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
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income | $35,663 | $22,037 | $32,881 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net premium amortization (discount accretion) | 2,040 | 1,893 | (436) |
| Depreciation and amortization expense | 4,340 | 4,620 | 5,305 |
| Provision for credit losses | 1,682 | 4,160 | 1,090 |
| Share-based compensation | 2,356 | 2,154 | 1,949 |
| Gains on sales of loans originated for sale | (283) | (1,283) | (5,222) |
| Fair value adjustment on loans held for sale | 323 | 1,373 | 255 |
| Mortgage loans originated for sale | (18,437) | (82,708) | (197,167) |
| Proceeds from sales of loans originated for sale | 23,461 | 77,291 | 204,102 |
| Gains on sale of portfolio loans | — | (306) | — |
| Net gain on disposal of OREO and premises held for sale | (436) | — | (327) |
| Writedown of OREO and premises held for sale | — | 1,297 | — |
| Net loss on disposal of premises and equipment | 252 | 530 | 22 |
| Deferred income tax (benefit) expense | (651) | (591) | 942 |
| Investment securities losses (gains) | 47 | 160 | (638) |
| Provision for legal settlement | — | 13,000 | — |
| Payment of legal settlement | — | (13,000) | — |
| Return on investments in limited partnerships | (43) | (976) | — |
| Net losses on derivatives | 373 | 114 | 200 |
| Loss on derivative terminations | — | — | 514 |
| Income from life insurance | (2,482) | (2,339) | (2,273) |
| Premium on branch sale | (1,102) | — | — |
| Decrease (increase) in accrued interest receivable and other assets | 1,571 | (4,168) | (3,200) |
| (Decrease) increase in accrued interest payable and other liabilities | (5,651) | 10,891 | 1,281 |
| Other, net | 678 | 2,043 | 1,533 |
| Net cash provided by operating activities | 43,701 | 36,192 | 40,811 |
| Cash flows from investing activities | |||
| Proceeds from sales of AFS securities | 22,006 | 31,330 | 149,038 |
| Maturities, repayments and calls of AFS securities | 34,989 | 50,105 | 39,082 |
| Purchases of AFS securities | (45,565) | (181,529) | (195,049) |
| Net (purchases) redemptions of restricted investments in bank stocks | (1,350) | (3,390) | 3,311 |
| Net distributions from investments in limited partnerships | 166 | 1,410 | — |
| Net (increase) decrease in loans | (145,301) | (172,607) | 1,396 |
| Proceeds from sales of portfolio loans | — | 4,443 | 385 |
| Investment in limited partnerships | (1,037) | — | — |
| Purchases of bank premises and equipment | (2,293) | (895) | (1,254) |
| Proceeds from disposal of OREO and premises held for sale | 2,536 | — | 1,078 |
| Proceeds from disposal of bank premises and equipment | 43 | — | — |
| Net cash paid in branch sale | (17,641) | — | — |
| Death benefit proceeds from life insurance contracts | 342 | 142 | — |
| Other | (143) | — | — |
| Net cash used in investing activities | (153,248) | (270,991) | (2,013) |
| (continued) | |||
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2023 | 2022 | 2021 |
| Cash flows from financing activities | |||
| Net increase in deposits | 101,302 | 11,307 | 108,020 |
| Net (decrease) increase in borrowings with original maturities less than 90 days | (14,650) | 98,634 | 3,835 |
| Proceeds from FHLB advances with original maturities greater than 90 days | 40,000 | — | — |
| Payments on FHLB advances with original maturities greater than 90 days | (1,455) | (441) | (56,149) |
| Settlement of terminated derivatives | — | — | (525) |
| Dividends paid | (8,485) | (8,264) | (8,280) |
| Acquisition of treasury stock | (2,585) | (14,172) | (1,869) |
| Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting | (378) | (285) | (514) |
| Proceeds from issuance of employee stock purchase plan shares | 136 | 133 | 136 |
| Net cash provided by financing activities | 113,885 | 86,912 | 44,654 |
| Net increase (decrease) in cash and cash equivalents | 4,338 | (147,887) | 83,452 |
| Cash and cash equivalents at beginning of year | 60,823 | 208,710 | 125,258 |
| Cash and cash equivalents at end of year | $65,161 | $60,823 | $208,710 |
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2023 | 2022 | 2021 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest | $42,888 | $8,721 | $6,805 |
| Income taxes | 7,450 | 4,900 | 4,400 |
| Supplemental schedule of noncash investing and financing activities: | |||
| Loans transferred from LHFS to portfolio loans | — | 1,510 | — |
| OREO acquired in settlement of loans | 85 | — | — |
| Premises and equipment transferred to held for sale | — | 2,991 | — |
| Lease liabilities arising from obtaining ROU assets | 2,416 | 94 | 2,865 |
| Deposits held for assumption in connection with sale of bank branch | — | 31,307 | — |
| The Notes to Consolidated Financial Statements are an integral part of these statements. | |||
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