Orrstown Financial Services Inc - ORRF STOCK NEWS

Orrstown Financial Services, Inc. reported its third quarter 2024 results, reflecting the merger with Codorus Valley Bancorp, Inc. The merger added $2.2 billion in assets, $1.6 billion in loans, and $1.9 billion in deposits. The company posted a net loss of $7.9 million, or $0.41 per diluted share, due to $17 million in merger-related expenses, $15.5 million in credit loss provisions, and $4.8 million for executive retirement. Excluding these, net income was $21.4 million, or $1.11 per diluted share. Net interest margin increased to 4.14%, with noninterest income rising to $12.4 million. Return on average assets was -0.57%, and return on average equity was -5.85%, but excluding non-recurring charges, these figures improved to 1.55% and 15.85%, respectively. The Board declared a $0.23 per share dividend, payable on November 12, 2024.

Orrstown Financial Services reported Q2 2024 results with a net income of $7.7 million and diluted EPS of $0.73, down from $8.5 million and $0.81 in Q1 2024. Excluding $1 million in merger-related expenses, net income and EPS were $8.7 million and $0.83, respectively. The net interest margin fell to 3.54% from 3.77% in Q1 2024. Nonaccrual loans dropped to $8.4 million from $12.9 million in Q1 2024. Non-interest income increased to $7.2 million from $6.6 million in Q1 2024, while non-interest expenses grew slightly to $22.6 million. The company declared a dividend increase of $0.03 per share, payable on August 15, 2024.

Orrstown Financial Services and Codorus Valley Bancorp have completed their merger of equals, creating a leading community bank in Pennsylvania and Maryland. The combined entity will operate under the name Orrstown Financial Services, trading on NASDAQ under the ticker ORRF. Clients will continue to use their respective banks' services until a full system integration expected in November 2024. The merged company will have administrative headquarters in Harrisburg, PA, and an operations center in York, PA. The Board of Directors will include members from both companies, reflecting a balance in leadership. Codorus Valley shareholders received 0.875 shares of Orrstown common stock per Codorus Valley share, making up approximately 44% of the new entity. The merger aims to enhance value for clients, shareholders, community partners, and employees.

Orrstown Financial Services and Codorus Valley Bancorp have received regulatory approvals for their merger of equals from the Federal Reserve Board and the Pennsylvania Department of Banking and Securities. This merger, anticipated to close on July 1, 2024, will combine their extensive financial service operations across Pennsylvania, Maryland, and parts of Virginia and West Virginia. Orrstown, traded as ORRF on NASDAQ, and Codorus Valley, traded as CVLY, aim to enhance their market presence and service offerings through this strategic partnership.

On May 30, 2024, Orrstown Financial Services (NASDAQ: ORRF) and Codorus Valley Bancorp (NASDAQ: CVLY) announced shareholder approvals for their previously announced merger of equals. This approval includes the merger of Codorus Valley into Orrstown, with Orrstown as the surviving entity, under the Merger Agreement dated December 12, 2023. The merger aims to create significant shareholder value, enhance employee and client opportunities, and build a premier community banking franchise in Pennsylvania and Maryland. The merger is expected to close in Q3 2024, pending regulatory approvals.

Orrstown Financial Services, Inc. reported positive first-quarter 2024 results with net income of $8.5 million and diluted earnings per share of $0.81. The company saw improvements in various financial aspects, including a decrease in nonaccrual loans and an increase in deposit growth. The Board of Directors declared a cash dividend of $0.20 per common share. Despite merger-related expenses, net income and diluted earnings per share showed growth compared to the previous quarter.

Orrstown Financial Services, Inc. announced net income of $7.6 million and diluted earnings per share of $0.73 for the three months ended December 31, 2023. The company also revealed a merger agreement with Codorus Valley Bancorp, Inc. with net income and diluted earnings per share of $8.6 million and $0.83 for the fourth quarter of 2023. The net interest margin, return on average equity, loan growth, deposit growth, non-interest income, and non-interest expenses all showed fluctuations in the financial results.

Orrstown Financial Services, Inc. (ORRF) and Codorus Valley Bancorp, Inc. (CVLY) have announced a merger valued at $207.0 million, creating a premier Pennsylvania and Maryland community bank with $5.2 billion in assets and a market capitalization of $460 million. The merger will result in 51 branches serving Central and Eastern Pennsylvania and the Greater Baltimore, Maryland area. The all-stock transaction is expected to close in the third quarter of 2024.

Orrstown Financial Services, Inc. reports net income of $9.0 million and diluted earnings per share of $0.87 for Q3 2023, compared to $9.8 million and $0.94 for Q2 2023. Net interest margin declined to 3.73% from 3.83%. Total loan growth was $32.4 million, or 6% annualized. Deposit growth was $23.6 million. Non-interest expenses decreased by $0.3 million. Non-interest income decreased by $1.3 million due to the sale of a branch. Tangible common equity ratio declined to 7.3%. Cash dividend declared of $0.20 per common share.