Orrstown Financial

Orrstown Financial Services, Inc. is a holding company, which engages in the provision of consumer and business financial services. It also offers commercial banking and trust business services which involves accepting demand, time and savings deposits, and granting loans. The company was founded on November 17, 1987 and is headquartered in Shippensburg, PA.

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Orrstown Financial Services, Inc. is a holding company, which engages in the provision of consumer and business financial services. It also offers commercial banking and trust business services which involves accepting demand, time and savings deposits, and granting loans. The company was founded on November 17, 1987 and is headquartered in Harrisburg, PA.

Does Orrstown Financial Services (ORRF) have what it takes to be a top stock pick for momentum investors? Let's find out.

Are You Looking for a Top Momentum Pick? Why Orrstown Financial Services (ORRF) is a Great Choice

Orrstown (ORRF) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Earnings Estimates Moving Higher for Orrstown (ORRF): Time to Buy?

Orrstown Financial Services (ORRF) came out with quarterly earnings of $1.11 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.87 per share a year ago.

Orrstown Financial Services (ORRF) Surpasses Q3 Earnings and Revenue Estimates

Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) closed the merger of equals transaction with Codorus Valley Bancorp, Inc. ("Codorus") on July 1, 2024, creating a premier Pennsylvania and Maryland community bank; as a result, the Company's results for the three months ended September 30, 2024 reflect the combined operating results of the combined companies; Codorus contributed, after fair value purchase accounting adjustments, approximately $2.2 billion in total assets, $1.6 billion in loans, and $1.9 billion in deposits at July 1, 2024; Net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024 compared to net income of $7.7 million, or $0.73 per diluted share, for the three months ended June 30, 2024, reflecting the impact of $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated ("PCD") loans and $4.8 million for the previously announced executive retirement, net of taxes, collectively the "non-recurring charges"; Excluding the impact of the non-recurring charges, net income and diluted earnings per share, respectively, were $21.4 million(1) and $1.11(1) for the third quarter of 2024 compared to net income and diluted earnings per share of $8.7 million(1) and $0.83(1), respectively, as adjusted for the impact of $1.1 million in merger-related expenses, net of taxes, recorded for the second quarter of 2024; Net interest margin, on a tax equivalent basis, was 4.14% in the third quarter of 2024 compared to 3.54% in the second quarter of 2024; the net accretion impact of purchase accounting marks on loans, deposits and borrowings was $5.8 million of net interest income, which represents 52 basis points of net interest margin; Noninterest income increased by $5.1 million to $12.4 million in the three months ended September 30, 2024 compared to $7.2 million in the three months ended June 30, 2024; continued strength in wealth management and swap fee generation by commercial teams are driving fee income growth; Return on average assets for the three months ended September 30, 2024 was (0.57)% compared to 0.97% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average assets was 1.55%(1) for the three months ended September 30, 2024 compared to 1.09%(1) for the three months ended June 30, 2024, excluding merger-related expenses; Return on average equity for the three months ended September 30, 2024 was (5.85)% compared to 11.41% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average equity was 15.85%(1) for the three months ended September 30, 2024 compared to 12.88%(1) for the three months ended June 30, 2024, excluding merger related expenses; The provision for credit losses was $13.7 million for the three months ended September 30, 2024 compared to $812 thousand for the three months ended June 30, 2024; the provision for credit losses on non-PCD loans for the three months ended September 30, 2024 was $15.5 million; excluding the impact of the merger, the provision for credit losses for the three months ended September 30, 2024 was a reversal of $1.8 million; At September 30, 2024, nonaccrual loans totaled $26.9 million, an increase of $18.5 million from $8.4 million at June 30, 2024; non-accrual loans acquired from Codorus totaled $12.8 million; Tangible book value per common share(1) decreased to $21.12 per share at September 30, 2024 compared to $24.08 per share at June 30, 2024; this decrease was primarily due to the impact of loan marks associated with the merger and the net loss incurred for the third quarter of 2024; The Board of Directors declared a cash dividend of $0.23 per common share, payable November 12, 2024, to shareholders of record as of November 5, 2024. (1) Non-GAAP measure.

Orrstown Financial Services, Inc. Reports Third Quarter 2024 Results

Orrstown Financial Services is favored by dividend investors for its earnings stability, strong asset quality, and consistent returns despite external factors like interest rates. ORRF faces challenges with rising deposit interest expenses and low loan portfolio growth, but maintains excellent asset quality with near-zero net charge-offs. The bank offers a solid dividend yield of 2.51% with a low payout ratio, ensuring sustainability and potential for future increases.

Orrstown Financial Services: Well-Positioned For Dividend Seeking Investors

Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?

Why Orrstown Financial Services (ORRF) is a Great Dividend Stock Right Now

Why Orrstown Financial Services (ORRF) is a Top Dividend Stock for Your Portfolio

Orrstown Financial Services (ORRF) is a Top Dividend Stock Right Now: Should You Buy?

This is Why Orrstown Financial Services (ORRF) is a Great Dividend Stock

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Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.94 per share a year ago.

Orrstown Financial Services (ORRF) Q2 Earnings and Revenues Surpass Estimates

HARRISBURG, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended June 30, 2024. Net income totaled $7.7 million for the three months ended June 30, 2024, compared to $8.5 million for the three months ended March 31, 2024 and $9.8 million for the three months ended June 30, 2023. Diluted earnings per share totaled $0.73 for the three months ended June 30, 2024, compared to $0.81 for the three months ended March 31, 2024 and $0.94 for the three months ended June 30, 2023. Merger-related expenses totaled $1.1 million and $0.7 million for the three months ended June 30, 2024 and March 31, 2024, respectively. For the second quarter of 2024, excluding the impact from the merger-related expenses, net of taxes, net income and diluted earnings per share were $8.7 million(1) and $0.83(1), respectively. For the first quarter of 2024, excluding the impact from the merger-related expenses, net of taxes, net income and diluted earnings per share were $9.2 million(1) and $0.88(1), respectively.

Orrstown Financial Services, Inc. Reports Second Quarter 2024 Results and Increases Quarterly Dividend by $0.03 per Share

Orrstown (ORRF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Earnings Preview: Orrstown Financial Services (ORRF) Q2 Earnings Expected to Decline

HARRISBURG, Pa., July 01, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the holding company for Orrstown Bank (“Orrstown”), and Codorus Valley Bancorp, Inc. (NASDAQ: CVLY), the holding company for PeoplesBank, A Codorus Valley Company (“Codorus Valley”), today announced the successful completion of their previously announced merger of equals creating a premier Pennsylvania and Maryland community bank.

Orrstown Financial Services and Codorus Valley Bancorp Successfully Complete Merger of Equals

Codorus Valley Bancorp

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Codorus Valley Bancorp, Inc. (NasdaqGM: CVLY) to Orrstown Financial Services, Inc. (NasdaqCM: ORRF). Under the terms of the proposed transaction, shareholders of Codorus will receive 0.875 shares of Orrstown for each share of Codorus that they own. KSF is seeking to determine whether this consideration and the.

CODORUS VALLEY INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Codorus Valley Bancorp, Inc. - CVLY

Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.87 per share a year ago.

Orrstown Financial Services (ORRF) Beats Q1 Earnings and Revenue Estimates

SHIPPENSBURG, Pa., April 23, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months March 31, 2024. Net income totaled $8.5 million for the three months ended March 31, 2024, compared to $7.6 million for the three months ended December 31, 2023 and $9.2 million for the three months ended March 31, 2023. Diluted earnings per share totaled $0.81 for the three months ended March 31, 2024, compared to $0.73 for the three months ended December 31, 2023 and $0.87 for the three months ended March 31, 2023. Merger-related expenses totaled $0.7 million and $1.1 million for the three months ended March 31, 2024 and December 31, 2023, respectively. For the first quarter of 2024, excluding the impact from the merger-related expenses, net income and diluted earnings per share were $9.2 million(1) and $0.88(1), respectively. For the fourth quarter of 2023, excluding the impact from the merger-related expenses, net income and diluted earnings per share were $8.6 million(1) and $0.83(1), respectively.

Orrstown Financial Services, Inc. Reports First Quarter 2024 Results

The heavy selling pressure might have exhausted for Orrstown (ORRF) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.

Down -9.01% in 4 Weeks, Here's Why You Should You Buy the Dip in Orrstown (ORRF)

Orrstown (ORRF) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Down -8.22% in 4 Weeks, Here's Why You Should You Buy the Dip in Orrstown (ORRF)

Down -7.61% in 4 Weeks, Here's Why You Should You Buy the Dip in Orrstown (ORRF)

Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.91 per share a year ago.

Orrstown Financial Services (ORRF) Q4 Earnings Lag Estimates

Net income of $7.6 million and diluted earnings per share of $0.73 for the three months ended December 31, 2023 compared to net income of $9.0 million and diluted earnings per share of $0.87 for the three months ended September 30, 2023; net income of $35.7 million and diluted earnings per share of $3.42 for the year ended December 31, 2023 compared to net income of $22.0 million and diluted earnings per share of $2.06 for the year ended December 31, 2022; On December 12, 2023, the Company and Codorus Valley Bancorp, Inc. ("Codorus Valley") announced that they have entered into a merger agreement pursuant to which Codorus Valley will be merged with and into the Company in a merger of equals transaction. Excluding the impact of $1.1 million in merger-related expenses, net income and diluted earnings per share, respectively, were $8.6 million(1) and $0.83(1) for the fourth quarter of 2023 and $36.6 million(1) and $3.51(1) for the year ended December 31, 2023; excluding the impact from the provision for legal settlement ("legal settlement") and restructuring charge, net income and diluted earnings per share were $34.8 million(1) and $3.25(1), respectively, for the year ended December 31, 2022; Net interest margin, on a tax equivalent basis, was 3.71% in the fourth quarter of 2023 as compared to 3.73% in the third quarter of 2023; Return on average equity for the year ended December 31, 2023 was 14.66% compared to 9.02% for the year ended December 31, 2022; excluding the aforementioned significant transactions in both 2023 and 2022, return on average equity was 15.06% for the year ended December 31, 2023 compared to 14.25% for the year ended December 31, 2022; Fourth quarter loan growth was $31.5 million, or 6% annualized; full year loan growth was $147.1 million, or 7%; Fourth quarter deposit growth was $12.4 million; excluding the sale of deposits totaling $18.7 million from the Bank's Path Valley branch in the second quarter, full year deposit growth was $101.3 million; Non-interest income increased by $0.6 million to $6.5 million for the three months ended December 31, 2023 from $5.9 million for the three months ended September 30, 2023; Non-interest expenses, inclusive of $1.1 million of merger-related expenses, increased by $2.0 million from $20.4 million for the three months ended September 30, 2023 to $22.4 million for the three months ended December 31, 2023; Tangible common equity ratio increased to 8.0% at December 31, 2023 from 7.3% at September 30, 2023 and 7.1% at December 31, 2022; the fourth quarter of 2023 includes an improvement of $17.5 million, net of taxes, in net unrealized losses on investment securities; Tangible book value per common share(1) improved to $23.03 per share at December 31, 2023 compared to $20.94 per share at September 30, 2023 and $19.47 at December 31, 2022; The Board of Directors declared a cash dividend of $0.20 per common share, payable February 13, 2024, to shareholders of record as of February 6, 2024.

Orrstown Financial Services, Inc. Reports Fourth Quarter 2023 Results and Record Earnings for Full Year 2023

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RWAY, KT and ORRF made it to the Zacks Rank #1 (Strong Buy) value stocks list on December 20, 2023.

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Orrstown (ORRF) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

Orrstown (ORRF) Surges 8.1%: Is This an Indication of Further Gains?

NEW YORK , Dec. 13, 2023 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) and its board of directors concerning the proposed acquisition of the company by Orrstown Financial Services, Inc. (NASDAQ: ORRF). Stockholders will receive 0.875 shares of Orrstown Financial Services common stock for each share of Codorus Valley Bancorp stock that they hold.

ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Codorus Valley Bancorp, Inc.

News for Orrstown Financial Stock (ORRF)