Orrstown Financial Services, Inc. · NASDAQ:ORRF
Orrstown Financial Services — Shareholder Meeting (May 2011)
80 slides from Orrstown Financial Services's shareholder meeting presentation, May 3, 2011
Slide 1: Annual Shareholders' Meeting
Exhibit 99.2 Annual Shareholders’ Meeting May 3, 2011
Slide 2: Forward Looking Statement
Forward Looking Statement Certain statements we may make today may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors t
Slide 3: Joel R. Zullinger: Call to Order, Opening Remarks
Joel R. Zullinger Chairman of the Board Call to Order Opening Remarks
Slide 4: Joel R. Zullinger, Chairman of the Board
Joel R. Zullinger Chairman of the Board
Slide 5: Eldon E. Funk, Richard M. Diffenbaugh, Christopher Ray Campbell
Eldon E. Funk Richard M. Diffenbaugh Christopher Ray Campbell
Slide 6: Board of Directors
Board of Directors Glenn W. Snoke Director since 1999 President, Snoke’s Excavating & Paving, Inc. John S. Ward Director since 1999 Former President, Modern Transit Partnership Retired Chief Clerk of Cumberland County Kenneth R. Shoemaker Secretary of the Company Director since 1986 President Emerit
Slide 7: Board Oversight-Committee Structure
Board Oversight-Committee Structure Asset Liability Committee: John Ward, Chair , Ken Shoemaker, Joel Zullinger, Tom Quinn, Jr. Audit Committee: Andrea Pugh, Chair , Tony Ceddia, John Ward Compensation Committee: Jeff Coy, Chair , Joel Zullinger, John Ward Credit Admin Committee : Mark Keller, Chair
Slide 8: Board Oversight-Committee Structure
Board Oversight-Committee Structure Executive Committee: Jeff Coy, Chair, Ken Shoemaker, Joel Zullinger, Tom Quinn, Jr. Investment Committee: John Ward Loan Committee: Glenn Snoke Nominating & Governance Committee: Joel Zullinger, Chair, Jeff Coy, Mark Keller, Andrea Pugh Property Committee: Greg Ro
Slide 9: Joel R. Zullinger, Chairman of the Board
Joel R. Zullinger Chairman of the Board
Slide 10: Thomas R. Quinn, Jr., 2010 Highlights
Thomas R. Quinn, Jr. President and Chief Executive Officer 2010 Highlights
Slide 11: Franchise Overview
Franchise Overview • Headquartered in Shippensburg, PA • Founded in 1919 • 21 branches in Pennsylvania and Maryland – 9 branches in Cumberland County, PA – 7 branches in Franklin County, PA – 4 branches in Perry County, PA – 1 branch in Washington County, MD • $1.512 billion in assets and $1.188 bil
Slide 12: 2010 Highlights
2010 Highlights • Included in the Russell 2000 & 3000 Indices for second year • Selected as one of the top 200 best performing community banks in the nation by US Banker Magazine for 5 consecutive years (1) • Recognized as one of the 50 Fastest Growing Companies by the Central Pennsylvania Business
Slide 13: 2010 Highlights
2010 Highlights • Excellent Return Ratios: – ROA: 1.21% for 2010 – ROE: 11.22% for 2010 – ROTE: 13.19% for (1) • Asset Growth 12/31/09 – 12/31/10 up 26.4% • Deposit Growth 12/31/09 – 12/31/10 up 29.9% • Reduced NPAs by 32% (3/31/10 – 12/31/10) • Reduced NPLs by 35% (3/31/10 – 12/31/10) • NPAs/ Asset
Slide 14: 2010 Highlights
2010 Highlights • Net Interest Margin up 6 bps to 3.72% for 2010 vs. 3.66% in 2009 • Lowered Cost of Funds for 24 consecutive months to 85 bps at December 2010 • Efficiency ratio 54.89% for the 12 months ended 12/31/2010 (1) Compound annual growth rate Source: Company Documents
Slide 15: 2010 Highlights
2010 Highlights • Continued to take advantage of market dislocation to hire talented bankers • Recently hired commercial lenders have generated $86 million in new loan volume since March, 2009 • Emphasis on growing mortgage business has resulted in 29% increase in total volume 2010 vs. 2009 – Expand
Slide 16: Track Record of Strong Growth: Assets, Loans, Deposits
Track Record of Strong Growth Assets Loans Deposits (1) 2006 reflects the acquisition of the First National Bank of Newport ($120mm of assets and $106mm of deposits) (2) NOTE: CAGR calculated from 12/31/05-12/31/2010: ‘05 Assets: 601,460; ‘05 Loans: 460,386; ‘05 Deposits: 462,822 Note: Dollar values
Slide 17: Capital Raise Timing
Capital Raise Timing • Main reason FDIC closes banks is capital inadequacy • Accelerating timeline of bank failures in last decade • 2000-2008 52 banks failed (avg. < 6/year) • In 2009 140 banks failed • In 2010 157 banks failed • We made a proactive decision to raise capital before the market was o
Slide 18: Analyst Perspective
Analyst Perspective Rick Weiss-Janney Capital Markets April, 2010 Better Than Orr-dinary; Initiating With A BUY May, 2010 Longer-Term Growth Story; Reiterate BUY July, 2010 Respectable Quarter ’ s Results; Reiterate BUY November, 2010 Continue To Strengthen The Franchise; Reiterate BUY February, 201
Slide 19: Analyst Perspective
Analyst Perspective Casey Orr: Sandler O’Neill + Partners September, 2010 ORRF has a strong market share in its core footprint, and we expect the company to continue to benefit from consolidation in its markets with the resulting dislocation leading to greater market share. October, 2010 3Q10 Earnin
Slide 20: Analyst Perspective
Analyst Perspective Value Line Orrstown Financial Services, Inc. (ORRF) is ranked above average for performance and safety
Slide 21: Your Management Team
Your Management Team Douglas P. Barton Senior Vice President Chief Accounting Officer Mark G. Bayer Vice President Director of Marketing Barbara E. Brobst Senior Vice President Senior Trust Officer Philip E. Fague Executive Vice President Mortgage and Consumer Business Jeffrey W. Embly Executive Vic
Slide 22: Your Management Team
Your Management Team •Barb Brobst named 2010 Business Person of the Year by the Shippensburg Chamber of Commerce •Brad Everly nominated as a Central Penn Business Journal CFO of the Year (Public Company) Finalist
Slide 23: Bradley S. Everly, Financial Review
Bradley S. Everly Executive Vice President, Chief Financial Officer Financial Review
Slide 24: Return on Average Assets (%)
Return on Average Assets (%) ORRF’s Return on Average Tangible Assets was 1.23% during 2009 and 2010 Source: SNL Financial, Company Documents 12/31/2010 NOTE: See Appendix for non GAAP Disclosure 0.05% 0.30% 0.55% 0.80% 1.05% 1.30% 1.55% 1.80% ORRF 1.61% 1.50% 1.38% 1.19% 1.21% $1B-$5B 1.08% 0.96% 0
Slide 25: Return on Average Assets (%): Local Bank Comparison
Return on Average Assets (%) Local Bank Comparison Source: SNL Financial, Company Documents 12/31/2010 -0.50% -0.25% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% Orrstown (ORRF) 1.61% 1.50% 1.38% 1.19% 1.21% Franklin Fin. (FRAF) 1.07% 1.14% 1.01% 0.69% 0.78% Tower (TOBC) -0.11% 0.38% 0.32%
Slide 26: Return on Average Assets (%): Peer Group
Return on Average Assets (%) NOTE: The tailored peer group is similarly sized banks from the MidAtlantic region, See Appendix for Listing Source: SNL Financial; Company Documents 12/31/11 -0.50% -0.25% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% ORRF 1.61% 1.50% 1.38% 1.19% 1.21% Peer Medi
Slide 27: Return on Average Equity (%)
Return on Average Equity (%) ORRF’s Return on Average Tangible Equity was 15.73% during 2009 and 13.19% during Source: SNL Financial, Company Documents 12/31/2010 NOTE: See Appendix for non GAAP Disclosure 1% 4% 7% 10% 13% 16% ORRF 15.10% 13.64% 13.20% 12.48% 11.22% $1B-$5B 12.68% 10.25% 6.20% 2.22%
Slide 28: Return on Average Equity (%): Local Bank Comparison
Return on Average Equity (%) (Local Bank Comparison) Source: SNL Financial, Company Documents 12/31/2010 -6% -3% 0% 3% 6% 9% 12% 15% Orrstown (ORRF) 15.10% 13.64% 13.20% 12.48% 11.22% Franklin Fin (FRAF) 11.91% 12.65% 10.99% 8.69% 9.34% Tower (TOBC) -1.21% 3.89% 3.26% 0.74% Mid Penn (MPB) 12.93% 12.
Slide 29: Return on Average Equity (%): Peer Group
Return on Average Equity (%) NOTE: The tailored peer group is similarly sized banks from the MidAtlantic region, See Appendix for listing Source: SNL Financial; Company Documents 12/31/11 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% ORRF 15.10% 13.64% 13.20% 12.48% 11.22% Peer Median 10.10% 8.66% 7.03% 4.68
Slide 30: Net Interest Margin
Net Interest Margin Source: SNL Financial, Company Documents 12/31/2010 3.50 3.75 4.00 4.25 4.50 ORRF 4.32 4.08 3.93 3.66 3.73 $1B-$5B 4.03 3.83 3.75 3.56 3.67 All Banks 4.06 3.89 3.71 3.61 3.77
Slide 31: Net Interest Margin: Peer Group
Net Interest Margin NOTE: The tailored peer group is similarly sized banks from the MidAtlantic region, see Appendix for listing Source: SNL Financial; Company Documents 12/31/11 3.25 3.50 3.75 4.00 4.25 4.50 ORRF 4.32 4.08 3.93 3.66 3.73 Peer Median 3.55 3.46 3.75 3.70 3.68 Peer Mean 3.70 3.55 3.74
Slide 32: Net Charge Off/Average Loans (%)
Net Charge Off/Average Loans (%) Source: SNL Financial, Company Documents 12/31/2010 -0.02 0.18 0.38 0.58 0.78 0.98 1.18 ORRF 0.00 0.02 0.06 0.11 0.44 $1B-$5B 0.10 0.15 0.41 1.00 1.16 All Banks 0.07 0.11 0.31 0.77 0.89
Slide 33: Net Charge Off/Average Loans (%): Peer Group
Net Charge Off/Average Loans (%) NOTE: The tailored peer group is similarly sized banks from the MidAtlantic region, see Appendix for listing Source: SNL Financial; Company Documents 12/31/11 -0.02 0.18 0.38 0.58 0.78 0.98 1.18 ORRF 0.00 0.02 0.06 0.11 0.44 Peer Median 0.10 0.09 0.26 0.61 0.74 Peer
Slide 34: Efficiency Ratio (%)
Efficiency Ratio (%) Source: SNL Financial, Company Documents 12/31/2010 50% 55% 60% 65% 70% 75% ORRF 53.1% 55.7% 57.3% 57.9% 54.9% $1B-$5B 61.2% 62.4% 64.3% 64.7% 64.7% All Banks 64.7% 67.3% 70.3% 71.8% 68.5%
Slide 35: Efficiency Ratio (%): Peer Group
Efficiency Ratio (%) NOTE: The tailored peer group is similarly sized banks from the MidAtlantic region, see Appendix for listing Source: SNL Financial; Company Documents 12/31/11 50% 55% 60% 65% 70% 75% ORRF 53.1% 55.7% 57.3% 57.9% 54.9% Peer Median 63.3% 65.3% 64.8% 64.8% 64.0% Peer Mean 65.9% 72.
Slide 36: Dividend Payout Ratio (%)
Dividend Payout Ratio (%) Source: SNL Financial, Company Documents 12/31/2010 26% 31% 36% 41% 46% 51% ORRF 39.9% 42.3% 42.9% 42.5% 41.0% $1B-$5B 31.1% 36.5% 50.0% 47.0% 34.3% All Banks 29.6% 34.3% 44.0% 43.0% 29.7%
Slide 37: Summary Financial Highlights
Summary Financial Highlights (Dollars in Thousands Except Per Share Data) Total Assets $809,031 $884,979 $1,051,783 $1,196,432 $1,511,722 Gross Loans 618,827 701,964 820,468 881,073 966,986 Total Deposits 638,719 646,356 757,368 915,170 1,188,377 Total Shareholders' Equity 89,388 96,124 103,347 110,
Slide 38: Summary Financial Highlights Continued
Summary Financial Highlights Continued Return on Average Assets 1.61% 1.50% 1.38% 1.19% 1.21% Return on Average Equity 15.10% 13.64% 13.20% 12.48% 11.22% Return on Average Tangible Equity 18.98% 18.02% 17.02% 15.73% 13.19% Net Interest Margin 4.32% 4.08% 3.93% 3.66% 3.72% Efficiency Ratio 53.98% 55.
Slide 39: Quarterly Financial Highlights
Quarterly Financial Highlights (Dollars in Thousands, except Per Share) Quarter Ended March 31, Total Assets $1,512,393.00 $1,316,038.00 Gross Loans 988,774 898,276 Total Deposits 1,207,373 997,675 Total Shareholders' Equity 162,673 151,982 Net Income 3,827 3,406 Diluted Earnings Per Share 0.48 0.52
Slide 40: Total Assets at December 31
34.5% $809 9.4% $885 18.9% $1,052 13.7% $1,196 26.4% $1,512 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Total Assets at December 31 (Dollars in Millions)
Slide 41: Gross Loans at December
Gross Loans at December 31 (Dollars in Millions) $619 34.4% $702 13.4% $821 16.9% $881 7.4% $967 9.8% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
Slide 42: Total Deposits at December
Total Deposits at December 31 (Dollars in Millions) $639 38.0% $646 1.2% $757 17.2% $915 20.8% $1,188 29.9% $0 $200 $400 $600 $800 $1,000 $1,200
Slide 43: Total Shareholders' Equity at December
Total Shareholders’ Equity at December 31 (Dollars in millions) 56.0% 7.5% 7.5% 7.4% $161 44.7% $0 $25 $50 $75 $100 $125 $150 $175 $89 $96 $103 $111
Slide 44: Net Income at December
Net Income at December 31 (Dollars in thousands) $11,632 16.5% $12,558 8.0% $13,103 4.2% $13,373 2.1% $16,581 24.0% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000
Slide 45: Dividends and Earnings
= Dividends $0.82 $0.87 $0.88 $0.89 i i 0.74 Earnings $ os si ei 2006 2007 2008 2009 2010
Slide 46: Bank/Thrift Stock Index Values
Bank/Thrift Stock Index Values ORRF Total Return as of April 29, 2011 at $27.24 Percent Change (%) Percent Change (%) YTD 52 Week YTD 52 Week SNL Bank -1.07 -7.91 Bank w/ Assets <$500M 0.10 -11.43 SNL Thrift -2.73 -9.87 Bank w/ Assets $500M-$1B -0.78 -4.78 SNL TARP Participants -20.86 -18.80 Bank w/
Slide 47: Jeffrey W. Embly, Credit Quality Review
Jeffrey W. Embly Executive Vice President, Chief Credit Officer Credit Quality Review
Slide 48: Historical Credit Cycle Analysis: NCO/Average Loans
Historical Credit Cycle Analysis NCO/ Average Loans (1) All Banks as defined by SNL Financial (2) Mid-Atlantic Banks as defined by SNL Financial (3) $1-$5 Billion Banks as defined by SNL Financial Source: Company Documents as of 3/31/11; SNL Financial
Slide 49: Historical Credit Cycle Analysis: NPA/Assets
Historical Credit Cycle Analysis NPA/ Assets (1) All Banks as defined by SNL Financial (2) Mid-Atlantic Banks as defined by SNL Financial (3) $1-$5 Billion Banks as defined by SNL Financial Source: Company Documents as of 3/31/11; SNL Financial
Slide 50: Asset Quality Summary
Asset Quality Summary 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 Source: Company Documents as of 3/31/11 (Dollars in Thousands) Loans on a Nonaccrual (cash) Basis 4,267 $ 23,020 $ 14,496 $ 14,427 $ 13,896 $ 13,106 $ Loans whose Terms have been Renegotiated - - - - 1,180 1,177 Tota
Slide 51: Credit Quality Trends: Reserves/Loans
Credit Quality Trends Reserves / Loans (1) All Banks as defined by SNL Financial (2) Mid Atlantic Banks as defined by SNL Financial (3) $1-$5 Billion Dollar Banks as defined by SNL Financial Source: Company Documents as of 3/31/11; SNL Financial 0.85% 0.95% 1.05% 1.15% 1.25% 1.35% 1.45% 1.55% 1.65%
Slide 52: Credit Quality Trends: NPA + 90days Delinquency/Assets
Credit Quality Trends NPA +90days Delinq/ Assets (1) All Banks as defined by SNL Financial (2) Mid Atlantic Banks as defined by SNL Financial (3) $1-$5 Billion Dollar Banks as defined by SNL Financial Source: Company Documents as of 3/31/11; SNL Financial 2.88 1.84 2.93 1.22 1.24 0.00 0.50 1.00 1.50
Slide 53: Barbara E. Brobst, Orrstown Financial Advisors
Barbara E. Brobst Senior Vice President, Senior Trust Officer Orrstown Financial Advisors
Slide 54: Customer Relationship Initiatives
Customer Relationship Initiatives Client Call-In Events Holiday Newsletter Client Service Standards
Slide 55: Orrstown Financial Advisors: Dual Rep of the Year
Orrstown Financial Advisors Dual Rep of the Year Past Recipients: 2006 – Paul Ritchie 2007 – Phyllis Nye 2008 – Bob Russoli 2009 – Bob Russoli 2010 – Von Jaymes
Slide 56: Orrstown Financial Advisors: 2010 Program of the Year
Orrstown Financial Advisors 2010 Program of the Year Awarded by the BAR Division of Financial Network Investment Corporation Represents 28 Financial Institutions with over 70 Licensed Reps Criteria include: •Total Sales •Compliance •Customer Service
Slide 57: 2010 Financial Achievements
2010 Financial Achievements Combined trust & brokerage assets under management grew by 25.6% vs. 2009 to $929,327,000 2010 revenue up 27% compared to 2009 Net income increased over 40% since 2009 Combined trust & brokerage assets under management closing in on $1 billion mark
Slide 58: Philip E. Fague, Mortgage & Consumer Business
Philip E. Fague Executive Vice President, Mortgage & Consumer Business
Slide 59: Mortgage Update
Mortgage Update • – 5 Mortgage Originators – “Plain vanilla” mortgage products only – Manual processing of loans created bottleneck that limited production – Built servicing portfolio to $183,663,000 at year end • – 11 Mortgage Originators – VA, FHA, USDA Guaranteed Rural Housing, PHFA First Time Ho
Slide 60: Mortgage Update: Loan Count Increase
Mortgage Update 169 more loans in 2010=26.2% increase # Loans
Slide 61: Mortgage Update: Loan Volume Growth
Mortgage Update Loan volume grew by $30,081,000=29.3% increase $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $ 0 $ Volume
Slide 62: Consumer Business Update
Consumer Business Update • Leveraging technology to enhance revenue and meet customers’ needs – Automating back room to increase volume – Credit Scoring metrics enable risk-based pricing • Emphasis on Consumer Auto Lending • Increases number of lenders to meet customer needs (BEOs, CSRs) • Remote le
Slide 63: Thomas R. Quinn, Jr., President and CEO
Thomas R. Quinn, Jr. President and Chief Executive Officer
Slide 64: Recap
Recap • Record earnings for the last two years • Capital raise of $37.6 million-one of strongest capital raises nationwide in 2010 • Opened our branch last week at the Carlisle Fairgrounds • Planning an additional branch in next 12 months • Leveraging technology and 39,000 sq. ft. operations center
Slide 65: Looking Ahead: 2011
Looking Ahead: 2011 Remain a leading community bank in all our markets Lead the market in customer service and cutting- edge technology adoption Evolve to meet the needs of a changing demographic
Slide 66: Changing Banking Habits
Changing Banking Habits In 2009 more than 75% of all US noncash payments were made electronically* Electronic payments are growing 9.3% annually Number of checks paid decreasing 7.2% annually Debit card usage increasing 14.8% annually (exceeds all other forms of noncash payment) *2010 Federal Reserv
Slide 67: Changing Banking Habits
Changing Banking Habits Source: Jerome Svigals; The Lafferty Group 75% 10% 15% 35% 15% 25% 25% 15% 20% 55% 0% 10% 20% 30% 40% 50% 60% 70% 80% 1990s 2000s 2010s Teller ATM Phone Online/Smartphone 10%
Slide 68: Looking Ahead: 2011
Looking Ahead: 2011 • Investments in Technology – MCIF/CRM System “Insight” – New website – Live Chat software to evolve our customer contact center from service oriented to sales and service oriented
Slide 69: Customer relationship management system screenshot
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Slide 70: New website mockup
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Slide 71: Website screenshot
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Slide 72: Looking Ahead: 2011
Looking Ahead: 2011 •Customers can apply on line for their mortgage •Other consumer loan and deposit products will be available later in the year
Slide 73: Looking Ahead: 2011
Looking Ahead: 2011 • Continue to support our communities through volunteerism and financial contributions – Community involvement in 2010: • 21,882 volunteer hours with 292 different local organizations • 62 Board/leadership positions • More than 2/3 of the Bank’s employees volunteer in the communi
Slide 74: In Conclusion
In Conclusion • 2010 was a year of record performance • We could not have done it without you! • Moving forward – Continue to reward shareholders – Investments in technology will be paramount to continued growth – Continue to look for strategic growth opportunities in attractive markets
Slide 75: Joel R. Zullinger: Results of Election, Closing Comments
Joel R. Zullinger Chairman of the Board Results of Election Closing Comments
Slide 76: Thank You!
- . ~ ORRSTOWN FINANCIAL SERVICES, INC. A Tradition of Excellence Thank You!
Slide 77: Appendices
- . ~ ORRSTOWN FINANCIAL SERVICES, INC. A Tradition of Excellence Appendices
Slide 78: Tailored Mid-Atlantic Peer Group
Tailored Mid-Atlantic Peer Group Balance Sheet Non- Total Int. Inc./ Res./ NCOs/ NPAs/ Total Total Gross RBC Eff. Total Gross Res./ Ave Total Market Dividend Assets Deposits Loans Ratio ROAA ROAE NIM Ratio Rev. Loans NPAs Loans Assets Cap. Yield Company St. Ticker ($mm) ($mm) ($mm) (%) (%) (%) (%) (
Slide 79: Ratio of Tangible Common Equity to Tangible Assets
Ratio of Tangible Common Equity to Tangible Assets 2005 2006 2007 2008 2009 2010 Year Ended December 31, The ratio of tangible common equity to tangible assets is a non-GAAP-based financial measure calculated using non-GAAP- based amounts. The most directly comparable GAAP-based measure is the ratio
Slide 80: Return on Average Tangible Equity
Return on Average Tangible Equity (Dollar Values in Thousands, Except PerShare) 2005 2006 2007 2008 2009 2010 Year Ended December 31, Return on average tangible equity is a non-GAAP-based financial measure calculated using non-GAAP-based amounts. The most directly comparable measure is return on ave
Orrstown Financial Services — Shareholder Meeting (May 2011) on 6ix