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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2023 |  | 2022
Assets |  |  |
Cash in bank subsidiary | $ | 13,996 |  |  | $ | 8,477 |
Investment in bank subsidiary | 284,540 |  |  | 249,266 |
Other assets | 659 |  |  | 3,466 |
Total assets | $ | 299,195 |  |  | $ | 261,209 |
Liabilities |  |  |
Subordinated notes | $ | 32,093 |  |  | $ | 32,026 |
Accrued interest and other liabilities | 2,046 |  |  | 287 |
Total liabilities | 34,139 |  |  | 32,313 |
Shareholders’ Equity |  |  |
Common stock | 583 |  |  | 584 |
Additional paid-in capital | 189,027 |  |  | 189,264 |
Retained earnings | 117,667 |  |  | 92,473 |
Accumulated other comprehensive loss | (28,476) |  |  | (39,913) |
Treasury stock | (13,745) |  |  | (13,512) |
Total shareholders’ equity | 265,056 |  |  | 228,896 |
Total liabilities and shareholders’ equity | $ | 299,195 |  |  | $ | 261,209 |
Condensed Statements of Income | Condensed Statements of Income
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Income |  |  |  |  |
Dividends from bank subsidiary | $ | 14,000 |  |  | $ | 27,000 |  |  | $ | 16,000 |
Interest income from bank subsidiary | 158 |  |  | 29 |  |  | 25 |
Other income | 21 |  |  | 16 |  |  | 119 |
Total income | 14,179 |  |  | 27,045 |  |  | 16,144 |
Expenses |  |  |  |  |
Interest on subordinated notes | 2,017 |  |  | 2,013 |  |  | 2,009 |
Share-based compensation | 484 |  |  | 511 |  |  | 433 |
Management fee to bank subsidiary | 1,449 |  |  | 1,341 |  |  | 1,089 |
Merger-related expenses | 851 |  |  | — |  |  | — |
Provision for legal settlement | — |  |  | 13,000 |  |  | — |
Other expenses | 638 |  |  | 912 |  |  | 704 |
Total expenses | 5,439 |  |  | 17,777 |  |  | 4,235 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 8,740 |  |  | 9,268 |  |  | 11,909 |
Income tax benefit | (1,106) |  |  | (3,726) |  |  | (863) |
Income before equity in undistributed income of subsidiaries | 9,846 |  |  | 12,994 |  |  | 12,772 |
Equity in undistributed income of subsidiaries | 25,817 |  |  | 9,043 |  |  | 20,109 |
Net income | $ | 35,663 |  |  | $ | 22,037 |  |  | $ | 32,881 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 35,663 |  |  | $ | 22,037 |  |  | $ | 32,881 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
Amortization | 67 |  |  | 63 |  |  | 59 |
Deferred income tax expense (benefit) | 8 |  |  | (7) |  |  | (4) |
Equity in undistributed income of subsidiaries | (25,817) |  |  | (9,043) |  |  | (20,109) |
Share-based compensation | 484 |  |  | 511 |  |  | 433 |
Increase (decrease) in accrued interest and other liabilities | 1,759 |  |  | 231 |  |  | (40) |
Decrease (increase) in other assets | 2,795 |  |  | (2,915) |  |  | 375 |
Net cash provided by operating activities | 14,959 |  |  | 10,877 |  |  | 13,595 |
Cash flows from investing activities: |  |  |  |  |
Net cash paid for acquisitions | — |  |  | — |  |  | — |
Net cash used in investing activities | — |  |  | — |  |  | — |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (8,485) |  |  | (8,264) |  |  | (8,280) |
Proceeds from issuance of common stock | 1,872 |  |  | 1,644 |  |  | 1,516 |
Payments to repurchase common stock | (2,963) |  |  | (14,468) |  |  | (2,383) |
Other, net | 136 |  |  | 143 |  |  | 136 |
Net cash used in financing activities | (9,440) |  |  | (20,945) |  |  | (9,011) |
Net increase (decrease) in cash | 5,519 |  |  | (10,068) |  |  | 4,584 |
Cash, beginning | 8,477 |  |  | 18,545 |  |  | 13,961 |
Cash, ending | $ | 13,996 |  |  | $ | 8,477 |  |  | $ | 18,545 |

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