Profile
Sector:
Financial ServicesIndustry:
Banks - RegionalCountry:
United StatesIPO:
13 May 1999Website:
http://www.orrstown.comNext earnings report:
23 January 2025Last dividends:
08 August 2024Next dividends:
05 November 2024Price
after hours | Fri, 01 Nov 2024 20:02:16 GMTAnalysts recommendations
Institutional Ownership
ORRF Latest News
Orrstown (ORRF) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Orrstown Financial Services (ORRF) came out with quarterly earnings of $1.11 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.87 per share a year ago.
Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) closed the merger of equals transaction with Codorus Valley Bancorp, Inc. ("Codorus") on July 1, 2024, creating a premier Pennsylvania and Maryland community bank; as a result, the Company's results for the three months ended September 30, 2024 reflect the combined operating results of the combined companies; Codorus contributed, after fair value purchase accounting adjustments, approximately $2.2 billion in total assets, $1.6 billion in loans, and $1.9 billion in deposits at July 1, 2024; Net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024 compared to net income of $7.7 million, or $0.73 per diluted share, for the three months ended June 30, 2024, reflecting the impact of $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated ("PCD") loans and $4.8 million for the previously announced executive retirement, net of taxes, collectively the "non-recurring charges"; Excluding the impact of the non-recurring charges, net income and diluted earnings per share, respectively, were $21.4 million(1) and $1.11(1) for the third quarter of 2024 compared to net income and diluted earnings per share of $8.7 million(1) and $0.83(1), respectively, as adjusted for the impact of $1.1 million in merger-related expenses, net of taxes, recorded for the second quarter of 2024; Net interest margin, on a tax equivalent basis, was 4.14% in the third quarter of 2024 compared to 3.54% in the second quarter of 2024; the net accretion impact of purchase accounting marks on loans, deposits and borrowings was $5.8 million of net interest income, which represents 52 basis points of net interest margin; Noninterest income increased by $5.1 million to $12.4 million in the three months ended September 30, 2024 compared to $7.2 million in the three months ended June 30, 2024; continued strength in wealth management and swap fee generation by commercial teams are driving fee income growth; Return on average assets for the three months ended September 30, 2024 was (0.57)% compared to 0.97% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average assets was 1.55%(1) for the three months ended September 30, 2024 compared to 1.09%(1) for the three months ended June 30, 2024, excluding merger-related expenses; Return on average equity for the three months ended September 30, 2024 was (5.85)% compared to 11.41% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average equity was 15.85%(1) for the three months ended September 30, 2024 compared to 12.88%(1) for the three months ended June 30, 2024, excluding merger related expenses; The provision for credit losses was $13.7 million for the three months ended September 30, 2024 compared to $812 thousand for the three months ended June 30, 2024; the provision for credit losses on non-PCD loans for the three months ended September 30, 2024 was $15.5 million; excluding the impact of the merger, the provision for credit losses for the three months ended September 30, 2024 was a reversal of $1.8 million; At September 30, 2024, nonaccrual loans totaled $26.9 million, an increase of $18.5 million from $8.4 million at June 30, 2024; non-accrual loans acquired from Codorus totaled $12.8 million; Tangible book value per common share(1) decreased to $21.12 per share at September 30, 2024 compared to $24.08 per share at June 30, 2024; this decrease was primarily due to the impact of loan marks associated with the merger and the net loss incurred for the third quarter of 2024; The Board of Directors declared a cash dividend of $0.23 per common share, payable November 12, 2024, to shareholders of record as of November 5, 2024. (1) Non-GAAP measure.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Orrstown Financial Services (ORRF) have what it takes?
Orrstown Financial Services (ORRF) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.94 per share a year ago.
Orrstown (ORRF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 1(current)
What type of business is Orrstown Financial Services?
Orrstown Financial Services, Inc. operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit. The company also offers commercial loans, such as commercial real estate, equipment, construction, working capital, and other commercial purpose loans, as well as industrial loans; consumer loans, such as home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; acquisition and development loans; municipal loans; and installment and other loans. In addition, it provides renders services as trustee, executor, administrator, guardian, managing agent, custodian, and investment advisor, as well as other fiduciary services under the Orrstown Financial Advisors name; and retail brokerage services through a third-party broker/dealer arrangement. Further, the company offers fiduciary, investment advisory, insurance, and brokerage services. Orrstown Financial Services, Inc. was founded in 1919 and is headquartered in Shippensburg, Pennsylvania.
What sector is Orrstown Financial Services in?
Orrstown Financial Services is in the Financial Services sector
What industry is Orrstown Financial Services in?
Orrstown Financial Services is in the Banks - Regional industry
What country is Orrstown Financial Services from?
Orrstown Financial Services is headquartered in United States
When did Orrstown Financial Services go public?
Orrstown Financial Services initial public offering (IPO) was on 13 May 1999
What is Orrstown Financial Services website?
https://www.orrstown.com
Is Orrstown Financial Services in the S&P 500?
No, Orrstown Financial Services is not included in the S&P 500 index
Is Orrstown Financial Services in the NASDAQ 100?
No, Orrstown Financial Services is not included in the NASDAQ 100 index
Is Orrstown Financial Services in the Dow Jones?
No, Orrstown Financial Services is not included in the Dow Jones index
When was Orrstown Financial Services the previous earnings report?
No data
When does Orrstown Financial Services earnings report?
The next expected earnings date for Orrstown Financial Services is 23 January 2025