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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31, |  |
(Dollars in thousands) | 2018 |  | 2017
Assets |  |  |
Cash in Orrstown Bank | $ | 28,596 |  | $ | 703
Deposits with other banks | 0 |  | 214
Total cash | 28,596 |  | 917
Investment in Orrstown Bank | 175,299 |  | 140,429
Other assets | 2,057 |  | 4,067
Total assets | $ | 205,952 |  | $ | 145,413
Liabilities |  |  |
Subordinated notes | $ | 31,859 |  | $ | 0
Accrued interest and other liabilities | 660 |  | 648
Total liabilities | 32,519 |  | 648
Shareholders’ Equity |  |  |
Common stock | 491 |  | 435
Additional paid-in capital | 151,678 |  | 125,458
Retained earnings | 24,472 |  | 16,042
Accumulated other comprehensive income (loss) | (2,972) |  | 2,845
Treasury stock | (236) |  | (15)
Total shareholders’ equity | 173,433 |  | 144,765
Total liabilities and shareholders’ equity | $ | 205,952 |  | $ | 145,413
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31, |  |  |  |
(Dollars in thousands) | 2018 |  | 2017 |  | 2016
Income |  |  |  |  |
Dividends from bank subsidiary | $ | 4,450 |  | $ | 0 |  | $ | 2,200
Interest income from bank subsidiary | 7 |  | 15 |  | 38
Other income | 102 |  | 61 |  | 62
Total income | 4,559 |  | 76 |  | 2,300
Expenses |  |  |  |  |
Interest on short-term borrowings | 57 |  | 0 |  | 0
Interest on subordinated notes | 73 |  | 0 |  | 0
Total interest expense | 130 |  | 0 |  | 0
Share-based compensation | 205 |  | 247 |  | 216
Management fee to Bank | 1,042 |  | 501 |  | 504
Merger related expenses | 1,545 |  | 0 |  | 0
Other expenses | 656 |  | 1,116 |  | 2,152
Total expenses | 3,578 |  | 1,864 |  | 2,872
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries | 981 |  | (1,788) |  | (572)
Income tax benefit | (735) |  | (596) |  | (606)
Income (loss) before equity in undistributed income of subsidiaries | 1,716 |  | (1,192) |  | 34
Equity in undistributed income of subsidiaries | 11,089 |  | 9,282 |  | 6,594
Net income | $ | 12,805 |  | $ | 8,090 |  | $ | 6,628
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31, |  |  |  |
(Dollars in thousands) | 2018 |  | 2017 |  | 2016
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 12,805 |  | $ | 8,090 |  | $ | 6,628
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |
Amortization | 3 |  | 0 |  | 0
Deferred income taxes | 22 |  | 16 |  | 4
Equity in undistributed income of subsidiaries | (11,089) |  | (9,282) |  | (6,594)
Share-based compensation | 205 |  | 247 |  | 216
Net change in other liabilities | 12 |  | (35) |  | (6)
Net change in other assets | 2,039 |  | (377) |  | (849)
Net cash provided by (used in) operating activities | 3,997 |  | (1,341) |  | (601)
Cash flows from investing activities: |  |  |  |  |
Capital contributed to subsidiaries | 0 |  | (6,100) |  | 0
Net cash paid for acquisitions | (4,597) |  | 0 |  | 0
Other, net | 0 |  | 0 |  | (500)
Net cash used in investing activities | (4,597) |  | (6,100) |  | (500)
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (4,375) |  | (3,488) |  | (2,898)
Proceeds from issuance of subordinated notes, net of costs | 31,857 |  | 0 |  | 0
Proceeds from issuance of common stock | 1,448 |  | 1,276 |  | 847
Payments to repurchase common stock | (651) |  | 0 |  | (631)
Net cash provided by (used in) financing activities | 28,279 |  | (2,212) |  | (2,682)
Net increase (decrease) in cash | 27,679 |  | (9,653) |  | (3,783)
Cash, beginning | 917 |  | 10,570 |  | 14,353
Cash, ending | $ | 28,596 |  | $ | 917 |  | $ | 10,570

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