.2 million
from $24.2 million at December 31, 2023 to $16.0 million at March
31, 2024 primarily due to repayments, including $7.2 million from
one commercial client. Classified loans decreased by $6.0 million
to $49.0 million at March 31, 2024 from $55.0 million at December
31, 2023. The decrease in classified loans was primarily due to
repayments of $15.4 million, including the payoff of one commercial
real estate loan totaling $13.4 million, partially offset by
downgrades of $9.5 million, including one commercial relationship
totaling $6.3 million. Non-accrual loans decreased by $12.6 million
to $12.9 million at March 31, 2024 from $25.5 million at December
31, 2023 primarily due to the payoff of one commercial real estate
loan totaling $13.4 million. Management believes the ACL to be
adequate based on current asset quality metrics and economic
conditions.
Management regularly analyzes the commercial
real estate portfolio, which includes the review of occupancy, cash
flows, expenses and expiring leases, as well as the location of the
real estate. At March 31, 2024, the Company had $225.9 million in
loans related to office space compared to $236.4 million at
December 31, 2023. The weighted average loan-to-value ratio was 56%
and the weighted average debt coverage ratio was 1.82x at March 31,
2024. Management believes that the office space portfolio is
well-diversified and includes only limited exposure to properties
located in major metro markets (approximately 2% of the total
commercial real estate loan balance as of March 31, 2024).
Noninterest Income
Noninterest income increased by $0.1 million to
$6.6 million in the three months ended March 31, 2024 compared to
$6.5 million in the three months ended December 31, 2023.
For the three months ended March 31, 2024,
mortgage banking income increased by $0.4 million compared to the
fourth quarter of 2023. During the first quarter of 2024,
residential mortgage sales totaled $14.7 million, including a
portfolio of loans to another financial institution, compared to
$3.7 million during the fourth quarter of 2023. Market conditions
and elevated interest rates continued to hinder mortgage
production.
Wealth management income increased by $0.2
million in the three months ended March 31, 2024 compared to the
three months ended December 31, 2023 due to both new client
generation and strong market conditions.
During the first quarter of 2024, the Company
recorded swap fee income of $0.2 million compared to $0.6 million
in the three months ended December 31, 2023. Swap fee income
fluctuates based on market conditions and client demand.
Noninterest Expenses
Noninterest expenses increased by $0.1 million
to $22.5 million in the three months ended March 31, 2024 from
$22.4 million in the three months ended December 31, 2023.
Salaries and benefits expense increased by $1.0
million to $13.8 million for the three months ended March 31, 2024
compared to $12.8 million for the three months ended December 31,
2023. The increase is primarily attributable to an increase in
employee benefit costs, including social security and unemployment
taxes, which are typically higher at the beginning of the year, and
increased incentive compensation associated with the prior year's
performance.
Other operating expenses decreased by $0.6
million to $2.0 million during the first quarter of 2024 compared
to $2.6 million during the fourth quarter of 2023 due to a decrease
of $0.6 million in credit value adjustments on derivatives for the
three months ended March 31, 2024 compared to the three months
ended December 31, 2023.
For the three months ended March 31, 2024,
merger-related expenses totaled $0.7 million, a decrease of $0.4
million, compared to $1.1 million for the three months ended
December 31, 2023. The decrease is due to higher due diligence
costs and professional fees incurred during the fourth quarter of
2023. The Company expects to incur additional merger-related
expenses until the completion of the merger of equals.
Taxes other than income increased by $0.3
million to $0.5 million in the three months ended March 31, 2024
compared to $0.2 million in the three months ended December 31,
2023. The increase reflects the tax credits recognized on
charitable contributions during the fourth quarter of 2023.
Income Taxes
The Company's effective tax rate for the first
quarter of 2024 was 20.6% compared to 21.2% for the fourth quarter
of 2023. The Company's effective tax rate for the three months
ended March 31, 2024 is less than the 21% federal statutory rate
primarily due to tax-exempt income, including interest earned on
tax-exempt loans and securities and income from life insurance
policies and tax credits, partially offset by the disallowed
portion of interest expense against earnings in association with
the Bank's tax-exempt investments under the Tax Equity and Fiscal
Responsibility Act of 1982 ("TEFRA") and the impact of
nondeductible merger-related costs. The nondeductible
merger-related costs increased the effective tax rate by 1.2% for
the first quarter of 2024. The effective tax rate for the fourth
quarter of 2023 was higher due to an increase in state taxes in
addition to the disallowed portion of interest expense against
earnings in association with the Bank's tax-exempt investments
under the TEFRA. The nondeductible merger-related costs increased
the effective tax rate by 1.4% for the fourth quarter of 2023. The
Company regularly analyzes its projected taxable income and makes
adjustments to the provision for income taxes accordingly.
Capital
Shareholders’ equity totaled $271.7 million at
March 31, 2024, an increase of $6.6 million from $265.1 million at
December 31, 2023. The increase was primarily attributable to net
income of $8.5 million, partially offset by dividends paid of $2.1
million. Other comprehensive losses totaled $0.2 million for the
first quarter of 2024, which consisted of after-tax net unrealized
losses on investment securities of $1.3 million partially offset by
net unrealized gains on cash flow hedges of $1.1 million. The
remaining activity is related to share-based compensation.
Tangible book value per share(1) increased to
$23.47 per share at March 31, 2024 from $23.03 per share at
December 31, 2023 due to the increase in shareholders' equity.
The Company's tangible common equity ratio
decreased to 7.9% at March 31, 2024 from 8.0% at December 31, 2023,
as total assets increased primarily due to the increase in deposits
during the first quarter of 2024. The Company's total risk-based
capital ratio was 13.4% at March 31, 2024 compared to 13.0% at
December 31, 2023. The increase in the total risk-based capital
ratio was partially due to the payoff of a commercial real estate
loan on nonaccrual status, which reduced risk weighted assets by
$20.0 million. The Company's Tier 1 leverage ratio was 8.9% at both
March 31, 2024 and December 31, 2023. At March 31, 2024, all four
capital ratios applicable to the Company were above regulatory
minimum levels to be deemed “well capitalized” under current bank
regulatory guidelines. The Company continues to believe that
capital is adequate to support the risks inherent in the balance
sheet, as well as growth requirements.
(1) Non-GAAP measure. See Appendix A for
additional information.
Investor Relations
Contact: |
Neelesh Kalani |
Executive Vice President,
Chief Financial Officer |
Phone (717) 510-7097 |
ORRSTOWN FINANCIAL
SERVICES, INC. |
|
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FINANCIAL HIGHLIGHTS
(Unaudited) |
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Three Months Ended |
|
|
March 31, |
|
March 31, |
(Dollars in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
Profitability for the
period: |
|
|
|
|
Net interest income |
|
$ |
26,881 |
|
|
$ |
26,294 |
|
Provision for credit losses |
|
|
298 |
|
|
|
729 |
|
Noninterest income |
|
|
6,630 |
|
|
|
6,078 |
|
Noninterest expenses |
|
|
22,469 |
|
|
|
20,255 |
|
Income before income tax expense |
|
|
10,744 |
|
|
|
11,388 |
|
Income tax expense |
|
|
2,213 |
|
|
|
2,232 |
|
Net income available to common shareholders |
|
$ |
8,531 |
|
|
$ |
9,156 |
|
|
|
|
|
|
Financial ratios: |
|
|
|
|
Return on average assets (1) |
|
|
1.11 |
% |
|
|
1.27 |
% |
Return on average assets, adjusted (1) (2) (3) |
|
|
1.19 |
% |
|
|
1.27 |
% |
Return on average equity (1) |
|
|
12.79 |
% |
|
|
15.88 |
% |
Return on average equity, adjusted (1) (2) (3) |
|
|
13.79 |
% |
|
|
15.88 |
% |
Net interest margin (1) |
|
|
3.77 |
% |
|
|
3.94 |
% |
Efficiency ratio |
|
|
67.0 |
% |
|
|
62.6 |
% |
Efficiency ratio, adjusted (2) (3) |
|
|
65.0 |
% |
|
|
62.6 |
% |
Income per common share: |
|
|
|
|
Basic |
|
$ |
0.82 |
|
|
$ |
0.88 |
|
Basic, adjusted (2) (3) |
|
$ |
0.89 |
|
|
$ |
0.88 |
|
Diluted |
|
$ |
0.81 |
|
|
$ |
0.87 |
|
Diluted, adjusted (2) (3) |
|
$ |
0.88 |
|
|
$ |
0.87 |
|
|
|
|
|
|
Average equity to average assets |
|
|
8.66 |
% |
|
|
7.97 |
% |
|
|
|
|
|
(1) Annualized for the three months ended March 31, 2024 and
2023. |
(2) Ratio for the three months ended March 31, 2024 has been
adjusted for merger-related costs. |
(3) Non-GAAP based financial measure. Please refer to Appendix A -
Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP
Reconciliations for a discussion of our use of non-GAAP based
financial measures, including tables reconciling GAAP and non-GAAP
financial measures appearing herein. |
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ORRSTOWN FINANCIAL
SERVICES, INC. |
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FINANCIAL
HIGHLIGHTS (Unaudited) |
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(continued) |
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March 31, |
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December 31, |
(Dollars in thousands, except per share amounts) |
|
2024 |
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|
2023 |
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At period-end: |
|
|
|
Total assets |
$ |
3,183,331 |
|
|
$ |
3,064,240 |
|
Total deposits |
|
2,695,951 |
|
|
|
2,558,814 |
|
Loans, net of allowance for credit losses |
|
2,273,908 |
|
|
|
2,269,611 |
|
Loans held-for-sale, at fair value |
|
535 |
|
|
|
5,816 |
|
Securities available for sale, at fair value |
|
514,909 |
|
|
|
513,519 |
|
Borrowings |
|
127,099 |
|
|
|
147,285 |
|
Subordinated notes |
|
32,111 |
|
|
|
32,093 |
|
Shareholders' equity |
|
271,682 |
|
|
|
265,056 |
|
|
|
|
|
Credit quality and capital
ratios(1): |
|
|
|
Allowance for credit losses to total loans |
|
1.27 |
% |
|
|
1.25 |
% |
Total nonaccrual loans to total loans |
|
0.56 |
% |
|
|
1.11 |
% |
Nonperforming assets to total assets |
|
0.40 |
% |
|
|
0.83 |
% |
Allowance for credit losses to nonaccrual loans |
|
226 |
% |
|
|
112 |
% |
Total risk-based capital: |
|
|
|
Orrstown Financial Services, Inc. |
|
13.4 |
% |
|
|
13.0 |
% |
Orrstown Bank |
|
13.1 |
% |
|
|
12.8 |
% |
Tier 1 risk-based capital: |
|
|
|
Orrstown Financial Services, Inc. |
|
11.2 |
% |
|
|
10.8 |
% |
Orrstown Bank |
|
11.9 |
% |
|
|
11.6 |
% |
Tier 1 common equity risk-based capital: |
|
|
|
Orrstown Financial Services, Inc. |
|
11.2 |
% |
|
|
10.8 |
% |
Orrstown Bank |
|
11.9 |
% |
|
|
11.6 |
% |
Tier 1 leverage capital: |
|
|
|
Orrstown Financial Services, Inc. |
|
9.0 |
% |
|
|
8.9 |
% |
Orrstown Bank |
|
9.6 |
% |
|
|
9.5 |
% |
|
|
|
|
Book value per common share |
$ |
25.38 |
|
|
$ |
24.98 |
|
|
|
|
|
(1) Capital ratios are estimated, subject to regulatory filings.
The Company elected the three-year phase in option for the day-one
impact of ASU 2016-13 for current expected credit losses ("CECL")
to regulatory capital. Beginning in 2023, the Company adjusted
retained earnings, allowance for credit losses includable in tier 2
capital and the deferred tax assets from temporary differences in
risk weighted assets by the permitted percentage of the day-one
impact from adopting the CECL standard. |
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ORRSTOWN FINANCIAL
SERVICES, INC. |
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CONSOLIDATED BALANCE
SHEETS (Unaudited) |
|
|
|
|
|
|
|
(Dollars in thousands, except
per share amounts) |
March 31, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Cash and due from banks |
$ |
23,552 |
|
|
$ |
32,586 |
|
Interest-bearing deposits with
banks |
|
159,170 |
|
|
|
32,575 |
|
Cash and cash equivalents |
|
182,722 |
|
|
|
65,161 |
|
Restricted investments in bank
stocks |
|
11,453 |
|
|
|
11,992 |
|
Securities available for sale
(amortized cost of $552,155 and $549,089 at March 31, 2024 and
December 31, 2023, respectively) |
|
514,909 |
|
|
|
513,519 |
|
Loans held for sale, at fair
value |
|
535 |
|
|
|
5,816 |
|
Loans |
|
2,303,073 |
|
|
|
2,298,313 |
|
Less: Allowance for credit
losses |
|
(29,165 |
) |
|
|
(28,702 |
) |
Net loans |
|
2,273,908 |
|
|
|
2,269,611 |
|
Premises and equipment, net |
|
28,952 |
|
|
|
29,393 |
|
Cash surrender value of life
insurance |
|
73,656 |
|
|
|
73,204 |
|
Goodwill |
|
18,724 |
|
|
|
18,724 |
|
Other intangible assets, net |
|
2,189 |
|
|
|
2,414 |
|
Accrued interest receivable |
|
13,496 |
|
|
|
13,630 |
|
Deferred tax assets, net |
|
21,181 |
|
|
|
22,017 |
|
Other assets |
|
41,606 |
|
|
|
38,759 |
|
Total assets |
$ |
3,183,331 |
|
|
$ |
3,064,240 |
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
418,512 |
|
|
$ |
430,959 |
|
Interest-bearing |
|
2,277,439 |
|
|
|
2,127,855 |
|
Total deposits |
|
2,695,951 |
|
|
|
2,558,814 |
|
Securities sold under agreements
to repurchase and federal funds purchased |
|
12,099 |
|
|
|
9,785 |
|
FHLB advances and other
borrowings |
|
115,000 |
|
|
|
137,500 |
|
Subordinated notes |
|
32,111 |
|
|
|
32,093 |
|
Accrued interest and other
liabilities |
|
56,488 |
|
|
|
60,992 |
|
Total liabilities |
|
2,911,649 |
|
|
|
2,799,184 |
|
Shareholders’
Equity |
|
|
|
Preferred stock, $1.25 par value
per share; 500,000 shares authorized; no shares issued or
outstanding |
|
— |
|
|
|
— |
|
Common stock, no par
value—$0.05205 stated value per share; 50,000,000 shares
authorized; 11,203,221 shares issued and 10,705,077 outstanding at
March 31, 2024; 11,204,599 shares issued and 10,612,390
outstanding at December 31, 2023 |
|
583 |
|
|
|
583 |
|
Additional paid—in capital |
|
187,267 |
|
|
|
189,027 |
|
Retained earnings |
|
124,075 |
|
|
|
117,667 |
|
Accumulated other comprehensive
losses |
|
(28,668 |
) |
|
|
(28,476 |
) |
Treasury stock— 498,144 and
592,209 shares, at cost at March 31, 2024 and
December 31, 2023, respectively |
|
(11,575 |
) |
|
|
(13,745 |
) |
Total shareholders’ equity |
|
271,682 |
|
|
|
265,056 |
|
Total liabilities and shareholders’ equity |
$ |
3,183,331 |
|
|
$ |
3,064,240 |
|
|
|
|
|
|
|
|
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
March 31, |
(In thousands) |
|
|
|
2024 |
|
|
|
2023 |
|
Interest
income |
|
|
|
|
|
Loans |
|
|
$ |
36,233 |
|
|
$ |
28,744 |
|
Investment securities -
taxable |
|
|
|
4,584 |
|
|
|
4,370 |
|
Investment securities -
tax-exempt |
|
|
|
877 |
|
|
|
865 |
|
Short-term investments |
|
|
|
956 |
|
|
|
298 |
|
Total interest income |
|
|
|
42,650 |
|
|
|
34,277 |
|
Interest
expense |
|
|
|
|
|
Deposits |
|
|
|
13,516 |
|
|
|
6,202 |
|
Securities sold under agreements
to repurchase and federal funds purchased |
|
|
|
25 |
|
|
|
25 |
|
FHLB advances and other
borrowings |
|
|
|
1,474 |
|
|
|
1,252 |
|
Subordinated notes |
|
|
|
754 |
|
|
|
504 |
|
Total interest expense |
|
|
|
15,769 |
|
|
|
7,983 |
|
Net interest income |
|
|
|
26,881 |
|
|
|
26,294 |
|
Provision for credit losses |
|
|
|
298 |
|
|
|
729 |
|
Net interest income after provision for credit losses |
|
|
|
26,583 |
|
|
|
25,565 |
|
Noninterest
income |
|
|
|
|
|
Service charges |
|
|
|
1,200 |
|
|
|
1,157 |
|
Interchange income |
|
|
|
911 |
|
|
|
965 |
|
Swap fee income |
|
|
|
199 |
|
|
|
— |
|
Wealth management income |
|
|
|
3,102 |
|
|
|
2,747 |
|
Mortgage banking activities |
|
|
|
458 |
|
|
|
478 |
|
Investment securities losses |
|
|
|
(5 |
) |
|
|
(8 |
) |
Other income |
|
|
|
765 |
|
|
|
739 |
|
Total noninterest income |
|
|
|
6,630 |
|
|
|
6,078 |
|
Noninterest
expenses |
|
|
|
|
|
Salaries and employee
benefits |
|
|
|
13,752 |
|
|
|
12,196 |
|
Occupancy, furniture and
equipment |
|
|
|
2,639 |
|
|
|
2,333 |
|
Data processing |
|
|
|
1,265 |
|
|
|
1,217 |
|
Advertising and bank
promotions |
|
|
|
398 |
|
|
|
405 |
|
FDIC insurance |
|
|
|
441 |
|
|
|
504 |
|
Professional services |
|
|
|
631 |
|
|
|
734 |
|
Taxes other than income |
|
|
|
494 |
|
|
|
457 |
|
Intangible asset
amortization |
|
|
|
225 |
|
|
|
250 |
|
Merger-related expenses |
|
|
|
672 |
|
|
|
— |
|
Other operating expenses |
|
|
|
1,952 |
|
|
|
2,159 |
|
Total noninterest expenses |
|
|
|
22,469 |
|
|
|
20,255 |
|
Income before income tax expense |
|
|
|
10,744 |
|
|
|
11,388 |
|
Income tax expense |
|
|
|
2,213 |
|
|
|
2,232 |
|
Net income |
|
|
$ |
8,531 |
|
|
$ |
9,156 |
|
|
|
|
|
|
|
|
|
|
|
Share
information: |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
$ |
0.82 |
|
|
$ |
0.88 |
|
Diluted earnings per
share |
|
|
$ |
0.81 |
|
|
$ |
0.87 |
|
Dividends paid per share |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Weighted average shares -
basic |
|
|
|
10,349 |
|
|
|
10,385 |
|
Weighted average shares -
diluted |
|
|
|
10,482 |
|
|
|
10,496 |
|
|
|
|
|
|
|
|
|
|
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
|
|
|
|
ANALYSIS
OF NET INTEREST INCOME |
|
|
|
|
Average
Balances and Interest Rates, Taxable-Equivalent Basis
(Unaudited) |
|
|
|
Three Months Ended |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
|
|
Taxable- |
|
Taxable- |
|
|
|
Taxable- |
|
Taxable- |
|
|
|
Taxable- |
|
Taxable- |
|
|
|
Taxable- |
|
Taxable- |
|
|
|
Taxable- |
|
Taxable- |
(Dollars in
thousands) |
Average |
|
Equivalent |
|
Equivalent |
|
Average |
|
Equivalent |
|
Equivalent |
|
Average |
|
Equivalent |
|
Equivalent |
|
Average |
|
Equivalent |
|
Equivalent |
|
Average |
|
Equivalent |
|
Equivalent |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest-bearing bank balances |
$ |
74,523 |
|
$ |
956 |
|
|
5.16 |
% |
|
$ |
37,873 |
|
$ |
460 |
|
|
4.82 |
% |
|
$ |
57,778 |
|
$ |
633 |
|
|
4.35 |
% |
|
$ |
37,895 |
|
$ |
418 |
|
|
4.42 |
% |
|
$ |
29,599 |
|
$ |
298 |
|
|
4.07 |
% |
Investment securities
(1)(2) |
|
519,851 |
|
|
5,694 |
|
|
4.39 |
|
|
|
508,891 |
|
|
5,890 |
|
|
4.63 |
|
|
|
521,234 |
|
|
5,548 |
|
|
4.26 |
|
|
|
526,225 |
|
|
5,510 |
|
|
4.19 |
|
|
|
525,685 |
|
|
5,465 |
|
|
4.18 |
|
Loans (1)(3)(4)(5) |
|
2,308,103 |
|
|
36,382 |
|
|
6.34 |
|
|
|
2,286,678 |
|
|
34,055 |
|
|
5.91 |
|
|
|
2,256,727 |
|
|
32,878 |
|
|
5.78 |
|
|
|
2,233,312 |
|
|
31,329 |
|
|
5.63 |
|
|
|
2,180,224 |
|
|
28,844 |
|
|
5.36 |
|
Total interest-earning
assets |
|
2,902,477 |
|
|
43,032 |
|
|
5.96 |
|
|
|
2,833,442 |
|
|
40,405 |
|
|
5.67 |
|
|
|
2,835,739 |
|
|
39,059 |
|
|
5.47 |
|
|
|
2,797,432 |
|
|
37,257 |
|
|
5.34 |
|
|
|
2,735,508 |
|
|
34,607 |
|
|
5.12 |
|
Other assets |
|
196,295 |
|
|
|
|
|
|
204,382 |
|
|
|
|
|
|
200,447 |
|
|
|
|
|
|
191,983 |
|
|
|
|
|
|
197,620 |
|
|
|
|
Total assets |
$ |
3,098,772 |
|
|
|
|
|
$ |
3,037,824 |
|
|
|
|
|
$ |
3,036,186 |
|
|
|
|
|
$ |
2,989,415 |
|
|
|
|
|
$ |
2,933,128 |
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
1,570,622 |
|
|
9,192 |
|
|
2.35 |
|
|
$ |
1,543,575 |
|
|
8,333 |
|
|
2.14 |
|
|
$ |
1,541,728 |
|
|
7,476 |
|
|
1.92 |
|
|
$ |
1,511,468 |
|
|
6,273 |
|
|
1.66 |
|
|
$ |
1,503,421 |
|
|
4,862 |
|
|
1.31 |
|
Savings deposits |
|
170,005 |
|
|
144 |
|
|
0.34 |
|
|
|
178,351 |
|
|
153 |
|
|
0.34 |
|
|
|
190,817 |
|
|
164 |
|
|
0.34 |
|
|
|
204,584 |
|
|
135 |
|
|
0.26 |
|
|
|
219,408 |
|
|
133 |
|
|
0.25 |
|
Time deposits |
|
428,443 |
|
|
4,180 |
|
|
3.92 |
|
|
|
392,085 |
|
|
3,632 |
|
|
3.67 |
|
|
|
357,194 |
|
|
2,942 |
|
|
3.27 |
|
|
|
326,034 |
|
|
2,200 |
|
|
2.71 |
|
|
|
275,880 |
|
|
1,207 |
|
|
1.78 |
|
Total interest-bearing
deposits |
|
2,169,070 |
|
|
13,516 |
|
|
2.51 |
|
|
|
2,114,011 |
|
|
12,118 |
|
|
2.27 |
|
|
|
2,089,739 |
|
|
10,582 |
|
|
2.01 |
|
|
|
2,042,086 |
|
|
8,608 |
|
|
1.69 |
|
|
|
1,998,709 |
|
|
6,202 |
|
|
1.26 |
|
Securities sold under
agreements to repurchase and federal funds purchased |
|
12,010 |
|
|
25 |
|
|
0.85 |
|
|
|
13,874 |
|
|
30 |
|
|
0.85 |
|
|
|
15,006 |
|
|
31 |
|
|
0.83 |
|
|
|
13,685 |
|
|
28 |
|
|
0.82 |
|
|
|
13,868 |
|
|
25 |
|
|
0.72 |
|
FHLB advances and other
borrowings |
|
137,505 |
|
|
1,474 |
|
|
4.31 |
|
|
|
127,843 |
|
|
1,358 |
|
|
4.21 |
|
|
|
128,131 |
|
|
1,354 |
|
|
4.19 |
|
|
|
132,094 |
|
|
1,386 |
|
|
4.21 |
|
|
|
106,434 |
|
|
1,252 |
|
|
4.77 |
|
Subordinated notes |
|
32,100 |
|
|
754 |
|
|
9.45 |
|
|
|
32,083 |
|
|
504 |
|
|
6.29 |
|
|
|
32,066 |
|
|
505 |
|
|
6.29 |
|
|
|
32,049 |
|
|
504 |
|
|
6.29 |
|
|
|
32,033 |
|
|
504 |
|
|
6.29 |
|
Total interest-bearing
liabilities |
|
2,350,685 |
|
|
15,769 |
|
|
2.70 |
|
|
|
2,287,811 |
|
|
14,010 |
|
|
2.43 |
|
|
|
2,264,942 |
|
|
12,472 |
|
|
2.19 |
|
|
|
2,219,914 |
|
|
10,526 |
|
|
1.90 |
|
|
|
2,151,044 |
|
|
7,983 |
|
|
1.50 |
|
Noninterest-bearing demand
deposits |
|
417,469 |
|
|
|
|
|
|
441,695 |
|
|
|
|
|
|
468,628 |
|
|
|
|
|
|
476,123 |
|
|
|
|
|
|
495,562 |
|
|
|
|
Other liabilities |
|
62,329 |
|
|
|
|
|
|
59,876 |
|
|
|
|
|
|
54,353 |
|
|
|
|
|
|
50,851 |
|
|
|
|
|
|
52,630 |
|
|
|
|
Total liabilities |
|
2,830,483 |
|
|
|
|
|
|
2,789,382 |
|
|
|
|
|
|
2,787,923 |
|
|
|
|
|
|
2,746,888 |
|
|
|
|
|
|
2,699,236 |
|
|
|
|
Shareholders' equity |
|
268,289 |
|
|
|
|
|
|
248,442 |
|
|
|
|
|
|
248,263 |
|
|
|
|
|
|
242,527 |
|
|
|
|
|
|
233,892 |
|
|
|
|
Total |
$ |
3,098,772 |
|
|
|
|
|
$ |
3,037,824 |
|
|
|
|
|
$ |
3,036,186 |
|
|
|
|
|
$ |
2,989,415 |
|
|
|
|
|
$ |
2,933,128 |
|
|
|
|
Taxable-equivalent net
interest income / net interest spread |
|
|
|
27,263 |
|
|
3.26 |
% |
|
|
|
|
26,395 |
|
|
3.24 |
% |
|
|
|
|
26,587 |
|
|
3.29 |
% |
|
|
|
|
26,731 |
|
|
3.44 |
% |
|
|
|
|
26,624 |
|
|
3.62 |
% |
Taxable-equivalent net
interest margin |
|
|
|
|
3.77 |
% |
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
3.73 |
% |
|
|
|
|
|
3.83 |
% |
|
|
|
|
|
3.94 |
% |
Taxable-equivalent
adjustment |
|
|
|
(382 |
) |
|
|
|
|
|
|
(377 |
) |
|
|
|
|
|
|
(368 |
) |
|
|
|
|
|
|
(356 |
) |
|
|
|
|
|
|
(330 |
) |
|
|
Net interest income |
|
|
$ |
26,881 |
|
|
|
|
|
|
$ |
26,018 |
|
|
|
|
|
|
$ |
26,219 |
|
|
|
|
|
|
$ |
26,375 |
|
|
|
|
|
|
$ |
26,294 |
|
|
|
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
123 |
% |
|
|
|
|
|
124 |
% |
|
|
|
|
|
125 |
% |
|
|
|
|
|
126 |
% |
|
|
|
|
|
127 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Yields and
interest income on tax-exempt assets have been computed on a
taxable-equivalent basis assuming a 21% tax rate. |
(2) Average
balance of investment securities is computed at fair value. |
(3) Average
balances include nonaccrual loans. |
(4) Interest
income on loans includes prepayment and late fees, where
applicable. |
(5) Interest
income on loans includes interest recovered of $1.6 million from
the payoff of a commercial real estate loan on nonaccrual status in
the three months ended March 31, 2024. |
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
|
|
|
|
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
Profitability for the
quarter: |
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
26,881 |
|
|
$ |
26,018 |
|
|
$ |
26,219 |
|
|
$ |
26,375 |
|
|
$ |
26,294 |
|
Provision for credit losses |
|
298 |
|
|
|
418 |
|
|
|
136 |
|
|
|
399 |
|
|
|
729 |
|
Noninterest income |
|
6,630 |
|
|
|
6,491 |
|
|
|
5,925 |
|
|
|
7,158 |
|
|
|
6,078 |
|
Noninterest expenses |
|
22,469 |
|
|
|
22,392 |
|
|
|
20,447 |
|
|
|
20,749 |
|
|
|
20,255 |
|
Income before income taxes |
|
10,744 |
|
|
|
9,699 |
|
|
|
11,561 |
|
|
|
12,385 |
|
|
|
11,388 |
|
Income tax expense |
|
2,213 |
|
|
|
2,056 |
|
|
|
2,535 |
|
|
|
2,547 |
|
|
|
2,232 |
|
Net income |
$ |
8,531 |
|
|
$ |
7,643 |
|
|
$ |
9,026 |
|
|
$ |
9,838 |
|
|
$ |
9,156 |
|
|
|
|
|
|
|
|
|
|
|
Financial ratios: |
|
|
|
|
|
|
|
|
|
Return on average assets(1) |
|
1.11 |
% |
|
|
1.00 |
% |
|
|
1.18 |
% |
|
|
1.32 |
% |
|
|
1.27 |
% |
Return on average assets, adjusted(1)(2)(3) |
|
1.19 |
% |
|
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.32 |
% |
|
|
1.27 |
% |
Return on average equity(1) |
|
12.79 |
% |
|
|
12.21 |
% |
|
|
14.42 |
% |
|
|
16.27 |
% |
|
|
15.88 |
% |
Return on average equity, adjusted(1)(2)(3) |
|
13.79 |
% |
|
|
13.77 |
% |
|
|
14.42 |
% |
|
|
16.27 |
% |
|
|
15.88 |
% |
Net interest margin(1) |
|
3.77 |
% |
|
|
3.71 |
% |
|
|
3.73 |
% |
|
|
3.83 |
% |
|
|
3.94 |
% |
Efficiency ratio |
|
67.0 |
% |
|
|
68.9 |
% |
|
|
63.6 |
% |
|
|
61.9 |
% |
|
|
62.6 |
% |
Efficiency ratio, adjusted(2)(3) |
|
65.0 |
% |
|
|
65.6 |
% |
|
|
63.6 |
% |
|
|
61.9 |
% |
|
|
62.6 |
% |
|
|
|
|
|
|
|
|
|
|
Per share information: |
|
|
|
|
|
|
|
|
|
Income per common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.82 |
|
|
$ |
0.74 |
|
|
$ |
0.87 |
|
|
$ |
0.95 |
|
|
$ |
0.88 |
|
Basic, adjusted(2)(3) |
|
0.89 |
|
|
|
0.84 |
|
|
|
0.87 |
|
|
|
0.95 |
|
|
|
0.88 |
|
Diluted |
|
0.81 |
|
|
|
0.73 |
|
|
|
0.87 |
|
|
|
0.94 |
|
|
|
0.87 |
|
Diluted, adjusted(2)(3) |
|
0.88 |
|
|
|
0.83 |
|
|
|
0.87 |
|
|
|
0.94 |
|
|
|
0.87 |
|
Book value |
|
25.38 |
|
|
|
24.98 |
|
|
|
22.90 |
|
|
|
23.15 |
|
|
|
22.46 |
|
Tangible book value |
|
23.47 |
|
|
|
23.03 |
|
|
|
20.94 |
|
|
|
21.19 |
|
|
|
20.50 |
|
Cash dividends paid |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
Average basic shares |
|
10,349 |
|
|
|
10,321 |
|
|
|
10,319 |
|
|
|
10,336 |
|
|
|
10,385 |
|
Average diluted shares |
|
10,482 |
|
|
|
10,419 |
|
|
|
10,405 |
|
|
|
10,421 |
|
|
|
10,496 |
|
|
(1)
Annualized. |
(2) Ratio has
been adjusted for the merger-related costs for the three months
ended March 31, 2024 and December 31, 2023. |
(3) Non-GAAP based financial measure. Please refer to Appendix A -
Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP
Reconciliations for a discussion of our use of non-GAAP based
financial measures, including tables reconciling GAAP and non-GAAP
financial measures appearing herein. |
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA
(Unaudited) |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
Service charges |
$ |
1,200 |
|
|
$ |
1,198 |
|
|
$ |
1,260 |
|
|
$ |
1,251 |
|
|
$ |
1,157 |
|
Interchange income |
|
911 |
|
|
|
952 |
|
|
|
963 |
|
|
|
993 |
|
|
|
965 |
|
Swap fee income |
|
199 |
|
|
|
588 |
|
|
|
255 |
|
|
|
196 |
|
|
|
— |
|
Wealth management income |
|
3,102 |
|
|
|
2,945 |
|
|
|
2,826 |
|
|
|
2,822 |
|
|
|
2,747 |
|
Mortgage banking activities |
|
458 |
|
|
|
143 |
|
|
|
(142 |
) |
|
|
112 |
|
|
|
478 |
|
Other income |
|
765 |
|
|
|
704 |
|
|
|
761 |
|
|
|
1,786 |
|
|
|
739 |
|
Investment securities (losses) gains |
|
(5 |
) |
|
|
(39 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
(8 |
) |
Total noninterest income |
$ |
6,630 |
|
|
$ |
6,491 |
|
|
$ |
5,925 |
|
|
$ |
7,158 |
|
|
$ |
6,078 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
13,752 |
|
|
$ |
12,848 |
|
|
$ |
12,885 |
|
|
$ |
13,054 |
|
|
$ |
12,196 |
|
Occupancy, furniture and equipment |
|
2,639 |
|
|
|
2,534 |
|
|
|
2,460 |
|
|
|
2,266 |
|
|
|
2,333 |
|
Data processing |
|
1,265 |
|
|
|
1,247 |
|
|
|
1,248 |
|
|
|
1,201 |
|
|
|
1,217 |
|
Advertising and bank promotions |
|
398 |
|
|
|
501 |
|
|
|
332 |
|
|
|
919 |
|
|
|
405 |
|
FDIC insurance |
|
441 |
|
|
|
460 |
|
|
|
477 |
|
|
|
519 |
|
|
|
504 |
|
Professional services |
|
631 |
|
|
|
702 |
|
|
|
965 |
|
|
|
504 |
|
|
|
734 |
|
Taxes other than income |
|
494 |
|
|
|
203 |
|
|
|
387 |
|
|
|
3 |
|
|
|
457 |
|
Intangible asset amortization |
|
225 |
|
|
|
236 |
|
|
|
228 |
|
|
|
239 |
|
|
|
250 |
|
Merger-related expenses |
|
672 |
|
|
|
1,059 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
1,952 |
|
|
|
2,602 |
|
|
|
1,465 |
|
|
|
2,044 |
|
|
|
2,159 |
|
Total noninterest expenses |
$ |
22,469 |
|
|
$ |
22,392 |
|
|
$ |
20,447 |
|
|
$ |
20,749 |
|
|
$ |
20,255 |
|
|
|
|
|
|
|
|
|
|
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA
(Unaudited) |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
Balance Sheet at quarter
end: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
182,722 |
|
|
$ |
65,161 |
|
|
$ |
94,939 |
|
|
$ |
76,318 |
|
|
$ |
98,323 |
|
Restricted investments in bank stocks |
|
11,453 |
|
|
|
11,992 |
|
|
|
12,987 |
|
|
|
12,602 |
|
|
|
12,869 |
|
Securities available for sale |
|
514,909 |
|
|
|
513,519 |
|
|
|
495,162 |
|
|
|
508,612 |
|
|
|
520,232 |
|
Loans held for sale, at fair value |
|
535 |
|
|
|
5,816 |
|
|
|
6,448 |
|
|
|
6,450 |
|
|
|
7,341 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Owner occupied |
|
364,280 |
|
|
|
373,757 |
|
|
|
376,350 |
|
|
|
366,439 |
|
|
|
339,371 |
|
Non-owner occupied |
|
707,871 |
|
|
|
694,638 |
|
|
|
630,514 |
|
|
|
626,140 |
|
|
|
603,396 |
|
Multi-family |
|
147,773 |
|
|
|
150,675 |
|
|
|
143,437 |
|
|
|
145,257 |
|
|
|
144,053 |
|
Non-owner occupied residential |
|
91,858 |
|
|
|
95,040 |
|
|
|
100,391 |
|
|
|
105,504 |
|
|
|
106,390 |
|
Commercial and industrial |
|
365,524 |
|
|
|
367,085 |
|
|
|
374,190 |
|
|
|
379,905 |
|
|
|
380,683 |
|
Acquisition and development: |
|
|
|
|
|
|
|
|
|
1-4 family residential construction |
|
22,277 |
|
|
|
24,516 |
|
|
|
25,642 |
|
|
|
20,461 |
|
|
|
20,941 |
|
Commercial and land development |
|
118,010 |
|
|
|
115,249 |
|
|
|
153,279 |
|
|
|
143,177 |
|
|
|
174,556 |
|
Municipal |
|
10,925 |
|
|
|
9,812 |
|
|
|
10,334 |
|
|
|
10,638 |
|
|
|
11,329 |
|
Total commercial loans |
|
1,828,518 |
|
|
|
1,830,772 |
|
|
|
1,814,137 |
|
|
|
1,797,521 |
|
|
|
1,780,719 |
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
First lien |
|
270,748 |
|
|
|
266,239 |
|
|
|
248,335 |
|
|
|
235,813 |
|
|
|
227,031 |
|
Home equity – term |
|
4,966 |
|
|
|
5,078 |
|
|
|
5,223 |
|
|
|
5,228 |
|
|
|
5,371 |
|
Home equity – lines of credit |
|
189,966 |
|
|
|
186,450 |
|
|
|
188,736 |
|
|
|
185,099 |
|
|
|
183,340 |
|
Installment and other loans |
|
8,875 |
|
|
|
9,774 |
|
|
|
10,405 |
|
|
|
10,756 |
|
|
|
11,040 |
|
Total loans |
|
2,303,073 |
|
|
|
2,298,313 |
|
|
|
2,266,836 |
|
|
|
2,234,417 |
|
|
|
2,207,501 |
|
Allowance for credit losses |
|
(29,165 |
) |
|
|
(28,702 |
) |
|
|
(28,278 |
) |
|
|
(28,383 |
) |
|
|
(28,364 |
) |
Net loans held-for-investment |
|
2,273,908 |
|
|
|
2,269,611 |
|
|
|
2,238,558 |
|
|
|
2,206,034 |
|
|
|
2,179,137 |
|
Goodwill |
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
Other intangible assets, net |
|
2,189 |
|
|
|
2,414 |
|
|
|
2,650 |
|
|
|
2,589 |
|
|
|
2,828 |
|
Total assets |
|
3,183,331 |
|
|
|
3,064,240 |
|
|
|
3,054,435 |
|
|
|
3,008,197 |
|
|
|
3,011,548 |
|
Total deposits |
|
2,695,951 |
|
|
|
2,558,814 |
|
|
|
2,546,435 |
|
|
|
2,522,861 |
|
|
|
2,515,626 |
|
Borrowings |
|
127,099 |
|
|
|
147,285 |
|
|
|
175,241 |
|
|
|
152,229 |
|
|
|
176,315 |
|
Subordinated notes |
|
32,111 |
|
|
|
32,093 |
|
|
|
32,076 |
|
|
|
32,059 |
|
|
|
32,042 |
|
Total shareholders' equity |
|
271,682 |
|
|
|
265,056 |
|
|
|
243,080 |
|
|
|
245,641 |
|
|
|
240,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORRSTOWN
FINANCIAL SERVICES, INC. |
|
|
|
|
|
|
|
|
HISTORICAL
TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited) |
|
|
|
|
|
|
(continued) |
|
|
|
|
|
|
|
|
|
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
Capital and credit quality
measures(1): |
|
|
|
|
|
|
|
|
|
Total risk-based capital: |
|
|
|
|
|
|
|
|
|
Orrstown Financial Services, Inc |
|
13.4 |
% |
|
|
13.0 |
% |
|
|
13.0 |
% |
|
|
13.0 |
% |
|
|
12.8 |
% |
Orrstown Bank |
|
13.1 |
% |
|
|
12.8 |
% |
|
|
12.5 |
% |
|
|
12.5 |
% |
|
|
12.4 |
% |
Tier 1 risk-based
capital: |
|
|
|
|
|
|
|
|
|
Orrstown Financial Services, Inc |
|
11.2 |
% |
|
|
10.8 |
% |
|
|
10.6 |
% |
|
|
10.5 |
% |
|
|
10.4 |
% |
Orrstown Bank |
|
11.9 |
% |
|
|
11.6 |
% |
|
|
11.4 |
% |
|
|
11.4 |
% |
|
|
11.2 |
% |
Tier 1 common equity
risk-based capital: |
|
|
|
|
|
|
|
|
|
Orrstown Financial Services, Inc |
|
11.2 |
% |
|
|
10.8 |
% |
|
|
10.6 |
% |
|
|
10.5 |
% |
|
|
10.4 |
% |
Orrstown Bank |
|
11.9 |
% |
|
|
11.6 |
% |
|
|
11.4 |
% |
|
|
11.4 |
% |
|
|
11.2 |
% |
Tier 1 leverage capital: |
|
|
|
|
|
|
|
|
|
Orrstown Financial Services, Inc |
|
9.0 |
% |
|
|
8.9 |
% |
|
|
8.7 |
% |
|
|
8.6 |
% |
|
|
8.5 |
% |
Orrstown Bank |
|
9.6 |
% |
|
|
9.5 |
% |
|
|
9.3 |
% |
|
|
9.3 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
Average equity to average assets |
|
8.66 |
% |
|
|
8.18 |
% |
|
|
8.18 |
% |
|
|
8.11 |
% |
|
|
7.97 |
% |
Allowance for credit losses to total loans |
|
1.27 |
% |
|
|
1.25 |
% |
|
|
1.25 |
% |
|
|
1.27 |
% |
|
|
1.28 |
% |
Total nonaccrual loans to total loans |
|
0.56 |
% |
|
|
1.11 |
% |
|
|
0.98 |
% |
|
|
0.94 |
% |
|
|
0.96 |
% |
Nonperforming assets to total assets |
|
0.40 |
% |
|
|
0.83 |
% |
|
|
0.73 |
% |
|
|
0.70 |
% |
|
|
0.71 |
% |
Allowance for credit losses to nonaccrual loans |
|
226 |
% |
|
|
112 |
% |
|
|
127 |
% |
|
|
135 |
% |
|
|
134 |
% |
|
|
|
|
|
|
|
|
|
|
Other information: |
|
|
|
|
|
|
|
|
|
Net (recoveries) charge-offs |
$ |
(42 |
) |
|
$ |
(6 |
) |
|
$ |
241 |
|
|
$ |
380 |
|
|
$ |
(34 |
) |
Classified loans |
|
48,997 |
|
|
|
55,030 |
|
|
|
33,593 |
|
|
|
26,347 |
|
|
|
34,024 |
|
Nonperforming and other risk assets: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
12,886 |
|
|
|
25,527 |
|
|
|
22,324 |
|
|
|
21,062 |
|
|
|
21,246 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
85 |
|
Total nonperforming assets |
|
12,886 |
|
|
|
25,527 |
|
|
|
22,324 |
|
|
|
21,062 |
|
|
|
21,331 |
|
Financial difficulty modifications still accruing |
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans past due 90 days or more and still accruing |
|
99 |
|
|
|
66 |
|
|
|
277 |
|
|
|
539 |
|
|
|
28 |
|
Total nonperforming and other risk assets |
$ |
12,985 |
|
|
$ |
25,602 |
|
|
$ |
22,601 |
|
|
$ |
21,601 |
|
|
$ |
21,359 |
|
|
(1) Capital ratios are estimated, subject to regulatory filings.
The Company elected the three-year phase in option for the day-one
impact of ASU 2016-13 for current expected credit losses ("CECL")
to regulatory capital. Beginning in 2023, the Company adjusted
retained earnings, allowance for credit losses includable in tier 2
capital and the deferred tax assets from temporary differences in
risk weighted assets by the permitted percentage of the day-one
impact from adopting the new CECL standard. |
|
Appendix A- Supplemental Reporting of Non-GAAP Measures
and GAAP to Non-GAAP Reconciliations
Management believes providing certain other
“non-GAAP” financial information will assist investors in their
understanding of the effect on recent financial results from
non-recurring charges.
As a result of acquisitions, the Company has
intangible assets consisting of goodwill, core deposit and other
intangible assets, which totaled $20.9 million and $21.1 million at
March 31, 2024 and December 31, 2023, respectively. In
addition, during the three ended March 31, 2024 and
December 31, 2023, the Company incurred $0.7 million and $1.1
million in merger-related expenses, respectively.
Tangible book value per common share and the
impact of the merger-related expenses on net income and associated
ratios, as used by the Company in this earnings release, are
determined by methods other than in accordance with U.S. Generally
Accepted Accounting Principles ("GAAP"). While we believe this
information is a useful supplement to GAAP based measures presented
in this earnings release, readers are cautioned that this non-GAAP
disclosure has limitations as an analytical tool, should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, and should not be considered in isolation or
as a substitute for analysis of our results and financial condition
as reported under GAAP, nor are such measures necessarily
comparable to non-GAAP performance measures that may be presented
by other companies. This supplemental presentation should not be
construed as an inference that our future results will be
unaffected by similar adjustments to be determined in accordance
with GAAP.
The following tables present the computation of
each non-GAAP based measure:
(dollars and shares in thousands)
Tangible Book Value
per Common Share |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
Shareholders' equity (most directly comparable GAAP-based
measure) |
|
$ |
271,682 |
|
|
$ |
265,056 |
|
|
$ |
243,080 |
|
|
$ |
245,641 |
|
|
$ |
240,161 |
|
Less: Goodwill |
|
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
|
|
18,724 |
|
Other intangible assets |
|
|
2,189 |
|
|
|
2,414 |
|
|
|
2,650 |
|
|
|
2,589 |
|
|
|
2,828 |
|
Related tax effect |
|
|
(460 |
) |
|
|
(507 |
) |
|
|
(557 |
) |
|
|
(544 |
) |
|
|
(594 |
) |
Tangible common equity
(non-GAAP) |
|
$ |
251,229 |
|
|
$ |
244,425 |
|
|
$ |
222,263 |
|
|
$ |
224,872 |
|
|
$ |
219,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
10,705 |
|
|
|
10,612 |
|
|
|
10,613 |
|
|
|
10,611 |
|
|
|
10,692 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (most
directly comparable GAAP-based measure) |
|
$ |
25.38 |
|
|
$ |
24.98 |
|
|
$ |
22.90 |
|
|
$ |
23.15 |
|
|
$ |
22.46 |
|
Intangible assets per
share |
|
|
1.91 |
|
|
|
1.95 |
|
|
|
1.96 |
|
|
|
1.96 |
|
|
|
1.96 |
|
Tangible book value per share
(non-GAAP) |
|
$ |
23.47 |
|
|
$ |
23.03 |
|
|
$ |
20.94 |
|
|
$ |
21.19 |
|
|
$ |
20.50 |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars and shares in thousands) |
Three Months Ended |
Adjusted Ratios for
Merger-Related Expenses |
March 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Net income (A) - most directly comparable GAAP-based measure |
$ |
8,531 |
|
|
$ |
7,643 |
|
|
$ |
9,156 |
|
Plus: Merger-related expenses
(B) |
|
672 |
|
|
|
1,059 |
|
|
|
— |
|
Less: Related tax effect (C) |
|
(1 |
) |
|
|
(79 |
) |
|
|
— |
|
Adjusted net income
(D=A+B-C) - Non-GAAP |
$ |
9,202 |
|
|
$ |
8,623 |
|
|
$ |
9,156 |
|
|
|
|
|
|
|
Average assets (E) |
$ |
3,098,772 |
|
|
$ |
3,037,824 |
|
|
$ |
2,933,128 |
|
Return on average assets
(= A / E) - most directly comparable GAAP-based
measure(1) |
|
1.11 |
% |
|
|
1.00 |
% |
|
|
1.27 |
% |
Return on average assets,
adjusted (= D / E) - Non-GAAP(1) |
|
1.19 |
% |
|
|
1.13 |
% |
|
|
1.27 |
% |
|
|
|
|
|
|
Average equity (F) |
$ |
268,289 |
|
|
$ |
248,442 |
|
|
$ |
233,892 |
|
Return on average equity
(= A / F) - most directly comparable GAAP-based
measure(1) |
|
12.79 |
% |
|
|
12.21 |
% |
|
|
15.88 |
% |
Return on average equity,
adjusted (= D / F) - Non-GAAP(1) |
|
13.79 |
% |
|
|
13.77 |
% |
|
|
15.88 |
% |
|
|
|
|
|
|
Weighted average shares - basic
(G) - most directly comparable GAAP-based measure |
|
10,349 |
|
|
|
10,321 |
|
|
|
10,385 |
|
Basic earnings per share
(= A / G) - most directly comparable GAAP-based
measure |
$ |
0.82 |
|
|
$ |
0.74 |
|
|
$ |
0.88 |
|
Basic earnings per share,
adjusted (= D / G) - Non-GAAP |
$ |
0.89 |
|
|
$ |
0.84 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
Weighted average shares - diluted
(H) - most directly comparable GAAP-based measure |
|
10,482 |
|
|
|
10,419 |
|
|
|
10,496 |
|
Diluted earnings per
share (= A / H) - most directly comparable GAAP-based
measure |
$ |
0.81 |
|
|
$ |
0.73 |
|
|
$ |
0.87 |
|
Diluted earnings per
share, adjusted (= D / H) - Non-GAAP |
$ |
0.88 |
|
|
$ |
0.83 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
Noninterest expense (I) - most
directly comparable GAAP-based measure |
$ |
22,469 |
|
|
$ |
22,392 |
|
|
$ |
20,255 |
|
Less: Merger-related expenses
(B) |
|
(672 |
) |
|
|
(1,059 |
) |
|
|
— |
|
Adjusted noninterest
expense (J = I - B) - Non-GAAP |
$ |
21,797 |
|
|
$ |
21,333 |
|
|
$ |
20,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (K) |
$ |
26,881 |
|
|
$ |
26,018 |
|
|
$ |
26,294 |
|
Noninterest income (L) |
|
6,630 |
|
|
|
6,491 |
|
|
|
6,078 |
|
Total operating income
(M = K + L) |
$ |
33,511 |
|
|
$ |
32,509 |
|
|
$ |
32,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (= I
/ M) - most directly comparable GAAP-based measure |
|
67.0 |
% |
|
|
68.9 |
% |
|
|
62.6 |
% |
Efficiency ratio,
adjusted (= J / M) - Non-GAAP |
|
65.0 |
% |
|
|
65.6 |
% |
|
|
62.6 |
% |
|
|
|
|
|
|
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
Appendix B- Investment Portfolio
Concentrations
The following table summarizes the credit ratings and collateral
associated with the Company's investment security portfolio,
excluding equity securities, at March 31, 2024:
(dollars in thousands)
Sector |
Portfolio Mix |
|
Amortized Book |
|
Fair Value |
|
Credit Enhancement |
|
AAA |
|
AA |
|
A |
|
BBB |
|
NR |
|
Collateral / Guarantee Type |
Unsecured ABS |
1 |
% |
|
$ |
3,512 |
|
$ |
3,200 |
|
27 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
100 |
% |
|
Unsecured Consumer Debt |
Student Loan ABS |
1 |
|
|
|
5,043 |
|
|
4,939 |
|
27 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
Seasoned Student Loans |
Federal Family Education Loan
ABS |
17 |
|
|
|
94,553 |
|
|
93,677 |
|
9 |
|
|
7 |
|
|
80 |
|
|
— |
|
|
13 |
|
|
— |
|
|
Federal Family Education Loan
(1) |
PACE Loan ABS |
— |
|
|
|
2,277 |
|
|
1,973 |
|
6 |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
PACE Loans (2) |
Non-Agency CMBS |
3 |
|
|
|
17,208 |
|
|
17,247 |
|
29 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
|
Non-Agency RMBS |
3 |
|
|
|
17,539 |
|
|
14,314 |
|
20 |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reverse Mortgages (3) |
Municipal - General
Obligation |
18 |
|
|
|
102,033 |
|
|
93,384 |
|
|
|
10 |
|
|
83 |
|
|
7 |
|
|
— |
|
|
— |
|
|
|
Municipal - Revenue |
22 |
|
|
|
119,088 |
|
|
107,483 |
|
|
|
— |
|
|
82 |
|
|
12 |
|
|
— |
|
|
6 |
|
|
|
SBA ReRemic (5) |
1 |
|
|
|
3,293 |
|
|
3,260 |
|
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
SBA Guarantee (4) |
Small Business
Administration |
1 |
|
|
|
7,786 |
|
|
8,243 |
|
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
SBA Guarantee (4) |
Agency MBS |
29 |
|
|
|
159,649 |
|
|
149,400 |
|
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
Residential Mortgages (4) |
U.S. Treasury securities |
4 |
|
|
|
20,054 |
|
|
17,669 |
|
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
U.S. Government Guarantee
(4) |
|
100 |
% |
|
$ |
552,035 |
|
$ |
514,789 |
|
|
|
7 |
% |
|
81 |
% |
|
4 |
% |
|
2 |
% |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 97%
guaranteed by U.S. government |
(2) PACE acronym
represents Property Assessed Clean Energy loans |
(3) Non-agency
reverse mortgages with current structural credit enhancements |
(4) Guaranteed by
U.S. government or U.S. government agencies |
(5) SBA ReRemic
acronym represents Re-Securitization of Real Estate Mortgage
Investment Conduits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Ratings in
table are the lowest of the six rating agencies (Standard &
Poor's, Moody's, Fitch, Morningstar, DBRS and Kroll Bond Rating
Agency). Standard & Poor's rates U.S. government obligations at
AA+. |
|
About the Company
With $3.2 billion in assets, Orrstown Financial
Services, Inc. and its wholly-owned subsidiary, Orrstown Bank,
provide a wide range of consumer and business financial services in
Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York
Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and
Washington Counties, Maryland, as well as Baltimore City, Maryland.
The Company's lending area also includes adjacent counties in
Pennsylvania and Maryland, as well as Loudon County, Virginia and
Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown
Bank is an Equal Housing Lender and its deposits are insured up to
the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s
common stock is traded on Nasdaq (ORRF). For more information about
Orrstown Financial Services, Inc. and Orrstown Bank, visit
www.orrstown.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Forward-looking statements
reflect the current views of the Company's management with respect
to, among other things, future events and the Company's financial
performance. These statements are often, but not always, made
through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would”
and “outlook,” or the negative variations of those words or other
comparable words of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates, predictions or projections
about events or the Company's industry, management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond the Company's control.
Accordingly, the Company cautions you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements and there can be no assurances that the Company will
achieve the desired level of new business development and new
loans, growth in the balance sheet and fee-based revenue lines of
business, successful merger and acquisition activity and cost
savings initiatives and continued reductions in risk assets or
mitigation of losses in the future. Factors which could cause the
actual results of the Company's operations to differ materially
from expectations include, but are not limited to: general economic
conditions (including inflation and concerns about liquidity) on a
national basis or in the local markets in which the Company
operates; ineffectiveness of the Company's strategic growth plan
due to changes in current or future market conditions; changes in
interest rates; failure to complete the merger with Codorus Valley
Bancorp, Inc. or unexpected delays related to the merger or either
party's inability to satisfy closing conditions required to
complete the merger; certain restrictions during the pendency of
the proposed transactions with Codorus Valley Bancorp, Inc. that
may impact the parties' abilities to pursue certain business
opportunities or strategic transactions; the diversion of
management's attention from ongoing business operations and
opportunities; the effects of competition and how it may impact our
community banking model, including industry consolidation and
development of competing financial products and services; changes
in consumer behavior due to changing political, business and
economic conditions, or legislative or regulatory initiatives;
changes in laws and regulations; changes in credit quality;
inability to raise capital, if necessary, under favorable
conditions; volatility in the securities markets; the demand for
our products and services; deteriorating economic conditions;
geopolitical tensions; operational risks including, but not limited
to, cybersecurity incidents, fraud, natural disasters and future
pandemics; expenses associated with litigation and legal
proceedings; and other risks and uncertainties, including those
detailed in our Annual Report on Form 10-K for the year ended
December 31, 2023 under the sections titled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and in subsequent filings made with the
Securities and Exchange Commission.
The foregoing list of factors is not exhaustive.
If one or more events related to these or other risks or
uncertainties materializes, or if the Company's underlying
assumptions prove to be incorrect, actual results may differ
materially from what the Company anticipates. Accordingly, you
should not place undue reliance on any such forward-looking
statements. Any forward-looking statement speaks only as of the
date on which it is made, and the Company disclaims any obligation
to publicly update or review any forward-looking statement, whether
as a result of new information, future developments or otherwise.
New risks and uncertainties arise from time to time, and it is not
possible for the Company to predict those events or how they may
affect it. In addition, the Company cannot assess the impact of
each factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
All forward-looking statements, expressed or implied, included in
this press release are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that the Company or persons acting on
the Company's behalf may issue.
The review period for subsequent events extends
up to and includes the filing date of a public company’s financial
statements, when filed with the Securities and Exchange Commission.
Accordingly, the consolidated financial information presented in
this announcement is subject to change. Annualized, pro forma,
projected and estimated numbers in this document are used for
illustrative purposes only and are not forecasts and may not
reflect actual results.
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