ORRSTOWN FINANCIAL SERVICES, INC. ORRF Cash Flow

Orrstown financial services, inc. (ORRF)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities
Net income
5,068	4,234	6,901	2,687	3,102	1,152	4,016	4,012	3,625	6	2,774	3,308	2,002	1,928	1,442	678	2,580	1,449	2,461	1,502	2,462	19,114	5,177	2,873	1,978	2,927	2,109	3,408	1,560	1,030	-21,352	-9,914	-8,218	-29,482	4,314	-10,623	3,827
Adjustments to reconcile net income to net cash provided by operating activities:
Net (discount accretion) premium amortization
664	953	3,797	-2,134	-69	-50	-409	-446	-501	-646	-911	-1,163	-1,314	-1,439	-1,279	-1,205	-1,372	-1,420	-1,586	-1,493	-1,534	-1,535	-2,247	-1,289	-1,358	-1,151	-2,042	-2,234	-1,720	-1,697	-1,746	-1,915	-1,590	-1,369	-1,258	-1,154	-1,633
Depreciation and amortization expense
1,388	1,577	1,604	1,287	1,079	1,070	851	852	869	883	843	644	895	771	722	717	741	746	698	722	741	769	563	741	765	741	717	698	661	650	669	640	654	723	664	616	775
Provision for loan losses
925	0	300	200	400	200	200	200	200	800	100	100	0	0	250	0	0	0	-603	0	0	-	-	-	-	-	-	-	-	1,000	5,100	23,000	19,200	26,250	7,900	21,230	3,195
Share-based compensation
525	432	475	180	499	381	188	444	480	338	382	363	303	180	279	259	240	215	234	157	134	111	62	5	12	4	81	5	39	23	-23	5	18	-	-	-	-
Net change in loans held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,005	2,055	-543	716	288	-1,497	-4,035	-682	-187	3,224	657	1,615	-4,917	2,525	1,138	1,114
Gain on sales of loans originated for sale
1,216	960	744	559	350	457	621	553	513	696	687	671	393	801	1,033	617	547	530	715	684	415	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage loans originated for sale
20,851	-	34,771	26,789	16,682	-	25,958	26,959	18,091	-	30,774	28,662	16,048	26,721	37,859	26,011	18,041	19,855	25,088	25,029	16,023	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of loans originated for sale
23,185	33,609	34,884	24,887	15,505	21,048	27,194	25,542	20,943	31,722	28,398	27,364	15,647	28,554	41,348	23,398	20,839	18,476	25,653	26,567	14,420	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of portfolio loans
1,878	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on disposal of OREO
-	-	-	-	-	-	-	-	-	7	1	3	7	94	-4	37	55	29	32	166	7	30	10	259	0	-5	9	-31	-122	36	71	59	-138	-31	0	48	-18
Writedown of OREO
-	-	-	-	-	-	-	-	-	0	0	1	3	31	57	44	51	24	21	0	0	-	-	-	-	-	-	-	-	99	93	34	309	167	169	181	0
Writedown of other real estate owned
-	-	-	-	-	-	-	-	-	0	0	1	3	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss on disposal of premises and equipment
-1	-2	470	-477	-130	4	-22	1	5	0	0	-23	41	-101	0	-21	-25	0	0	0	0	0	1	4	-46	0	0	0	0	-	-	-	-	-	-	-	-
Deferred income taxes
-1,024	-428	-1,085	-52	-211	213	-238	-249	-269	-2,849	516	-380	-365	26	949	-15	-728	757	-567	-261	-726	16,223	0	0	0	-	-	-	-	0	-22,922	-44	2,582	9,309	2,036	1,906	1,885
Investment securities losses (gains)
-40	18	2,328	2,064	339	115	29	46	816	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment securities gains
-	-	-	-	-	-	-	-	-	-	-	-	3	-	0	0	1,420	13	29	353	1,529	267	469	602	597	53	157	0	122	0	-2	2,595	2,231	3,025	2,351	469	379
Gains on sale of rate swap
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	673	0	118
Income from life insurance
540	539	479	684	342	362	533	291	277	295	275	271	268	289	272	270	268	294	269	233	229	240	238	238	234	242	241	241	239	-	-	-	-	-	-	-	-
Earnings on cash surrender value of life insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	218	217	215	-	233	224	297
Increase in accrued interest receivable
657	-506	-12	-1,143	413	534	-175	666	-146	796	-215	363	-568	982	-69	177	-263	308	178	310	-48	-54	196	-329	-116	94	-315	177	256	-508	103	-838	-117	-624	-513	-164	134
Decrease in accrued interest payable and other liabilities
-352	327	-4,471	1,204	-2,351	2,742	-5,264	5,259	-41	177	1,246	645	-56	570	-693	1,071	-387	1,709	492	-68	-116	-4,428	3,163	1,115	1,196	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in accrued interest payable and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,951	2,697	1	-	-	-	-	-	-	-	-
Decrease in accrued interest payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-277	-148	-	-132	-37	63
Other, net
1,567	-1,464	511	-1,189	89	-1,693	-581	-592	2,331	-412	265	-254	349	-585	-325	8	1,037	-1,702	1,512	-298	986	-828	158	-879	-80	-14,935	1,776	-1,314	2,117	-3,670	7,542	8,016	1,628	-2,169	-739	2,404	-1,097
Net cash provided by operating activities
4,431	5,635	-2,310	5,336	429	7,357	1,184	8,987	4,959	7,011	1,786	3,621	3,932	5,246	4,969	288	5,084	3,955	3,286	4,157	760	1,244	5,330	6,680	4,004	-	-	-	-	7,824	704	4,741	5,389	14,069	7,609	6,496	6,681
Net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,656	12,604	2,051	-	-	-	-	-	-	-	-
Cash flows from investing activities
Proceeds from sales of AFS securities
0	18	25,575	114,871	59,464	43,184	25,070	25,533	62,577	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (increase) in interest bearing deposits with banks and short term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-59,333	-3,010	350
Proceeds from sales of available for sale securities
-	-	-	-	-	-	-	-	-	-	103,666	23,581	35,072	-	-1	0	64,743	13	5,004	19,212	41,382	18,119	47,954	35,933	67,567	48,754	5,733	0	19,786	0	253	62,981	30,865	55,899	65,986	9,021	27,658
Maturities, repayments and calls of AFS securities
20,497	10,331	7,637	8,991	6,306	5,580	5,734	3,948	3,111	6,708	8,236	7,502	6,322	9,025	7,909	6,442	6,816	6,824	8,715	8,874	7,838	9,319	11,157	9,839	11,205	18,501	21,488	24,557	22,035	25,592	21,445	24,576	13,868	22,733	13,315	14,480	14,879
Purchases of AFS securities
26,692	23,836	16,308	65,062	85,324	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of AFS securities
-	-	-	-	-	-	-	-	111,300	-	139,188	-4	64,535	-	63,185	0	0	11,207	29,303	60,106	19,859	0	75,386	12,245	87,383	127,018	21,487	42,398	91,956	38,788	30,413	61,183	46,404	35,822	6,049	45,204	7,335
Net redemptions of restricted investments in bank stocks
-361	4,785	1,294	-2,845	-550	1,252	-3,360	575	2,125	528	2,397	-352	-546	1,355	835	-490	-2,450	1,614	-2,093	1,521	-672	-984	57	263	-907	1,884	-917	-628	-222	-811	-880	-131	-132	2,001	426	816	-283
Net increase in loans
31,515	50,180	-12,418	-9,579	17,974	21,331	24,365	19,580	34,552	29,588	49,368	33,097	18,738	42,582	15,165	27,500	23,262	19,036	11,452	24,446	23,842	24,878	9,171	5,827	4,346	-11,468	9,740	-1,517	-27,437	-52,694	-8,786	-45,348	-30,269	-15,186	1,101	27,105	21,441
Proceeds from sales of portfolio loans
21,618	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in affordable housing limited partnerships
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	199	0	55
Purchases of bank premises and equipment
83	-315	1,737	800	689	1,713	2,025	808	245	281	874	831	667	957	3,827	2,264	6,321	302	486	557	126	116	-28	122	649	650	607	427	184	358	464	573	208	551	295	298	302
Improvements to OREO
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4	35	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from disposal of OREO
-	-	-	-	-	-	-	-	-	304	52	48	137	513	69	203	305	529	463	594	253	240	550	1,625	0	109	87	870	122	1,350	847	681	855	990	0	208	180
Proceeds from disposal of bank premises and equipment
-	-	-	-	-	-	0	0	7	-	0	0	83	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of rate swap
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-793	0	-118
Purchases of bank owned life insurance
-	-	-	-	-	0	0	0	900	0	600	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-15,814	-68,543	24,361	100,811	-37,667	22,028	-66,470	-11,527	-83,427	-23,384	-78,278	-2,450	-41,780	-75,919	-75,035	-22,633	44,696	-26,998	-28,716	-57,950	6,318	3,668	-19,182	28,940	-12,699	-	-	-	-	73,352	21,036	71,961	29,377	121,155	12,691	-53,224	14,335
Net cash used in investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,609	-15,253	-22,538	-	-	-	-	-	-	-	-
Cash flows from financing activities
Net increase in deposits
21,746	-47,963	-92,123	6,594	61,931	-30,857	103,304	26,352	79,999	2,788	20,791	12,060	31,424	19,120	45,363	39,593	16,209	-15,811	85,124	17,098	-3,948	-39,530	7,529	-20,700	2,015	-34,543	-550	-8,814	-40,742	-35,424	-23,921	-69,339	-3,179	-70,020	26,691	52,833	18,986
Net decrease in borrowings with original maturities less than 90 days
-65,716	-	-	-	-29,490	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from FHLB advances
99,977	-	-	-	20,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on FHLB advances
40,098	-	-	-	25,094	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in borrowings with original maturities less than 90 days
-	-	-	-	-	-	-18,486	-29,892	40,155	-	1,009	7,148	-44,450	65,012	-541	-19,300	-26,463	34,325	-48,445	28,004	-11,470	30,463	2,359	5,099	-10,211	33,712	-1,299	11,375	5,594	-2,416	-15,427	-26,259	18,739	7,479	-35,344	-23,872	-1,100
Proceeds from other short-term borrowings
-	-	-	-	-	-	-	-	-	-	0	0	70,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on other short-term borrowings
-	-	-	-	-	-	0	0	40,000	-	0	30,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from long-term debt
-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	0	0	0	20,000	0	0	0	10,000	0	0	0	0	-	-	-	-	-	-	-	-
Payments on long-term debt
-	-	-	-	-	93	92	90	90	88	20,088	-19,914	20,086	84	84	82	82	80	80	79	10,078	174	368	10,364	359	354	10,351	10,346	342	338	334	10,330	5,326	10,322	10,633	315	20,110
Subordinated note issuance costs
0	0	2	-1	58	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
1,906	1,678	1,673	1,386	1,413	1,209	1,071	1,095	1,000	999	834	832	823	742	746	746	664	661	582	579	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,845	1,840	1,837
Net proceeds from issuance of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	38	105	47	1	57	0	47	1	193	0	59	86	23	77	3	149	364	395	79
Acquisition of treasury stock
1,510	-	-	-	0	-	-	-	-	-	-	-	-	0	0	386	245	662	147	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Treasury shares repurchased for employee taxes associated with restricted stock vesting
0	78	1,400	0	294	0	0	344	307	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of stock for option exercises and employee stock purchase plan
64	-	55	0	58	-	66	19	76	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of stock for option exercises and employee stock purchase plan
-	-	-	-	-	-	-	-	-	0	76	0	61	-1	66	0	40	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	30	17
Net cash provided by financing activities
12,557	68,447	-88,007	-66,485	25,640	18,413	83,721	-5,050	78,833	23,706	60,954	8,290	36,126	63,305	44,058	19,079	-11,205	17,111	35,908	44,549	-5,449	-9,240	9,577	-25,965	1,492	-	-	-	-	-38,092	-39,659	-105,851	10,237	-42,713	-20,767	27,177	-3,965
Net increase (decrease) in cash and cash equivalents
1,174	5,539	-65,956	39,662	-11,598	47,798	18,435	-7,590	365	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest
-	-	-	-	-	-	-	-	-	-	-	1,809	1,523	-	1,448	1,319	1,301	1,199	1,111	975	923	957	1,057	1,126	1,079	1,128	1,273	1,323	1,378	1,516	1,760	2,360	2,395	2,464	2,798	2,764	2,874
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	800	0	0	0	0	0	0	0	0	0	0	0	0	0	1,225	42	43	66	1,391	2,200
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-12,007	-7,785	-35,431	-	-	-	-	-	-	-	-
Net increase (decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-15,538	9,461	-1,722	-7,368	-26,008	-3,266	38,575	-5,932	10,478	-9,244	1,629	-4,328	-4,275	9,655	-7,203	-32,816	-13,960	-10,434	-55,918	43,084	-17,919	-29,149	45,003	92,511	-467	-19,551	17,051
Supplemental disclosure of cash flow information:
Interest
5,544	6,740	7,247	5,602	4,724	3,939	3,429	2,931	2,631	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental schedule of noncash investing activities:
OREO acquired in settlement of loans
0	0	0	0	161	1	130	0	408	0	287	29	691	77	197	363	51	212	412	59	745	30	398	178	1,625	153	0	48	293	714	1,107	580	1,550	126	1,683	487	69
Lease liabilities arising from obtaining ROU assets
0	-	0	0	8,115	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Securities purchases not yet settled
714	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Security purchases not yet settled
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,751	-	-	-	-	-	-	-	-	-	-	-	-
Security purchases not yet settled
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-