ORRSTOWN FINANCIAL SERVICES INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 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 Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended | ||
|---|---|---|
| (Dollars in thousands) | March 31, 2024 | March 31, 2023 |
| Cash flows from operating activities | ||
| Net income | $8,531 | $9,156 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net premium amortization | 450 | 442 |
| Depreciation and amortization expense | 1,072 | 1,063 |
| Provision for credit losses | 298 | 729 |
| Share-based compensation | 967 | 619 |
| Gains on sales of loans originated for sale | (268) | (60) |
| Fair value adjustments on loans held for sale | (18) | (325) |
| Mortgage loans originated for sale | (7,697) | (5,302) |
| Proceeds from sales of loans originated for sale | 13,264 | 9,223 |
| Net loss on disposal of premises and equipment | — | (11) |
| Deferred income tax expense | 891 | 1,251 |
| Investment securities losses | 5 | 8 |
| Return on investments in limited partnerships | (16) | (12) |
| Net unrealized (gains) losses on derivatives | (130) | 279 |
| Income from life insurance | (634) | (590) |
| (Increase) decrease in accrued interest receivable and other assets | (1,139) | 1,294 |
| Decrease in accrued interest payable and other liabilities | (3,092) | (12,522) |
| Other, net | 186 | 172 |
| Net cash provided by operating activities | 12,670 | 5,414 |
| Cash flows from investing activities | ||
| Maturities, repayments and calls of AFS securities | 18,134 | 11,132 |
| Purchases of AFS securities | (21,784) | (9,532) |
| Net redemptions (purchases) of restricted investments in bank stocks | 539 | (2,227) |
| Net (contributions to) distributions from investments in limited partnerships | (21) | 321 |
| Net increase in loans | (6,185) | (56,061) |
| Purchases of bank premises and equipment | (63) | (248) |
| Proceeds from disposal of premises and equipment | — | 12 |
| Net cash used in investing activities | (9,380) | (56,603) |
| Cash flows from financing activities | ||
| Net increase in deposits | 137,137 | 39,377 |
| Net (decrease) increase in borrowings with original maturities less than 90 days | (20,186) | 13,038 |
| Proceeds from FHLB advances with original maturities greater than 90 days | — | 40,000 |
| Payments on FHLB advances with original maturities greater than 90 days | — | (113) |
| Dividends paid | (2,123) | (2,126) |
| Acquisition of treasury stock | — | (1,175) |
| Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting | (637) | (378) |
| Proceeds from issuance of employee stock purchase plan shares | 80 | 66 |
| Net cash provided by financing activities | 114,271 | 88,689 |
| Net increase in cash and cash equivalents | 117,561 | 37,500 |
| Cash and cash equivalents at beginning of period | 65,161 | 60,823 |
| Cash and cash equivalents at end of period | $182,722 | $98,323 |
| Three Months Ended | ||
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $15,894 | $7,046 |
| Supplemental schedule of noncash activities: | ||
| OREO acquired in settlement of loans | — | 85 |
| Deposits held for assumption in connection with sale of bank branch | — | 27,517 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.