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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-34292
ORRSTOWN FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)

Pennsylvania23-2530374
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
77 East King StreetP. O. Box 250ShippensburgPennsylvania17257
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code:(717)532-6114
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, no par valueORRFNasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨  Accelerated filer 
Non-accelerated filer ¨  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.).    Yes      No  x
Number of shares outstanding of the registrant’s Common Stock as of May 3, 2021: 11,261,458.



Table of Contents

ORRSTOWN FINANCIAL SERVICES, INC.
INDEX
 
  Page
Item 1.
Item 2
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents

Glossary of Defined Terms
The following terms may be used throughout this Report, including the unaudited condensed consolidated financial statements and related notes.
TermDefinition
ALLAllowance for loan losses
AFSAvailable for sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankOrrstown Bank, the commercial banking subsidiary of Orrstown Financial Services, Inc.
CDICore deposit intangible
CET1Common Equity Tier 1
CMOCollateralized mortgage obligation
CompanyOrrstown Financial Services, Inc. and subsidiary (interchangeable with "Orrstown” below)
EPSEarnings per common share
ERMEnterprise risk management
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
FRBBoard of Governors of the Federal Reserve System
GAAPAccounting principles generally accepted in the United States of America
GSEU.S. government-sponsored enterprise
HamiltonHamilton Bancorp, Inc., and its wholly-owned banking subsidiary, Hamilton Bank, acquired May 1, 2019
IRCInternal Revenue Code of 1986, as amended
LHFSLoans held for sale
MBSMortgage-backed securities
MPF ProgramMortgage Partnership Finance Program
MSRMortgage servicing right
NIMNet interest margin
OCIOther comprehensive income
OREOOther real estate owned
OrrstownOrrstown Financial Services, Inc. and subsidiary
OTTIOther-than-temporary impairment
2011 Plan2011 Orrstown Financial Services, Inc. Incentive Stock Plan
PCI loansPurchased credit impaired loans
PPPPaycheck Protection Program
Repurchase AgreementsSecurities sold under agreements to repurchase
ROURight of use (leases)
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
TDRTroubled debt restructuring
Unless the context otherwise requires, the terms “Orrstown,” “we,” “us,” “our,” and “Company” refer to Orrstown Financial Services, Inc. and its subsidiaries.

3

Table of Contents

PART I – FINANCIAL INFORMATION
 
Item 1.     Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
(Dollars in thousands, except per share amounts)March 31,
2021
December 31,
2020
Assets
Cash and due from banks$27,600 $26,203 
Interest-bearing deposits with banks298,645 99,055 
Cash and cash equivalents326,245 125,258 
Restricted investments in bank stocks10,307 10,563 
Securities available for sale (amortized cost of $403,090 and $460,999 at March 31, 2021 and December 31, 2020, respectively)
407,690 466,465 
Loans held for sale, at fair value11,449 11,734 
Loans2,045,021 1,979,690 
Less: Allowance for loan losses(18,967)(20,151)
Net loans2,026,054 1,959,539 
Premises and equipment, net34,719 35,149 
Cash surrender value of life insurance68,962 68,554 
Goodwill18,724 18,724 
Other intangible assets, net5,124 5,458 
Accrued interest receivable9,070 8,927 
Other assets45,190 40,201 
Total assets$2,963,534 $2,750,572 
Liabilities
Deposits:
Noninterest-bearing$547,802 $456,778 
Interest-bearing1,999,287 1,900,102 
Total deposits2,547,089 2,356,880 
Securities sold under agreements to repurchase22,794 19,466 
FHLB advances and other57,942 58,045 
Subordinated notes31,918 31,903 
Other liabilities49,343 38,029 
Total liabilities2,709,086 2,504,323 
Commitments and contingencies
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding
  
Common stock, no par value—$0.05205 stated value per share 50,000,000 shares authorized; 11,265,717 shares issued and 11,250,958 outstanding at March 31, 2021; 11,257,046 shares issued and 11,201,317 outstanding at December 31, 2020
586 586 
Additional paid - in capital188,511 189,066 
Retained earnings 62,302 54,099 
Accumulated other comprehensive income3,315 3,346 
Treasury stock— 14,759 and 55,729 shares, at cost at March 31, 2021 and December 31, 2020, respectively
(266)(848)
Total shareholders’ equity254,448 246,249 
Total liabilities and shareholders’ equity$2,963,534 $2,750,572 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.
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Condensed Consolidated Statements of Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands, except per share amounts)March 31,
2021
March 31,
2020
Interest income
Loans$21,511 $20,166 
Investment securities - taxable1,879 3,438 
Investment securities - tax-exempt500 284 
Short-term investments39 79 
Total interest income23,929 23,967 
Interest expense
Deposits1,392 4,354 
Securities sold under agreements to repurchase9 32 
FHLB advances and other171 818 
Subordinated notes502 501 
Total interest expense2,074 5,705 
Net interest income21,855 18,262 
Provision for loan losses(1,000)925 
Net interest income after provision for loan losses22,855 17,337 
Noninterest income
Service charges on deposit accounts737 847 
Interchange income955 788 
Other service charges, commissions and fees148 140 
Swap fee income53 200 
Trust and investment management income1,912 1,640 
Brokerage income811 719 
Mortgage banking activities2,189 332 
Gains on sale of portfolio loans 1,878 
Income from life insurance557 540 
Investment securities gains (losses)145 (40)
Other income 37 30 
Total noninterest income7,544 7,074 
Noninterest expenses
Salaries and employee benefits10,197 11,594 
Occupancy1,240 1,127 
Furniture and equipment1,278 1,162 
Data processing1,019 871 
Automated teller and interchange fees249 251 
Advertising and bank promotions425 789 
FDIC insurance194 47 
Other professional services721 716 
Directors' compensation234 201 
Taxes other than income451  
Intangible asset amortization334 463 
Insurance claim receivable recovery (486)
Other operating expenses1,441 1,569 
Total noninterest expenses17,783 18,304 
Income before income tax expense12,616 6,107 
Income tax expense2,409 1,039 
Net income$10,207 $5,068 
Per share information:
Basic earnings per share$0.93 $0.46 
Diluted earnings per share0.92 0.46 
Dividends paid per share0.18 0.17 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.
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Condensed Consolidated Statements of Comprehensive Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months Ended
(Dollars in thousands)March 31,
2021
March 31,
2020
Net income$10,207 $5,068 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities available for sale arising during the period
(721)(17,288)
Reclassification adjustment for (gains) losses realized in net income
(145)40 
Net unrealized losses on securities available for sale(866)(17,248)
Tax effect182 3,622 
Total other comprehensive loss, net of tax and reclassification adjustments on securities available for sale(684)(13,626)
Unrealized gain (loss) on interest rate swaps used in cash flow hedges739 (1,259)
Reclassification adjustment for losses realized in net income87 4 
Net unrealized gain (loss) on interest rate swaps used in cash flow hedges826 (1,255)
Tax effect(173)264 
Total other comprehensive gain (loss), net of tax and reclassification adjustments on interest rate swaps used in cash flow hedges 653 (991)
Total other comprehensive loss, net of tax and reclassification adjustments(31)(14,617)
Total comprehensive income (loss)$10,176 $(9,549)
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
Three Months Ended March 31, 2021
(Dollars in thousands, except per share amounts)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated Other Comprehensive IncomeTreasury
Stock
Total
Shareholders’
Equity
Balance, January 1, 2021$586 $189,066 $54,099 $3,346 $(848)$246,249 
Net income  10,207   10,207 
Total other comprehensive loss, net of taxes   (31) (31)
Cash dividends ($0.18 per share)
  (2,004)  (2,004)
Share-based compensation plans:
8,671 net common shares issued and 40,970 net treasury shares issued, including compensation expense totaling $467
 (555)  582 27 
Balance, March 31, 2021$586 $188,511 $62,302 $3,315 $(266)$254,448 

 
Three Months Ended March 31, 2020
(Dollars in thousands, except per share amounts)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
Balance, January 1, 2020$584 $188,365 $35,246 $(480)$(466)$223,249 
Net income— — 5,068 — — 5,068 
Total other comprehensive loss, net of taxes— — — (14,617)— (14,617)
Cash dividends ($0.17 per share)
— — (1,906)— — (1,906)
Share-based compensation plans:
48,075 net common shares issued and 51,225 net treasury shares acquired, including compensation expense totaling $525
2 (522)— — (704)(1,224)
Balance, March 31, 2020$586 $187,843 $38,408 $(15,097)$(1,170)$210,570 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.


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Condensed Consolidated Statements of Cash Flows (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands)March 31, 2021March 31, 2020
Cash flows from operating activities
Net income$10,207 $5,068 
Adjustments to reconcile net income to net cash provided by operating activities:
Net discount accretion(738)(664)
Depreciation and amortization expense1,353 1,388 
Provision for loan losses(1,000)925 
Share-based compensation467 525 
Gain on sales of loans originated for sale(1,320)(1,216)
Mortgage loans originated for sale(55,720)(20,851)
Proceeds from sales of loans originated for sale56,959 23,185 
Gain on sale of portfolio loans (1,878)
Deferred income taxes(1,600)1,024 
Investment securities (gains) losses(145)40 
Income from life insurance(557)(540)
Increase in accrued interest receivable(143)(657)
Increase (decrease) in accrued interest payable and other liabilities12,095 (352)
Other, net(3,225)(1,566)
Net cash provided by operating activities16,633 4,431 
Cash flows from investing activities
Proceeds from sales of AFS securities75,736  
Maturities, repayments and calls of AFS securities11,406 20,497 
Purchases of AFS securities(29,233)(26,692)
Net redemptions of restricted investments in bank stocks256 361 
Net decrease in loans(64,634)(31,515)
Proceeds from sales of portfolio loans 21,618 
Purchases of bank premises and equipment