ORRSTOWN FINANCIAL SERVICES INC

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 8, 2024

ORRF$44.32-0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows (Unaudited)

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended
(Dollars in thousands)	June 30, 2024	June 30, 2023
Cash flows from operating activities
Net income	$16,269	$18,994
Adjustments to reconcile net income to net cash provided by operating activities:
Net premium amortization	836	978
Depreciation and amortization expense	2,136	2,114
Provision for credit losses	1,110	1,128
Share-based compensation	1,831	1,154
Gains on sales of loans originated for sale	(427)	(118)
Fair value adjustments on loans held for sale	(31)	(187)
Mortgage loans originated for sale	(16,472)	(9,829)
Proceeds from sales of loans originated for sale	21,184	14,564
Net gain on sale of OREO and premises held for sale	—	(301)
Net loss on disposal of premises and equipment	—	226
Deferred income tax expense	321	886
Investment securities losses	17	10
Return on investments in limited partnerships	(39)	(12)
Net (gains) losses on derivatives	(168)	199
Income from life insurance	(1,280)	(1,235)
Premium on branch sale	—	(1,166)
(Increase) decrease in accrued interest receivable and other assets	(2,752)	2,816
Decrease in accrued interest payable and other liabilities	(3,799)	(8,900)
Other, net	367	335
Net cash provided by operating activities	19,103	21,656
Cash flows from investing activities
Maturities, repayments and calls of AFS securities	31,841	19,182
Purchases of AFS securities	(50,289)	(9,532)
Net redemptions (purchases) of restricted investments in bank stocks	845	(1,960)
Net increase in loans	(51,088)	(83,157)
Investment in limited partnerships	(4,521)	(716)
Purchases of bank premises and equipment	(100)	(1,505)
Proceeds from disposal of OREO and premises held for sale	—	1,662
Proceeds from disposal of premises and equipment	—	43
Net cash paid in branch sale	—	(17,656)
Death benefit proceeds from life insurance contracts	—	342
Net cash used in investing activities	(73,312)	(93,297)
continued

	Six Months Ended
	June 30, 2024	June 30, 2023
Cash flows from financing activities
Net increase in deposits	144,070	65,432
Net decrease in borrowings with original maturities less than 90 days	(17,660)	(10,933)
Proceeds from FHLB advances with original maturities greater than 90 days	—	40,000
Payments on FHLB advances with original maturities greater than 90 days	—	(228)
Dividends paid	(4,266)	(4,244)
Acquisition of treasury stock	—	(2,579)
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
Other	(30)	—
Net cash provided by financing activities	121,557	87,136
Net increase in cash and cash equivalents	67,348	15,495
Cash and cash equivalents at beginning of period	65,161	60,823
Cash and cash equivalents at end of period	$132,509	$76,318
	Six Months Ended
	June 30, 2024	June 30, 2023
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$33,044	$17,934
Income taxes	4,625	1,950
Supplemental schedule of noncash activities:
OREO acquired in settlement of loans	—	85
Lease liabilities arising from obtaining ROU assets	—	2,416

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