Welcome to our dedicated page for Orrstown Finl Svcs news (Ticker: ORRF), a resource for investors and traders seeking the latest updates and insights on Orrstown Finl Svcs stock.
Orrstown Financial Services Inc (ORRF) provides comprehensive banking solutions through consumer accounts, commercial lending, and wealth management services across Pennsylvania and Maryland. This news hub offers investors and community members direct access to official company announcements and financial updates.
Track all essential ORRF news in one location, including earnings releases, regulatory filings, leadership updates, and service expansions. Our curated collection ensures timely access to developments impacting community banking operations, FDIC-insured deposit strategies, and regional economic partnerships.
Discover updates on mortgage lending programs, trust service enhancements, and strategic initiatives within the competitive Mid-Atlantic banking sector. The repository simplifies monitoring of ORRF's financial health, compliance achievements, and community investment activities.
Bookmark this page for streamlined access to Orrstown's latest press materials. Check regularly for verified information on dividend declarations, merger activities, and innovative banking solutions tailored to local businesses and individual clients.
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 reported a net income of $9.2 million and diluted earnings per share (EPS) of $0.87 for Q1 2023, down from $9.6 million and $0.91 in Q4 2022. Year-over-year, net income rose from $8.4 million and EPS from $0.76. The return on average assets was 1.27% and return on average equity was 15.88%. Deposits grew by $39.4 million (6% annualized) despite economic uncertainty. The tangible book value per share increased to $20.50. However, the net interest margin decreased to 3.94% from 4.14% due to rising funding costs. Commercial loan growth was strong at $63.2 million (15% annualized). A cash dividend of $0.20 per share was declared, payable on May 16, 2023.
Orrstown Financial Services reported a robust turnaround in its financial performance for Q4 2022, posting a net income of $9.6 million and diluted earnings per share of $0.91, compared to a net loss of $4.8 million in Q3 2022. For the full year ended December 31, 2022, net income was $22.0 million with earnings per share of $2.06, down from $32.9 million and $2.96 respectively in 2021. The company experienced a significant increase in net interest income to $27.5 million during the fourth quarter, aided by a rising interest rate environment and loan growth. Noninterest expenses declined notably, enhancing overall profitability.
The Juniata Valley Bank and Orrstown Bank have announced a Purchase and Assumption Agreement for the sale of Orrstown's Path Valley branch in Spring Run, PA. Juniata will acquire approximately $31.7 million in deposit liabilities and certain assets of the branch. No loans will be part of the transaction, which is expected to close in Q2 2023, pending regulatory approvals. The Path Valley branch will continue operations under Orrstown until the closure, after which it will become part of Juniata's network. This move aims to enhance community banking services and support shareholders.
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