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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
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
 
 
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
 
 
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