NASDAQ: ORRF
ORRSTOWN FINANCIAL SERVICES INCCIK 0000826154 · SIC 6022 · State Savings Banks
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ORRF Q2 net income +8.8% to $21.2M; NIM compressed 20bp on sub-debt redemption
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Orrstown Financial reports Q2 net income of $21.2M, redeems $31M subordinated notes
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Orrstown to redeem $31M subordinated notes; discloses vendor data breach
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Orrstown Q1 earnings up 20% to $21.8M; inflation surge to 4.5% pressures margins
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Orrstown Financial names Adam Metz as CEO effective June 1, succeeding retiring Thomas Quinn
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Orrstown Financial files routine annual shareholder meeting presentation
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Orrstown Financial reports Q1 2026 earnings, declares $0.30 quarterly dividend
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revenue $37.1M, net income $80.9M. Orrstown posts 182% earnings surge as merger costs fade, but slowing GDP and sticky deposits cloud outlook
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Interest income | 74.7 | 74.8 |
| Interest expense | 25.9 | 25.3 |
| Net interest income | 48.8 | 49.5 |
| Provision for credit losses | 0.3 | 0.2 |
| Noninterest income | 13.8 | 12.9 |
| Noninterest expense | 37.7 | 37.6 |
| Income before income taxes | 24.7 | 24.7 |
| Income tax expense/(benefit) | 3.5 | 5.3 |
| Net income | 21.2 | 19.4 |
| Basic earnings per share | 1.10 | 1.01 |
| Diluted earnings per share | 1.09 | 1.01 |
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and due from banks | 58,319 | 42,083 |
| Interest-bearing deposits with banks | 86,522 | 107,691 |
| Cash and cash equivalents | 144,841 | 149,774 |
| Restricted investments in bank stocks | 27,429 | 26,717 |
| Securities available-for-sale (amortized cost of $973,712 and $972,138 at June 30, 2026 and December 31, 2025, respectively) | 949,281 | 952,740 |
| Loans held for sale, at fair value | 3,639 | 6,090 |
| Loans | 4,113,031 | 4,020,693 |
| Less: Allowance for credit losses | (46,632) | (47,681) |
| Net loans | 4,066,399 | 3,973,012 |
| Premises and equipment, net | 50,166 | 51,029 |
| Cash surrender value of life insurance | 147,787 | 146,994 |
| Goodwill | 69,751 | 69,751 |
| Other intangible assets, net | 33,572 | 37,990 |
| Accrued interest receivable | 19,789 | 21,473 |
| Deferred tax assets, net | 32,693 | 33,931 |
| Other assets | 66,804 | 72,754 |
| Total assets | 5,612,151 | 5,542,255 |
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing | 920,851 | 870,906 |
| Interest-bearing | 3,699,172 | 3,657,868 |
| Total deposits | 4,620,023 | 4,528,774 |
| Securities sold under agreements to repurchase and federal funds purchased | 7,594 | 24,542 |
| FHLB advances and other borrowings | 274,768 | 274,701 |
| Subordinated notes and trust preferred debt | 8,049 | 37,122 |
| Other liabilities | 80,067 | 85,581 |
| Total liabilities | 4,990,501 | 4,950,720 |
| Commitments and contingencies | ||
| Shareholders’ Equity | ||
| Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding | — | — |
| Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,710,341 shares issued and 19,669,802 outstanding at June 30, 2026; 19,711,628 shares issued and 19,507,208 outstanding at December 31, 2025 | 1,026 | 1,026 |
| Additional paid in capital | 421,960 | 424,596 |
| Retained earnings | 217,969 | 186,752 |
| Accumulated other comprehensive loss | (17,826) | (15,201) |
| Treasury stock—40,539 and 204,420 shares, at cost at June 30, 2026 and December 31, 2025, respectively | (1,479) | (5,638) |
| Total shareholders’ equity | 621,650 | 591,535 |
| Total liabilities and shareholders’ equity | 5,612,151 | 5,542,255 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 42,967 | 37,499 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net discount accretion | (9,318) | (11,949) |
| Depreciation and amortization expense | 7,026 | 7,892 |
| Provision for (recovery of) credit losses loans | 1,066 | (345) |
| Recovery of credit losses unfunded loan commitments | (376) | (100) |
| Share-based compensation | 3,316 | 2,644 |
| Gains on sales of loans originated for sale | (429) | (557) |
| Fair value adjustments on loans held for sale | 73 | (27) |
| Mortgage loans originated for sale | (22,919) | (27,812) |
| Proceeds from sales of loans originated for sale | 25,726 | 29,804 |
| Net gain on OREO and premises held for sale | — | (119) |
| Gain on disposal of premises and equipment | — | (18) |
| Deferred income tax expense | 1,991 | 6,108 |
| Investment securities gains | (55) | (21) |
| Payment of legal settlement | (478) | — |
| Net (gains) losses on derivatives | (131) | 393 |
| Income from life insurance | (5,137) | (2,600) |
| Decrease in accrued interest receivable and other assets | 3,759 | 3,641 |
| Increase (decrease) in accrued interest payable and other liabilities | 697 | (9,520) |
| Other, net | 707 | 517 |
| Net cash provided by operating activities | 48,485 | 35,430 |
| Cash flows from investing activities | ||
| Maturities, repayments and calls of AFS securities | 52,911 | 39,330 |
| Purchases of AFS securities | (51,525) | (89,663) |
| Net purchases of restricted investments in bank stocks | (712) | (972) |
| Net (increase) decrease in loans | (87,199) | 10,596 |
| Investment in limited partnerships | (898) | (1,059) |
| Purchases of bank premises and equipment | (968) | (3,105) |
| Proceeds from disposal of OREO and premises held for sale | — | 2,182 |
| Proceeds from disposal of premises and equipment | — | 18 |
| Purchases of bank owned life insurance | (814) | — |
| Death benefit proceeds from life insurance contracts | 4,427 | — |
| Other | — | (15) |
| Net cash used in investing activities | (84,778) | (42,688) |
| continued | ||
| Cash flows from financing activities | ||
| Net increase (decrease) in deposits | 91,149 | (107,178) |
| Net increase in borrowings with original maturities less than 90 days | 83,152 | 40,184 |
| Payments on FHLB advances with original maturities greater than 90 days | (100,000) | (15,000) |
| Settlement of terminated derivatives | 1,635 | — |
| Payments on subordinated notes | (31,000) | — |
| Dividends paid | (11,750) | (10,116) |
| Acquisition of treasury stock | (429) | (65) |
| Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting | (1,485) | (478) |
| Proceeds from issuance of employee stock purchase plan shares | 75 | 66 |
| Other | 13 | 348 |
| Net cash provided by (used in) financing activities | 31,360 | (92,239) |
| Net decrease in cash and cash equivalents | (4,933) | (99,497) |
| Cash and cash equivalents at beginning of period | 149,774 | 248,874 |
| Cash and cash equivalents at end of period | 144,841 | 149,377 |
| Six Months Ended | ||
| June 30, 2026 | ||
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | 52,238 | 52,645 |
| Income taxes | 5,250 | 300 |
| Supplemental schedule of noncash activities: | ||
| OREO acquired in settlement of loans | 1,055 | — |
| Lease liabilities arising from obtaining ROU assets | — | 2,010 |
Face scale: (Dollars in thousands, except per share amounts); (Dollars in thousands). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗