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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
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,
| 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
| 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
| 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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