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.
Orrstown Financial Services reported a net income of $5.4 million and diluted earnings per share of $0.52 for Q3 2022, a decline from $8.9 million and $0.83 in Q2 2022. Excluding a $3.2 million restructuring charge, net income would be $7.9 million with $0.75 EPS. Net interest income grew to $25.5 million, while net interest margin increased to 3.92%. However, noninterest income fell to $6.1 million amid declining mortgage banking income. The board announced a quarterly dividend of $0.19 per share.
Orrstown Financial Services, Inc. (NASDAQ: ORRF) announced cost-saving initiatives, including closing five branches and staff adjustments, to enhance long-term growth and operational efficiency. A one-time pre-tax charge of approximately $3.1 million will be recorded in Q3 2022, while expected annual savings of $3.4 million will stem from these measures. The closures will reduce the number of branches by 43% since 2019, increasing the average branch size significantly. The company aims to invest in technology and wage adjustments to support its evolving client needs.
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.
FAQ
What is the current stock price of Orrstown Finl Svcs (ORRF)?
What is the market cap of Orrstown Finl Svcs (ORRF)?
