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

12 Months Ended

Dec. 31, 2020


	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


	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


	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