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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information 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) | 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
| 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
| 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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