ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023


	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


	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


	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