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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 March 31, 2024
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 May 7, 2024: 10,720,699.



ORRSTOWN FINANCIAL SERVICES, INC.
INDEX
 
  Page
Glossary of Defined Terms
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
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.
CECLCurrent expected credit losses
CMOCollateralized mortgage obligation
Codorus Valley
Codorus Valley Bancorp, Inc.
DCFDiscounted cash flow
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
FOMCFederal Open Market Committee
FRBBoard of Governors of the Federal Reserve System
GAAPAccounting principles generally accepted in the United States of America
GDPGross Domestic Product
GSEU.S. government-sponsored enterprise
IELIndividually evaluated loan
IRCInternal Revenue Code of 1986, as amended
LHFSLoans held for sale
MBSMortgage-backed securities
MSRMortgage servicing right
OCIOther comprehensive income (loss)
OREOOther real estate owned (foreclosed real estate)
2011 Plan2011 Orrstown Financial Services, Inc. Incentive Stock Plan
PACEProperty Assessed Clean Energy loans
PCD loansPurchased credit deteriorated loans
PCE
Personal Consumption Expenditures
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)March 31,
2024
December 31,
2023
Assets
Cash and due from banks$23,552 $32,586 
Interest-bearing deposits with banks159,170 32,575 
Cash and cash equivalents182,722 65,161 
Restricted investments in bank stocks11,453 11,992 
Securities available for sale (amortized cost of $552,155 and $549,089 at March 31, 2024 and December 31, 2023, respectively)
514,909 513,519 
Loans held for sale, at fair value535 5,816 
Loans2,303,073 2,298,313 
Less: Allowance for credit losses(29,165)(28,702)
Net loans2,273,908 2,269,611 
Premises and equipment, net28,952 29,393 
Cash surrender value of life insurance73,656 73,204 
Goodwill18,724 18,724 
Other intangible assets, net2,189 2,414 
Accrued interest receivable13,496 13,630 
Deferred tax assets, net21,181 22,017 
Other assets41,606 38,759 
Total assets$3,183,331 $3,064,240 
Liabilities
Deposits:
Noninterest-bearing$418,512 $430,959 
Interest-bearing2,277,439 2,127,855 
Total deposits2,695,951 2,558,814 
Securities sold under agreements to repurchase and federal funds purchased12,099 9,785 
FHLB advances and other borrowings115,000 137,500 
Subordinated notes32,111 32,093 
Other liabilities56,488 60,992 
Total liabilities2,911,649 2,799,184 
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; 11,203,221 shares issued and 10,705,077 outstanding at March 31, 2024; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023
583 583 
Additional paid - in capital187,267 189,027 
Retained earnings 124,075 117,667 
Accumulated other comprehensive loss(28,668)(28,476)
Treasury stock—498,144 and 592,209 shares, at cost at March 31, 2024 and December 31, 2023, respectively
(11,575)(13,745)
Total shareholders’ equity271,682 265,056 
Total liabilities and shareholders’ equity$3,183,331 $3,064,240 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.
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Condensed Consolidated Statements of Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands, except per share amounts)March 31, 2024March 31, 2023
Interest income
Loans$36,233 $28,744 
Investment securities - taxable4,584 4,370 
Investment securities - tax-exempt877 865 
Short-term investments956 298 
Total interest income42,650 34,277 
Interest expense
Deposits13,516 6,202 
Securities sold under agreements to repurchase and federal funds purchased25 25 
FHLB advances and other borrowings1,474 1,252 
Subordinated notes754 504 
Total interest expense15,769 7,983 
Net interest income26,881 26,294 
Provision for credit losses298 729 
Net interest income after provision for credit losses26,583 25,565 
Noninterest income
Service charges on deposit accounts1,005 962 
Interchange income911 965 
Other service charges, commissions and fees195 195 
Swap fee income199  
Trust and investment management income2,024 1,888 
Brokerage income1,078 859 
Mortgage banking activities458 478 
Income from life insurance634 590 
Investment securities losses(5)(8)
Other income 131 149 
Total noninterest income6,630 6,078 
Noninterest expenses
Salaries and employee benefits13,752 12,196 
Occupancy1,201 1,106 
Furniture and equipment1,438 1,227 
Data processing1,265 1,217 
Automated teller and interchange fees351 298 
Advertising and bank promotions398 405 
FDIC insurance441 504 
Professional services631 734 
Directors' compensation251 247 
Taxes other than income494 457 
Intangible asset amortization225 250 
Merger-related expenses672  
Other operating expenses1,350 1,614 
Total noninterest expenses22,469 20,255 
continued
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Three Months Ended
March 31,
2024
March 31,
2023
Income before income tax expense 10,744 11,388 
Income tax expense2,213 2,232 
Net income$8,531 $9,156 
Per share information:
Basic earnings per share$0.82 $0.88 
Diluted earnings per share0.81 0.87 
Dividends paid per share0.20 0.20 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months Ended
(Dollars in thousands)March 31,
2024
March 31,
2023
Net income$8,531 $9,156 
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on securities available for sale arising during the period
(1,676)8,774 
Reclassification adjustment for losses realized in net income
  
Net unrealized (losses) gains on securities available for sale(1,676)8,774 
Tax effect374 (1,930)
Total other comprehensive (loss) income, net of tax and reclassification adjustments on securities available for sale(1,302)6,844 
Unrealized gains on interest rate swaps used in cash flow hedges1,428 319 
Reclassification adjustment for losses realized in net income  
Net unrealized gains on interest rate swaps used in cash flow hedges1,428 319 
Tax effect(318)(75)
Total other comprehensive income, net of tax and reclassification adjustments on interest rate swaps used in cash flow hedges 1,110 244 
Total other comprehensive (loss) income, net of tax and reclassification adjustments(192)7,088 
Total comprehensive income$8,339 $16,244 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
Three Months Ended March 31, 2024
(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, 2024$583 $189,027 $117,667 $(28,476)$(13,745)$265,056 
Net income  8,531   8,531 
Total other comprehensive loss, net of taxes   (192) (192)
Cash dividends ($0.20 per share)
  (2,123)  (2,123)
Share-based compensation plans:
1,378 net common shares acquired and 94,065 net treasury shares issued, including compensation expense totaling $967
 (1,760)  2,170 410 
Balance, March 31, 2024$583 $187,267 $124,075 $(28,668)$(11,575)$271,682 


Three Months Ended March 31, 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, January 1, 2023$584 $189,264 $92,473 $(39,913)$(13,512)$228,896 
Cumulative effect of change in accounting principle - CECL (Note 4)— — (1,984)— — (1,984)
Net income— — 9,156 — — 9,156 
Total other comprehensive income, net of taxes— — — 7,088 — 7,088 
Cash dividends ($0.20 per share)
— — (2,126)— — (2,126)
Share-based compensation plans:
6,510 net common shares acquired and 27,004 net treasury shares issued, including compensation expense totaling $619
— (1,692)— — 823 (869)
Balance, March 31, 2023$584 $187,572 $97,519 $(32,825)$(12,689)$240,161 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.


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Condensed Consolidated Statements of Cash Flows (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands)March 31, 2024March 31, 2023
Cash flows from operating activities
Net income$8,531 $9,156 
Adjustments to reconcile net income to net cash provided by operating activities:
Net premium amortization450 442 
Depreciation and amortization expense1,072 1,063 
Provision for credit losses298 729 
Share-based compensation967 619 
Gains on sales of loans originated for sale(268)(60)
Fair value adjustments on loans held for sale(18)(325)
Mortgage loans originated for sale(7,697)(5,302)
Proceeds from sales of loans originated for sale13,264 9,223 
Net loss on disposal of premises and equipment (11)
Deferred income tax expense891 1,251 
Investment securities losses5 8 
Return on investments in limited partnerships(16)(12)
Net unrealized (gains) losses on derivatives(130)279 
Income from life insurance(634)(590)
(Increase) decrease in accrued interest receivable and other assets(1,139)1,294 
Decrease in accrued interest payable and other liabilities(3,092)(12,522)
Other, net186 172 
Net cash provided by operating activities12,670 5,414 
Cash flows from investing activities
Maturities, repayments and calls of AFS securities18,134 11,132 
Purchases of AFS securities(21,784)(9,532)
Net redemptions (purchases) of restricted investments in bank stocks539 (2,227)
Net (contributions to) distributions from investments in limited partnerships(21)321 
Net increase in loans(6,185)(56,061)
Purchases of bank premises and equipment(63)(248)
Proceeds from disposal of premises and equipment 12 
Net cash used in investing activities(9,380)(56,603)
Cash flows from financing activities
Net increase in deposits137,137 39,377 
Net (decrease) increase in borrowings with original maturities less than 90 days(20,186)13,038 
Proceeds from FHLB advances with original maturities greater than 90 days 40,000 
Payments on FHLB advances with original maturities greater than 90 days (113)
Dividends paid(2,123)(2,126)
Acquisition of treasury stock (1,175)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting(637)(378)
Proceeds from issuance of employee stock purchase plan shares80 66 
Net cash provided by financing activities114,271 88,689 
Net increase in cash and cash equivalents117,561 37,500 
Cash and cash equivalents at beginning of period65,161 60,823 
Cash and cash equivalents at end of period$182,722 $98,323 
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Three Months Ended
March 31, 2024March 31, 2023
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$15,894 $7,046 
Supplemental schedule of noncash activities:
OREO acquired in settlement of loans 85 
Deposits held for assumption in connection with sale of bank branch 27,517 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Notes to Condensed Consolidated Financial Statements (Unaudited)
(All dollar amounts presented in the tables, except per share amounts, are in thousands)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the unaudited condensed consolidated financial statements and related notes of this Form 10-Q.
Nature of Operations – Orrstown Financial Services, Inc. is a financial holding company that operates Orrstown Bank, a commercial bank providing banking and financial advisory services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Howard and Washington Counties, Maryland. 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’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. 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 unaudited condensed consolidated financial statements include the accounts of Orrstown Financial Services, Inc. and its wholly owned subsidiary, the Bank. 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. There have been no material changes to the Company's significant accounting policies for the three months ended March 31, 2024. The December 31, 2023 consolidated balance sheet information contained in this Quarterly Report on Form 10-Q was derived from the Company's 2023 audited consolidated financial statements. 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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. All significant intercompany transactions and accounts have been eliminated. Certain reclassifications have been made to the prior period amounts to conform with current period classifications. These reclassifications did not have a material impact on the Company's consolidated financial condition, results of operations or statement of consolidated cash flows.
The Company's management has evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's unaudited condensed consolidated financial statements and notes as required by GAAP.
To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Allowance for Credit Losses - Loans
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). On January 1, 2023, the Company adopted ASU 2016-13, the current expected credit losses accounting standard commonly referred to as "CECL," which replaced the incurred loss model with the lifetime expected loss model. The CECL methodology requires an organization to measure all expected credit losses over the contractual term for financial assets measured at amortized cost, including loan receivables and held-to-maturity securities, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The CECL methodology also applies to off-balance sheet credit exposures not accounted for as insurance (e.g., loan commitments, standby letters of credit, financial guarantees and other similar instruments), net investments in leases recognized by a lessor in accordance with ASC Topic 842 on leases and AFS debt securities.
The Company calculates credit losses over the estimated life of the applicable financial assets using the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default and loss given default factors to future cash flows, and then adjusts to the net present value to derive the required reserve. Reasonable and supportable macroeconomic conditions include unemployment and GDP. Model assumptions include the discount rate, prepayments and curtailments. The validation of credit models also included determining the length of the reasonable and supportable forecast
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and regression period and utilizing national peer group historical loss rates. For the consumer loan segments, the remaining life methodology is applied as a practical expedient based on the risk characteristics.
Allowance for Credit Losses on Loans
The ACL represents the amount that, in management's judgment, appropriately reflects credit losses inherent in the loan portfolio at the balance sheet date. Loans deemed to be uncollectible are charged against the ACL on loans and subsequent recoveries, if any, are credited to the ACL on loans when received. Changes to the ACL are recorded through the provision for credit losses on loans in the unaudited condensed consolidated statements of income.
The ACL is maintained at a level considered appropriate to absorb credit losses over the expected life of the loan. The ACL for expected credit losses is determined based on a quantitative assessment of two categories of loans: collectively evaluated loans and individually evaluated loans. In addition, the ACL includes a qualitative component which adjusts the CECL model results for risk factors that are not considered within the CECL model but are relevant in assessing the expected credit losses within the loan classes.
The ACL on loans is measured on a collective basis when similar risk characteristics exist within the Company's loan segments between commercial and consumer. For purposes of estimating the Company’s ACL, management generally evaluates collectively evaluated loans by federal call code in order to group loans with similar risk characteristics. Each of these loan segments are broken down into multiple loan classes, which are characterized by loan type, collateral type, risk attributions and the manner in which management monitors the performance of the borrower. The risks associated with lending activities differ and are subject to the impact of change in interest rates, market conditions and the impact on the collateral securing the loans, and general economic conditions. The commercial loan segment includes commercial real estate, acquisition and development, commercial and industrial and municipal loan classes. The consumer loan segment includes residential mortgage, installment and other consumer loans.
Loans collectively evaluated includes loans on accrual status, except for loans previously restructured that do not share similar risk characteristics, which are individually evaluated. The ACL for loans collectively evaluated is measured using a lifetime expected loss rate model that considers historical loss performance and past events in addition to forecasts of future economic conditions. The Company elected to use the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default to future cash flows, using a loss driver model and loss given default factors, and then adjusts to the net present value to derive the required reserve. The probability of default estimates are derived through the application of reasonable and supportable economic forecasts to the regression models, which incorporates the Company's and peer loss-rate data, unemployment rate and GDP. The reasonable and supportable forecasts of the selected economic metrics are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The prepayment and curtailment assumptions adjust the contractual terms of the loan to arrive at the expected cash flows. The development and validation of credit models also included determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates. Management selected the national unemployment rate and GDP as the drivers of the quantitative portion of collectively evaluated reserves on loan classes reliant upon the DCF methodology. For the consumer loan segment, the quantitative reserve was calculated using the remaining life methodology where the average historical bank-specific and peer loss rates are applied to expected loan balances over an estimated remaining life of loans. The estimated remaining life is calculated using historical bank-specific loan attrition data.
Loans that do not share similar risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include loans on nonaccrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans collectively evaluated. A specific reserve analysis is applied to the individually evaluated loans, which considers collateral value, an observable market price or the present value of expected future cash flows. A specific reserve may be assigned if the measured value of the loan using one of the before mentioned methods is less than the current carrying value of the loans.
A loan is considered collateral-dependent when the Company determines foreclosure is probable or the borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. Collateral could be in the form of real estate, equipment or business assets. An ACL may result for a collateral-dependent loan if the fair value of the underlying collateral, as of the reporting date, adjusted for expected costs to repair or sell, was less than the amortized cost basis of the loan. If repayment of the loan is instead dependent only on the operation, rather than the sale of the collateral, the measure of the ACL does not incorporate estimated costs to sell. For loans evaluated on the basis of projected future principal and interest cash flows, the Company discounts the expected cash flows at the effective interest rate of the loan. An ACL will result if the present value of expected cash flows is less than the amortized cost basis of the loan.
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Based on management's analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the quantitatively calculated reserve on collectively evaluated loans. As the quantitative reserve calculation incorporates historical conditions, management may consider an additional or reduced reserve is warranted through qualitative risk factors based on current and expected conditions. These qualitative risk factors include significant or unexpected changes in:
Lending policies, procedures, underwriting standards and recovery practices;
Nature and volume of loans;
Concentrations of credit;
Collateral valuation trends;
Delinquency and classified loan trends;
Experience, ability and depth of management and lending staff;
Quality of loan review system; and
Economic conditions and other external factors.
For PCD loans, the nonaccrual status is determined in the same manner as for other loans. In accordance with the CECL standard, the Company accounts for its PCD loans under ASC 310-20, Receivables - Nonrefundable Fees and Other Assets ("ASC 310-20"). These loans are initially recorded at fair value and include credit and interest rate marks associated with acquisition accounting adjustments. Purchase premiums or discounts are subsequently amortized as an adjustment to yield over the estimated contractual lives of the loans. Under ASC 310-20, the acquired loans are evaluated on an individual asset level, and not maintained in pools and accounted for as units of accounts, which would permit treating each pool as a single asset.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 requires that the Company evaluate, based on the accounting for loan modifications, whether the borrower is experiencing financial difficulty, if the modification results in a more-than-insignificant direct change in the contractual cash flows and whether the modifications represent terms that would result in a new loan or a continuation of an existing loan. The Company refers to these loans as "financial difficulty modifications" or "FDMs." This change requires all loan modifications to be accounted for under the general loan modification guidance in ASC 310-20, Receivables – Nonrefundable Fees and Other Costs, and subjects entities to new disclosure requirements on loan modifications to borrowers experiencing financial difficulty. If a modification occurs while the loan is on accrual status, it will continue to accrue interest under the modified terms. After the initial modification and recognition of a FDM, the Company will monitor the performance of the borrower. If no subsequent qualifying modifications are made to the FDM, the loan does not require disclosure in the current period's disclosures after the one-year period has elapsed.
A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management evaluates the adequacy of the ACL utilizing a defined methodology to determine if it properly addresses the current and expected risks in the loan portfolio, which considers the performance of borrowers and specific evaluation of individually evaluated loans including historical loss experiences, trends in delinquencies, nonperforming loans and other risk assets, and the qualitative factors. Risk factors are continuously reviewed and adjusted, as needed, by management when conditions support a change. Management believes its approach properly addresses relevant accounting and bank regulatory guidance for loans both collectively and individually evaluated. The results of the comprehensive analysis, including recommended changes, are governed by the Company's Reserve Adequacy Committee, whose members were also a part of the Company's CECL Committee.
See Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s loan classes and differing levels of associated credit risk.
Allowance for Credit Losses on AFS Securities
Under CECL, the Company is still required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance continues to require the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor. This includes, but is not limited to, an evaluation of the type of
13


security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any additional amount of loss would be due to non-credit factors and is recorded in AOCI, net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in AOCI, net of taxes, on the unaudited condensed consolidated statements of financial condition. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses.
See Note 3, Investment Securities, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s investment securities and impairment evaluation.
Recent Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated guidance requires enhanced disclosures for significant expenses by reportable operating segments. The significant expense categories would be those regularly provided to the Company's chief operating decision-maker ("CODM") and included in an operating segment's measures of profit or loss. Other required disclosures include the composition of other segment items, the title and position of the CODM and an explanation on how the CODM evaluates and uses the reportable segment's performance. This guidance for segment reporting is effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt the new standard for the annual reporting period beginning January 1, 2024 and for interim periods beginning January 1, 2025. The Company is not currently required to report segment information and, as such, does not anticipate that the updated guidance will have a significant impact on its consolidated financial statements.
In December 2023, the Financial Accounting Standards Board issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require updates to the disclosures of the income tax rate reconciliation and income taxes paid. The income tax rate reconciliation will require expanded disclosure, using percentages and reporting currency amounts, to include specific categories, including state and local income tax, net of the federal income tax effect, tax credits and nontaxable and nondeductible items, with additional qualitative explanations of individually significant reconciling items. The amount of income taxes paid will require disaggregation by jurisdictional categories: federal, state and foreign. This guidance for income tax disclosures is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the updated guidance; however, management does not expect it will have a significant impact on its consolidated financial statements.
NOTE 2. PENDING MERGER
On December 12, 2023, the Company entered into an Agreement and Plan of Merger with Codorus Valley Bancorp, Inc., a Pennsylvania corporation, pursuant to which Codorus Valley will be merged with and into Orrstown, with Orrstown as the surviving corporation (the “Merger”). Promptly following the Merger, Codorus Valley’s wholly-owned bank subsidiary, PeoplesBank, A Codorus Valley Company, a Pennsylvania-chartered bank, will be merged with and into Orrstown Bank, a Pennsylvania-chartered bank, which is the wholly-owned subsidiary of Orrstown, with Orrstown Bank as the surviving bank.
The consideration payable to Codorus Valley shareholders upon completion of the Merger will consist of whole shares of Orrstown common stock, no par value per share (“Orrstown Common Stock”), and cash in lieu of fractional shares of Orrstown Common Stock. Upon consummation of the Merger, each share of Codorus Valley common stock, $2.50 par value per share, excluding shares held in treasury by Codorus Valley, issued and outstanding immediately prior to the effective time of the Merger will be canceled and converted into the right to receive 0.875 shares of Orrstown Common Stock.
As of March 31, 2024 and December 31, 2023, Codorus Valley had total assets of $2.2 billion, total loans of $1.7 billion and total deposits of $1.9 billion. Common shares outstanding totaled 9,662,378 and 9,642,851 at March 31, 2024 and December 31, 2023, respectively. Codorus Valley operates 22 full-service branches and eight limited purpose branches in Pennsylvania and Maryland. The transaction is subject to regulatory approvals and satisfaction of customary closing conditions, including approval from Orrstown and Codorus Valley shareholders. The transaction is expected to close in the third quarter of 2024.

14