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. (NASDAQ: ORRF), the parent company of Orrstown Bank, regularly issues news and updates covering its community banking, trust, and wealth management activities. This news page aggregates company press releases and third-party coverage so readers can follow developments affecting the ORRF stock and the broader Orrstown franchise.
Recent announcements highlight Orrstown’s earnings performance, including detailed quarterly results that discuss net income, net interest margin, loan growth, deposit trends, noninterest income, and expense management. The company also reports on capital ratios, allowance for credit losses, credit quality metrics, and strategic actions such as managing commercial real estate concentrations and redeeming subordinated notes.
In addition to financial results, Orrstown publishes news about corporate initiatives and leadership changes. Examples include the approval of a stock repurchase program, promotions within Orrstown Bank’s leadership team, and appointments to roles such as Commercial & Industrial Team Leader and Chief Wealth Officer. These updates provide insight into the company’s strategic direction and management priorities.
Orrstown Financial Advisors, the wealth management and trust division of Orrstown Bank, also features prominently in the news. Releases describe the division’s growth, leadership, and expansion, including the opening of a new office in Chambersburg, Pennsylvania, and its oversight of more than $3 billion in investments.
Investors, analysts, and clients can use this news feed to track ORRF earnings releases, dividend declarations, conference call announcements, leadership changes, geographic expansion, and wealth management developments. Bookmark this page to monitor how Orrstown Financial Services communicates its financial performance, risk management, and community banking strategy over time.
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.
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.
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