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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2022
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,
20222021
Assets
Cash in bank subsidiary$8,477 $18,545 
Investment in bank subsidiary249,266 284,577 
Other assets3,466 553 
Total assets$261,209 $303,675 
Liabilities
Subordinated notes$32,026 $31,963 
Accrued interest and other liabilities287 56 
Total liabilities32,313 32,019 
Shareholders’ Equity
Common stock584 586 
Additional paid-in capital189,264 189,689 
Retained earnings92,473 78,700 
Accumulated other comprehensive (loss) income(39,913)4,449 
Treasury stock(13,512)(1,768)
Total shareholders’ equity228,896 271,656 
Total liabilities and shareholders’ equity$261,209 $303,675 
Condensed Statements of Income
For the Years Ended December 31,
202220212020
Income
Dividends from bank subsidiary$27,000 $16,000 $14,000 
Interest income from bank subsidiary29 25 76 
Other income16 119 62 
Total income 27,045 16,144 14,138 
Expenses
Interest on subordinated notes2,013 2,009 2,006 
Share-based compensation511 433 463 
Management fee to bank subsidiary1,341 1,089 1,254 
Provision for legal settlement13,000 — — 
Other expenses912 704 1,324 
Total expenses17,777 4,235 5,047 
Income before income tax benefit and equity in undistributed income of subsidiaries9,268 11,909 9,091 
Income tax benefit(3,726)(863)(1,022)
Income before equity in undistributed income of subsidiaries12,994 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
For the Years Ended December 31,
202220212020
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:
Amortization63 59 56 
Deferred income taxes(7)(4)(39)
Equity in undistributed income of subsidiaries
(9,043)(20,109)(16,350)
Share-based compensation511 433 463 
Net change in other liabilities231 (40)(141)
Net change in other assets(2,915)375 (221)
Net cash provided by operating activities10,877 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 stock1,644 1,516 1,628 
Payments to repurchase common stock(14,468)(2,383)(1,887)
Other, net143 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, beginning18,545 13,961 11,568 
Cash, ending$8,477 $18,545 $13,961