EX-12 4 exhibit12.htm EXHIBIT 12

Exhibit

Orrstown Financial Services, Inc.
Exhibit 12 - Statements Regarding Computation of Ratios
		Nine Months Ended
		September 30,								Years Ended December 31,
(Dollars in thousands)		2015				2014				2014				2013				2012				2011				2010
Income (Loss) Before Income Taxes		$	7,923			$	10,052			$	13,010			$	9,798			$	(30,499	)		$	(23,380	)	(1)	$	23,051
Total Fixed Charges		3,163				3,308				4,301				5,113				7,634				10,844				12,782
Less:  Preferred Stock Dividends		0				0				0				0				0				0				0
Earnings, Including Interest on Deposits		11,086				13,360				17,311				14,911				(22,865		)		(12,536		)		35,833
Less:  Interest on Deposits		2,536				2,840				3,678				4,445				6,712				9,368				10,682
Earnings, Excluding Interest on Deposits		$	8,550			$	10,520			$	13,633			$	10,466			$	(29,577	)		$	(21,904	)		$	25,151
Fixed Charges:
Interest on Deposits		$	2,536			$	2,840			$	3,678			$	4,445			$	6,712			$	9,368			$	10,682
Interest on Borrowings and Long-term Debt		519				360				481				566				836				1,386				2,006
Interest Expense Embedded in Rental Expense on Long-term Leases (2)		108				108				142				102				86				90				94
Preferred Stock Dividends		0				0				0				0				0				0				0
Total Fixed Charges, Including Interest on Deposits		3,163				3,308				4,301				5,113				7,634				10,844				12,782
Less Interest on Deposits		2,536				2,840				3,678				4,445				6,712				9,368				10,682
Total Fixed Charges, Excluding Interest on Deposits		$	627			$	468			$	623			$	668			$	922			$	1,476			$	2,100
Ratio of Earnings to Fixed Charges
Excluding Interest on Deposits		13.64				22.48				21.88				15.67				(32.08		)		(14.84		)		11.98
Including Interest on Deposits		3.50				4.04				4.02				2.92				(3.00		)		(1.16		)		2.80
Deficiency (In Thousands)																		30,499				23,380
(1) Excludes nonrecurring goodwill impairment expense of $19,447,000.
(2) Represents one-third of total rent expense