Press release
Orrstown Financial Services, Inc. Reports First Quarter 2022 Results
Net income of $8.4 million and diluted earnings per share of $0.76 for the quarter ended March 31, 2022 compared to net income of $6.7 million and diluted
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"Net income of $8.4 million and diluted earnings per share of $0.76 for the quarter ended March 31, 2022 compared to net income of $6.7 million and diluted earnings per share of $0.60 for the quarter ended December 31, 2021Net interest margin increased to 3.49% in the first quarter of 2022 from 3.35% in the fourth quarter of 2021; excess liquidity continues to be deployed into commercial loan production and investment security purchasesFirst quarter commercial loan growth, excluding Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") loans, was $59.7 million, or 17% annualized; consumer loans increased by $6.0 million, or 6% annualizedNoninterest income of $7.5 million in the first quarter of 2022 compared to $7.3 million in the fourth quarter of 2021Noninterest expenses decreased by $0.9 million to $19.4 million in the first quarter of 2022 from $20.3 million in the fourth quarter of 2021; efficiency ratio at 64% for the first quarter of 2022 compared to 68% for the fourth quarter of 2021A provision for loan losses of $0.3 million was recorded in the first quarter of 2022 compared to $1.1 million in the fourth quarter of 2021The SBA PPP loan portfolio averaged $155.3 million in the three months ended March 31, 2022 as compared to $232.2 million in the three months ended December 31, 2021The Company repurchased 181,635 shares of its common stock at an average price of $24.27 per share during the three months ended March 31, 2022The Board of Directors declared a cash dividend of $0.19 per common share, payable May 9, 2022, to shareholders of record as of May 2, 2022 SHIPPENSBURG, Pa., April 19, 2022 (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 ended March 31, 2022. Net income totaled $8.4 million for the three months ended March 31, 2022, compared with $6.7 million for the three months ended December 31, 2021 and $10.2 million for the three months ended March 31, 2021. Diluted earnings per share totaled $0.76 for the three months ended March 31, 2022, compared with $0.60 for the three months ended December 31, 2021 and $0.92 for the three months ended March 31, 2021. Thomas R. Quinn, Jr., President & CEO, commented, “Our strong momentum from the second half of ...