Press release
Orrstown Financial Services, Inc. Reports Second Quarter 2022 Results
Net income of $8.9 million and diluted earnings per share of $0.83 for the quarter ended June 30, 2022 compared to net income of $8.4 million and diluted
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"Net income of $8.9 million and diluted earnings per share of $0.83 for the quarter ended June 30, 2022 compared to net income of $8.4 million and diluted earnings per share of $0.76 for the quarter ended March 31, 2022; earnings grew despite a significant reduction in Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") income and a higher provision for loan losses in the second quarter of 2022Return on average assets of 1.25% in the second quarter of 2022 compared to 1.20% in the first quarter of 2022Net interest margin on a tax equivalent basis increased to 3.68% in the second quarter of 2022 from 3.49% in the first quarter of 2022; reflects the deployment of excess liquidity into commercial loans and investments as well as the favorable impact of our asset-sensitive balance sheet in a rising interest rate environmentSecond quarter commercial loan growth, excluding SBA PPP loans, was $125.9 million, or 34% annualizedNoninterest income of $7.2 million in the second quarter of 2022 compared to $7.5 million in the first quarter of 2022; swap fee income opportunities continue with commercial clientsNoninterest expenses decreased by $0.6 million to $18.8 million in the second quarter of 2022 from $19.4 million in the first quarter of 2022; efficiency ratio improved to 60% in the second quarter of 2022 from 64% in the first quarter of 2022Provision for loan losses of $1.8 million in the second quarter of 2022 compared to $0.3 million in the first quarter of 2022; increase due to combined impact of higher loan production during the three months ended June 30, 2022 compared to the three months ended March 31, 2022 and the reduction of certain qualitative factor assumptions during the first quarter of 2022The Company repurchased 407,824 shares of its common stock at an average price of $24.25 per share during the three months ended June 30, 2022The Board of Directors declared a cash dividend of $0.19 per common share, payable August 8, 2022, to shareholders of record as of August 1, 2022 SHIPPENSBURG, Pa., July 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 June 30, 2022. Net income totaled $8.9 million for the three months ended June 30, 2022, compared ...