ORRSTOWN FINANCIAL SERVICES INC
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income | $80,855 | $22,050 | $35,663 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net (discount accretion) premium amortization | (23,391) | (12,523) | 2,040 |
| Depreciation and amortization expense | 15,271 | 9,690 | 4,340 |
| Provision for credit losses - loans | 126 | 17,408 | 1,682 |
| Recovery of credit losses - unfunded loan commitments | (100) | (862) | — |
| Share-based compensation | 5,013 | 8,719 | 2,356 |
| Gains on sales of loans originated for sale | (1,287) | (810) | (283) |
| Fair value adjustment on loans held for sale | 3 | (131) | 323 |
| Mortgage loans originated for sale | (58,611) | (43,928) | (18,437) |
| Proceeds from sales of loans originated for sale | 60,419 | 44,071 | 23,461 |
| Net gain on disposal of OREO and premises held for sale | (119) | — | (436) |
| Net loss on disposal of premises and equipment | 19 | 381 | 252 |
| Deferred income tax (benefit) | 5,999 | (867) | (651) |
| Investment securities (gains) losses | (166) | (249) | 47 |
| Provision for legal settlement | — | 478 | — |
| Net losses (gains) on derivatives | 272 | (276) | 373 |
| Income from life insurance | (5,402) | (3,866) | (2,482) |
| Premium on branch sale | — | — | (1,102) |
| Decrease (increase) in accrued interest receivable and other assets | 5,429 | (10,610) | 1,571 |
| (Decrease) increase in accrued interest payable and other liabilities | (10,805) | 4,165 | (5,651) |
| Other, net | 1,209 | 2,119 | 635 |
| Net cash provided by operating activities | 74,734 | 34,959 | 43,701 |
| Cash flows from investing activities | |||
| Proceeds from sales of AFS securities | 83,876 | 162,669 | 22,006 |
| Maturities, repayments and calls of AFS securities | 85,213 | 76,054 | 34,989 |
| Purchases of AFS securities | (272,279) | (227,979) | (45,565) |
| Net cash and cash equivalents received from acquisitions | — | 45,280 | — |
| Net purchases of restricted investments in bank stocks | (6,485) | (7,072) | (1,350) |
| Net (increase) decrease in loans | (69,561) | 19,725 | (145,301) |
| Proceeds from sales of portfolio loans | — | 7,036 | — |
| Investment in limited partnerships, net | (1,538) | (7,764) | (871) |
| Purchases of bank premises and equipment | (4,235) | (1,582) | (2,293) |
| Proceeds from disposal of OREO and premises held for sale | 2,182 | — | 2,536 |
| Proceeds from disposal of bank premises and equipment | 18 | — | 43 |
| Net cash paid in branch sale | — | — | (17,641) |
| Purchases of bank owned life insurance | — | (5,000) | — |
| Death benefit proceeds from life insurance contracts | 864 | — | 342 |
| Other | (15) | (374) | (143) |
| Net cash (used in) provided by investing activities | (181,960) | 60,993 | (153,248) |
| (continued) | |||
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2025 | 2024 | 2023 |
| Cash flows from financing activities | |||
| Net (decrease) increase in deposits | (95,260) | 116,884 | 101,302 |
| Net decrease (increase) in borrowings with original maturities less than 90 days | 38,079 | (14,365) | (14,650) |
| Proceeds from FHLB advances with original maturities greater than 90 days | 135,000 | — | 40,000 |
| Payments on FHLB advances with original maturities greater than 90 days | (15,000) | — | (1,455) |
| Payments on subordinated notes | (32,500) | — | — |
| Dividends paid | (20,643) | (13,177) | (8,485) |
| Acquisition of treasury stock | (263) | — | (2,585) |
| Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting | (2,009) | (2,393) | (378) |
| Proceeds from issuance of employee stock purchase plan shares | 151 | 267 | 136 |
| Other | 571 | 545 | — |
| Net cash provided by financing activities | 8,126 | 87,761 | 113,885 |
| Net (decrease) increase in cash and cash equivalents | (99,100) | 183,713 | 4,338 |
| Cash and cash equivalents at beginning of year | 248,874 | 65,161 | 60,823 |
| Cash and cash equivalents at end of year | $149,774 | $248,874 | $65,161 |
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2025 | 2024 | 2023 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest | $103,369 | $93,315 | $42,888 |
| Income taxes | 9,100 | 9,625 | 7,450 |
| Supplemental schedule of noncash investing and financing activities: | |||
| OREO acquired in settlement of loans | — | — | 85 |
| Premises and equipment transferred to held for sale | — | 1,925 | — |
| Lease liabilities arising from obtaining ROU assets | 2,008 | — | 2,416 |
| 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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