Orrstown Finl Svcs Inc Stock Price, News & Analysis

Orrstown Financial Services (NASDAQ: ORRF) reported Q1 2025 net income of $18.1 million, or $0.93 per diluted share, up from $13.7 million in Q4 2024. Excluding merger-related expenses, adjusted net income was $19.3 million ($1.00 per share).

Key financial metrics include:

• Net interest margin at 4.00% (down from 4.05% in Q4 2024)
• Return on average assets: 1.35%
• Return on average equity: 13.98%
• Commercial loans declined by $49.7 million (2%) due to strategic risk reduction

Notable developments include a $0.6 million recovery in credit loss provisions, improved capital ratios with total risk-based capital at 13.1%, and a declared cash dividend of $0.26 per share payable May 13, 2025. Tangible book value increased to $21.99 per share.

Orrstown Financial Services (NASDAQ: ORRF) has scheduled its first quarter 2025 earnings release and conference call. The company will release Q1 2025 earnings after market close on Tuesday, April 22, 2025, followed by a conference call and webcast on Wednesday, April 23, 2025 at 9:00 am ET.

Investors can access the webcast presentation at the provided link, or join via telephone using the toll-free and international dial-in numbers. A recorded playback will be available until April 30, 2025, accessible through multiple phone numbers or the company's Investor Relations website section.

Orrstown Financial Services (NASDAQ: ORRF) has announced the promotion of Adam L. Metz to Senior Executive Vice President and Chief Operating Officer of both the Company and Orrstown Bank, effective immediately. This promotion is part of a planned succession strategy, as Metz is intended to succeed Thomas R. Quinn, Jr. as President and CEO upon Quinn's retirement on May 25, 2026.

Metz has been serving as Executive Vice President and Chief Revenue Officer since February 2019, following his role as Executive Vice President and Chief Lending Officer from September 2016 to February 2019. Prior to joining Orrstown, he served as Senior Vice President, Chief Lending Officer at Metro Bank in Harrisburg, Pennsylvania from 2011 to 2016.

Orrstown Financial Services (NASDAQ: ORRF) has appointed Barbara E. Brobst to the Board of Directors of both the Company and Orrstown Bank, effective February 1, 2025. Brobst brings over 40 years of banking experience, having previously served as Executive Vice President and Chief Human Resources Officer from 2015 to 2022.

Her prior roles include Senior Vice President for Human Resources (2011-2015) and Senior Vice President and Senior Trust Officer (2000-2011). Brobst has significant expertise in Trust, Wealth, and Investment Services, Governance, Strategic Planning, and Human Resource Management. She maintains strong connections to south-central Pennsylvania through her previous board positions with various non-profit, charitable, and professional organizations in the region.

Orrstown Financial Services (NASDAQ: ORRF) reported Q4 2024 net income of $13.7 million ($0.71 per diluted share), compared to a net loss of $7.9 million in Q3 2024. The quarter included $3.9 million in merger expenses and $0.5 million for legal settlement.

Key financial highlights include a net interest margin of 4.05%, commercial loans decline of $59.5 million (2%), and noninterest income decrease of $1.2 million to $11.2 million. The company achieved its previously announced 18% cost save target for operating run rate as of December 31, 2024.

The Board declared a quarterly cash dividend of $0.26 per share, representing a 13% increase. Tangible book value per share increased to $21.19. The company completed its core conversion in November 2024, though Q4 results reflected ongoing conversion activities and elevated year-end performance-based incentive accruals.

Orrstown Bank (NASDAQ:ORRF) has announced two key executive appointments to strengthen its leadership team. Chris Orr joins as Chief Information Officer, bringing nearly 20 years of experience in consulting, software delivery, and banking. At his previous role as Chief Digital Officer at Sandy Spring Bank, he led digital transformation initiatives and helped grow assets from $4.6 billion to $14 billion through multiple acquisitions.

Ben Colvard has been appointed as Chief Operations Officer, with over 20 years of operational excellence experience. Previously serving as Chief Optimization Officer at Sandy Spring Bank, he contributed to the bank's growth from $3.5 billion to $14 billion in assets. Both executives will focus on enhancing client experiences and driving technological innovation at Orrstown Bank.

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.