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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-34292
ORRSTOWN FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)

Pennsylvania23-2530374
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
77 East King StreetP. O. Box 250ShippensburgPennsylvania17257
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code:(717)532-6114
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, no par valueORRFNasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨  Accelerated filer 
Non-accelerated filer ¨  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.).    Yes      No  x
Number of shares outstanding of the registrant’s Common Stock as of November 3, 2023: 10,614,071.



ORRSTOWN FINANCIAL SERVICES, INC.
INDEX
 
  Page
Item 1.
Item 2
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2


Glossary of Defined Terms
The following terms may be used throughout this Report, including the unaudited condensed consolidated financial statements and related notes.
TermDefinition
ACLAllowance for credit losses
ALLAllowance for loan losses
AFSAvailable-for-sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankOrrstown Bank, the commercial banking subsidiary of Orrstown Financial Services, Inc.
CDICore deposit intangible
CECLCurrent expected credit losses
CMOCollateralized mortgage obligation
EITCEducational Improvement Tax Credit Program
ERMEnterprise Risk Management
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FDMFinancial difficulty modification
FHLBFederal Home Loan Bank
FRBBoard of Governors of the Federal Reserve System
GAAPAccounting principles generally accepted in the United States of America
GDPGross Domestic Deposit
GSEU.S. government-sponsored enterprise
IELIndividually evaluated loan
IRCInternal Revenue Code of 1986, as amended
LHFSLoans held for sale
LIBORLondon Interbank Offered Rate
MBSMortgage-backed securities
MSRMortgage servicing right
OCIOther comprehensive income
OREOOther real estate owned
OTTIOther-than-temporary impairment
2011 Plan2011 Orrstown Financial Services, Inc. Incentive Stock Plan
PCD loansPurchased credit deteriorated loans
PCI loansPurchased credit impaired loans
PACEProperty Assessed Clean Energy loans
PPPPaycheck Protection Program
ReRemicRe-securitization of Real Estate Mortgage Investment Conduits
ROURight of use (leases)
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SOFRSecured Overnight Financing Rate
TDRTroubled debt restructuring
Unless the context otherwise requires, the terms “Orrstown,” “we,” “us,” “our,” and “Company” refer to Orrstown Financial Services, Inc. and its subsidiaries.
3


PART I – FINANCIAL INFORMATION
 
Item 1.     Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
(Dollars in thousands, except per share amounts)September 30,
2023
December 31,
2022
Assets
Cash and due from banks$34,728 $28,477 
Interest-bearing deposits with banks60,211 32,346 
Cash and cash equivalents94,939 60,823 
Restricted investments in bank stocks12,987 10,642 
Securities available for sale (amortized cost of $553,222 and $563,278 at September 30, 2023 and December 31, 2022, respectively)
495,162 513,728 
Loans held for sale, at fair value6,448 10,880 
Loans2,266,836 2,151,232 
Less: Allowance for credit losses(28,278)(25,178)
Net loans2,238,558 2,126,054 
Premises and equipment, net29,385 29,328 
Cash surrender value of life insurance72,754 71,760 
Goodwill18,724 18,724 
Other intangible assets, net2,650 3,078 
Accrued interest receivable12,212 11,027 
Deferred tax assets, net25,500 24,031 
Other assets45,116 42,333 
Total assets$3,054,435 $2,922,408 
Liabilities
Deposits:
Noninterest-bearing$435,488 $494,131 
Interest-bearing2,110,947 1,950,807 
Deposits held for assumption in connection with sale of bank branch 31,307 
Total deposits2,546,435 2,476,246 
Securities sold under agreements to repurchase and federal funds purchased17,991 17,251 
FHLB advances and other borrowings157,250 106,139 
Subordinated notes32,076 32,026 
Other liabilities57,603 61,850 
Total liabilities2,811,355 2,693,512 
Commitments and contingencies
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding
  
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 11,206,480 shares issued and 10,613,271 outstanding at September 30, 2023; 11,229,242 shares issued and 10,671,413 outstanding at December 31, 2022
583 584 
Additional paid - in capital188,458 189,264 
Retained earnings 112,144 92,473 
Accumulated other comprehensive loss(44,343)(39,913)
Treasury stock—593,209 and 557,829 shares, at cost at September 30, 2023 and December 31, 2022, respectively
(13,762)(13,512)
Total shareholders’ equity243,080 228,896 
Total liabilities and shareholders’ equity$3,054,435 $2,922,408 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.
4


Condensed Consolidated Statements of Income (Loss) (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months EndedNine Months Ended
(Dollars in thousands, except per share amounts)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Interest income
Loans$32,738 $23,152 $92,685 $66,548 
Investment securities - taxable4,459 2,907 13,244 6,462 
Investment securities - tax-exempt861 1,160 2,591 3,013 
Short-term investments633 200 1,349 536 
Total interest income38,691 27,419 109,869 76,559 
Interest expense
Deposits10,582 1,372 25,392 2,758 
Securities sold under agreements to repurchase and federal funds purchased31 10 84 24 
FHLB advances and other borrowings1,354 78 3,992 121 
Subordinated notes505 504 1,513 1,510 
Total interest expense12,472 1,964 30,981 4,413 
Net interest income26,219 25,455 78,888 72,146 
Provision for credit losses136 1,500 1,264 3,575 
Net interest income after provision for credit losses26,083 23,955 77,624 68,571 
Noninterest income
Service charges on deposit accounts1,020 977 2,966 2,861 
Interchange income963 1,014 2,921 3,059 
Other service charges, commissions and fees240 239 702 622 
Swap fee income255 197 451 1,935 
Trust and investment management income1,853 2,006 5,668 5,852 
Brokerage income973 947 2,727 2,864 
Mortgage banking activities(142)(1,014)448 205 
Income from life insurance620 583 1,855 1,742 
Investment securities gain (losses)2 (14)(8)(163)
Other income 141 1,123 1,431 1,749 
Total noninterest income5,925 6,058 19,161 20,726 
Noninterest expenses
Salaries and employee benefits12,885 12,705 38,135 35,354 
Occupancy1,089 1,166 3,249 3,586 
Furniture and equipment1,371 1,214 3,810 3,784 
Data processing1,248 1,192 3,666 3,410 
Automated teller and interchange fees314 329 920 952 
Advertising and bank promotions332 278 1,656 1,514 
FDIC insurance477 294 1,500 767 
Professional services965 887 2,203 2,417 
Directors' compensation199 213 667 674 
Taxes other than income387 488 847 1,160 
Intangible asset amortization228 272 717 845 
Provision for legal settlement 13,000  13,000 
Restructuring expenses 3,155  3,155 
Other operating expenses952 1,219 4,081 3,952 
Total noninterest expenses20,447 36,412 61,451 74,570 
continued
5


Three Months EndedNine Months Ended
September 30,
2023
September 30,
2022
September 30,
2023
September 30,
2022
Income (loss) before income tax expense (benefit)11,561 (6,399)35,334 14,727 
Income tax expense (benefit)2,535 (1,571)7,314 2,316 
Net income (loss)$9,026 $(4,828)$28,020 $12,411 
Per share information:
Basic earnings (loss) per share$0.87 $(0.47)$2.71 $1.17 
Diluted earnings (loss) per share0.87 (0.47)2.68 1.16 
Dividends paid per share0.20 0.19 0.60 0.57 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

6


Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months EndedNine Months Ended
(Dollars in thousands)September 30,
2023
September 30,
2022
September 30,
2023
September 30,
2022
Net income (loss)$9,026 $(4,828)$28,020 $12,411 
Other comprehensive (loss) income, net of tax:
Unrealized losses on securities available for sale arising during the period
(14,448)(17,283)(8,510)(60,242)
Reclassification adjustment for losses realized in net income
   149 
Net unrealized losses on securities available for sale(14,448)(17,283)(8,510)(60,093)
Tax effect3,179 3,629 1,872 12,620 
Total other comprehensive loss, net of tax and reclassification adjustments on securities available for sale(11,269)(13,654)(6,638)(47,473)
Unrealized gains (loss) on interest rate swaps used in cash flow hedges1,439 (562)2,831 (562)
Reclassification adjustment for losses realized in net income    
Net unrealized gains (loss) on interest rate swaps used in cash flow hedges1,439 (562)2,831 (562)
Tax effect(317)118 (623)118 
Total other comprehensive income (loss), net of tax and reclassification adjustments on interest rate swaps used in cash flow hedges 1,122 (444)2,208 (444)
Total other comprehensive loss, net of tax and reclassification adjustments(10,147)(14,098)(4,430)(47,917)
Total comprehensive (loss) income
$(1,121)$(18,926)$23,590 $(35,506)
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

7


Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
Three Months Ended September 30, 2023
(Dollars in thousands, except per share amounts)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
Balance, July 1, 2023$583 $187,859 $105,239 $(34,196)$(13,844)$245,641 
Net income  9,026   9,026 
Total other comprehensive loss, net of taxes   (10,147) (10,147)
Cash dividends ($0.20 per share)
  (2,121)  (2,121)
Share-based compensation plans:
1,600 net common shares acquired and 3,446 net treasury shares issued, including compensation expense totaling $1,228
 599   82 681 
Balance, September 30, 2023$583 $188,458 $112,144 $(44,343)$(13,762)$243,080 
Nine Months Ended September 30, 2023
(Dollars in thousands, except per share amounts)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTreasury
Stock
Total
Shareholders’
Equity
Balance, January 1, 2023$584 $189,264 $92,473 $(39,913)$(13,512)$228,896 
Cumulative effect of change in accounting principle - CECL (Note 3)  (1,984)  (1,984)
Net income  28,020   28,020 
Total other comprehensive loss, net of taxes   (4,430) (4,430)
Cash dividends ($0.60 per share)
  (6,365)  (6,365)
Share-based compensation plans:
22,762 net common shares acquired and 35,380 net treasury shares acquired, including compensation expense totaling $1,763
(1)(806)  (250)(1,057)
Balance, September 30, 2023$583 $188,458 $112,144 $(44,343)$(13,762)$243,080 


8



Three Months Ended September 30, 2022
(Dollars in thousands, except per share amounts)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity