Press release
Orrstown Financial Services, Inc. Reports Earnings for the Second Quarter 2023
Net income of $9.8 million and diluted earnings per share of $0.94 for the three months ended June 30, 2023 compared to net income of $9.2 million and diluted
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"Net income of $9.8 million and diluted earnings per share of $0.94 for the three months ended June 30, 2023 compared to net income of $9.2 million and diluted earnings per share of $0.87 for the three months ended March 31, 2023 and net income of $8.9 million and diluted earnings per share of $0.83 for the three months ended June 30, 2022;Second quarter of 2023 return on average assets of 1.32% and return on average equity of 16.27% compared to return on average assets of 1.27% and return on average equity of 15.88% during the first quarter of 2023;Net interest margin, on a tax equivalent basis, was 3.83% in the second quarter of 2023 as compared to 3.94% in the first quarter of 2023 and 3.68% for the three months ended June 30, 2022; increased funding costs have led to modest margin compression;Non-interest income increased by $1.1 million to $7.2 million for the three months ended June 30, 2023 from $6.1 million for the three months ended March 31, 2023 primarily due to a $1.2 million gain on the sale of the Bank's Path Valley branch;Non-interest expense of $20.7 million for the three months ended June 30, 2023 was $0.5 million higher than the prior linked quarter due to severance charges of $0.5 million;Second quarter deposit growth was $7.2 million, despite the sale of deposits totaling $18.7 million from the Bank's Path Valley branch; deposits that are uninsured and not collateralized were 16% of total deposits at June 30, 2023 compared to 19% of total deposits at March 31, 2023;Second quarter commercial loan growth, excluding SBA PPP loan forgiveness activity, was $20.3 million, or 5% annualized; year-to-date commercial loan growth of $83.5 million, or 10% annualized;Tangible book value per share was $21.19 at June 30, 2023 compared to $20.50 at March 31, 2023. The tangible common equity ratio improved from 7.3% at March 31, 2023 to 7.5% at June 30, 2023;The Company repurchased 76,330 shares of its common stock at an average price of $18.58 per share during the second quarter of 2023;The Board of Directors declared a cash dividend of $0.20 per common share, payable August 15, 2023, to shareholders of record as of August 8, 2023. SHIPPENSBURG, Pa., July 25, 2023 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (\"Orrstown\" or the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced ea...