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Subsequent Events | 9 Months Ended
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Sep. 30, 2019
Subsequent Events [Abstract] |
Subsequent Eventt | SUBSEQUENT EVENT In October, 2019, the Board of Directors approved a plan to consolidate five Pennsylvania branch locations and to sell an operations center. The plan is part of the Company's ongoing efforts to target serving local communities, to invest in new technologies to support changes in client preferences, to grow the Bank, and to optimize returns for shareholders. Subject to regulatory approval, the five Pennsylvania branches will be consolidated into other, larger, Orrstown Bank branches. One time charges associated with the branch consolidations and operations center sale are estimated to be in the range of $800,000 to $1,200,000 in the fourth quarter of 2019 and thereafter cost savings are estimated to be in the range of $1,500,000 to $2,000,000 annually, beginning in the second quarter of 2020. It is anticipated that the consolidations and operations center sale will be completed in the first quarter of 2020. Approximately one third of the operations center space will be leased back to the Bank, eliminating approximately 50,000 square feet of excess back office space. The sale is not expected to result in a material gain or loss or materially impact future earnings.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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