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 Income (Unaudited)

Condensed Consolidated Statements of Income (Unaudited)

	Three Months Ended		Six Months Ended
(Dollars in thousands, except per share amounts)	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Interest income
Loans	$35,537	$31,203	$71,770	$59,947
Investment securities - taxable	4,999	4,415	9,583	8,785
Investment securities - tax-exempt	881	865	1,758	1,730
Short-term investments	1,864	418	2,820	716
Total interest income	43,281	36,901	85,931	71,178
Interest expense
Deposits	15,265	8,608	28,781	14,810
Securities sold under agreements to repurchase and federal funds purchased	27	28	52	53
FHLB advances and other borrowings	1,152	1,386	2,626	2,638
Subordinated notes	734	504	1,488	1,008
Total interest expense	17,178	10,526	32,947	18,509
Net interest income	26,103	26,375	52,984	52,669
Provision for credit losses	812	399	1,110	1,128
Net interest income after provision for credit losses	25,291	25,976	51,874	51,541
Noninterest income
Service charges on deposit accounts	1,018	984	2,023	1,946
Interchange income	961	993	1,872	1,958
Other service charges, commissions and fees	265	267	460	462
Swap fee income	375	196	574	196
Trust and investment management income	2,132	1,927	4,156	3,815
Brokerage income	1,180	895	2,258	1,754
Mortgage banking activities	369	112	827	590
Income from life insurance	646	645	1,280	1,235
Investment securities losses	(12)	(2)	(17)	(10)
Other income	238	1,141	369	1,290
Total noninterest income	7,172	7,158	13,802	13,236
Noninterest expenses
Salaries and employee benefits	13,195	13,054	26,947	25,250
Occupancy	1,178	1,054	2,379	2,160
Furniture and equipment	1,527	1,212	2,965	2,439
Data processing	1,237	1,201	2,502	2,418
Automated teller and interchange fees	341	308	692	606
Advertising and bank promotions	774	919	1,172	1,324
FDIC insurance	419	519	860	1,023
Professional services	801	504	1,432	1,238
Directors' compensation	272	221	523	468
Taxes other than income	49	3	543	460
Intangible asset amortization	215	239	440	489
Merger-related expenses	1,135	—	1,807	—
Other operating expenses	1,496	1,515	2,846	3,129
Total noninterest expenses	22,639	20,749	45,108	41,004
continued

	Three Months Ended		Six Months Ended
	June 30,2024	June 30,2023	June 30,2024	June 30,2023
Income before income tax expense	9,824	12,385	20,568	23,773
Income tax expense	2,086	2,547	4,299	4,779
Net income	$7,738	$9,838	$16,269	$18,994
Per share information:
Basic earnings per share	$0.74	$0.95	$1.57	$1.83
Diluted earnings per share	0.73	0.94	1.55	1.82
Dividends paid per share	0.20	0.20	0.40	0.40

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.