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📢 Press Releases
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2025-07-22 16:12:00 | Orrstown Financial Services, Inc. Reports Second Quarter 2025 Results And Announces Dividend Increase Net income of $19.4 million, or $1.01 per diluted share, for the three months ended june 30, 2025 compared to net income of $18.1 million, or $0.93 per diluted share, for the three months ended march 31, 2025; the second quarter of 2025 included $1.0 million in merger-related expenses compared to $1.6 million in merger-related expenses for the first quarter of 2025; excluding the impact of the merger-related expenses referenced above, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively, for the second quarter of 2025 compared to $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025; net interest margin, on a tax equivalent basis, was 4.07% in the second quarter of 2025 compared to 4.00% in the first quarter of 2025; the net accretion of purchase accounting marks positively impacted the margin by 50 basis points in the second quarter of 2025; return on average assets was 1.45% and return on average equity was 14.56% for the three months ended june 30, 2025, compared to 1.35% and 13.98% for the return on average assets and return on average equity, respectively, for the three months ended march 31, 2025; excluding the impact of the merger-related expenses referenced above, net of taxes, adjusted return on average assets was 1.51%(1) and adjusted return on average equity was 15.12%(1) for the three months ended june 30, 2025 compared to 1.45%(1) and 14.97%(1), respectively, for the three months ended march 31, 2025; loans increased by $55.4 million, or 6% annualized, from march 31, 2025 to june 30, 2025; classified loans decreased by $10.4 million from $76.2 million at march 31, 2025 to $65.8 million at june 30, 2025; noninterest income increased by $1.3 million from $11.6 million for the three months ended march 31, 2025 to $12.9 million for the three months ended june 30, 2025; noninterest expense decreased by $0.6 million from $38.2 million for the three months ended march 31, 2025 to $37.6 million for the three months ended june 30, 2025, reflecting a decline in merger-related expenses during the second quarter of 2025; merger-related costs are not expected to be meaningful going forward; the second quarter of 2025 also included $0.6 million of severance charges in salaries and employee benefits expense; efficiency ratio decreased from 63.2% for the three months ended march 31, 2025 to 60.3% for the three months ended june 30, 2025; excluding the impact of the merger-related expenses, the efficiency ratio was 58.7%(1) for the three months ended june 30, 2025 compared to 60.5%(1) for the three months ended march 31, 2025; tangible common equity increased to 8.3% at june 30, 2025 compared to 7.9% at march 31, 2025; tangible book value per common share(1) increased to $22.77 per share at june 30, 2025 compared to $21.99 per share at march 31, 2025; the board of directors authorized a share repurchase program on june 20, 2025, through which the company could repurchase up to 500,000 shares of its common stock; the board of directors declared a cash dividend of $0.27 per common share, payable august 12, 2025, to shareholders of record as of august 5, 2025; this represents a $0.01 per share increase in the company’s quarter cash dividend; the dividend has increased by 35% since the closing of the merger with codorus valley bancorp. (1) non-gaap measure. |
2025-07-15 16:05:00 | Orrstown Financial Services, Inc. Announces Date Of second Quarter 2025 Earnings Release, Conference Call And Webcast Harrisburg, pa., july 15, 2025 (globe newswire) -- orrstown financial services, inc. (nasdaq: orrf), the holding company of orrstown bank, announced today that it will report second quarter 2025 earnings at the close of business on tuesday, july 22, 2025. management will host a conference call and webcast to review the company’s quarterly results on wednesday, july 23, 2025, at 9:00 am et. the conference call and webcast details are below: |
2025-06-23 08:30:00 | Orrstown Financial Services, Inc. Approves Stock Repurchase Program Harrisburg, pa., june 23, 2025 (globe newswire) -- orrstown financial services, inc. (nasdaq: orrf) (the “company”) today announced that the board of directors has authorized the company to repurchase up to 500,000 shares of its common stock, representing approximately 2.5% percent of the company’s outstanding common stock. |
2025-06-05 17:33:00 | Orrstown Bank Promotes Zachary Khuri To Chief Revenue Officer And Joshua Hocker To Market President For The Central Pennsylvania Region Harrisburg, pa., june 05, 2025 (globe newswire) -- orrstown bank, a wholly owned subsidiary of orrstown financial services, inc. (nasdaq: orrf), is pleased to announce the promotion of zachary khuri to chief revenue officer and joshua hocker to market president for the central pennsylvania region, effective immediately. |
2025-04-22 16:02:00 | 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. |
2025-04-17 16:09:00 |
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2025-02-03 16:19:00 |
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2025-01-31 07:22:00 |
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2025-01-16 19:03:00 |
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2024-10-22 16:20:00 |
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2024-07-23 16:05:00 |
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2024-07-01 08:30:00 |
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2024-06-17 08:30:00 |
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2024-05-30 16:15:00 |
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