ORRSTOWN FINANCIAL SERVICES INC
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
ORRF$44.32-0.3%Stored close · as of Nov 10, 2026
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Item 8. Financial Statements and Supplementary Data
SUMMARY OF QUARTERLY FINANCIAL DATA
The following table presents unaudited quarterly results of operations for years ended December 31.
| 2023Quarter Ended | 2022Quarter Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| December | September | June | March | December | September | June | March | |
| Interest income | $40,028 | $38,691 | $36,901 | $34,277 | $32,095 | $27,419 | $25,350 | $23,790 |
| Interest expense | 14,010 | 12,472 | 10,526 | 7,983 | 4,611 | 1,964 | 1,232 | 1,217 |
| Net interest income | 26,018 | 26,219 | 26,375 | 26,294 | 27,484 | 25,455 | 24,118 | 22,573 |
| Provision for credit losses | 418 | 136 | 399 | 729 | 585 | 1,500 | 1,775 | 300 |
| Net interest income after provision for credit losses | 25,600 | 26,083 | 25,976 | 25,565 | 26,899 | 23,955 | 22,343 | 22,273 |
| Investment securities (losses) gains | (39) | 2 | (2) | (8) | 3 | (14) | (3) | (146) |
| Other noninterest income | 6,530 | 5,923 | 7,160 | 6,086 | 6,223 | 6,072 | 7,197 | 7,620 |
| Merger-related expenses | 1,059 | — | — | — | — | — | — | — |
| Provision for legal settlement | — | — | — | — | — | 13,000 | — | — |
| Restructuring expenses | — | — | — | — | — | 3,155 | — | — |
| Other noninterest expenses | 21,333 | 20,447 | 20,749 | 20,255 | 21,236 | 20,257 | 18,794 | 19,364 |
| Income (loss) before income tax expense | 9,699 | 11,561 | 12,385 | 11,388 | 11,889 | (6,399) | 10,743 | 10,383 |
| Income tax expense (benefit) | 2,056 | 2,535 | 2,547 | 2,232 | 2,263 | (1,571) | 1,872 | 2,015 |
| Net income (loss) | $7,643 | $9,026 | $9,838 | $9,156 | $9,626 | $(4,828) | $8,871 | $8,368 |
| Per share information: | ||||||||
| Basic earnings (loss) per share (a) | $0.74 | $0.87 | $0.95 | $0.88 | $0.93 | $(0.47) | $0.84 | $0.77 |
| Diluted earnings (loss) per share (a) | 0.73 | 0.87 | 0.94 | 0.87 | 0.91 | (0.47) | 0.83 | 0.76 |
| Dividends paid per share | 0.20 | 0.20 | 0.20 | 0.20 | 0.19 | 0.19 | 0.19 | 0.19 |
| (a) Sum of the quarters may not equal the total year due to rounding. | ||||||||
Index to Financial Statements and Supplementary Data
| Page | |
|---|---|
| Management’s Report on Internal Control over Financial Reporting | 74 |
| Report of Crowe LLP, Independent Registered Public Accounting Firm (PCAOB ID 173) | 75 |
| Consolidated Balance Sheets | 78 |
| Consolidated Statements of Income | 79 |
| Consolidated Statements of Comprehensive Income (Loss) | 80 |
| Consolidated Statements of Changes in Shareholders’ Equity | 81 |
| Consolidated Statements of Cash Flows | 82 |
| Notes to Consolidated Financial Statements | 84 |
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