ORRSTOWN FINANCIAL SERVICES, INC. (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets

	December 31,
	2021		2020
Assets
Cash in Orrstown Bank	$	18,545	$	13,961
Investment in Orrstown Bank	284,577		263,346
Other assets	553		941
Total assets	$	303,675	$	278,248
Liabilities
Subordinated notes	$	31,963	$	31,903
Accrued interest and other liabilities	56		96
Total liabilities	32,019		31,999
Shareholders’ Equity
Common stock	586		586
Additional paid-in capital	189,689		189,066
Retained earnings	78,700		54,099
Accumulated other comprehensive income	4,449		3,346
Treasury stock	(1,768)		(848)
Total shareholders’ equity	271,656		246,249
Total liabilities and shareholders’ equity	$	303,675	$	278,248

Condensed Statements of Income

Condensed Statements of Income

	For the Years Ended December 31,
	2021		2020		2019
Income
Dividends from bank subsidiary	$	16,000	$	14,000	$	2,000
Interest income from bank subsidiary	25		76		257
Other income	119		62		55
Total income	16,144		14,138		2,312
Expenses
Interest on subordinated notes	2,009		2,006		1,987
Share-based compensation	433		463		236
Management fee to bank subsidiary	1,089		1,254		1,350
Merger related expenses	—		—		1,574
Other expenses	704		1,324		802
Total expenses	4,235		5,047		5,949
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries	11,909		9,091		(3,637)
Income tax benefit	(863)		(1,022)		(1,182)
Income (loss) before equity in undistributed income of subsidiaries	12,772		10,113		(2,455)
Equity in undistributed income of subsidiaries	20,109		16,350		19,379
Net income	$	32,881	$	26,463	$	16,924

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	For the Years Ended December 31,
	2021		2020		2019
Cash flows from operating activities:
Net income	$	32,881	$	26,463	$	16,924
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Amortization	59		56		47
Deferred income taxes	(4)		(39)		16
Equity in undistributed income of subsidiaries	(20,109)		(16,350)		(19,379)
Share-based compensation	433		463		236
Net change in other liabilities	(40)		(141)		(423)
Net change in other assets	375		(221)		311
Net cash provided by (used in) operating activities	13,595		10,231		(2,268)
Cash flows from investing activities:
Capital contributed to subsidiaries	—		—		(100)
Net cash paid for acquisitions	—		(85)		(8,142)
Net cash used in investing activities	—		(85)		(8,242)
Cash flows from financing activities:
Dividends paid	(8,280)		(7,610)		(6,150)
Proceeds from issuance of common stock	1,516		1,628		1,463
Payments to repurchase common stock	(2,383)		(1,887)		(1,772)
Other, net	136		116		(59)
Net cash used in financing activities	(9,011)		(7,753)		(6,518)
Net increase (decrease) in cash	4,584		2,393		(17,028)
Cash, beginning	13,961		11,568		28,596
Cash, ending	$	18,545	$	13,961	$	11,568