ORRSTOWN FINANCIAL SERVICES INC
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
ORRF$44.44+1.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| (Dollars in thousands, except per share amounts) | 2023 | 2022 |
| Assets | ||
| Cash and due from banks | $32,586 | $28,477 |
| Interest-bearing deposits with banks | 32,575 | 32,346 |
| Cash and cash equivalents | 65,161 | 60,823 |
| Restricted investments in bank stocks | 11,992 | 10,642 |
| Securities available-for-sale (amortized cost of $549,089 and $563,278 at December 31, 2023 and 2022, respectively) | 513,519 | 513,728 |
| Loans held for sale, at fair value | 5,816 | 10,880 |
| Loans | 2,298,313 | 2,151,232 |
| Less: Allowance for credit losses | (28,702) | (25,178) |
| Net loans | 2,269,611 | 2,126,054 |
| Premises and equipment, net | 29,393 | 29,328 |
| Cash surrender value of life insurance | 73,204 | 71,760 |
| Goodwill | 18,724 | 18,724 |
| Other intangible assets, net | 2,414 | 3,078 |
| Accrued interest receivable | 13,630 | 11,027 |
| Deferred tax asset, net | 22,017 | 24,031 |
| Other assets | 38,759 | 42,333 |
| Total assets | $3,064,240 | $2,922,408 |
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing | $430,959 | $494,131 |
| Interest-bearing | 2,127,855 | 1,950,807 |
| Deposits held for assumption in connection with sale of bank branch | — | 31,307 |
| Total deposits | 2,558,814 | 2,476,246 |
| Securities sold under agreements to repurchase and federal funds purchased | 9,785 | 17,251 |
| FHLB advances and other borrowings | 137,500 | 106,139 |
| Subordinated notes | 32,093 | 32,026 |
| Other liabilities | 60,992 | 61,850 |
| Total liabilities | 2,799,184 | 2,693,512 |
| Commitments and contingencies | ||
| 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; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023; 11,229,242 shares issued and 10,671,413 outstanding at December 31, 2022 | 583 | 584 |
| Additional paid—in capital | 189,027 | 189,264 |
| Retained earnings | 117,667 | 92,473 |
| Accumulated other comprehensive loss | (28,476) | (39,913) |
| Treasury stock— 592,209 and 557,829 shares, at cost, at December 31, 2023 and 2022, respectively | (13,745) | (13,512) |
| Total shareholders’ equity | 265,056 | 228,896 |
| Total liabilities and shareholders’ equity | $3,064,240 | $2,922,408 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.