ORRSTOWN FINANCIAL SERVICES, INC. ORRF Income Statement

Orrstown financial services, inc. (ORRF)

Income statement / 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	Sep'10	Jun'10
Interest income
Interest income
Loans
20,166	20,368	19,999	19,553	15,151	15,564	12,281	11,731	11,056	11,231	10,337	9,851	9,204	8,910	8,631	8,384	7,991	7,810	7,912	7,749	7,327	7,462	7,351	7,292	7,441	7,755	7,739	7,847	8,217	8,930	9,567	10,044	11,106	11,693	12,406	12,383	12,435	12,122	12,205
Investment securities - taxable
3,438	3,572	3,787	3,679	3,492	3,104	2,922	2,539	2,293	1,960	1,925	1,766	1,827	1,636	1,544	1,368	1,464	1,685	1,532	1,660	1,820	1,987	2,054	2,093	1,918	1,584	904	871	941	693	768	1,029	1,308	1,588	2,287	2,364	2,095	2,016	1,890
Investment securities - tax-exempt
284	271	309	632	842	1,016	955	1,008	871	790	758	805	781	507	437	441	441	442	420	142	55	60	63	193	234	282	298	221	265	291	325	474	614	676	756	769	771	611	408
Short-term investments
79	102	561	503	173	158	68	46	55	76	78	46	18	22	42	79	65	17	21	17	26	11	9	7	8	22	41	50	61	73	71	82	61	51	42	21	24	31	33
Total interest income
23,967	24,313	24,656	24,367	19,658	19,842	16,226	15,324	14,275	14,057	13,098	12,468	11,830	11,075	10,654	10,272	9,961	9,954	9,885	9,568	9,228	9,520	9,477	9,585	9,601	9,643	8,982	8,989	9,484	9,987	10,731	11,629	13,089	14,008	15,491	15,537	15,325	14,780	14,536
Interest expense
Deposits
4,354	4,951	5,774	4,870	3,715	3,464	2,780	2,161	1,824	1,705	1,619	1,484	1,326	1,186	1,295	1,191	1,139	1,070	979	780	777	838	924	960	956	1,009	1,073	1,139	1,224	1,353	1,519	1,862	1,978	2,162	2,322	2,359	2,525	2,645	2,747
Securities sold under agreements to repurchase
32	523	39	34	27	480	332	402	363	241	182	189	172	75	21	25	66	69	85	81	60	52	33	30	33	28	19	8	6	7	20	41	52	28	68	95	123	95	81
FHLB Advances
818	-	-	-	659	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long-term debt
-	-	433	532	-	-	410	408	404	-	216	77	95	104	104	105	106	107	108	109	76	69	73	95	96	93	124	141	147	156	163	180	217	234	276	273	289	372	408
Subordinated notes
501	501	490	499	497	73	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total interest expense
5,705	6,130	6,736	5,935	4,898	4,427	3,522	2,971	2,591	2,284	2,017	1,750	1,593	1,365	1,420	1,321	1,311	1,246	1,172	970	913	959	1,030	1,085	1,085	1,130	1,216	1,288	1,377	1,516	1,702	2,083	2,247	2,424	2,666	2,727	2,937	3,112	3,236
Net interest income
18,262	18,183	17,920	18,432	14,760	15,415	12,704	12,353	11,684	11,773	11,081	10,718	10,237	9,710	9,234	8,951	8,650	8,708	8,713	8,598	8,315	8,561	8,447	8,500	8,516	8,513	7,766	7,701	8,107	8,471	9,029	9,546	10,842	11,584	12,825	12,810	12,388	11,668	11,300
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	-2,900	0	0	-1,750	0	-1,400	0	1,000	5,100	23,000	19,200	26,250	7,900	21,230	3,195	1,130	5,000
Net interest income after provision for loan losses
17,337	18,183	17,620	18,232	14,360	15,215	12,504	12,153	11,484	10,973	10,981	10,618	10,237	9,710	8,984	8,951	8,650	8,708	9,316	8,598	8,315	9,561	11,347	8,500	8,516	10,263	7,766	9,101	8,107	7,471	3,929	-13,454	-8,358	-14,666	4,925	-8,420	9,193	10,538	6,300
Noninterest income
Service charges on deposit accounts
847	-790	1,761	1,680	753	-1,172	1,524	1,463	1,418	-	1,437	1,429	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interchange income
788	-	-	-	736	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other service charges, commissions and fees
140	-62	372	346	149	-523	492	689	249	-	205	283	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan swap referral fees
200	-	629	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Trust and investment management income
1,640	1,856	1,892	1,749	1,758	1,539	1,668	1,701	1,668	-	1,551	1,623	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service charges on deposit accounts
-	-	-	-	-	-	-	-	-	-	-	-	1,358	-	1,370	1,372	1,303	1,353	1,381	1,299	1,193	1,359	1,375	1,412	1,269	1,409	1,448	1,445	1,414	1,601	1,564	1,543	1,519	1,607	1,674	1,645	1,485	1,682	1,593
Other service charges, commissions and fees
-	-	-	-	-	-	-	-	-	-	-	-	209	-	188	289	160	199	586	265	173	328	270	247	188	281	283	278	228	309	368	284	314	293	323	327	370	666	633
Trust and investment management income
-	-	-	-	-	-	-	-	-	-	-	-	1,446	-	1,247	1,188	1,336	1,079	1,074	1,198	1,247	1,088	1,172	1,219	1,208	1,219	1,273	1,151	1,127	1,227	1,096	1,116	1,136	1,124	1,046	1,034	1,012	964	904
Brokerage income
719	622	654	672	478	521	455	501	558	487	424	518	467	448	459	577	449	489	551	548	437	558	575	569	448	409	426	439	637	331	364	421	362	313	372	484	404	358	370
Mortgage banking activities
332	1,306	623	652	468	614	735	679	635	-	797	813	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of portfolio loans
1,878	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage banking activities
-	-	-	-	-	-	-	-	-	-	-	-	503	-	1,012	727	642	597	837	793	520	573	613	562	459	469	727	1,105	752	1,243	931	727	492	748	927	636	696	706	664
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	269	251	250	248	274	256	250	330	279	443
Investment securities (losses) gains
-40	18	2,328	2,064	339	115	29	46	816	-	533	654	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merchant processing revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	297	-288
Other income
30	143	44	32	112	48	56	135	81	43	34	32	81	124	20	114	87	72	104	194	40	-	-	-	-	-	-	-	-	-	-	91	-108	-	692	79	145	-7	806
Merchant processing revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,310	285	255	-	-
Other income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40	289	35	31	44	5	-87	-	308	-	-	-	-	-	-	-	-
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	1,074	1,781
Total noninterest income
7,074	6,745	8,782	7,879	5,135	4,325	5,492	5,505	5,702	4,735	5,256	5,623	4,335	4,969	4,568	4,537	5,665	4,096	4,831	4,883	5,368	4,526	4,752	5,138	4,438	4,113	4,599	4,664	4,432	5,161	4,880	7,027	6,194	7,384	8,951	5,209	5,076	6,019	7,482
Noninterest expenses
Salaries and employee benefits
11,594	11,407	10,489	8,922	8,677	9,037	7,610	7,855	8,022	7,779	7,544	7,422	7,400	7,052	6,823	6,312	6,183	5,947	6,051	6,158	5,900	6,065	5,902	5,879	5,812	6,237	5,584	5,387	5,746	5,356	4,874	4,977	4,657	3,808	4,690	4,176	4,832	5,011	4,478
Occupancy
1,127	1,125	1,133	1,066	1,001	832	775	679	798	-	639	705	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Occupancy
-	-	-	-	-	-	-	-	-	-	-	-	757	-	683	592	526	506	529	562	624	555	535	526	635	534	486	487	548	457	491	513	514	471	477	477	562	-	-
Occupancy and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	506	475
Furniture and equipment
1,162	1,308	1,252	1,140	1,023	1,102	990	1,068	919	935	937	826	736	1,019	782	748	786	796	759	763	743	791	865	836	836	918	900	851	777	754	754	727	678	660	672	692	681	720	659
Data processing
871	941	830	1,058	770	799	661	595	619	569	527	664	511	692	532	519	635	453	536	526	511	657	460	368	381	313	106	135	128	141	171	134	128	125	375	349	312	319	309
Automated teller and interchange fees
251	-	-	-	236	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Automated teller and interchange fees
-	-	198	202	-	264	181	165	196	231	221	193	122	168	206	190	176	163	168	171	190	-	-	-	-	-	-	-	-	-	137	182	160	-	141	165	176	189	184
Automated teller and interchange fees
-	-	270	238	-	-	187	190	171	-	196	194	178	193	157	237	161	173	204	215	206	205	254	226	180	243	282	274	255	-	-	-	-	-	-	-	-	-	-
Advertising and bank promotions
789	619	279	548	521	694	279	237	382	497	325	391	387	473	433	355	456	524	471	324	245	-	204	218	-	535	231	274	211	-	-	-	-	-	-	-	-	-	-
Advertising and bank promotions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	425	-	-	-	-	297	434	308	372	-	-	-	-	-	-
Advertising and bank promotions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	276	296	258	384	230
FDIC insurance
47	-30	-9	221	185	174	169	172	166	152	139	178	137	177	143	223	232	228	201	184	246	395	403	359	464	639	647	626	665	708	788	710	521	415	690	762	550	305	290
Legal fees
-	-	189	120	-	49	215	83	66	-24	565	108	153	146	298	225	181	324	427	476	213	-	273	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other professional services
716	600	625	587	557	294	361	476	303	459	380	377	355	361	287	345	339	311	308	344	299	24	380	548	628	-339	463	577	761	795	729	751	801	1,538	1,125	546	322	122	154
Directors' compensation
201	278	228	261	236	321	207	205	251	251	254	249	242	239	242	257	231	206	204	170	157	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Directors' compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	154	158	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Collection and problem loan
-	-	-	-	-	-	-	-	-	-	56	3	75	-	39	96	52	141	108	102	96	196	215	159	159	109	184	199	182	406	593	579	719	-	-	-	-	-	-
Real estate owned
-	-	22	12	-	-	18	53	25	-	41	-12	20	44	94	58	43	46	42	49	25	39	201	33	27	22	55	17	43	128	230	100	376	-	-	-	-	-	-
Taxes other than income
0	92	306	314	306	251	259	251	251	207	211	220	228	173	186	253	155	225	239	226	226	119	129	156	158	229	222	244	244	192	231	230	235	-	226	205	-	-	-
Taxes other than income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-205	-238	-222
Collection expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	359	177	154	-	-
OREO Expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	235	40	38	-	-
Intangible asset amortization
463	504	486	402	208	214	24	24	24	-	-	-	-	-	-	-	-	-	51	54	51	-	52	53	52	53	52	53	52	53	52	52	52	-	52	53	52	59	63
Regulatory settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger related and branch consolidation expenses
0	988	471	6,860	645	2,724	319	154	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance claim receivable (recovery) write-off
-486	0	0	0	615	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Regulatory settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating expenses
1,569	1,751	1,392	1,363	1,181	2,147	1,081	1,065	876	1,568	1,052	899	845	1,137	1,080	1,148	965	1,332	926	1,334	774	579	871	1,246	1,219	75	1,325	1,203	1,337	800	1,649	1,470	1,673	2,093	1,509	1,784	1,297	1,662	1,454
Total noninterest expenses
18,304	19,666	18,161	23,314	16,161	18,258	13,336	13,272	13,069	12,680	13,087	12,417	12,146	12,476	11,985	12,558	11,121	11,219	11,224	11,658	10,506	11,129	10,898	10,765	10,976	11,434	10,537	10,327	10,949	10,597	11,133	10,733	10,886	30,491	10,827	9,722	9,439	9,515	8,518
Income before income tax expense
6,107	5,262	8,241	2,797	3,334	1,282	4,660	4,386	4,117	3,028	3,150	3,824	2,426	2,203	1,567	930	3,194	1,585	2,923	1,823	3,177	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,201	2,873	1,978	-	1,828	3,438	1,590	2,035	-2,324	-17,160	-13,050	-37,773	3,049	-12,933	4,830	7,042	5,264
Income tax expense
1,039	1,028	1,340	110	232	130	644	374	492	3,022	376	516	424	275	125	252	614	136	462	321	715	-16,156	24	0	0	15	-281	30	30	1,005	19,028	-7,246	-4,832	-8,291	-1,265	-2,310	1,003	2,146	1,360
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	4,896	3,904
Per share information:
Basic earnings per share (in usd per share)
0.46	0.40	0.63	0.26	0.34	0.08	0.50	0.50	0.45	0.00	0.34	0.41	0.25	0.24	0.18	0.08	0.32	0.18	0.30	0.19	0.30	2.36	0.64	0.35	0.24	0.37	0.26	0.42	0.19	0.13	-2.65	-1.23	-1.02	-3.67	0.54	-1.33	0.48	0.61	0.49
Diluted earnings per share (in usd per share)
0.46	0.40	0.62	0.26	0.33	0.09	0.49	0.48	0.44	0.00	0.34	0.40	0.24	0.23	0.18	0.08	0.32	0.19	0.30	0.18	0.30	2.36	0.64	0.35	0.24	0.37	0.26	0.42	0.19	0.13	-2.65	-1.23	-1.02	-3.67	0.54	-1.33	0.48	0.61	0.49
Dividends per share (in dollars per share)
-	-	-	-	-	-	-	-	-	0.12	0.10	0.10	0.10	0.09	0.09	0.09	0.08	0.08	0.07	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.23	0.23	0.23	0.22	0.22
Dividends paid per share (in usd per share)
0.17	-	-	-	0.15	-	-	-	0.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Average shares and common stock equivalents outstanding
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,065	-	-	-	-	-	-	7,990	-
Average shares and common stock equivalents outstanding
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,026	-	-