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$44.32-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except per share amounts) | 2023 | 2022 | 2021 |
| Interest income | |||
| Loans | $126,595 | $93,528 | $84,227 |
| Investment securities - taxable | 18,031 | 10,237 | 6,622 |
| Investment securities - tax-exempt | 3,462 | 4,115 | 2,493 |
| Short term investments | 1,809 | 774 | 353 |
| Total interest income | 149,897 | 108,654 | 93,695 |
| Interest expense | |||
| Deposits | 37,510 | 6,337 | 4,199 |
| Securities sold under agreements to repurchase and federal funds purchased | 114 | 44 | 31 |
| FHLB advances and other borrowings | 5,350 | 630 | 482 |
| Subordinated notes | 2,017 | 2,013 | 2,009 |
| Total interest expense | 44,991 | 9,024 | 6,721 |
| Net interest income | 104,906 | 99,630 | 86,974 |
| Provision for credit losses | 1,682 | 4,160 | 1,090 |
| Net interest income after provision for credit losses | 103,224 | 95,470 | 85,884 |
| Noninterest income | |||
| Service charges on deposit accounts | 3,949 | 3,826 | 3,047 |
| Interchange income | 3,873 | 4,055 | 4,129 |
| Other service charges, commissions and fees | 917 | 788 | 646 |
| Swap fee income | 1,039 | 2,632 | 293 |
| Trust and investment management income | 7,691 | 7,631 | 7,896 |
| Brokerage income | 3,649 | 3,620 | 3,571 |
| Mortgage banking activities | 591 | 407 | 5,909 |
| Income from life insurance | 2,482 | 2,339 | 2,273 |
| Investment securities (losses) gains | (47) | (160) | 638 |
| Other income | 1,508 | 1,814 | 750 |
| Total noninterest income | 25,652 | 26,952 | 29,152 |
| Noninterest expenses | |||
| Salaries and employee benefits | 50,983 | 48,004 | 44,002 |
| Occupancy | 4,342 | 4,729 | 4,731 |
| Furniture and equipment | 5,251 | 5,083 | 5,115 |
| Data processing | 4,913 | 4,560 | 4,061 |
| Automated teller and interchange fees | 1,252 | 1,287 | 1,202 |
| Advertising and bank promotions | 2,157 | 2,264 | 2,178 |
| FDIC insurance | 1,960 | 1,083 | 816 |
| Professional services | 2,905 | 3,254 | 2,555 |
| Directors' compensation | 915 | 938 | 865 |
| Taxes other than income | 1,050 | 1,391 | 1,321 |
| Intangible asset amortization | 953 | 1,105 | 1,275 |
| Merger-related expenses | 1,059 | — | — |
| Provision for legal settlement | — | 13,000 | — |
| Restructuring expenses | — | 3,155 | — |
| Other operating expenses | 6,103 | 5,953 | 6,020 |
| Total noninterest expenses | 83,843 | 95,806 | 74,141 |
| Income before income tax expense | 45,033 | 26,616 | 40,895 |
| Income tax expense | 9,370 | 4,579 | 8,014 |
| Net income | $35,663 | $22,037 | $32,881 |
| Per share information: | |||
| Basic earnings per share | $3.45 | $2.09 | $3.00 |
| Diluted earnings per share | 3.42 | 2.06 | 2.96 |
| Dividends paid per share | 0.80 | 0.76 | 0.74 |
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