| Orrstown Financial Services, Inc. (ORRF) Q1 2025 Earnings Call Transcript |
Orrstown Financial Services, Inc. (NASDAQ:ORRF ) Q1 2025 Earnings Conference Call April 23, 2025 9:00 AM ET Company Participants Tom Quinn - President and CEO Adam Metz - Senior Executive Vice President and COO Neel Kalani - EVP and CFO Bob Coradi - CRO David Chajkowski - Chief Credit Officer Conference Call Participants David Long - Raymond James John Schneider - Hovde Group Tim Switzer - KBW Gregory Zingone - Piper Sandler Dan Cardenas - Janney Montgomery Scott Operator Good morning. My name is Julieann, and I will be your conference operator today. |
seekingalpha.com |
2025-04-23 18:47:39 |
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| Orrstown (ORRF) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates |
The headline numbers for Orrstown (ORRF) give insight into how the company performed in the quarter ended March 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals. |
zacks.com |
2025-04-23 14:35:58 |
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| Orrstown Financial Services (ORRF) Q1 Earnings Beat Estimates |
Orrstown Financial Services (ORRF) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.95 per share. This compares to earnings of $0.88 per share a year ago. |
zacks.com |
2025-04-22 22:10:35 |
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| Orrstown Financial Services, Inc. Reports First Quarter 2025 Results |
Net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025 compared to net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024; the first quarter of 2025 included $1.6 million in expenses related to the merger compared to $3.9 million in expenses related to the merger and $0.5 million for a legal settlement for the fourth quarter of 2024; Excluding the impact of the non-recurring charges referenced above, net of taxes, net income and diluted earnings per share were $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025 compared to $16.7 million(1) and $0.87(1), respectively, for the fourth quarter of 2024; Net interest margin, on a tax equivalent basis, was 4.00% in the first quarter of 2025 compared to 4.05% in the fourth quarter of 2024; the net accretion impact of purchase accounting marks was $6.9 million of net interest income, which represents 51 basis points of net interest margin for the first quarter of 2025 compared to $7.2 million of net interest income, which represents 52 basis points of net interest margin for the fourth quarter of 2024; Return on average assets was 1.35% and return on average equity was 13.98% for the three months ended March 31, 2025, compared to 1.00% and 10.54% for the return on average assets and return on average equity, respectively, for the three months ended December 31, 2024; Excluding the impact of non-recurring charges referenced above, net of taxes, adjusted return on average assets was 1.45%(1) and adjusted return on average equity was 14.97%(1) for the three months ended March 31, 2025 compared to 1.22% and 12.86%, respectively, for the three months ended December 31, 2024; Commercial loans declined by $49.7 million, or 2%, from December 31, 2024 to March 31, 2025 due primarily to strategic actions to reduce risk in the portfolio in an uncertain economic environment, including reducing commercial real estate ("CRE") loan concentrations; Noninterest expense decreased by $4.7 million from $42.9 million for the three months ended December 31, 2024 to $38.2 million for the three months ended March 31, 2025; salaries and benefits expense declined by $2.0 million from the fourth quarter of 2024 to the first quarter of 2025; merger-related expenses decreased by $2.3 million; Recovery of $0.6 million was recorded for the provision for credit losses for the three months ended March 31, 2025 compared to expense of $2.1 million for the three months ended December 31, 2024; the decrease in loans contributed to the negative provision for credit losses during the first quarter of 2025; during the fourth quarter of 2024, the provision was driven by charge-offs of $3.0 million; Total risk-based capital ratio was 13.1% at March 31, 2025 compared to 12.4% at December 31, 2024; the Tier 1 leverage ratio increased to 8.6% at March 31, 2025 compared to 8.3% at December 31, 2024; all capital ratios applicable to the Company were above relevant regulatory minimum levels to be deemed "well capitalized" under current bank regulatory guidelines; Tangible common equity increased to 7.9% at March 31, 2025 compared to 7.5% at December 31, 2024; Tangible book value per common share(1) increased to $21.99 per share at March 31, 2025 compared to $21.19 per share at December 31, 2024; The Board of Directors declared a cash dividend of $0.26 per common share, payable May 13, 2025, to shareholders of record as of May 6, 2025. (1) Non-GAAP measure. |
globenewswire.com |
2025-04-22 20:02:00 |
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| Orrstown Financial Services, Inc. Announces Date of First Quarter 2025 Earnings Release, Conference Call and Webcast |
HARRISBURG, Pa., April 17, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the holding company of Orrstown Bank, announced today that it will report first quarter 2025 earnings at the close of business on Tuesday, April 22, 2025 and that management will host a conference call and webcast to review the Company's quarterly results on Wednesday, April 23, 2025 at 9:00 am ET. The conference call and webcast details are below: |
globenewswire.com |
2025-04-17 20:09:00 |
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| Orrstown Financial Services (ORRF) Earnings Expected to Grow: Should You Buy? |
Orrstown (ORRF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations. |
zacks.com |
2025-04-15 15:06:49 |
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| Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer |
HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the "Bank"), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn's retirement on May 25, 2026. |
globenewswire.com |
2025-02-13 18:30:00 |
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| 23 Upcoming Dividend Increases, Including 2 Kings |
Excited to announce dividend hikes for 23 companies, including dividend kings SJW Group and California Water Service Group, with 5% and 7.1% increases. Companies with consistent dividend growth indicate financial health, attracting investors and boosting stock prices, leading to long-term wealth accumulation. Investment strategy focuses on stocks with rising dividends and outperforming benchmarks, using data from U.S. Dividend Champions and NASDAQ. |
seekingalpha.com |
2025-02-07 12:18:44 |
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| Orrstown Financial Services, Inc. Announces Appointment of Barbara Brobst to the Board of Directors |
HARRISBURG, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Barbara E. Brobst has been appointed to an open position on the Boards of Directors of the Company and its principal subsidiary, Orrstown Bank, effective February 1, 2025. |
globenewswire.com |
2025-02-03 18:19:00 |
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| Orrstown Financial Services (ORRF) Could Be a Great Choice |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2025-02-03 14:45:32 |
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| Orrstown Financial Services (ORRF) Q4 Earnings and Revenues Miss Estimates |
Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.87 per share, missing the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $0.83 per share a year ago. |
zacks.com |
2025-01-31 11:36:08 |
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| Orrstown Financial Services, Inc. Reports Fourth Quarter 2024 Results |
Net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024 compared to net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024; the fourth quarter of 2024 included $3.9 million in expenses related to the merger and $0.5 million for a legal settlement compared to $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated loans and $4.8 million for an executive retirement, net of taxes, for the third quarter of 2024; Excluding the impact of the non-recurring charges referenced above, net income and diluted earnings per share, respectively, were $16.7 million(1) and $0.87(1) for the fourth quarter of 2024 compared to adjusted net income and diluted earnings per share of $21.4 million(1) and $1.11(1), respectively; The Board of Directors declared a cash dividend of $0.26 per common share, payable February 21, 2025, to shareholders of record as of February 14, 2025; this represents an increase in the Company's quarterly cash dividend of $0.03 per share, or 13%; The previously announced cost save target of 18% has been achieved for the go-forward operating run rate as of December 31, 2024; With the core conversion being completed in November 2024, the fourth quarter results reflected several ongoing activities associated with the conversion and the transitional period; the fourth quarter also included elevated salaries and employee benefit expenses due to year end performance-based incentive accruals; Net interest margin, on a tax equivalent basis, was 4.05% in the fourth quarter of 2024 compared to 4.14% in the third quarter of 2024; the net accretion impact of purchase accounting marks was $7.2 million of net interest income, which represents 52 basis points of net interest margin for the fourth quarter of 2024 compared to $5.8 million of net interest income, which represents 42 basis points of net interest margin, for the third quarter of 2024; Commercial loans declined by $59.5 million, or 2%, from September 30, 2024 to December 31, 2024 due primarily to strategic actions to reduce risk in the portfolio, including reducing commercial real estate ("CRE") loan concentrations; a pool of mostly commercial and industrial loans totaling $6.0 million was sold, including $2.6 million of nonaccrual loans; total classified loans declined by $16.9 million during the fourth quarter of 2024; Noninterest income decreased by $1.2 million to $11.2 million in the three months ended December 31, 2024 compared to $12.4 million in the three months ended September 30, 2024; this reduction was driven by certain courtesy fee waivers provided to clients as well as tax credits recognized in the third quarter of 2024 that did not recur in the fourth quarter; The provision for credit losses was $1.8 million for the three months ended December 31, 2024, inclusive of a charge-off of $2.4 million for one commercial and industrial (C&I) relationship and charge-offs associated with the loan sale of $0.6 million, which was offset by the acceleration of a purchase mark for the same amount; Tangible book value per common share(1) increased to $21.19 per share at December 31, 2024 compared to $21.12 per share at September 30, 2024. (1) Non-GAAP measure. |
globenewswire.com |
2025-01-31 09:22:00 |
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| Orrstown Financial Services (ORRF) to Report Q4 Results: Wall Street Expects Earnings Growth |
Orrstown (ORRF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations. |
zacks.com |
2025-01-21 13:11:30 |
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| Orrstown Bank Welcomes Chris Orr as Chief Information Officer and Ben Colvard as Chief Operations Officer |
HARRISBURG, Pa., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ:ORRF), is pleased to announce the addition of two accomplished leaders to its executive team. Chris Orr has been appointed as Chief Information Officer, and Ben Colvard joins as Chief Operations Officer. Both bring extensive experience and proven track records of driving innovation and operational excellence within the banking industry. |
globenewswire.com |
2025-01-16 21:03:00 |
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| Orrstown Financial Services: Expecting Decent Earnings Growth After The Merger Of Equals |
The outlook for business activity in Orrstown Financial Services' markets is positive. Therefore, loan additions can be expected to remain satisfactory. The acquired portfolio could see some paydowns because of ORRF's plans to eliminate redundancies. Although the CVLY merger gave a one-time boost to the margin, it also increased the asset sensitivity. The margin will likely slip due to high sensitivity to interest rate changes. |
seekingalpha.com |
2025-01-13 06:02:32 |
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| Are You Looking for a Top Momentum Pick? Why Orrstown Financial Services (ORRF) is a Great Choice |
Does Orrstown Financial Services (ORRF) have what it takes to be a top stock pick for momentum investors? Let's find out. |
zacks.com |
2024-11-07 15:00:56 |
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| Earnings Estimates Moving Higher for Orrstown (ORRF): Time to Buy? |
Orrstown (ORRF) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions. |
zacks.com |
2024-10-30 15:21:12 |
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| Orrstown Financial Services (ORRF) Surpasses Q3 Earnings and Revenue Estimates |
Orrstown Financial Services (ORRF) came out with quarterly earnings of $1.11 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.87 per share a year ago. |
zacks.com |
2024-10-22 22:35:16 |
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| Orrstown Financial Services, Inc. Reports Third Quarter 2024 Results |
Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) closed the merger of equals transaction with Codorus Valley Bancorp, Inc. ("Codorus") on July 1, 2024, creating a premier Pennsylvania and Maryland community bank; as a result, the Company's results for the three months ended September 30, 2024 reflect the combined operating results of the combined companies; Codorus contributed, after fair value purchase accounting adjustments, approximately $2.2 billion in total assets, $1.6 billion in loans, and $1.9 billion in deposits at July 1, 2024; Net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024 compared to net income of $7.7 million, or $0.73 per diluted share, for the three months ended June 30, 2024, reflecting the impact of $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated ("PCD") loans and $4.8 million for the previously announced executive retirement, net of taxes, collectively the "non-recurring charges"; Excluding the impact of the non-recurring charges, net income and diluted earnings per share, respectively, were $21.4 million(1) and $1.11(1) for the third quarter of 2024 compared to net income and diluted earnings per share of $8.7 million(1) and $0.83(1), respectively, as adjusted for the impact of $1.1 million in merger-related expenses, net of taxes, recorded for the second quarter of 2024; Net interest margin, on a tax equivalent basis, was 4.14% in the third quarter of 2024 compared to 3.54% in the second quarter of 2024; the net accretion impact of purchase accounting marks on loans, deposits and borrowings was $5.8 million of net interest income, which represents 52 basis points of net interest margin; Noninterest income increased by $5.1 million to $12.4 million in the three months ended September 30, 2024 compared to $7.2 million in the three months ended June 30, 2024; continued strength in wealth management and swap fee generation by commercial teams are driving fee income growth; Return on average assets for the three months ended September 30, 2024 was (0.57)% compared to 0.97% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average assets was 1.55%(1) for the three months ended September 30, 2024 compared to 1.09%(1) for the three months ended June 30, 2024, excluding merger-related expenses; Return on average equity for the three months ended September 30, 2024 was (5.85)% compared to 11.41% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average equity was 15.85%(1) for the three months ended September 30, 2024 compared to 12.88%(1) for the three months ended June 30, 2024, excluding merger related expenses; The provision for credit losses was $13.7 million for the three months ended September 30, 2024 compared to $812 thousand for the three months ended June 30, 2024; the provision for credit losses on non-PCD loans for the three months ended September 30, 2024 was $15.5 million; excluding the impact of the merger, the provision for credit losses for the three months ended September 30, 2024 was a reversal of $1.8 million; At September 30, 2024, nonaccrual loans totaled $26.9 million, an increase of $18.5 million from $8.4 million at June 30, 2024; non-accrual loans acquired from Codorus totaled $12.8 million; Tangible book value per common share(1) decreased to $21.12 per share at September 30, 2024 compared to $24.08 per share at June 30, 2024; this decrease was primarily due to the impact of loan marks associated with the merger and the net loss incurred for the third quarter of 2024; The Board of Directors declared a cash dividend of $0.23 per common share, payable November 12, 2024, to shareholders of record as of November 5, 2024. (1) Non-GAAP measure. |
globenewswire.com |
2024-10-22 20:20:00 |
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| Orrstown Financial Services: Well-Positioned For Dividend Seeking Investors |
Orrstown Financial Services is favored by dividend investors for its earnings stability, strong asset quality, and consistent returns despite external factors like interest rates. ORRF faces challenges with rising deposit interest expenses and low loan portfolio growth, but maintains excellent asset quality with near-zero net charge-offs. The bank offers a solid dividend yield of 2.51% with a low payout ratio, ensuring sustainability and potential for future increases. |
seekingalpha.com |
2024-10-18 14:24:25 |
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| Are You Looking for a High-Growth Dividend Stock? |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2024-10-14 16:45:14 |
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| Why Orrstown Financial Services (ORRF) is a Great Dividend Stock Right Now |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2024-09-27 16:46:08 |
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| Why Orrstown Financial Services (ORRF) is a Top Dividend Stock for Your Portfolio |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2024-09-11 16:45:28 |
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| Orrstown Financial Services (ORRF) is a Top Dividend Stock Right Now: Should You Buy? |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2024-08-26 16:45:50 |
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| This is Why Orrstown Financial Services (ORRF) is a Great Dividend Stock |
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes? |
zacks.com |
2024-08-09 16:47:07 |
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| 7 Upcoming Dividend Increases |
The article presents upcoming dividend increases, with an average increase of 7.1% and a median of 5.9%. Investment strategy involves buying companies with a consistent dividend growth history and beating benchmarks for long-term portfolio success. Data is sourced from the U.S. Dividend Champions spreadsheet and NASDAQ for companies with at least 5 years of dividend growth. |
seekingalpha.com |
2024-07-30 11:31:48 |
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| Orrstown Financial Services (ORRF) Q2 Earnings and Revenues Surpass Estimates |
Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.94 per share a year ago. |
zacks.com |
2024-07-23 22:35:24 |
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| Orrstown Financial Services, Inc. Reports Second Quarter 2024 Results and Increases Quarterly Dividend by $0.03 per Share |
HARRISBURG, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended June 30, 2024. Net income totaled $7.7 million for the three months ended June 30, 2024, compared to $8.5 million for the three months ended March 31, 2024 and $9.8 million for the three months ended June 30, 2023. Diluted earnings per share totaled $0.73 for the three months ended June 30, 2024, compared to $0.81 for the three months ended March 31, 2024 and $0.94 for the three months ended June 30, 2023. Merger-related expenses totaled $1.1 million and $0.7 million for the three months ended June 30, 2024 and March 31, 2024, respectively. For the second quarter of 2024, excluding the impact from the merger-related expenses, net of taxes, net income and diluted earnings per share were $8.7 million(1) and $0.83(1), respectively. For the first quarter of 2024, excluding the impact from the merger-related expenses, net of taxes, net income and diluted earnings per share were $9.2 million(1) and $0.88(1), respectively. |
globenewswire.com |
2024-07-23 20:05:00 |
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| Earnings Preview: Orrstown Financial Services (ORRF) Q2 Earnings Expected to Decline |
Orrstown (ORRF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations. |
zacks.com |
2024-07-16 15:07:06 |
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| Orrstown Financial Services and Codorus Valley Bancorp Successfully Complete Merger of Equals |
HARRISBURG, Pa., July 01, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the holding company for Orrstown Bank (“Orrstown”), and Codorus Valley Bancorp, Inc. (NASDAQ: CVLY), the holding company for PeoplesBank, A Codorus Valley Company (“Codorus Valley”), today announced the successful completion of their previously announced merger of equals creating a premier Pennsylvania and Maryland community bank. |
globenewswire.com |
2024-07-01 12:30:00 |
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| Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce Receipt of Regulatory Approvals for Merger of Equals |
SHIPPENSBURG, Pa. and YORK, Pa., June 17, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they have received the requisite regulatory approvals and waivers from the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities for their previously announced merger of equals. The parties anticipate closing the transaction on July 1, 2024, subject to the satisfaction of customary closing conditions. |
globenewswire.com |
2024-06-17 12:30:00 |
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| Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce Receipt of Shareholder Approvals for Merger of Equals |
SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals. At a special meeting of shareholders held on May 30, 2024, Codorus Valley's shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the “Merger”), the Agreement and Plan of Merger, dated as of December 12, 2023 (the “Merger Agreement”), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the Merger. At a special meeting of shareholders held on May 30, 2024, Orrstown shareholders approved the issuance of shares of Orrstown common stock to Codorus Valley shareholders pursuant to the Merger Agreement. |
globenewswire.com |
2024-05-30 20:15:00 |
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| CODORUS VALLEY INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Codorus Valley Bancorp, Inc. - CVLY |
NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Codorus Valley Bancorp, Inc. (NasdaqGM: CVLY) to Orrstown Financial Services, Inc. (NasdaqCM: ORRF). Under the terms of the proposed transaction, shareholders of Codorus will receive 0.875 shares of Orrstown for each share of Codorus that they own. KSF is seeking to determine whether this consideration and the. |
businesswire.com |
2024-04-26 20:13:00 |
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| Orrstown Financial Services (ORRF) Beats Q1 Earnings and Revenue Estimates |
Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.87 per share a year ago. |
zacks.com |
2024-04-23 22:36:05 |
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| Orrstown Financial Services, Inc. Reports First Quarter 2024 Results |
SHIPPENSBURG, Pa., April 23, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months March 31, 2024. Net income totaled $8.5 million for the three months ended March 31, 2024, compared to $7.6 million for the three months ended December 31, 2023 and $9.2 million for the three months ended March 31, 2023. Diluted earnings per share totaled $0.81 for the three months ended March 31, 2024, compared to $0.73 for the three months ended December 31, 2023 and $0.87 for the three months ended March 31, 2023. Merger-related expenses totaled $0.7 million and $1.1 million for the three months ended March 31, 2024 and December 31, 2023, respectively. For the first quarter of 2024, excluding the impact from the merger-related expenses, net income and diluted earnings per share were $9.2 million(1) and $0.88(1), respectively. For the fourth quarter of 2023, excluding the impact from the merger-related expenses, net income and diluted earnings per share were $8.6 million(1) and $0.83(1), respectively. |
globenewswire.com |
2024-04-23 20:02:00 |
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