ORRSTOWN FINANCIAL SERVICES, INC. ORRF Income Statement

Orrstown financial services, inc. (ORRF)

Income statement / TTM

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
80,086	75,071	70,267	62,549	54,727	50,632	46,299	44,355	42,475	40,623	38,302	36,596	35,129	33,916	32,816	32,097	31,462	30,798	30,450	29,889	29,432	29,546	29,839	30,227	30,782	31,558	32,733	34,561	36,758	39,647	42,410	45,249	47,588	48,917	49,346	49,145	0	0	0
Investment securities - taxable
14,476	14,530	14,062	13,197	12,057	10,858	9,714	8,717	7,944	7,478	7,154	6,773	6,375	6,012	6,061	6,049	6,341	6,697	6,999	7,521	7,954	8,052	7,649	6,499	5,277	4,300	3,409	3,273	3,431	3,798	4,693	6,212	7,547	8,334	8,762	8,365	0	0	0
Investment securities - tax-exempt
1,496	2,054	2,799	3,445	3,821	3,850	3,624	3,427	3,224	3,134	2,851	2,530	2,166	1,826	1,761	1,744	1,445	1,059	677	320	371	550	772	1,007	1,035	1,066	1,075	1,102	1,355	1,704	2,089	2,520	2,815	2,972	2,907	2,559	0	0	0
Short-term investments
1,245	1,339	1,395	902	445	327	245	255	255	218	164	128	161	208	203	182	120	81	75	63	53	35	46	78	121	174	225	255	287	287	265	236	175	138	118	109	0	0	0
Total interest income
97,303	92,994	88,523	80,093	71,050	65,667	59,882	56,754	53,898	51,453	48,471	46,027	43,831	41,962	40,841	40,072	39,368	38,635	38,201	37,793	37,810	38,183	38,306	37,811	37,215	37,098	37,442	39,191	41,831	45,436	49,457	54,217	58,125	60,361	61,133	60,178	0	0	0
Interest expense
Deposits
19,949	19,310	17,823	14,829	12,120	10,229	8,470	7,309	6,632	6,134	5,615	5,291	4,998	4,811	4,695	4,379	3,968	3,606	3,374	3,319	3,499	3,678	3,849	3,998	4,177	4,445	4,789	5,235	5,958	6,712	7,521	8,324	8,821	9,368	9,851	10,276	0	0	0
Securities sold under agreements to repurchase
628	623	580	873	1,241	1,577	1,338	1,188	975	784	618	457	293	187	181	245	301	295	278	226	175	148	124	110	88	61	40	41	74	120	141	189	243	314	381	394	0	0	0
FHLB Advances
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long-term debt
-	-	1,818	1,795	-	-	1,560	1,366	1,035	-	492	380	408	419	422	426	430	400	362	327	313	333	357	408	454	505	568	607	646	716	794	907	1,000	1,072	1,210	1,342	0	0	0
Subordinated notes
1,991	1,987	1,559	1,069	570	73	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total interest expense
24,506	23,699	21,996	18,782	15,818	13,511	11,368	9,863	8,642	7,644	6,725	6,128	5,699	5,417	5,298	5,050	4,699	4,301	4,014	3,872	3,987	4,159	4,330	4,516	4,719	5,011	5,397	5,883	6,678	7,548	8,456	9,420	10,064	10,754	11,442	12,012	0	0	0
Net interest income
72,797	69,295	66,527	61,311	55,232	52,156	48,514	46,891	45,256	43,809	41,746	39,899	38,132	36,545	35,543	35,022	34,669	34,334	34,187	33,921	33,823	34,024	33,976	33,295	32,496	32,087	32,045	33,308	35,153	37,888	41,001	44,797	48,061	49,607	49,691	48,166	0	0	0
Provision for loan losses
1,425	900	1,100	1,000	1,000	800	1,400	1,300	1,200	1,000	200	350	250	250	250	-603	-603	-603	-1,603	-3,900	-3,900	-3,900	-4,650	-1,750	-3,150	-3,150	-400	4,700	29,100	48,300	73,550	76,350	74,580	58,575	33,455	30,555	0	0	0
Net interest income after provision for loan losses
71,372	68,395	65,427	60,311	54,232	51,356	47,114	45,591	44,056	42,809	41,546	39,549	37,882	36,295	35,293	35,625	35,272	34,937	35,790	37,821	37,723	37,924	38,626	35,045	35,646	35,237	32,445	28,608	6,053	-10,412	-32,549	-31,553	-26,519	-8,968	16,236	17,611	0	0	0
Noninterest income
Service charges on deposit accounts
3,498	3,404	3,022	2,785	2,568	3,233	5,842	5,747	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interchange income
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other service charges, commissions and fees
796	805	344	464	807	907	1,635	1,426	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan swap referral fees
0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Trust and investment management income
7,137	7,255	6,938	6,714	6,666	6,576	6,588	6,543	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service charges on deposit accounts
-	-	-	-	-	-	-	-	-	-	-	-	5,500	-	5,398	5,409	5,336	5,226	5,232	5,226	5,339	5,415	5,465	5,538	5,571	5,716	5,908	6,024	6,122	6,227	6,233	6,343	6,445	6,411	6,486	6,405	0	0	0
Other service charges, commissions and fees
-	-	-	-	-	-	-	-	-	-	-	-	1,043	-	836	1,234	1,210	1,223	1,352	1,036	1,018	1,033	986	999	1,030	1,070	1,098	1,183	1,189	1,275	1,259	1,214	1,257	1,313	1,686	1,996	0	0	0
Trust and investment management income
-	-	-	-	-	-	-	-	-	-	-	-	5,201	-	4,850	4,677	4,687	4,598	4,607	4,705	4,726	4,687	4,818	4,919	4,851	4,770	4,778	4,601	4,566	4,575	4,472	4,422	4,340	4,216	4,056	3,914	0	0	0
Brokerage income
2,667	2,426	2,325	2,126	1,955	2,035	2,001	1,970	1,987	1,896	1,857	1,892	1,951	1,933	1,974	2,066	2,037	2,025	2,094	2,118	2,139	2,150	2,001	1,852	1,722	1,911	1,833	1,771	1,753	1,478	1,460	1,468	1,531	1,573	1,618	1,616	0	0	0
Mortgage banking activities
2,913	3,049	2,357	2,469	2,496	2,663	2,846	2,924	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of portfolio loans
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage banking activities
-	-	-	-	-	-	-	-	-	-	-	-	3,273	-	2,978	2,803	2,869	2,747	2,723	2,499	2,268	2,207	2,103	2,217	2,760	3,053	3,827	4,031	3,653	3,393	2,898	2,894	2,803	3,007	2,965	2,702	0	0	0
Income from life insurance
2,242	2,044	1,867	1,921	1,528	1,463	1,396	1,138	1,118	1,109	1,103	1,100	1,099	1,099	1,104	1,101	1,064	1,025	971	940	945	950	952	955	958	963	990	1,000	1,009	1,018	1,023	1,028	1,028	1,110	1,115	1,302	0	0	0
Investment securities (losses) gains
4,370	4,749	4,846	2,547	529	1,006	1,424	2,049	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merchant processing revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other income
249	331	236	248	351	320	315	293	190	190	271	257	339	345	293	377	457	410	0	0	0	-	-	-	-	-	-	-	-	-	-	0	0	-	909	1,023	0	0	0
Merchant processing revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,850	0	0	0	-	-
Other income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	395	399	115	-7	270	0	0	-	0	-	-	-	-	-	-	-	-
Investment securities gains
-	-	-	-	-	-	-	-	-	-	-	-	3	-	1,433	1,462	1,815	1,924	2,178	2,618	2,867	1,935	1,721	1,409	807	332	279	120	2,715	4,824	7,849	10,202	8,076	6,224	4,273	3,703	0	0	0
Total noninterest income
30,480	28,541	26,121	22,831	20,457	21,024	21,434	21,198	21,316	19,949	20,183	19,495	18,409	19,739	18,866	19,129	19,475	19,178	19,608	19,529	19,784	18,854	18,441	18,288	17,814	17,808	18,856	19,137	21,500	23,262	25,485	29,556	27,738	26,620	25,255	23,786	0	0	0
Noninterest expenses
Salaries and employee benefits
42,412	39,495	37,125	34,246	33,179	32,524	31,266	31,200	30,767	30,145	29,418	28,697	27,587	26,370	25,265	24,493	24,339	24,056	24,174	24,025	23,746	23,658	23,830	23,512	23,020	22,954	22,073	21,363	20,953	19,864	18,316	18,132	17,331	17,506	18,709	18,497	0	0	0
Occupancy
4,451	4,325	4,032	3,674	3,287	3,084	2,891	2,821	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Occupancy
-	-	-	-	-	-	-	-	-	-	-	-	2,722	-	2,307	2,153	2,123	2,221	2,270	2,276	2,240	2,251	2,230	2,181	2,142	2,055	1,978	1,983	2,009	1,975	1,989	1,975	1,939	1,987	0	0	0	-	-
Occupancy and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Furniture and equipment
4,862	4,723	4,517	4,255	4,183	4,079	3,912	3,859	3,617	3,434	3,518	3,363	3,285	3,335	3,112	3,089	3,104	3,061	3,056	3,162	3,235	3,328	3,455	3,490	3,505	3,446	3,282	3,136	3,012	2,913	2,819	2,737	2,702	2,705	2,765	2,752	0	0	0
Data processing
3,700	3,599	3,457	3,288	2,825	2,674	2,444	2,310	2,379	2,271	2,394	2,399	2,254	2,378	2,139	2,143	2,150	2,026	2,230	2,154	1,996	1,866	1,522	1,168	935	682	510	575	574	574	558	762	977	1,161	1,355	1,289	0	0	0
Automated teller and interchange fees
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Automated teller and interchange fees
-	-	876	859	-	806	773	813	841	767	704	689	686	740	735	697	678	692	0	0	0	-	-	-	-	-	-	-	-	-	0	0	0	-	671	714	0	0	0
Automated teller and interchange fees
-	-	1,002	919	-	-	747	756	760	-	761	722	765	748	728	775	753	798	830	880	891	865	903	931	979	1,054	0	0	0	-	-	-	-	-	-	-	-	-	-
Advertising and bank promotions
2,235	1,967	2,042	2,042	1,731	1,592	1,395	1,441	1,595	1,600	1,576	1,684	1,648	1,717	1,768	1,806	1,775	1,564	1,244	991	0	-	0	0	-	1,251	0	0	0	-	-	-	-	-	-	-	-	-	-
Advertising and bank promotions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	1,411	0	0	0	-	-	-	-	-	-
Advertising and bank promotions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
FDIC insurance
229	367	571	749	700	681	659	629	635	606	631	635	680	775	826	884	845	859	1,026	1,228	1,403	1,621	1,865	2,109	2,376	2,577	2,646	2,787	2,871	2,727	2,434	2,336	2,388	2,417	2,307	1,907	0	0	0
Legal fees
-	-	411	437	-	413	340	690	715	802	972	705	822	850	1,028	1,157	1,408	1,440	1,389	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other professional services
2,528	2,369	2,063	1,799	1,688	1,434	1,599	1,618	1,519	1,571	1,473	1,380	1,348	1,332	1,282	1,303	1,302	1,262	975	1,047	1,251	1,580	1,217	1,300	1,329	1,462	2,596	2,862	3,036	3,076	3,819	4,215	4,010	3,531	2,115	1,144	0	0	0
Directors' compensation
968	1,003	1,046	1,025	969	984	914	961	1,005	996	984	972	980	969	936	898	811	737	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Directors' compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Collection and problem loan
-	-	-	-	-	-	-	-	-	-	185	168	261	-	328	397	403	447	502	609	666	729	642	611	651	674	971	1,380	1,760	2,297	0	0	0	-	-	-	-	-	-
Real estate owned
-	-	37	33	-	-	116	139	74	-	93	146	216	239	241	189	180	162	155	314	298	300	283	137	121	137	243	418	501	834	0	0	0	-	-	-	-	-	-
Taxes other than income
712	1,018	1,177	1,130	1,067	1,012	968	920	889	866	832	807	840	767	819	872	845	916	810	700	630	562	672	765	853	939	902	911	897	888	922	896	0	-	0	0	-	-	-
Taxes other than income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Collection expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
OREO Expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Intangible asset amortization
1,855	1,600	1,310	848	470	286	0	0	0	-	-	-	-	-	-	-	-	-	0	0	0	-	210	210	210	210	210	210	209	209	0	0	0	-	0	0	0	0	0
Regulatory settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger related and branch consolidation expenses
8,319	8,964	10,700	10,548	3,842	3,197	473	154	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance claim receivable (recovery) write-off
-486	615	615	615	615	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Regulatory settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating expenses
6,075	5,687	6,083	5,772	5,474	5,169	4,590	4,561	4,395	4,364	3,933	3,961	4,210	4,330	4,525	4,371	4,557	4,366	3,613	3,558	3,470	3,915	3,411	3,865	3,822	3,940	4,665	4,989	5,256	5,592	6,885	6,745	7,059	6,683	6,252	6,197	0	0	0
Total noninterest expenses
79,445	77,302	75,894	71,069	61,027	57,935	52,357	52,108	51,253	50,330	50,126	49,024	49,165	48,140	46,883	46,122	45,222	44,607	44,517	44,191	43,298	43,768	44,073	43,712	43,274	43,247	42,410	43,006	43,412	43,349	63,243	62,937	61,926	60,479	39,503	37,194	0	0	0
Income before income tax expense
22,407	19,634	15,654	12,073	13,662	14,445	16,191	14,681	14,119	12,428	11,603	10,020	7,126	7,894	7,276	8,632	9,525	9,508	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	8,891	4,739	-15,859	-30,499	-70,307	-64,934	-60,707	-42,827	1,988	4,203	0	0	0
Income tax expense
3,517	2,710	1,812	1,116	1,380	1,640	4,532	4,264	4,406	4,338	1,591	1,340	1,076	1,266	1,127	1,464	1,533	1,634	-14,658	-15,096	-15,417	-16,132	39	-266	-236	-206	784	20,093	12,817	7,955	-1,341	-21,634	-16,698	-10,863	-426	2,199	0	0	0
Net income
18,890	16,924	13,842	10,957	12,282	12,805	11,659	10,417	9,713	8,090	10,012	8,680	6,050	6,628	6,149	7,168	7,992	7,874	25,539	28,255	29,626	29,142	12,955	9,887	10,422	10,004	8,107	-15,354	-28,676	-38,454	-68,966	-43,300	-44,009	-31,964	2,414	2,004	0	0	0
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	-	-