XML 57 R42.htm IDEA: XBRL DOCUMENT
v3.8.0.1

ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
(Dollars in thousands) | 2017 |  | 2016
Assets |  |  |
Cash in Orrstown Bank | $ | 703 |  |  | $ | 10,263 |
Deposits with other banks | 214 |  |  | 307 |
Total cash | 917 |  |  | 10,570 |
Securities available for sale | 114 |  |  | 91 |
Investment in Orrstown Bank | 140,429 |  |  | 121,362 |
Other assets | 3,953 |  |  | 3,519 |
Total assets | $ | 145,413 |  |  | $ | 135,542 |
Liabilities | $ | 648 |  |  | $ | 683 |
Shareholders’ Equity |  |  |
Common stock | 435 |  |  | 437 |
Additional paid-in capital | 125,458 |  |  | 124,935 |
Retained earnings | 16,042 |  |  | 11,669 |
Accumulated other comprehensive income (loss) | 2,845 |  |  | (1,165 | )
Treasury stock | (15 | ) |  | (1,017 | )
Total shareholders’ equity | 144,765 |  |  | 134,859 |
Total liabilities and shareholders’ equity | $ | 145,413 |  |  | $ | 135,542 |
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31,
(Dollars in thousands) | 2017 |  | 2016 |  | 2015
Income |  |  |  |  |
Dividends from subsidiaries | $ | 0 |  |  | $ | 2,200 |  |  | $ | 17,900 |
Other interest and dividend income | 15 |  |  | 38 |  |  | 3 |
Other income | 61 |  |  | 62 |  |  | 35 |
Total income | 76 |  |  | 2,300 |  |  | 17,938 |
Expenses |  |  |  |  |
Share-based compensation | 247 |  |  | 216 |  |  | 135 |
Management fee to Bank | 501 |  |  | 504 |  |  | 500 |
Other expenses | 1,116 |  |  | 2,152 |  |  | 1,720 |
Total expenses | 1,864 |  |  | 2,872 |  |  | 2,355 |
Income (loss) before income tax benefit and equity in undistributed income (distributions in excess of income) of subsidiaries | (1,788 | ) |  | (572 | ) |  | 15,583 |
Income tax benefit | (596 | ) |  | (606 | ) |  | (831 | )
Income (loss) before equity in undistributed income (distributions in excess of income) of subsidiaries | (1,192 | ) |  | 34 |  |  | 16,414 |
Equity in undistributed income (distributions in excess of income) of subsidiaries | 9,282 |  |  | 6,594 |  |  | (8,540 | )
Net income | $ | 8,090 |  |  | $ | 6,628 |  |  | $ | 7,874 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31,
(Dollars in thousands) | 2017 |  | 2016 |  | 2015
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 8,090 |  |  | $ | 6,628 |  |  | $ | 7,874 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |
Deferred income taxes | 16 |  |  | 4 |  |  | (53 | )
Equity in (undistributed income) distributions in excess of income of subsidiaries | (9,282 | ) |  | (6,594 | ) |  | 8,540 |
Share-based compensation | 247 |  |  | 216 |  |  | 135 |
Net change in other liabilities | (35 | ) |  | (6 | ) |  | 17 |
Other, net | (377 | ) |  | (849 | ) |  | (712 | )
Net cash provided by (used in) operating activities | (1,341 | ) |  | (601 | ) |  | 15,801 |
Cash flows from investing activities: |  |  |  |  |
Capital contributed to subsidiaries | (6,100 | ) |  | 0 |  |  | 0 |
Other, net | 0 |  |  | (500 | ) |  | 0 |
Net cash used in investing activities | (6,100 | ) |  | (500 | ) |  | 0 |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (3,488 | ) |  | (2,898 | ) |  | (1,822 | )
Proceeds from issuance of common stock | 1,276 |  |  | 847 |  |  | 794 |
Payments to repurchase common stock | 0 |  |  | (631 | ) |  | (809 | )
Net cash used in financing activities | (2,212 | ) |  | (2,682 | ) |  | (1,837 | )
Net increase (decrease) in cash | (9,653 | ) |  | (3,783 | ) |  | 13,964 |
Cash, beginning | 10,570 |  |  | 14,353 |  |  | 389 |
Cash, ending | $ | 917 |  |  | $ | 10,570 |  |  | $ | 14,353 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration