Welcome to our dedicated page for Orrstown Financial Services news (Ticker: ORRF), a resource for investors and traders seeking the latest updates and insights on Orrstown Financial Services stock.
Orrstown Financial Services, Inc. reports developments tied to its role as the financial holding company for Orrstown Bank, including quarterly earnings, loan and deposit trends, net interest margin, credit quality, liquidity, borrowings, capital ratios and common-stock dividends. The company’s community banking business includes commercial, residential mortgage, construction, municipal and consumer lending, along with checking, savings, time and money market deposits.
Company updates also cover noninterest income, operating expense management, branch and client-service activity, and the wealth management, fiduciary, investment advisory, insurance and brokerage services offered through Orrstown Financial Advisors and related bank channels. Recurring announcements include earnings-call schedules, regional commercial banking hires and office openings within its Pennsylvania banking footprint.
Orrstown Financial Services reported a net income of $6.4 million for Q2 2020, up from $5.1 million in Q1 2020 and $2.7 million in Q2 2019. The company originated approximately $460 million in SBA PPP loans, benefiting from the low interest rate environment. Noninterest income also rose to $7.2 million. The Board declared a cash dividend of $0.17 per share, payable August 10, 2020. However, they increased loan loss provisions by $1.9 million due to economic uncertainty, anticipating future charge-offs amidst the ongoing challenges posed by COVID-19.
Orrstown Financial Services, Inc. (NASDAQ: ORRF) has elected Linford Weaver to its Board of Directors effective June 1, 2020. Weaver, Co-President of the Shady Maple Companies, brings extensive leadership experience, particularly in financial analysis, risk management, and marketing. He is known for expanding the Shady Maple Farmers Market and Smorgasbord. This appointment is expected to bolster Orrstown's operations in the rapidly-growing eastern Pennsylvania market. Alongside this change, Robert DeAlmeida has resigned from the boards to pursue other interests.