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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2022 |  | 2021
Assets |  |  |
Cash in bank subsidiary | $ | 8,477 |  |  | $ | 18,545 |
Investment in bank subsidiary | 249,266 |  |  | 284,577 |
Other assets | 3,466 |  |  | 553 |
Total assets | $ | 261,209 |  |  | $ | 303,675 |
Liabilities |  |  |
Subordinated notes | $ | 32,026 |  |  | $ | 31,963 |
Accrued interest and other liabilities | 287 |  |  | 56 |
Total liabilities | 32,313 |  |  | 32,019 |
Shareholders’ Equity |  |  |
Common stock | 584 |  |  | 586 |
Additional paid-in capital | 189,264 |  |  | 189,689 |
Retained earnings | 92,473 |  |  | 78,700 |
Accumulated other comprehensive (loss) income | (39,913) |  |  | 4,449 |
Treasury stock | (13,512) |  |  | (1,768) |
Total shareholders’ equity | 228,896 |  |  | 271,656 |
Total liabilities and shareholders’ equity | $ | 261,209 |  |  | $ | 303,675 |
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Income |  |  |  |  |
Dividends from bank subsidiary | $ | 27,000 |  |  | $ | 16,000 |  |  | $ | 14,000 |
Interest income from bank subsidiary | 29 |  |  | 25 |  |  | 76 |
Other income | 16 |  |  | 119 |  |  | 62 |
Total income | 27,045 |  |  | 16,144 |  |  | 14,138 |
Expenses |  |  |  |  |
Interest on subordinated notes | 2,013 |  |  | 2,009 |  |  | 2,006 |
Share-based compensation | 511 |  |  | 433 |  |  | 463 |
Management fee to bank subsidiary | 1,341 |  |  | 1,089 |  |  | 1,254 |
Provision for legal settlement | 13,000 |  |  | — |  |  | — |
Other expenses | 912 |  |  | 704 |  |  | 1,324 |
Total expenses | 17,777 |  |  | 4,235 |  |  | 5,047 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 9,268 |  |  | 11,909 |  |  | 9,091 |
Income tax benefit | (3,726) |  |  | (863) |  |  | (1,022) |
Income before equity in undistributed income of subsidiaries | 12,994 |  |  | 12,772 |  |  | 10,113 |
Equity in undistributed income of subsidiaries | 9,043 |  |  | 20,109 |  |  | 16,350 |
Net income | $ | 22,037 |  |  | $ | 32,881 |  |  | $ | 26,463 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 22,037 |  |  | $ | 32,881 |  |  | $ | 26,463 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |
Amortization | 63 |  |  | 59 |  |  | 56 |
Deferred income taxes | (7) |  |  | (4) |  |  | (39) |
Equity in undistributed income of subsidiaries | (9,043) |  |  | (20,109) |  |  | (16,350) |
Share-based compensation | 511 |  |  | 433 |  |  | 463 |
Net change in other liabilities | 231 |  |  | (40) |  |  | (141) |
Net change in other assets | (2,915) |  |  | 375 |  |  | (221) |
Net cash provided by operating activities | 10,877 |  |  | 13,595 |  |  | 10,231 |
Cash flows from investing activities: |  |  |  |  |
Net cash paid for acquisitions | — |  |  | — |  |  | (85) |
Net cash used in investing activities | — |  |  | — |  |  | (85) |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (8,264) |  |  | (8,280) |  |  | (7,610) |
Proceeds from issuance of common stock | 1,644 |  |  | 1,516 |  |  | 1,628 |
Payments to repurchase common stock | (14,468) |  |  | (2,383) |  |  | (1,887) |
Other, net | 143 |  |  | 136 |  |  | 116 |
Net cash used in financing activities | (20,945) |  |  | (9,011) |  |  | (7,753) |
Net (decrease) increase in cash | (10,068) |  |  | 4,584 |  |  | 2,393 |
Cash, beginning | 18,545 |  |  | 13,961 |  |  | 11,568 |
Cash, ending | $ | 8,477 |  |  | $ | 18,545 |  |  | $ | 13,961 |

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