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

12 Months Ended

Dec. 31, 2024


	December 31,
	2024		2023
Assets
Cash in bank subsidiary	$	16,595	$	13,996



Investment in bank subsidiary	569,254		284,540

Other assets	882		659
Total assets	$	586,731	$	299,195
Liabilities
Subordinated notes	$	60,990	$	32,093
Trust preferred debt	7,690		—
Other liabilities	1,369		2,046
Total liabilities	70,049		34,139
Shareholders’ Equity
Common stock	1,027		583
Additional paid-in capital	423,274		189,027
Retained earnings	126,540		117,667
Accumulated other comprehensive loss	(26,316)		(28,476)
Treasury stock	(7,843)		(13,745)
Total shareholders’ equity	516,682		265,056
Total liabilities and shareholders’ equity	$	586,731	$	299,195


	For the Years Ended December 31,
	2024		2023		2022
Income
Dividends from bank subsidiary	$	15,000	$	14,000	$	27,000
Interest income from bank subsidiary	150		158		29
Other income	105		21		16

Total income	15,255		14,179		27,045
Expenses

Interest expense on subordinated notes	3,798		2,017		2,013
Interest expense on trust preferred debt	487		—		—
Total interest expense	4,285		2,017		2,013
Share-based compensation	887		484		511
Management fee to bank subsidiary	1,606		1,449		1,341
Merger-related expenses	3,371		851		—
Provision for legal settlement	—		—		13,000
Other expenses	568		638		912
Total expenses	10,717		5,439		17,777
Income before income tax benefit and equity in undistributed income of subsidiaries	4,538		8,740		9,268
Income tax benefit	(2,198)		(1,106)		(3,726)
Income before equity in undistributed income of subsidiaries	6,736		9,846		12,994
Equity in undistributed income of subsidiaries	15,314		25,817		9,043
Net income	$	22,050	$	35,663	$	22,037


	For the Years Ended December 31,
	2024		2023		2022
Cash flows from operating activities:
Net income	$	22,050	$	35,663	$	22,037
Adjustments to reconcile net income to cash provided by operating activities:
Amortization	375		67		63
Deferred income tax expense (benefit)	52		8		(7)


Equity in undistributed income of subsidiaries	(15,314)		(25,817)		(9,043)
Share-based compensation	887		484		511
(Decrease) increase in other liabilities	(1,975)		1,759		231
Decrease (increase) in other assets	431		2,795		(2,915)

Net cash provided by operating activities	6,506		14,959		10,877
Cash flows from investing activities:




Cash acquired from Merger	2,991		—		—

Net cash provided by investing activities	2,991		—		—
Cash flows from financing activities:
Dividends paid	(13,177)		(8,485)		(8,264)


Proceeds from issuance of common stock	7,833		1,872		1,644
Payments to repurchase common stock	(2,393)		(2,963)		(14,468)
Other, net	839		136		143

Net cash used in financing activities	(6,898)		(9,440)		(20,945)
Net increase (decrease) in cash	2,599		5,519		(10,068)
Cash, beginning	13,996		8,477		18,545
Cash, ending	$	16,595	$	13,996	$	8,477