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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION
ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION
The following are the condensed balance sheets, statements of income, statement of comprehensive income (loss) and statements of cash flows for the parent company, as of or for the years ended December 31:
Balance Sheet
 
(Dollars in thousands)
2014
 
2013
Assets
 
 
 
Cash in Orrstown Bank
$
389

 
$
1,504

Securities available for sale
67

 
69

Investment in Orrstown Bank
126,084

 
89,601

Other assets
797

 
369

Total assets
$
127,337

 
$
91,543

 
 
 
 
Liabilities
$
72

 
$
104

Shareholders’ Equity
 
 
 
Common stock
430

 
422

Additional paid-in capital
123,392

 
123,105

Retained earnings
1,887

 
(27,255
)
Accumulated other comprehensive income
1,576

 
(4,813
)
Treasury stock
(20
)
 
(20
)
Total shareholders’ equity
127,265

 
91,439

Total liabilities and shareholders’ equity
$
127,337

 
$
91,543


Statements of Operations
 
(Dollars in thousands)
2014
 
2013
 
2012
Income
 
 
 
 
 
Other interest and dividend income
$
2

 
$
5

 
$
28

Other income
70

 
46

 
58

Gains (losses) on sale of securities
0

 
0

 
(101
)
Total income (loss)
72

 
51

 
(15
)
Expenses
 
 
 
 
 
Share-based compensation
17

 
129

 
23

Management fee to Bank
277

 
173

 
34

Other expenses
1,042

 
1,241

 
1,142

Total expenses
1,336

 
1,543

 
1,199

Income (loss) before income taxes and equity (loss) in undistributed income (loss) of subsidiary
(1,264
)
 
(1,492
)
 
(1,214
)
Income tax benefit
(474
)
 
(477
)
 
(247
)
Income (loss) before equity in undistributed income (loss) of subsidiary
(790
)
 
(1,015
)
 
(967
)
Equity in undistributed income (loss) of bank subsidiary
29,932

 
11,019

 
(37,487
)
Net income (loss)
$
29,142

 
$
10,004

 
$
(38,454
)


Statements of Comprehensive Income (Loss)
 
(Dollars in thousands)
2014
 
2013
 
2012
 
 
 
 
 
 
Income (loss) before equity in undistributed income (loss) of subsidiary
$
(790
)
 
$
(1,015
)
 
$
(967
)
Unrealized holding gains (losses) on securities available for sale arising during the period, net of tax
(1
)
 
0

 
41

Reclassification adjustment for (gains) losses realized in net income (loss), net of tax
0

 
0

 
66

Total other comprehensive income (loss)
(1
)
 
0

 
107

Comprehensive income (loss) before equity in undistributed income (loss) and other comprehensive income of subsidiary
(791
)
 
(1,015
)
 
(860
)
Equity in undistributed income (loss) and other comprehensive income of subsidiary
36,322

 
4,378

 
(39,855
)
Total comprehensive income (loss)
$
35,531

 
$
3,363

 
$
(40,715
)

Statements of Cash Flows
 
(Dollars in thousands)
2014
 
2013
 
2012
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
29,142

 
$
10,004

 
$
(38,454
)
Adjustments to reconcile net income (loss) to cash used in operating activities:
 
 
 
 
 
Deferred income taxes
(25
)
 
0

 
0

Gains on affiliate dissolution
(54
)
 
0

 
0

Losses on sale of investment securities
0

 
0

 
101

Equity in undistributed (income) loss of bank subsidiary
(29,932
)
 
(11,019
)
 
37,487

Share-based compensation
17

 
129

 
23

Net change in other liabilities
(26
)
 
62

 
35

Other, net
(270
)
 
(182
)
 
210

Net cash used in operating activities
(1,148
)
 
(1,006
)
 
(598
)
Cash flows from investing activities:
 
 
 
 
 
Sales of securities available for sale
0

 
0

 
1,109

Maturities of available for sale securities
0

 
0

 
1,895

Investment in bank subsidiary
(161
)
 
0

 
(4,000
)
Other
89

 
0

 
0

Net cash used in investing activities
(72
)
 
0

 
(996
)
Cash flows from financing activities:
 
 
 
 
 
Dividends paid
0

 
0

 
0

Proceeds from issuance of common stock
105

 
253

 
189

Net cash provided by financing activities
105

 
253

 
189

Net decrease in cash
(1,115
)
 
(753
)
 
(1,405
)
Cash, beginning balance
1,504

 
2,257

 
3,662

Cash, ending balance
$
389

 
$
1,504

 
$
2,257