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ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION
Condensed Balance Sheets
 
December 31,
20192018
Assets
Cash in Orrstown Bank$11,568  $28,596  
Investment in Orrstown Bank242,041  175,299  
Other assets1,724  2,057  
Total assets$255,333  $205,952  
Liabilities
Subordinated notes$31,847  $31,859  
Accrued interest and other liabilities237  660  
Total liabilities32,084  32,519  
Shareholders’ Equity
Common stock584  491  
Additional paid-in capital188,365  151,678  
Retained earnings35,246  24,472  
Accumulated other comprehensive loss(480) (2,972) 
Treasury stock(466) (236) 
Total shareholders’ equity223,249  173,433  
Total liabilities and shareholders’ equity$255,333  $205,952  
Condensed Statements of Income
 
For the Years Ended December 31,
201920182017
Income
Dividends from bank subsidiary$2,000  $4,450  $—  
Interest income from bank subsidiary257  7  15  
Other income55  102  61  
Total income 2,312  4,559  76  
Expenses
Interest on short-term borrowings—  57  —  
Interest on subordinated notes1,987  73  —  
Total interest expense1,987  130  —  
Share-based compensation236  205  247  
Management fee to bank subsidiary1,350  1,042  501  
Merger related expenses1,574  1,545  —  
Other expenses802  656  1,116  
Total expenses5,949  3,578  1,864  
(Loss) income before income tax benefit and equity in undistributed income of subsidiaries
(3,637) 981  (1,788) 
Income tax benefit(1,182) (735) (596) 
(Loss) income before equity in undistributed income of subsidiaries
(2,455) 1,716  (1,192) 
Equity in undistributed income of subsidiaries
19,379  11,089  9,282  
Net income $16,924  $12,805  $8,090  
Condensed Statements of Cash Flows
 
For the Years Ended December 31,
201920182017
Cash flows from operating activities:
Net income $16,924  $12,805  $8,090  
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Amortization47  3  —  
Deferred income taxes16  22  16  
Equity in undistributed income of subsidiaries
(19,379) (11,089) (9,282) 
Share-based compensation236  205  247  
Net change in other liabilities(423) 12  (35) 
Net change in other assets311  2,039  (377) 
Net cash (used in) provided by operating activities(2,268) 3,997  (1,341) 
Cash flows from investing activities:
Capital contributed to subsidiaries(100) —  (6,100) 
Net cash paid for acquisitions (8,142) (4,597) —  
Net cash used in investing activities(8,242) (4,597) (6,100) 
Cash flows from financing activities:
Dividends paid(6,150) (4,375) (3,488) 
Proceeds from issuance of subordinated notes, net of costs—  31,857  —  
Proceeds from issuance of common stock1,463  1,448  1,276  
Payments to repurchase common stock(1,772) (651) —  
Other, net(59) —  —  
Net cash (used in) provided by financing activities(6,518) 28,279  (2,212) 
Net (decrease) increase in cash(17,028) 27,679  (9,653) 
Cash, beginning28,596  917  10,570  
Cash, ending$11,568  $28,596  $917