Orrstown financial services, inc. (ORRF)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities
Net income

16,924

12,805

8,090

6,628

7,874

29,142

10,004

-38,454

-31,964

16,581

13,373

Adjustments to reconcile net income to net cash provided by operating activities:
Net (discount accretion) premium amortization

2,547

-1,406

-4,034

-5,295

-6,033

-6,429

-7,147

-6,948

-5,414

-4,151

-1,128

Depreciation and amortization expense

5,547

3,642

3,265

2,951

2,907

2,838

2,817

2,613

2,778

2,924

2,627

Impairment of goodwill

-

-

-

-

-

-

-

-

19,447

0

0

Provision for loan losses

900

800

1,000

250

-603

-3,900

-3,150

48,300

58,575

8,925

4,865

Share-based compensation

1,586

1,493

1,386

958

740

190

129

23

41

388

117

Net change in loans held for sale

-

-

-

-

-

1,223

-5,926

5,309

-140

2,099

-194

Gain on sales of loans originated for sale

2,613

2,144

2,447

2,998

2,344

-

-

-

-

-

-

Mortgage loans originated for sale

112,568

90,305

104,512

-

-

-

-

-

-

-

-

Mortgage loans originated for sale

-

-

-

108,632

85,995

-

-

-

-

-

-

Proceeds from sales of loans originated for sale

108,885

94,727

103,131

114,139

85,116

-

-

-

-

-

-

Gain on sale of portfolio loans

0

291

32

-

-

-

-

-

-

-

-

Gain on sale of portfolio loans

-

-

-

0

0

-

-

-

-

-

-

Net gain on disposal of OREO

156

108

18

182

234

299

-149

28

-1

-74

9

Writedown of OREO

0

24

4

183

45

170

46

535

517

123

0

Writedown of other real estate owned

0

24

4

183

45

-

-

-

-

-

0

Net loss on disposal of premises and equipment

-139

-12

18

-147

0

-41

0

0

-

-

-24

Net (gain) loss on disposal of bank premises and equipment

-

-

-

-

-

-

-

-

-

75

-

Deferred income taxes

-1,776

-543

-3,078

232

-797

16,223

0

-20,384

15,136

2,471

916

Investment securities losses (gains)

4,749

1,006

1,190

1,420

-

-

-

-

-

-

-

Investment securities gains

-

-

-

-

1,924

1,935

332

4,824

6,224

3,636

1,661

Security impairment losses

-

-

-

-

-

-

-

-

-

-

36

Gains on sale of rate swap

-

-

-

-

-

-

-

-

791

778

0

Income from life insurance

2,044

1,463

1,109

1,099

1,025

950

963

1,018

1,110

-

-

Earnings on cash surrender value of life insurance

-

-

-

-

-

-

-

-

-

1,192

745

Increase in accrued interest receivable

-1,248

879

376

827

748

-303

212

-1,360

-1,167

1,110

622

Decrease in accrued interest payable and other liabilities

-5,291

2,696

2,012

561

2,017

1,046

-957

1,644

399

-

-

Decrease in accrued interest payable

-

-

-

-

-

-

-

-

-

13

-125

Other, net

-2,053

-535

-52

135

498

-1,629

-12,356

13,516

-1,601

-2,990

5,775

Net cash provided by operating activities

9,090

22,487

16,350

15,587

12,158

17,258

32,960

18,658

34,855

24,808

12,511

Cash flows from investing activities
Proceeds from sales of AFS securities

199,928

156,364

162,320

64,742

-

-

-

-

-

-

-

Net decrease in other short term investments

-

-

-

-

-

-

-

-

-2,728

-3,660

-

Net (increase) in interest bearing deposits with banks and short term investments

-

-

-

-

-

-

-

-

-

-

-6,580

Proceeds from sales of available for sale securities

-

-

-

-

65,611

169,573

74,273

94,099

158,564

210,687

76,444

Maturities, repayments and calls of AFS securities

33,265

18,373

28,768

30,192

32,251

41,520

86,581

85,481

65,407

68,412

74,366

Purchases of AFS securities

190,530

226,014

203,719

108,448

-

-

-

-

-

-

-

Net cash and cash equivalents received from acquisitions

29,442

12,407

0

0

-

-

-

-

-

-

-

Purchases of AFS securities

-

-

-

-

120,475

175,014

282,859

176,788

94,410

515,381

227,393

Net redemptions of restricted investments in bank stocks

2,684

592

2,027

-750

370

-1,571

117

-1,954

2,960

742

343

Net increase in loans

46,157

99,828

130,791

108,509

78,776

44,222

-30,682

-137,097

34,461

90,538

62,862

Proceeds from sales of portfolio loans

0

3,589

2,195

5,100

0

5,743

2,439

51,753

0

0

-

Investment in affordable housing limited partnerships

-

-

-

-

2,205

0

0

-

254

1,953

1,277

Purchases of bank premises and equipment

2,911

4,791

2,653

13,369

1,471

859

1,868

1,603

1,446

610

787

Improvements to OREO

-

-

-

-

0

-

-

-

-

-

-

Proceeds from disposal of OREO

1,318

1,413

541

1,090

1,839

2,415

1,188

3,733

1,378

2,608

612

Proceeds from disposal of bank premises and equipment

-

-

-

-

0

-

-

-

-

373

0

Proceeds from sale of rate swap

-

-

-

-

-

-

-

-

-911

-868

0

Purchases of bank owned life insurance

3,280

900

600

0

3,750

0

0

-

500

1,730

3,720

Death benefit proceeds from life insurance contracts

571

576

0

0

-

-

-

-

-

-

-

Other

0

-7

-74

439

0

0

-

-

-

-

-

Redemption of cash surrender value upon death

-

-

-

-

-

-

-

-

-

1,476

0

Net cash used in investing activities

18,962

-139,396

-145,892

-128,891

-107,346

727

-89,681

195,726

94,957

-322,870

-151,540

Cash flows from financing activities
Net increase in deposits

-71,561

178,798

67,063

120,285

82,463

-50,686

-84,649

-131,863

28,490

273,174

157,768

Net decrease in borrowings with original maturities less than 90 days

115,800

-14,507

-34,288

-

-

-

-

-

-

-

-

Proceeds from Short-term Debt, Maturing in More than Three Months

0

25,000

70,000

-

-

-

-

-

-

-

-

Payments on other short-term borrowings

25,000

40,000

30,000

-

-

-

-

-

-

-

-

Net decrease in borrowings with original maturities less than 90 days

-

-

-

18,708

2,414

27,710

49,382

-25,363

-52,837

-10,064

33,907

Proceeds from other short-term borrowings

-

-

-

0

-

-

-

-

-

-

-

Payments on other short-term borrowings

-

-

-

20,000

-

-

-

-

-

-

-

Proceeds from long-term debt

20,000

0

80,000

0

20,000

10,000

0

0

30,000

29,800

27

Payments on long-term debt

91,776

365

20,348

332

10,317

11,265

21,393

16,328

41,380

29,480

53,456

Proceeds from subordinated notes, net of issuance costs

0

31,857

0

0

-

-

-

-

-

-

-

Subordinated note issuance costs

59

0

0

-

-

-

-

-

-

-

-

Dividends paid

6,150

4,375

3,488

2,898

1,822

0

0

0

5,521

-

-

Dividends paid

-

-

-

-

-

-

-

-

-

6,758

5,636

Net proceeds from issuance of common stock

-

-

-

-

190

105

253

189

987

38,403

-

Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

296

Acquisition of treasury stock

-

-

-

631

809

0

0

-

54

-

71

Treasury shares repurchased for employee taxes associated with restricted stock vesting

1,772

651

0

0

-

-

-

-

-

-

-

Purchase of treasury stock

-

-

-

-

-

-

-

-

-

-221

-

Proceeds from issuance of stock for option exercises and employee stock purchase plan

113

160

137

105

0

-

-

-

47

792

1,330

Net cash provided by financing activities

-60,405

175,917

129,076

115,237

92,119

-24,136

-56,407

-173,365

-40,268

295,646

134,165

Net increase (decrease) in cash and cash equivalents

-32,353

59,008

-466

-

-

-

-

-

-

-

-

Interest

-

-

-

-

4,208

4,219

5,102

8,031

10,900

12,675

16,625

Cash paid for income taxes

0

60

1,638

1,300

800

0

0

1,267

3,700

9,400

4,375

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Net increase (decrease) in cash and cash equivalents

-

-

-

1,933

-3,069

-6,151

-113,128

41,019

89,544

-2,416

-4,864

Supplemental disclosure of cash flow information:
Interest

24,313

12,930

7,586

5,346

-

-

-

-

-

-

-

Supplemental schedule of noncash investing activities:
OREO acquired in settlement of loans

161

539

1,007

688

1,428

2,231

494

3,951

2,365

2,683

1,075

Premises and equipment transferred to held for sale

4,894

1,003

0

0

-

-

-

-

-

-

-

Land for operating purposes transferred to other real estate

-

-

-

-

-

-

-

-

619

0

0