Company Quick10K Filing
Quick10K
Orrstown Financial Services
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$20.52 9 $195
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-07 Leave Agreement, Officers
8-K 2019-05-01 M&A, Exhibits
8-K 2019-04-30 Regulation FD, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-04-18 Earnings
8-K 2019-04-18 Regulation FD
8-K 2019-04-10 Other Events
8-K 2019-03-14 Officers
8-K 2019-01-23 Earnings, Regulation FD, Exhibits
8-K 2019-01-23 Earnings, Regulation FD, Exhibits
8-K 2018-12-31 Officers
8-K 2018-12-19 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-11-20 Other Events
8-K 2018-11-02 Regulation FD, Exhibits
8-K 2018-10-23 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-10-17 Earnings, Regulation FD, Exhibits
8-K 2018-09-24 Officers
8-K 2018-08-06 Officers
8-K 2018-07-18 Earnings, Regulation FD, Exhibits
8-K 2018-06-07 Other Events, Exhibits
8-K 2018-05-09 Officers, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-04-18 Earnings, Regulation FD, Exhibits
8-K 2018-03-13 Officers, Exhibits
8-K 2018-01-25 Amend Bylaw, Exhibits
8-K 2018-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-01-16 Other Events
BRO Brown & Brown 8,930
CACI CACI 5,050
TIER Tier REIT 1,530
ASG All Soft Gels 210
PRVB Provention Bio 111
TLGT Teligent 48
RTTR Ritter 8
SVDN Savden Group 0
PRLX Parallax Health Sciences 0
RVRA Riviera Resources 0
ORRF 2019-03-31
Part I - Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Mergers and Acquisitions
Note 3. Securities Available for Sale
Note 4. Loans and Allowance for Loan Losses
Note 5. Leases
Note 6. Income Taxes
Note 7. Share-Based Compensation Plans
Note 8. Shareholders' Equity and Regulatory Capital
Note 9. Earnings per Share
Note 10. Financial Instruments with Off-Balance Sheet Risk
Note 11. Fair Value
Note 12. Revenue From Contracts with Customers
Note 13. Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 ex3112019-10qxq1.htm
EX-31.2 ex3122019-10qxq1.htm
EX-32.1 ex3212019-10qxq1.htm
EX-32.2 ex3222019-10qxq1.htm

Orrstown Financial Services Earnings 2019-03-31

ORRF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 – Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019 
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)

Pennsylvania
(State or Other Jurisdiction of Incorporation or Organization)
 23-2530374
(I.R.S. Employer Identification No.)

77 East King Street, P. O. Box 250, Shippensburg, Pennsylvania 17257
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (717) 532-6114
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 x
Non-accelerated filer ¨  Smaller reporting company x
Emerging growth companyo
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
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 Capital Market
Number of shares outstanding of the registrant’s Common Stock as of April 30, 2019: 9,485,269.



Table of Contents
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

Table of Contents
Glossary of Defined Terms
The following terms may be used throughout this Report, including the consolidated financial statements and related notes.
TermDefinition
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
CET1Common Equity Tier 1
CMOCollateralized mortgage obligation
CompanyOrrstown Financial Services, Inc. and subsidiaries (interchangeable with "Orrstown” below)
EPSEarnings per common share
ERMEnterprise risk management
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
FRBBoard of Governors of the Federal Reserve System
GAAPAccounting principles generally accepted in the United States of America
GSEU.S. government-sponsored enterprise
HamiltonHamilton Bancorp, Inc., and its wholly-owned banking subsidiary, Hamilton Bank
IRCInternal Revenue Code of 1986, as amended
LHFSLoans held for sale
MBSMortgage-backed securities
MercersburgMercersburg Financial Corporation and its wholly-owned banking subsidiary, First Community Bank of Mercersburg (acquired October 1, 2018)
MPF ProgramMortgage Partnership Finance Program
MSRMortgage servicing right
NIMNet interest margin
OCIOther comprehensive income (loss)
OREOOther real estate owned (foreclosed real estate)
OrrstownOrrstown Financial Services, Inc. and subsidiaries
OTTIOther-than-temporary impairment
Parent Company
Orrstown Financial Services, Inc., the parent company of Orrstown Bank and Wheatland Advisors, Inc.
2011 Plan2011 Orrstown Financial Services, Inc. Incentive Stock Plan
PCI loansPurchased credit impaired loans
Repurchase AgreementsSecurities sold under agreements to repurchase
ROURight of use (leases)
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
TDRTroubled debt restructuring
Wheatland
Wheatland Advisors, Inc., the Registered Investment Advisor subsidiary of Orrstown Financial Services, Inc.
Unless the context otherwise requires, the terms “Orrstown,” “we,” “us,” “our,” and “Company” refer to Orrstown Financial Services, Inc. and its subsidiaries.

3

Table of Contents
PART I – FINANCIAL INFORMATION
 
Item 1.  Financial Statements
Consolidated Balance Sheets (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
(Dollars in thousands, except per share information)March 31,
2019
December 31,
2018
Assets
Cash and due from banks$22,387 $26,156 
Interest-bearing deposits with banks54,830 45,664 
Federal funds sold0 16,995 
Cash and cash equivalents77,217 88,815 
Restricted investments in bank stocks10,292 10,842 
Securities available for sale490,221 465,844 
Loans held for sale4,787 3,340 
Loans1,265,539 1,247,657 
Less: Allowance for loan losses(14,283)(14,014)
Net loans1,251,256 1,233,643 
Premises and equipment, net38,107 38,201 
Cash surrender value of life insurance41,578 41,327 
Goodwill12,592 12,592 
Other intangible assets, net3,702 3,910 
Accrued interest receivable6,340 5,927 
Other assets37,191 29,947 
Total assets$1,973,283 $1,934,388 
Liabilities
Deposits:
Noninterest-bearing$214,308 $204,843 
Interest-bearing1,406,388 1,353,913 
Total deposits1,620,696 1,558,756 
Short-term borrowings9,579 64,069 
Long-term debt103,356 83,450 
Subordinated notes31,810 31,859 
Accrued interest and other liabilities28,675 22,821 
Total liabilities1,794,116 1,760,955 
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding0 0 
Common stock, no par value—$0.05205 stated value per share 50,000,000 shares authorized; 9,484,769 and 9,439,255 shares issued; 9,484,769 and 9,430,224 shares outstanding 494 491 
Additional paid - in capital151,702 151,678 
Retained earnings 26,161 24,472 
Accumulated other comprehensive income (loss)810 (2,972)
Treasury stock—common, 0 and 9,031 shares, at cost0 (236)
Total shareholders’ equity179,167 173,433 
Total liabilities and shareholders’ equity$1,973,283 $1,934,388 
The Notes to Consolidated Financial Statements are an integral part of these statements.
4

Table of Contents
Consolidated Statements of Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands, except per share information)March 31,
2019
March 31,
2018
Interest income
Loans$15,059 $11,056 
Investment securities - taxable3,492 2,293 
Investment securities - tax-exempt842 871 
Short-term investments173 55 
Total interest income19,566 14,275 
Interest expense
Deposits3,694 1,824 
Short-term borrowings243 363 
Long-term debt443 404 
Subordinated notes497 0 
Total interest expense4,877 2,591 
Net interest income14,689 11,684 
Provision for loan losses400 200 
Net interest income after provision for loan losses14,289 11,484 
Noninterest income
Service charges on deposit accounts1,489 1,418 
Other service charges, commissions and fees241 249 
Trust and investment management income1,758 1,668 
Brokerage income478 558 
Mortgage banking activities468 635 
Income from life insurance342 277 
Other income 112 81 
Investment securities gains339 816 
Total noninterest income5,227 5,702 
Noninterest expenses
Salaries and employee benefits8,677 8,022 
Occupancy1,001 798 
Furniture and equipment1,023 919 
Data processing770 619 
Telephone and communication212 196 
Automated teller and interchange fees236 171 
Advertising and bank promotions521 382 
FDIC insurance185 166 
Legal fees53 66 
Other professional services504 303 
Directors' compensation236 251 
Real estate owned2 25 
Taxes other than income306 251 
Intangible asset amortization208 24 
Merger related645 0 
Insurance claim receivable write off615 0 
Other operating expenses988 876 
Total noninterest expenses16,182 13,069 
Income before income tax expense3,334 4,117 
Income tax expense232 492 
Net income$3,102 $3,625 
Per share information:
Basic earnings per share$0.34 $0.45 
Diluted earnings per share0.33 0.44 
Dividends paid per share0.15 0.12 
The Notes to Consolidated Financial Statements are an integral part of these statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months Ended
(Dollars in thousands)March 31,
2019
March 31,
2018
Net income$3,102 $3,625 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale arising during the period
5,127 (5,619)
Reclassification adjustment for gains realized in net income
(339)(816)
Net unrealized gains (losses)4,788 (6,435)
Tax effect(1,006)1,352 
Total other comprehensive income (loss), net of tax and reclassification adjustments
3,782 (5,083)
Total comprehensive income (loss)$6,884 $(1,458)
The Notes to Consolidated Financial Statements are an integral part of these statements.

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Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months Ended March 31, 2019 and 2018
(Dollars in thousands, except per share information)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Shareholders’
Equity
Balance, January 1, 2018$435 $125,458 $16,042 $2,845 $(15)$144,765 
Net income
0 0 3,625 0 0 3,625 
Total other comprehensive loss, net of taxes0 0 0 (5,083)0 (5,083)
Cash dividends ($0.12 per share)0 0 (1,000)0 0 (1,000)
Share-based compensation plans:
Issuance of stock (75,923 net common shares issued and 10,648 net treasury shares acquired), including compensation expense of $4803 530 0 0 (284)249 
Balance, March 31, 2018$438 $125,988 $18,667 $(2,238)$(299)$142,556 
Balance, January 1, 2019$491 $151,678 $24,472 $(2,972)$(236)$173,433 
Net income0 0 3,102 0 0 3,102 
Total other comprehensive income, net of taxes0 0 0 3,782 0 3,782 
Cash dividends ($0.15 per share)0 0 (1,413)0 0 (1,413)
Share-based compensation plans:
Issuance of stock (45,514 net common shares issued and 9,031 net treasury shares issued), including compensation expense of $4993 24 0 0 236 263 
Balance, March 31, 2019$494 $151,702 $26,161 $810 $0 $179,167 
The Notes to Consolidated Financial Statements are an integral part of these statements.
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Consolidated Statements of Cash Flows (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands)March 31,
2019
March 31,
2018
Cash flows from operating activities
Net income$3,102 $3,625 
Adjustments to reconcile net income to net cash provided by operating activities:
Net premium amortization (discount accretion)69 501 
Depreciation and amortization (including amortization of ROU assets)1,079 869 
Provision for loan losses400 200 
Share-based compensation499 480 
Gain on sales of loans originated for sale(350)(513)
Mortgage loans originated for sale(16,682)(18,091)
Proceeds from sales of loans originated for sale15,505 20,943 
Net (gain) loss on disposal of premises and equipment130 (5)
Deferred income taxes211 269 
Investment securities gains(339)(816)
Income from life insurance(342)(277)
(Increase) decrease in accrued interest receivable(413)146 
Increase in accrued interest payable and other liabilities(2,351)(41)
Other, net(89)(2,331)
Net cash provided by operating activities429 4,959 
Cash flows from investing activities
Proceeds from sales of AFS securities59,464 62,577 
Maturities, repayments and calls of AFS securities6,306 3,111 
Purchases of AFS securities(85,324)(111,300)
Net (purchases) redemptions of restricted investments in bank stocks550 (2,125)
Net increase in loans(17,974)(34,552)
Purchases of bank premises and equipment(689)(245)
Proceeds from disposal of bank premises and equipment0 7 
Purchases of bank owned life insurance0 (900)
Net cash used in investing activities(37,667)(83,427)
Cash flows from financing activities
Net increase in deposits61,931 79,999 
Net increase (decrease) in borrowings with original maturities less than 90 days(29,490)40,155 
Payments on other short-term borrowings(25,000)(40,000)
Proceeds from long-term debt20,000 0 
Payments on long-term debt(94)(90)
Subordinated note issuance costs(58)0 
Dividends paid(1,413)(1,000)
Treasury shares repurchased for employee taxes associated with restricted stock vesting(294)(307)
Proceeds from issuance of stock for option exercises and employee stock purchase plan58 76 
Net cash provided by financing activities25,640 78,833 
Net increase (decrease) in cash and cash equivalents(11,598)365 
Cash and cash equivalents at beginning of period88,815 29,807 
Cash and cash equivalents at end of period$77,217 $30,172 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$4,724 $2,631 
Supplemental schedule of noncash investing activities:
OREO acquired in settlement of loans161 408 
ROU assets obtained in exchange for lease obligations8,115 0 

The Notes to Consolidated Financial Statements are an integral part of these statements.

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Notes to Consolidated Financial Statements (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the consolidated financial statements and related notes of this Form 10-Q.
Nature of OperationsOrrstown Financial Services, Inc. and subsidiaries is a financial holding company that operates Orrstown Bank, a commercial bank with banking and financial advisory offices in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Washington County, Maryland and Wheatland Advisors, Inc., a registered investment advisor non-bank subsidiary, headquartered in Lancaster County, Pennsylvania. The Company operates in the community banking segment and engages in lending activities, including commercial, residential, commercial mortgages, construction, municipal, and various forms of consumer lending, and deposit services, including checking, savings, time, and money market deposits. The Company also provides fiduciary services, investment advisory, insurance and brokerage services. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by such regulatory authorities.
Basis of Presentation – The accompanying condensed consolidated financial statements include the accounts of Orrstown Financial Services, Inc. and its wholly owned subsidiaries, the Bank and Wheatland. The Company has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, SEC rules that permit reduced disclosure for interim periods, and Article 10 of Regulation S-X. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements. The December 31, 2018 consolidated balance sheet information contained in this Quarterly Report on Form 10-Q was derived from the 2018 audited consolidated financial statements. Interim results are not necessarily indicative of results for a full year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. All significant intercompany transactions and accounts have been eliminated. Certain reclassifications may have been made to prior year amounts to conform with current year classifications.
The Company's management has evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's consolidated financial statements and notes as required by GAAP.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ALL and those used in valuation methodologies in areas with no observable market, such as loans, deposits, borrowings, goodwill, core deposit and other intangible assets, other assets and liabilities obtained or assumed in business combinations.

Leases - We evaluate our contracts at inception to determine if an arrangement is or contains a lease. Operating leases are included in operating lease ROU assets in Other assets and operating lease liabilities in Accrued interest payable and other liabilities in our consolidated balance sheets. The Company has no finance leases.

ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate, so we use our incremental borrowing rate, which approximates our fully collateralized borrowing rate, based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is reevaluated upon lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

We adopted ASU 2016-02, “Leases (Topic 842),” on January 1, 2019, the effective date of the guidance, using the practical expedient transition method whereby we did not revise comparative period information or disclosure. The new standard requires lessees to record assets and liabilities on the balance sheet for all leases with terms longer than 12 months. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. We also elected certain optional practical expedients, including the hindsight practical expedient under which we considered the actual outcomes of lease renewals and terminations when measuring the lease term at adoption, and we made an accounting policy election to keep leases with an initial term of 12
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months or less off of the balance sheet. We recognize these lease payments in the consolidated statements of income on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, and we have elected the practical expedient to account for these as a single lease component.

Our operating leases relate primarily to bank branches and office space. In conjunction with the adoption on January 1, 2019, we recognized operating lease liabilities of $7,971,000 and related lease assets of $7,494,000 on our balance sheet. The difference between the lease assets and lease liabilities primarily consists of deferred rent liabilities reclassified upon adoption to reduce the measurement of the lease assets. The standard did not materially impact our consolidated net income and had no impact on cash flows.

Recent Accounting Pronouncements - ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected on the financial assets. Under the updates, the income statement will reflect the measurement of cred