ORRSTOWN FINANCIAL SERVICES INC
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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 Income
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except per share amounts) | 2024 | 2023 | 2022 |
| Interest income | |||
| Loans | $210,287 | $126,595 | $93,528 |
| Investment securities - taxable | 27,361 | 18,031 | 10,237 |
| Investment securities - tax-exempt | 3,521 | 3,462 | 4,115 |
| Short term investments | 7,764 | 1,809 | 774 |
| Total interest income | 248,933 | 149,897 | 108,654 |
| Interest expense | |||
| Deposits | 84,234 | 37,510 | 6,337 |
| Securities sold under agreements to repurchase and federal funds purchased | 215 | 114 | 44 |
| FHLB advances and other borrowings | 4,945 | 5,350 | 630 |
| Subordinated notes and trust preferred debt | 4,285 | 2,017 | 2,013 |
| Total interest expense | 93,679 | 44,991 | 9,024 |
| Net interest income | 155,254 | 104,906 | 99,630 |
| Provision for credit losses - loans | 17,408 | 1,682 | 4,160 |
| Provision for credit losses - unfunded loan commitments | (862) | — | 28 |
| Net interest income after provision for credit losses | 138,708 | 103,224 | 95,442 |
| Noninterest income | |||
| Service charges on deposit accounts | 5,327 | 3,949 | 3,826 |
| Interchange income | 5,259 | 3,873 | 4,055 |
| Other service charges, commissions and fees | 1,566 | 917 | 788 |
| Swap fee income | 1,676 | 1,039 | 2,632 |
| Trust and investment management income | 11,501 | 7,691 | 7,631 |
| Brokerage income | 4,852 | 3,649 | 3,620 |
| Mortgage banking activities | 1,835 | 591 | 407 |
| Income from life insurance | 3,866 | 2,482 | 2,339 |
| Investment securities gains (losses) | 249 | (47) | (160) |
| Other income | 1,304 | 1,508 | 1,814 |
| Total noninterest income | 37,435 | 25,652 | 26,952 |
| Noninterest expenses | |||
| Salaries and employee benefits | 76,581 | 50,983 | 48,004 |
| Occupancy | 5,978 | 4,342 | 4,729 |
| Furniture and equipment | 8,592 | 5,251 | 5,083 |
| Data processing | 6,088 | 4,913 | 4,560 |
| Automated teller and interchange fees | 2,281 | 1,252 | 1,287 |
| Advertising and bank promotions | 2,587 | 2,157 | 2,264 |
| FDIC insurance | 2,677 | 1,960 | 1,083 |
| Professional services | 4,142 | 2,905 | 3,254 |
| Directors' compensation | 783 | 915 | 938 |
| Taxes other than income | 734 | 1,050 | 1,391 |
| Intangible asset amortization | 5,742 | 953 | 1,105 |
| (continued) | |||
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Merger-related expenses | 22,671 | 1,059 | — |
| Provision for legal settlement | 478 | — | 13,000 |
| Restructuring expenses | 296 | — | 3,155 |
| Other operating expenses | 8,707 | 6,103 | 5,925 |
| Total noninterest expenses | 148,337 | 83,843 | 95,778 |
| Income before income tax expense | 27,806 | 45,033 | 26,616 |
| Income tax expense | 5,756 | 9,370 | 4,579 |
| Net income | $22,050 | $35,663 | $22,037 |
| Per share information: | |||
| Basic earnings per share | $1.49 | $3.45 | $2.09 |
| Diluted earnings per share | 1.48 | 3.42 | 2.06 |
| Dividends paid per share | 0.86 | 0.80 | 0.76 |
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