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Orrstown Financial Services Inc. (NASDAQ: ORRF) is a prominent holding company involved in the commercial banking and trust business. The company, along with its fully-owned subsidiary Orrstown Bank, delivers a comprehensive suite of financial services to both consumers and businesses. With over $1.2 billion in assets, Orrstown operates twenty banking offices and two remote service facilities across Cumberland, Franklin, and Perry Counties in Pennsylvania and Washington County, Maryland.
Orrstown Bank offers a wide array of deposit services including checking, savings, time, and money market deposits. In addition to traditional banking services, the company provides investment and brokerage services through its Financial Advisors division. The bank is an Equal Housing Lender and a member of the FDIC, ensuring trust and security for its customers.
The company specializes in various forms of lending services, such as commercial, residential, commercial mortgages, construction, municipal, and consumer lending. Orrstown earns significant revenue from fees associated with its deposit clients, including transaction-based fees, account maintenance fees, overdraft services, and wealth management fees. The company also generates revenue through investment brokerage and trust contracts.
Recent Achievements and Financial Updates:
- As of June 30, 2023, Orrstown had $7.2 million in SBA PPP loans, net of deferred fees and costs. This balance reflects ongoing management and adaptation to financial landscapes.
- On January 1, 2023, the company adopted the new CECL standard, which resulted in a $2.4 million cumulative-effect adjustment that increased the allowance for credit losses.
- The company's investment security portfolio, excluding equity securities, showcases a diverse array of credit ratings and collateral, ensuring robust financial health and stability.
Orrstown Financial Services Inc. is committed to being a reliable and community-centered banking institution. With a strong emphasis on customer service and a broad range of financial products, Orrstown continues to play a vital role in the regional economy.
Orrstown Financial Services reported a net income of $8.9 million for Q2 2022, up from $8.4 million in the previous quarter, with diluted earnings per share rising to $0.83.
Key metrics include a return on average assets of 1.25% and a net interest margin of 3.68%. Commercial loan growth reached $125.9 million, a 34% annualized increase. Noninterest income dropped slightly to $7.2 million, while noninterest expenses decreased to $18.8 million.
The company repurchased 407,824 shares and declared a cash dividend of $0.19, payable August 8, 2022.
Orrstown Financial Services reported net income of $8.4 million ($0.76 per diluted share) for Q1 2022, up from $6.7 million in Q4 2021. The net interest margin rose to 3.49% from 3.35%.
Commercial loans grew by $59.7 million (17% annualized), while consumer loans increased by $6.0 million (6% annualized). Noninterest income totaled $7.5 million. Noninterest expenses decreased to $19.4 million.
Dividend of $0.19 per share declared, payable on May 9, 2022.
Orrstown Financial Services, Inc. (NASDAQ: ORRF) has appointed Meera R. Modi to its Board of Directors and the Board of its subsidiary, Orrstown Bank, effective immediately. Modi, a member of McNees Wallace & Nurick LLC, brings expertise in mergers and acquisitions, corporate governance, and financing. Chairman Joel Zullinger expressed confidence in her alignment with the company's mission. Modi, an active community member with multiple accolades, is excited to contribute to Orrstown's growth and expansion into new markets.
Orrstown Financial Services reported a net income of $32.9 million and diluted EPS of $2.96 for 2021, up from $26.5 million and $2.40 in 2020. Q4 2021 net income was $6.7 million with diluted EPS of $0.60, down from $0.91 in Q4 2020. Commercial loans grew 34% annualized in Q4 2021, with a total increase of $268.3 million or 24% for the year. Net interest margin improved to 3.35% as excess liquidity was redeployed. The Board declared a dividend of $0.19 per share payable on February 8, 2022.
Orrstown Financial Services, Inc. reported a net income of $7.2 million for Q3 2021, resulting in a diluted EPS of $0.65, up from $0.45 in Q3 2020. Total commercial loan growth, excluding SBA PPP loans, was $98.2 million, representing a 33% annualized increase. Noninterest income rose to $7.7 million, boosted by asset-backed securities sales. Tangible book value per share increased to $21.98.
However, net interest income decreased by $1.3 million to $20.6 million, and the net interest margin fell to 3.03%. Noninterest expenses also rose to $19.0 million.
Orrstown Financial Services reported a net income of $8.8 million for the second quarter of 2021, compared to $10.2 million in Q1 2021 and $6.4 million in Q2 2020. The diluted earnings per share were $0.79, down from $0.92 in Q1 2021. The Board declared a cash dividend of $0.19 per share, payable on August 9, 2021, up from $0.18. Commercial loan growth was strong, at an annualized rate of 24%. However, net interest margin decreased to 3.24% due to excess liquidity from PPP forgiveness.
Orrstown Financial Services reported a net income of $10.2 million for Q1 2021, slightly up from $10.1 million in Q4 2020. Diluted EPS rose to $0.92, compared to $0.91 in the previous quarter. The tangible book value per share increased to $20.59, reflecting a 25% year-over-year growth. The company authorized the repurchase of 562,000 shares, totaling 7% of outstanding shares. Despite challenges in loan demand, deposits surged by 32% to $2.5 billion, aided by government stimulus. A dividend of $0.18 per share was declared, consistent with previous quarters.
Orrstown Financial Services, Inc. (NASDAQ: ORRF) announced the retirement of Chief Financial Officer Thomas R. Brugger, effective April 27, 2021. Neelesh Kalani, previously the Chief Accounting Officer, will be promoted to CFO as of April 28, 2021. Kalani brings over 20 years of experience in banking and finance, including his time at Sun Bancorp, Inc. and KPMG, LLP. The transition aims to maintain financial stability and compliance within the company, according to CEO Thomas R. Quinn, Jr.
Orrstown Financial Services reported strong financial results for Q4 2020, with net income of $10.1 million, up from $5.0 million in Q3 2020, resulting in diluted EPS of $0.91. The company’s tangible book value increased to $19.93, a 12.9% annual rise. Net interest income grew to $23.7 million, driven by an expanded margin of 3.73%. Deposit growth was robust, totaling $77.4 million, or 13.6% annualized. However, the company faces challenges ahead, including lower loan demand and a possible rise in charge-offs due to ongoing economic uncertainty from COVID-19.
Orrstown Financial Services reported a diluted EPS of $0.45 for Q3 2020, down from $0.58 in Q2 2020, with net income of $5.0 million, a decline from $6.4 million in the previous quarter. The tangible book value per share rose to $18.70, reflecting strategic branch consolidations expected to save $4 million annually. The bank's net interest margin was resilient at 3.24%, despite a $2.2 million provision for loan losses amid COVID-19 impacts. Asset quality remains solid, with a decrease in COVID-19 related loan deferrals. A cash dividend of $0.17 per share was declared, payable on November 9, 2020.
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