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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2020 |  | 2019
Assets |  |  |
Cash in Orrstown Bank | $ | 13,961 |  |  | $ | 11,568 |
Investment in Orrstown Bank | 263,346 |  |  | 242,041 |
Other assets | 941 |  |  | 1,724 |
Total assets | $ | 278,248 |  |  | $ | 255,333 |
Liabilities |  |  |
Subordinated notes | $ | 31,903 |  |  | $ | 31,847 |
Accrued interest and other liabilities | 96 |  |  | 237 |
Total liabilities | 31,999 |  |  | 32,084 |
Shareholders’ Equity |  |  |
Common stock | 586 |  |  | 584 |
Additional paid-in capital | 189,066 |  |  | 188,365 |
Retained earnings | 54,099 |  |  | 35,246 |
Accumulated other comprehensive income (loss) | 3,346 |  |  | (480) |
Treasury stock | (848) |  |  | (466) |
Total shareholders’ equity | 246,249 |  |  | 223,249 |
Total liabilities and shareholders’ equity | $ | 278,248 |  |  | $ | 255,333 |
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Income |  |  |  |  |
Dividends from bank subsidiary | $ | 14,000 |  |  | $ | 2,000 |  |  | $ | 4,450 |
Interest income from bank subsidiary | 76 |  |  | 257 |  |  | 7 |
Other income | 62 |  |  | 55 |  |  | 102 |
Total income | 14,138 |  |  | 2,312 |  |  | 4,559 |
Expenses |  |  |  |  |
Interest on short-term borrowings | — |  |  | — |  |  | 57 |
Interest on subordinated notes | 2,006 |  |  | 1,987 |  |  | 73 |
Total interest expense | 2,006 |  |  | 1,987 |  |  | 130 |
Share-based compensation | 463 |  |  | 236 |  |  | 205 |
Management fee to bank subsidiary | 1,254 |  |  | 1,350 |  |  | 1,042 |
Merger related expenses | — |  |  | 1,574 |  |  | 1,545 |
Other expenses | 1,324 |  |  | 802 |  |  | 656 |
Total expenses | 5,047 |  |  | 5,949 |  |  | 3,578 |
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries | 9,091 |  |  | (3,637) |  |  | 981 |
Income tax benefit | (1,022) |  |  | (1,182) |  |  | (735) |
(Loss) income before equity in undistributed income of subsidiaries | 10,113 |  |  | (2,455) |  |  | 1,716 |
Equity in undistributed income of subsidiaries | 16,350 |  |  | 19,379 |  |  | 11,089 |
Net income | $ | 26,463 |  |  | $ | 16,924 |  |  | $ | 12,805 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 26,463 |  |  | $ | 16,924 |  |  | $ | 12,805 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |
Amortization | 56 |  |  | 47 |  |  | 3 |
Deferred income taxes | (39) |  |  | 16 |  |  | 22 |
Equity in undistributed income of subsidiaries | (16,350) |  |  | (19,379) |  |  | (11,089) |
Share-based compensation | 463 |  |  | 236 |  |  | 205 |
Net change in other liabilities | (141) |  |  | (423) |  |  | 12 |
Net change in other assets | (221) |  |  | 311 |  |  | 2,039 |
Net cash provided by (used in) operating activities | 10,231 |  |  | (2,268) |  |  | 3,997 |
Cash flows from investing activities: |  |  |  |  |
Capital contributed to subsidiaries | — |  |  | (100) |  |  | — |
Net cash paid for acquisitions | (85) |  |  | (8,142) |  |  | (4,597) |
Net cash used in investing activities | (85) |  |  | (8,242) |  |  | (4,597) |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (7,610) |  |  | (6,150) |  |  | (4,375) |
Proceeds from issuance of subordinated notes, net of costs | — |  |  | — |  |  | 31,857 |
Proceeds from issuance of common stock | 1,628 |  |  | 1,463 |  |  | 1,448 |
Payments to repurchase common stock | (1,887) |  |  | (1,772) |  |  | (651) |
Other, net | 116 |  |  | (59) |  |  | — |
Net cash (used in) provided by financing activities | (7,753) |  |  | (6,518) |  |  | 28,279 |
Net increase (decrease) in cash | 2,393 |  |  | (17,028) |  |  | 27,679 |
Cash, beginning | 11,568 |  |  | 28,596 |  |  | 917 |
Cash, ending | $ | 13,961 |  |  | $ | 11,568 |  |  | $ | 28,596 |

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