ORRSTOWN FINANCIAL SERVICES INC

For the period ended Sep 30, 2024. Filed Nov 12, 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.

Sep 30, 2024 · Filed Nov 12, 2024

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

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Contents

Consolidated Statements of Operations (Unaudited)

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended		Nine Months Ended
(Dollars in thousands, except per share amounts)	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Interest income
Loans	$70,647	$32,738	$142,417	$92,685
Investment securities - taxable	9,005	4,459	18,588	13,244
Investment securities - tax-exempt	883	861	2,641	2,591
Short-term investments	2,452	633	5,272	1,349
Total interest income	82,987	38,691	168,918	109,869
Interest expense
Deposits	28,603	10,582	57,384	25,392
Securities sold under agreements to repurchase and federal funds purchased	96	31	148	84
FHLB advances and other borrowings	1,154	1,354	3,780	3,992
Subordinated notes and trust preferred debt	1,437	505	2,925	1,513
Total interest expense	31,290	12,472	64,237	30,981
Net interest income	51,697	26,219	104,681	78,888
Provision for credit losses	13,681	136	14,791	1,264
Net interest income after provision for credit losses	38,016	26,083	89,890	77,624
Noninterest income
Service charges on deposit accounts	1,801	1,020	3,824	2,966
Interchange income	1,779	963	3,651	2,921
Other service charges, commissions and fees	559	240	1,019	702
Swap fee income	505	255	1,079	451
Trust and investment management income	3,760	1,853	7,916	5,668
Brokerage income	1,277	973	3,535	2,727
Mortgage banking activities	491	(142)	1,318	448
Income from life insurance	1,289	620	2,569	1,855
Investment securities gains (losses)	271	2	254	(8)
Other income	654	141	1,023	1,431
Total noninterest income	12,386	5,925	26,188	19,161
Noninterest expenses
Salaries and employee benefits	27,190	12,885	54,137	38,135
Occupancy	1,818	1,089	4,197	3,249
Furniture and equipment	2,515	1,371	5,480	3,810
Data processing	2,046	1,248	4,548	3,666
Automated teller and interchange fees	784	314	1,476	920
Advertising and bank promotions	537	332	1,709	1,656
FDIC insurance	862	477	1,722	1,500
Professional services	1,119	965	2,551	2,203
Directors' compensation	123	199	646	667
Taxes other than income	503	387	1,046	847
Intangible asset amortization	2,464	228	2,904	717
Merger-related expenses	16,977	—	18,784	—
Restructuring expenses	257	—	257	—
Other operating expenses	3,104	952	5,950	4,081
Total noninterest expenses	60,299	20,447	105,407	61,451
continued

	Three Months Ended		Nine Months Ended
	September 30,2024	September 30,2023	September 30,2024	September 30,2023
(Loss) income before income tax (benefit) expense	(9,897)	11,561	10,671	35,334
Income tax (benefit) expense	(1,994)	2,535	2,305	7,314
Net (loss) income	$(7,903)	$9,026	$8,366	$28,020
Per share information:
Basic (loss) earnings per share	$(0.41)	$0.87	$0.63	$2.71
Diluted (loss) earnings per share	(0.41)	0.87	0.62	2.68
Dividends paid per share	0.23	0.20	0.63	0.60

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.