Press release
Orrstown Financial Services, Inc. Reports Third Quarter 2019 Net Income and Announces Quarterly Dividend of $0.15 per Share
Net income totaled $6.9 million, or $0.62 per diluted share.Hamilton conversion successfully completed on August 18, 2019; merger related expenses totaled
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"Net income totaled $6.9 million, or $0.62 per diluted share.Hamilton conversion successfully completed on August 18, 2019; merger related expenses totaled $471,000 in the third quarter and $8.0 million year to date in 2019.Total loans decreased $8.6 million in the third quarter; loan growth absent the Hamilton acquisition totaled $7.5 million, or 2.4% annualized for the third quarter.Total deposits decreased $92.1 million in the third quarter; deposit growth absent the Hamilton acquisition and brokered deposit reductions totaled $30.6 million, or 8.2% annualized for the third quarter.The implementation of a plan to consolidate 5 branch locations and reduce 50,000 square feet of excess office space has commenced. The Board of Directors declared a cash dividend of $0.15 per common share, payable November 12, 2019, to shareholders of record as of November 4, 2019, a 15.4% increase over the dividend declared in October, 2018. SHIPPENSBURG, Pa., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (\"Orrstown\" or the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”) and Wheatland Advisors, Inc. (\"Wheatland\"), announced earnings for the three and nine months ended September 30, 2019. Net income, including the impact of merger related expenses, totaled $6.9 million for the third quarter of 2019, compared with $4.0 million for the third quarter of 2018. Net income, including the impact of merger related expenses, for the nine months ended September 30, 2019 totaled $12.7 million, compared with $11.7 million for the same period in 2018. Diluted earnings per share totaled $0.62 and $1.23 for the quarter and nine months ended September 30, 2019, compared with $0.49 and $1.41 for the same periods in 2018. Earnings in 2019 were impacted by the acquisition of Mercersburg Financial Corporation (\"Mercersburg\"), completed on October 1, 2018 and Hamilton Bancorp, Inc., (\"Hamilton\") completed on May 1, 2019.\n Thomas R. Quinn, Jr., President & CEO, commented, “In the third quarter of 2019, we continued to execute successfully on our strategic growth plans. Our dedicated team of associates completed the conversion of Hamilton’s systems onto Orrstown’s systems in August. We hired experienced commercial lenders in our Maryland and Capital Regions, and subsequent to the quarter’s end, we announced our br...