XML 90 R30.htm IDEA: XBRL DOCUMENT
v3.20.4

ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2020
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,
| 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
| 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
| 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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -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 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration