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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 (โcreโ) 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 โwell capitalizedโ 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 | 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 companyโs quarterly results on wednesday, april 23, 2025 at 9:00 am et. the conference call and webcast details are below: |
2025-02-13 16:30:00 | 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 โcompanyโ) 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 โbankโ), 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. quinnโs retirement on may 25, 2026. |
2025-02-03 16:19:00 | 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 โcompanyโ) 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. |
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