XML 69 R52.htm IDEA: XBRL DOCUMENT
v3.22.0.1

ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2021 |  | 2020
Assets |  |  |
Cash in Orrstown Bank | $ | 18,545 |  |  | $ | 13,961 |
Investment in Orrstown Bank | 284,577 |  |  | 263,346 |
Other assets | 553 |  |  | 941 |
Total assets | $ | 303,675 |  |  | $ | 278,248 |
Liabilities |  |  |
Subordinated notes | $ | 31,963 |  |  | $ | 31,903 |
Accrued interest and other liabilities | 56 |  |  | 96 |
Total liabilities | 32,019 |  |  | 31,999 |
Shareholders’ Equity |  |  |
Common stock | 586 |  |  | 586 |
Additional paid-in capital | 189,689 |  |  | 189,066 |
Retained earnings | 78,700 |  |  | 54,099 |
Accumulated other comprehensive income | 4,449 |  |  | 3,346 |
Treasury stock | (1,768) |  |  | (848) |
Total shareholders’ equity | 271,656 |  |  | 246,249 |
Total liabilities and shareholders’ equity | $ | 303,675 |  |  | $ | 278,248 |
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Income |  |  |  |  |
Dividends from bank subsidiary | $ | 16,000 |  |  | $ | 14,000 |  |  | $ | 2,000 |
Interest income from bank subsidiary | 25 |  |  | 76 |  |  | 257 |
Other income | 119 |  |  | 62 |  |  | 55 |
Total income | 16,144 |  |  | 14,138 |  |  | 2,312 |
Expenses |  |  |  |  |
Interest on subordinated notes | 2,009 |  |  | 2,006 |  |  | 1,987 |
Share-based compensation | 433 |  |  | 463 |  |  | 236 |
Management fee to bank subsidiary | 1,089 |  |  | 1,254 |  |  | 1,350 |
Merger related expenses | — |  |  | — |  |  | 1,574 |
Other expenses | 704 |  |  | 1,324 |  |  | 802 |
Total expenses | 4,235 |  |  | 5,047 |  |  | 5,949 |
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries | 11,909 |  |  | 9,091 |  |  | (3,637) |
Income tax benefit | (863) |  |  | (1,022) |  |  | (1,182) |
Income (loss) before equity in undistributed income of subsidiaries | 12,772 |  |  | 10,113 |  |  | (2,455) |
Equity in undistributed income of subsidiaries | 20,109 |  |  | 16,350 |  |  | 19,379 |
Net income | $ | 32,881 |  |  | $ | 26,463 |  |  | $ | 16,924 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 32,881 |  |  | $ | 26,463 |  |  | $ | 16,924 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |
Amortization | 59 |  |  | 56 |  |  | 47 |
Deferred income taxes | (4) |  |  | (39) |  |  | 16 |
Equity in undistributed income of subsidiaries | (20,109) |  |  | (16,350) |  |  | (19,379) |
Share-based compensation | 433 |  |  | 463 |  |  | 236 |
Net change in other liabilities | (40) |  |  | (141) |  |  | (423) |
Net change in other assets | 375 |  |  | (221) |  |  | 311 |
Net cash provided by (used in) operating activities | 13,595 |  |  | 10,231 |  |  | (2,268) |
Cash flows from investing activities: |  |  |  |  |
Capital contributed to subsidiaries | — |  |  | — |  |  | (100) |
Net cash paid for acquisitions | — |  |  | (85) |  |  | (8,142) |
Net cash used in investing activities | — |  |  | (85) |  |  | (8,242) |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (8,280) |  |  | (7,610) |  |  | (6,150) |
Proceeds from issuance of common stock | 1,516 |  |  | 1,628 |  |  | 1,463 |
Payments to repurchase common stock | (2,383) |  |  | (1,887) |  |  | (1,772) |
Other, net | 136 |  |  | 116 |  |  | (59) |
Net cash used in financing activities | (9,011) |  |  | (7,753) |  |  | (6,518) |
Net increase (decrease) in cash | 4,584 |  |  | 2,393 |  |  | (17,028) |
Cash, beginning | 13,961 |  |  | 11,568 |  |  | 28,596 |
Cash, ending | $ | 18,545 |  |  | $ | 13,961 |  |  | $ | 11,568 |

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

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration