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
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income | $22,050 | $35,663 | $22,037 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net (discount accretion) premium amortization | (12,523) | 2,040 | 1,893 |
| Depreciation and amortization expense | 9,690 | 4,340 | 4,620 |
| Provision for credit losses - loans | 17,408 | 1,682 | 4,160 |
| Provision for credit losses - unfunded loan commitments | (862) | — | 28 |
| Share-based compensation | 8,719 | 2,356 | 2,154 |
| Gains on sales of loans originated for sale | (810) | (283) | (1,283) |
| Fair value adjustment on loans held for sale | (131) | 323 | 1,373 |
| Mortgage loans originated for sale | (43,928) | (18,437) | (82,708) |
| Proceeds from sales of loans originated for sale | 44,071 | 23,461 | 77,291 |
| Gains on sale of portfolio loans | (20) | — | (306) |
| Net gain on disposal of OREO and premises held for sale | — | (436) | — |
| Writedown of OREO and premises held for sale | — | — | 1,297 |
| Net loss on disposal of premises and equipment | 381 | 252 | 530 |
| Deferred income tax benefit | (867) | (651) | (591) |
| Investment securities (gains) losses | (249) | 47 | 160 |
| Provision for legal settlement | 478 | — | 13,000 |
| Payment of legal settlement | — | — | (13,000) |
| Return on investments in limited partnerships | (146) | (43) | (976) |
| Net losses (gains) on derivatives | (276) | 373 | 114 |
| Income from life insurance | (3,866) | (2,482) | (2,339) |
| Premium on branch sale | — | (1,102) | — |
| (Increase) decrease in accrued interest receivable and other assets | (10,610) | 1,571 | (4,168) |
| Increase (decrease) in accrued interest payable and other liabilities | 4,165 | (5,651) | 10,863 |
| Other, net | 2,285 | 678 | 2,043 |
| Net cash provided by operating activities | 34,959 | 43,701 | 36,192 |
| Cash flows from investing activities | |||
| Proceeds from sales of AFS securities | 162,669 | 22,006 | 31,330 |
| Maturities, repayments and calls of AFS securities | 76,054 | 34,989 | 50,105 |
| Purchases of AFS securities | (227,979) | (45,565) | (181,529) |
| Net cash and cash equivalents received from acquisitions | 45,280 | — | — |
| Net purchases of restricted investments in bank stocks | (7,072) | (1,350) | (3,390) |
| Net decrease (increase) decrease in loans | 19,725 | (145,301) | (172,607) |
| Proceeds from sales of portfolio loans | 7,036 | — | 4,443 |
| Investment in limited partnerships | (7,764) | (871) | 1,410 |
| Purchases of bank premises and equipment | (1,582) | (2,293) | (895) |
| Proceeds from disposal of OREO and premises held for sale | — | 2,536 | — |
| Proceeds from disposal of bank premises and equipment | — | 43 | — |
| Net cash paid in branch sale | — | (17,641) | — |
| Purchases of bank owned life insurance | (5,000) | — | — |
| Death benefit proceeds from life insurance contracts | — | 342 | 142 |
| Other | (374) | (143) | — |
| Net cash provided by (used in) investing activities | 60,993 | (153,248) | (270,991) |
| (continued) | |||
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Cash flows from financing activities | |||
| Net increase in deposits | 116,884 | 101,302 | 11,307 |
| Net (increase) decrease in borrowings with original maturities less than 90 days | (14,365) | (14,650) | 98,634 |
| Proceeds from FHLB advances with original maturities greater than 90 days | — | 40,000 | — |
| Payments on FHLB advances with original maturities greater than 90 days | — | (1,455) | (441) |
| Dividends paid | (13,177) | (8,485) | (8,264) |
| Acquisition of treasury stock | — | (2,585) | (14,172) |
| Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting | (2,393) | (378) | (285) |
| Proceeds from issuance of employee stock purchase plan shares | 267 | 136 | 133 |
| Other | 545 | — | — |
| Net cash provided by financing activities | 87,761 | 113,885 | 86,912 |
| Net increase (decrease) in cash and cash equivalents | 183,713 | 4,338 | (147,887) |
| Cash and cash equivalents at beginning of year | 65,161 | 60,823 | 208,710 |
| Cash and cash equivalents at end of year | $248,874 | $65,161 | $60,823 |
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest | $93,315 | $42,888 | $8,721 |
| Income taxes | 9,625 | 7,450 | 4,900 |
| Supplemental schedule of noncash investing and financing activities: | |||
| Loans transferred from LHFS to portfolio loans | — | — | 1,510 |
| OREO acquired in settlement of loans | — | 85 | — |
| Premises and equipment transferred to held for sale | 1,925 | — | 2,991 |
| Lease liabilities arising from obtaining ROU assets | — | 2,416 | 94 |
| Deposits held for assumption in connection with sale of bank branch | — | — | 31,307 |
| Noncash transactions related to merger: | |||
| Assets acquired | 2,156,831 | — | — |
| Liabilities assumed | 2,018,067 | — | — |
| The Notes to Consolidated Financial Statements are an integral part of these statements. | |||
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