ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018


	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


	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


	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