Exhibit 99.1

FOR IMMEDIATE RELEASE:             

Orrstown Financial Services, Inc. Reports Second Quarter 2025 Results and Announces Dividend Increase

•Net income of $19.4 million, or $1.01 per diluted share, for the three months ended June 30, 2025 compared to net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025; the second quarter of 2025 included $1.0 million in merger-related expenses compared to $1.6 million in merger-related expenses for the first quarter of 2025;

•Excluding the impact of the merger-related expenses referenced above, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively, for the second quarter of 2025 compared to $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025;

•Net interest margin, on a tax equivalent basis, was 4.07% in the second quarter of 2025 compared to 4.00% in the first quarter of 2025; the net accretion of purchase accounting marks positively impacted the margin by 50 basis points in the second quarter of 2025;

•Return on average assets was 1.45% and return on average equity was 14.56% for the three months ended June 30, 2025, compared to 1.35% and 13.98% for the return on average assets and return on average equity, respectively, for the three months ended March 31, 2025;

•Excluding the impact of the merger-related expenses referenced above, net of taxes, adjusted return on average assets was 1.51%(1) and adjusted return on average equity was 15.12%(1) for the three months ended June 30, 2025 compared to 1.45%(1) and 14.97%(1), respectively, for the three months ended March 31, 2025;

•Loans increased by $55.4 million, or 6% annualized, from March 31, 2025 to June 30, 2025; classified loans decreased by $10.4 million from $76.2 million at March 31, 2025 to $65.8 million at June 30, 2025;

•Noninterest income increased by $1.3 million from $11.6 million for the three months ended March 31, 2025 to $12.9 million for the three months ended June 30, 2025;

•Noninterest expense decreased by $0.6 million from $38.2 million for the three months ended March 31, 2025 to $37.6 million for the three months ended June 30, 2025, reflecting a decline in merger-related expenses during the second quarter of 2025; merger-related costs are not expected to be meaningful going forward; the second quarter of 2025 also included $0.6 million of severance charges in salaries and employee benefits expense;

•Efficiency ratio decreased from 63.2% for the three months ended March 31, 2025 to 60.3% for the three months ended June 30, 2025; excluding the impact of the merger-related expenses, the efficiency ratio was 58.7%(1) for the three months ended June 30, 2025 compared to 60.5%(1) for the three months ended March 31, 2025;

•Tangible common equity increased to 8.3% at June 30, 2025 compared to 7.9% at March 31, 2025;

•Tangible book value per common share(1) increased to $22.77 per share at June 30, 2025 compared to $21.99 per share at March 31, 2025;

•The Board of Directors authorized a share repurchase program on June 20, 2025, through which the Company could repurchase up to 500,000 shares of its common stock;

•The Board of Directors declared a cash dividend of $0.27 per common share, payable August 12, 2025, to shareholders of record as of August 5, 2025; this represents a $0.01 per share increase in the Company's quarter cash dividend; the dividend has increased by 35% since the closing of the merger with Codorus Valley Bancorp.

(1) Non-GAAP measure. See Appendix A for additional information.

HARRISBURG, PA (July 22, 2025) -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the periods ended June 30, 2025. Net income totaled $19.4 million for the three months ended June 30, 2025, compared to net income of $18.1 million for the three months ended March 31, 2025 and net income of $7.7 million for the three months ended June 30, 2024. Diluted earnings per share was $1.01 for

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the three months ended June 30, 2025, compared to diluted earnings per share of $0.93 for the three months ended March 31, 2025 and diluted earnings per share of $0.73 for the three months ended June 30, 2024. For the second quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively. For the first quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $19.3 million(1) and $1.00(1), respectively. For the second quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $8.7 million(1) and $0.83(1), respectively.

“At the one-year mark after the merger with Codorus Valley Bancorp, we are very pleased to have achieved metrics near top of peers, with significant upside opportunities in front of us,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “In the second quarter, we experienced positive traction on loan production. While commercial loan growth was lower than expected, our pipeline remains strong as we head into the third quarter. We remain prudent with our lending decisions and will not compromise on credit quality. Net interest margin improved in the quarter with good momentum going into the remainder of the year. While expenses remain slightly elevated, we do not anticipate any further meaningful merger-related expenses and continue to implement process improvements that will enhance efficiency and facilitate future growth. We believe that our strong credit metrics and capital generation have positioned us well for the future.”

(1) Non-GAAP measure. See Appendix A for additional information.

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DISCUSSION OF RESULTS

Balance Sheet

Loans

Loans held for investment increased by $55.4 million and totaled $3.9 billion at both June 30, 2025 and March 31, 2025. Commercial loans increased by $16.1 million, or 2% annualized, and residential mortgages increased by $37.9 million from March 31, 2025 to June 30, 2025. The increase in loans included a purchase of property assessed clean energy ("PACE") loans totaling $25.4 million.

Investment Securities

Investment securities, all of which are classified as available-for-sale, increased by $29.9 million to $885.4 million at June 30, 2025 from $855.5 million at March 31, 2025. During the second quarter of 2025, the Bank purchased $50.1 million of investment securities, which was partially offset by paydowns totaling $20.4 million. The overall duration of the Company's investment securities portfolio was 4.5 years at June 30, 2025 compared to 4.3 years at March 31, 2025. See Appendix B for a summary of the Bank's investment securities at June 30, 2025, highlighting their concentrations, credit ratings and credit enhancement levels.

Deposits

During the second quarter of 2025, deposits decreased by $117.1 million and totaled $4.5 billion at June 30, 2025 compared to $4.6 billion March 31, 2025. Time deposits, money market deposits, non-interest bearing demand deposits, saving deposits and interest-bearing demand deposits decreased by $58.0 million, $35.8 million, $13.9 million, $6.2 million and $3.2 million, respectively, from March 31, 2025 to June 30, 2025. The declines in time deposits and money market deposits are due to continued run-off in higher yielding promotional balances. The decreases in the other categories were consistent with normal cyclical activity. As a result of the decrease in total deposits, the Bank's loan-to-deposit ratio increased to 87% at June 30, 2025 from 84% at March 31, 2025.

Borrowings

The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $136.3 million at June 30, 2025 compared to $100.3 million at March 31, 2025. The increase was due to higher utilization of overnight borrowings during the second quarter of 2025 as deposit balances declined and lending and investing activities increased. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.7 billion at June 30, 2025.

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Income Statement

Net Interest Income and Margin

Net interest income was $49.5 million for the three months ended June 30, 2025 compared to $48.8 million for the three months ended March 31, 2025. The net interest margin, on a tax equivalent basis, increased to 4.07% in the second quarter of 2025 from 4.00% in the first quarter of 2025. This increase is primarily the result of the cost of funds declining by 12 basis points from the first quarter of 2025 to the second quarter of 2025. This was partially offset by a decrease of seven basis points in the yield on loans from the three months ended March 31, 2025 to the three months ended June 30, 2025. This decrease was due to a reduction in accelerated accretion on acquired loans over that period. The second quarter 2025 net interest margin reflects the full impact of deposit rate reductions implemented in the prior quarter as well as the runoff of higher rate time deposits and money market balances.

The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $5.2 million during the second quarter of 2025 compared to $6.9 million for the first quarter of 2025. This change was due primarily to lower accelerated accretion in the three months ended June 30, 2025.

Interest income on loans, on a tax equivalent basis, decreased by $0.4 million to $63.2 million for the three months ended June 30, 2025 compared to $63.6 million for the three months ended March 31, 2025. Average loans decreased by $14.7 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The accretion of purchase accounting marks on loans totaled $4.9 million during the second quarter of 2025 compared to $6.6 million during the first quarter of 2025.

Interest income on investment securities, on a tax equivalent basis, was $10.6 million for the second quarter of 2025 compared to $10.1 million in the first quarter of 2025, an increase of $0.5 million. Average investment securities increased by $39.0 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025 primarily due to the aforementioned purchases.

Interest expense, on a tax equivalent basis, decreased by $1.5 million to $25.3 million for the three months ended June 30, 2025 compared to $26.8 million for the three months ended March 31, 2025. Average interest-bearing deposits decreased by $70.3 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The cost of interest-bearing deposits declined by 14 basis points from the first quarter of 2025 to the second quarter of 2025. In addition, interest expense includes $0.4 million and $0.6 million of amortization of purchase accounting marks on interest bearing liabilities for the three months ended June 30, 2025 and March 31, 2025, respectively.

Provision for Credit Losses on Loans

The allowance for credit losses ("ACL") on loans increased to $47.9 million at June 30, 2025 from $47.8 million at March 31, 2025. The ACL to total loans was 1.22% at June 30, 2025 compared to 1.23% at March 31, 2025. The Company recorded provision expense of $0.2 million for the three months ended June 30, 2025 compared to a recovery in the provision for credit losses on loans of $0.6 million for the three months ended March 31, 2025 . Net charge-offs were $0.1 million for the three months ended June 30, 2025 compared to $0.3 million for the three months ended March 31, 2025.

Classified loans decreased by $10.4 million to $65.8 million at June 30, 2025 from $76.2 million at March 31, 2025 due to net upgrades and loan repayments. Non-accrual loans totaled $22.4 million at June 30, 2025 compared to $22.7 million at March 31, 2025. Nonaccrual loans to total loans decreased to 0.57% at June 30, 2025 compared to 0.59% at March 31, 2025. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts.

Noninterest Income

Noninterest income increased by $1.3 million to $12.9 million for the three months ended June 30, 2025 from $11.6 million for the three months ended March 31, 2025.

Swap fee income increased by $0.3 million to $0.7 million for the three months ended June 30, 2025 compared to $0.4 million for the three months ended March 31, 2025. Swap fee income will fluctuate based on market conditions and client demand.

Income from service charges was $2.6 million for the three months ended June 30, 2025 compared to $2.4 million for the three months ended March 31, 2025 based on increased cash management services activity.

Income from mortgage banking activities increased by $0.2 million from $0.3 million in the three months ended March 31, 2025 to $0.5 million in the three months ended June 30, 2025. The first quarter of 2025 included a decrease of $0.2 million in the fair value of mortgage servicing rights.

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Wealth management income decreased by $0.2 million to $5.2 million for the three months ended June 30, 2025 compared to $5.4 million for the three months ended March 31, 2025.

Other income increased by $0.7 million to $2.4 million for the three months ended June 30, 2025 compared to $1.7 million for the three months ended March 31, 2025. During the second quarter of 2025, the Bank recorded $0.3 million in solar tax credits and a gain on the sale of other real estate owned of $0.1 million.

Noninterest Expenses

Noninterest expenses decreased by $0.6 million to $37.6 million in the three months ended June 30, 2025 from $38.2 million in the three months ended March 31, 2025.

For the three months ended June 30, 2025, merger-related expenses totaled $1.0 million, a decrease of $0.6 million, compared to $1.6 million for the three months ended March 31, 2025. The merger-related costs incurred in the second quarter of 2025 primarily included software conversion costs. The Company does not expect to incur meaningful merger-related expenses going forward.

Salaries and benefits expense increased by $1.0 million to $21.4 million for the three months ended June 30, 2025 compared to $20.4 million for the three months ended March 31, 2025. The increase during the second quarter of 2025 includes $0.6 million of severance costs, the impact of merit salary increases in May and the impact of one extra day in the quarter.

Occupancy, furniture and equipment expenses decreased by $0.5 million to $4.2 million for the three months ended June 30, 2025 from $4.7 million for the three months ended March 31, 2025 primarily due to the seasonal expenses incurred during the first quarter of 2025.

Professional services expense increased by $0.2 million from the three months ended March 31, 2025 to the three months ended June 30, 2025. During the quarter, the Company continued to utilize an elevated level of third-party assistance to enhance daily functions and operational processes throughout the organization. While the Company will remain reliant on these services into the second half of 2025, the Company expects expenses related to these services to decline beginning in the third quarter of 2025.

Advertising and bank promotions expense increased by $0.6 million to $1.1 million in the three months ended June 30, 2025 from $0.5 million in the three months ended March 31, 2025 due to $0.7 million in contributions to tax credit programs during the second quarter of 2025. Taxes other than income decreased by $0.6 million in the three months ended June 30, 2025 compared to the three months ended March 31, 2025. This decrease reflects the tax impact of the contributions referenced above.

Income Taxes

The Company's effective tax rate was 21.3% for the second quarter of 2025 compared to 20.7% for the first quarter of 2025. The Company's effective tax rate for the three months ended June 30, 2025 is greater than the 21% federal statutory rate primarily due to the disallowed portion of interest expense against earnings in association with the Bank's tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 partially offset by the benefit of tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.

Capital

Shareholders’ equity totaled $548.4 million at June 30, 2025 compared to $532.9 million at March 31, 2025. The increase is due to net income of $19.4 million and share-based compensation activity of $1.6 million, partially offset by dividend payments of $5.1 million and other comprehensive losses of $0.5 million.

Tangible book value per common share(1) increased to $22.77 per share at June 30, 2025 from $21.99 per share at March 31, 2025. The Company's tangible common equity ratio was 8.3% at June 30, 2025 compared to 7.9% at March 31, 2025. Average tangible common equity per common share(1) was $18.43 at June 30, 2025 compared to $17.91 at March 31, 2025.

The Company's capital ratios increased during the three months ended June 30, 2025 due primarily to earnings. The Company's tier 1 common equity, tier 1 and total risk-based capital ratios were 10.9%, 11.1% and 13.3%, respectively, at June 30, 2025 compared to 10.6%, 10.8% and 13.1%, respectively, at March 31, 2025. The Company's Tier 1 leverage ratio increased to 9.0% at June 30, 2025 compared to 8.6% at March 31, 2025.

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At June 30, 2025, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.

The Board of Directors authorized a share repurchase program on June 20, 2025, through which the Company could repurchase up to 500,000 shares of its common stock. The Company repurchased 2,134 common shares during the second quarter of 2025.

(1) Non-GAAP measure. See Appendix A for additional information.

Investor Relations Contact:

Neelesh Kalani

Executive Vice President, Chief Financial Officer

Phone (717) 510-7097

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FINANCIAL HIGHLIGHTS (Unaudited)
	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
(In thousands)	2025			2024			2025			2024
Profitability for the period:
Net interest income	$	49,512		$	26,103		$	98,273		$	52,984
Provision for (Recovery of) credit losses - loans	209			812			(345)			1,233
Recovery of credit losses - unfunded loan commitments	(100)			—			(100)			(123)
Noninterest income	12,915			7,172			24,539			13,802
Noninterest expenses	37,614			22,639			75,790			45,108
Income before income tax expense	24,704			9,824			47,467			20,568
Income tax expense	5,256			2,086			9,968			4,299
Net income available to common shareholders	$	19,448		$	7,738		$	37,499		$	16,269
Financial ratios:
Return on average assets (1)	1.45		%	0.97		%	1.40		%	1.04		%
Return on average assets, adjusted (1) (2) (3)	1.51		%	1.09		%	1.48		%	1.14		%
Return on average equity (1)	14.56		%	11.41		%	14.28		%	12.09		%
Return on average equity, adjusted (1) (2) (3)	15.12		%	12.88		%	15.05		%	13.33		%
Net interest margin (1)	4.07		%	3.54		%	4.04		%	3.65		%
Efficiency ratio	60.3		%	68.0		%	61.7		%	67.5		%
Efficiency ratio, adjusted (2) (3)	58.7		%	64.6		%	59.6		%	64.8		%
Income per common share:
Basic	$	1.01		$	0.74		$	1.96		$	1.57
Basic, adjusted (2) (3)	$	1.05		$	0.84		$	2.06		$	1.73
Diluted	$	1.01		$	0.73		$	1.94		$	1.55
Diluted, adjusted (2) (3)	$	1.04		$	0.83		$	2.04		$	1.71
Average equity to average assets	9.97		%	8.50		%	9.81		%	8.58		%
(1) Annualized for the three and six months ended June 30, 2025 and 2024.
(2) Ratio has been adjusted for the non-recurring charges for all periods presented.
(3) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

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FINANCIAL HIGHLIGHTS(Unaudited)
(continued)
	June 30,			December 31,
(Dollars in thousands, except per share amounts)	2025			2024
At period-end:
Total assets	$	5,387,645		$	5,441,589
Loans, net of allowance for credit losses	3,883,481			3,882,525
Loans held-for-sale, at fair value	5,206			6,614
Securities available for sale, at fair value	885,373			829,711
Total deposits	4,516,625			4,623,096
FHLB advances and other borrowings and Securities sold under agreements to repurchase	166,381			141,227
Subordinated notes and trust preferred debt	69,021			68,680
Shareholders' equity	548,448			516,682
Credit quality and capital ratios (1):
Allowance for credit losses to total loans	1.22		%	1.24		%
Total nonaccrual loans to total loans	0.57		%	0.61		%
Nonperforming assets to total assets	0.42		%	0.45		%
Allowance for credit losses to nonaccrual loans	214		%	202		%
Total risk-based capital:
Orrstown Financial Services, Inc.	13.3		%	12.4		%
Orrstown Bank	13.3		%	12.4		%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.	11.1		%	10.2		%
Orrstown Bank	12.1		%	11.2		%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.	10.9		%	10.0		%
Orrstown Bank	12.1		%	11.2		%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.	9.0		%	8.3		%
Orrstown Bank	9.8		%	9.1		%
Book value per common share	$	28.07		$	26.65
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.

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ORRSTOWN FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)	June 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	54,335	$	51,026
Interest-bearing deposits with banks	95,042		197,848
Cash and cash equivalents	149,377		248,874
Restricted investments in bank stocks	21,204		20,232
Securities available for sale (amortized cost of $916,830 and $864,920 at June 30, 2025 and December 31, 2024, respectively)	885,373		829,711
Loans held for sale, at fair value	5,206		6,614
Loans	3,931,379		3,931,214
Less: Allowance for credit losses	(47,898)		(48,689)
Net loans	3,883,481		3,882,525
Premises and equipment, net	51,703		50,217
Cash surrender value of life insurance	145,760		143,854
Goodwill	69,751		68,106
Other intangible assets, net	42,748		47,765
Accrued interest receivable	19,958		21,058
Deferred tax assets, net	36,683		42,647
Other assets	76,401		79,986
Total assets	$	5,387,645	$	5,441,589
Liabilities
Deposits:
Noninterest-bearing	$	918,263	$	894,176
Interest-bearing	3,598,362		3,728,920
Total deposits	4,516,625		4,623,096
Securities sold under agreements to repurchase and federal funds purchased	30,047		25,863
FHLB advances and other borrowings	136,334		115,364
Subordinated notes and trust preferred debt	69,021		68,680
Other liabilities	87,170		91,904
Total liabilities	4,839,197		4,924,907
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding	—		—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,713,126 shares issued and 19,535,835 outstanding at June 30, 2025; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024	1,026		1,027
Additional paid—in capital	422,349		423,274
Retained earnings	153,923		126,540
Accumulated other comprehensive loss	(24,479)		(26,316)
Treasury stock— 177,291 and 332,673 shares, at cost at June 30, 2025 and December 31, 2024, respectively	(4,371)		(7,843)
Total shareholders’ equity	548,448		516,682
Total liabilities and shareholders’ equity	$	5,387,645	$	5,441,589

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ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
(Dollars in thousands, except per share amounts)	2025		2024		2025		2024
Interest income
Loans	$	63,036	$	35,537	$	126,468	$	71,770
Investment securities - taxable	9,406		4,999		18,350		9,583
Investment securities - tax-exempt	878		881		1,753		1,758
Short-term investments	1,513		1,864		3,781		2,820
Total interest income	74,833		43,281		150,352		85,931
Interest expense
Deposits	22,855		15,265		47,115		28,781
Securities sold under agreements to repurchase and federal funds purchased	106		27		190		52
FHLB advances and other borrowings	1,030		1,152		2,148		2,626
Subordinated notes and trust preferred debt	1,330		734		2,626		1,488
Total interest expense	25,321		17,178		52,079		32,947
Net interest income	49,512		26,103		98,273		52,984
Provision for (Recovery of) credit losses - loans	209		812		(345)		1,233
Recovery of credit losses - unfunded loan commitments	(100)		—		(100)		(123)
Net interest income after provision for (recovery of) credit losses	49,403		25,291		98,718		51,874
Noninterest income
Service charges	2,630		1,283		5,025		2,483
Interchange income	1,441		961		2,868		1,872
Swap fee income	669		375		1,063		574
Wealth management income	5,267		3,312		10,682		6,414
Mortgage banking activities	478		369		780		827
Investment securities gains (losses)	8		(12)		21		(17)
Other income	2,422		884		4,100		1,649
Total noninterest income	12,915		7,172		24,539		13,802
Noninterest expenses
Salaries and employee benefits	21,364		13,195		41,752		26,947
Occupancy, furniture and equipment	4,211		2,705		8,886		5,344
Data processing	965		1,237		1,889		2,502
Advertising and bank promotions	1,077		774		1,576		1,172
FDIC insurance	674		419		1,498		860
Professional services	2,016		801		3,842		1,432
Taxes other than income	295		49		1,237		543
Intangible asset amortization	2,472		215		5,007		440
Merger-related expenses	968		1,135		2,617		1,807
Restructuring expenses	—		—		91		—
Other operating expenses	3,572		2,109		7,395		4,061
Total noninterest expenses	37,614		22,639		75,790		45,108
Income before income tax expense	24,704		9,824		47,467		20,568
Income tax expense	5,256		2,086		9,968		4,299
Net income	$	19,448	$	7,738	$	37,499	$	16,269
continued

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	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Share information:
Basic earnings per share	$	1.01	$	0.74	$	1.96	$	1.57
Diluted earnings per share	$	1.01	$	0.73	$	1.94	$	1.55
Dividends paid per share	$	0.26	$	0.20	$	0.52	$	0.40
Weighted average shares - basic	19,173		10,393		19,165		10,371
Weighted average shares - diluted	19,342		10,553		19,335		10,517

11

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
	Three Months Ended
	6/30/2025						3/31/2025						12/31/2024						9/30/2024						6/30/2024
			Taxable-		Taxable-				Taxable-		Taxable-				Taxable-		Taxable-				Taxable-		Taxable-				Taxable-		Taxable-
	Average		Equivalent		Equivalent		Average		Equivalent		Equivalent		Average		Equivalent		Equivalent		Average		Equivalent		Equivalent		Average		Equivalent		Equivalent
(In thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Federal funds sold & interest-bearing bank balances	$	136,106	$	1,513	4.46	%	$	203,347	$	2,268	4.52	%	$	199,236	$	2,492	4.96	%	$	184,465	$	2,452	5.29	%	$	142,868	$	1,864	5.25	%
Investment securities (1)(2)	904,119		10,626		4.70		865,126		10,052		4.65		849,389		9,887		4.66		849,700		10,123		4.77		538,451		6,114		4.54
Loans (1)(3)(4)(5)	3,894,979		63,246		6.52		3,909,694		63,641		6.59		3,961,269		68,073		6.82		3,989,259		70,849		7.07		2,324,942		35,690		6.17
Total interest-earning assets	4,935,203		75,385		6.13		4,978,167		75,961		6.17		5,009,894		80,452		6.38		5,023,424		83,424		6.61		3,006,261		43,668		5.84
Other assets	439,569						447,530						454,271						491,719						204,863
Total assets	$	5,374,772					$	5,425,697					$	5,464,165					$	5,515,143					$	3,211,124
Liabilities and Shareholders' Equity
Interest-bearing demand deposits	$	2,463,687	13,880		2.26		$	2,473,543	14,156		2.32		$	2,522,885	15,575		2.45		$	2,554,743	16,165		2.52		$	1,649,753	10,118		2.47
Savings deposits	269,309		165		0.25		273,313		165		0.25		272,718		166		0.24		283,337		148		0.21		165,467		140		0.34
Time deposits	914,108		8,810		3.87		970,588		9,939		4.15		998,963		11,109		4.41		1,014,628		12,290		4.82		481,721		5,007		4.18
Total interest-bearing deposits	3,647,104		22,855		2.51		3,717,444		24,260		2.65		3,794,566		26,850		2.81		3,852,708		28,603		2.95		2,296,941		15,265		2.67
Securities sold under agreements to repurchase and federal funds purchased	25,917		106		1.64		26,163		84		1.30		21,572		67		1.23		23,075		96		1.66		13,412		27		0.81
FHLB advances and other borrowings	104,068		1,030		3.97		112,859		1,118		4.02		115,373		1,165		4.01		115,388		1,154		3.98		115,000		1,152		4.03
Subordinated notes and trust preferred debt	68,910		1,330		7.74		68,739		1,296		7.65		68,571		1,360		7.88		68,399		1,437		8.36		32,118		734		9.19
Total interest-bearing liabilities	3,845,999		25,321		2.64		3,925,205		26,758		2.76		4,000,082		29,442		2.92		4,059,570		31,290		3.07		2,457,471		17,178		2.81
Noninterest-bearing demand deposits	904,031						887,726						849,999						807,886						423,037
Other liabilities	89,058						89,077						97,685						110,017						57,828
Total liabilities	4,839,088						4,902,008						4,947,766						4,977,473						2,938,336
Shareholders' equity	535,684						523,689						516,399						537,670						272,788
Total	$	5,374,772					$	5,425,697					$	5,464,165					$	5,515,143					$	3,211,124
Taxable-equivalent net interest income / net interest spread			50,064		3.49	%			49,203		3.41	%			51,010		3.46	%			52,134		3.55	%			26,490		3.02	%
Taxable-equivalent net interest margin					4.07	%					4.00	%					4.05	%					4.14	%					3.54	%
Taxable-equivalent adjustment			(552)						(442)						(437)						(437)						(387)
Net interest income			$	49,512					$	48,761					$	50,573					$	51,697					$	26,103
Ratio of average interest-earning assets to average interest-bearing liabilities					128	%					127	%					125	%					124	%					122	%

12

NOTES:

(1) Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.

(2) Average balance of investment securities is computed at fair value.

(3) Average balances include nonaccrual loans.

(4) Interest income on loans includes prepayment and late fees, where applicable.

(5) Interest income on loans includes accretion on purchase accounting marks of $4.9 million, $6.6 million, $7.6 million, $7.3 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

13

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
(continued)
	Six Months Ended
	June 30, 2025						June 30, 2024
			Taxable-		Taxable-				Taxable-		Taxable-
	Average		Equivalent		Equivalent		Average		Equivalent		Equivalent
(In thousands)	Balance		Interest		Rate		Balance		Interest		Rate
Assets
Federal funds sold & interest-bearing bank balances	$	169,541	$	3,781	4.50	%	$	108,695	$	2,820	5.22	%
Investment securities (1)(2)	884,730		20,787		4.70		529,151		11,808		4.47
Loans (1)(3)(4)(5)(6)	3,902,295		126,883		6.56		2,316,522		72,072		6.25
Total interest-earning assets	4,956,566		151,451		6.15		2,954,368		86,700		5.90
Other assets	443,528						200,580
Total assets	$	5,400,094					$	3,154,948
Liabilities and Shareholders' Equity
Interest-bearing demand deposits	$	2,468,589	28,036		2.29		$	1,610,188	19,310		2.41
Savings deposits	271,104		330		0.25		167,736		284		0.34
Time deposits	942,387		18,749		4.01		455,082		9,187		4.06
Total interest-bearing deposits	3,682,080		47,115		2.58		2,233,006		28,781		2.59
Securities sold under agreements to repurchase and federal funds purchased	26,039		190		1.47		12,711		52		0.83
FHLB advances and other borrowings	108,439		2,148		3.99		126,253		2,626		4.18
Subordinated notes and trust preferred debt	68,825		2,626		7.69		32,109		1,488		9.32
Total interest-bearing liabilities	3,885,383		52,079		2.70		2,404,079		32,947		2.76
Noninterest-bearing demand deposits	895,924						420,253
Other liabilities	89,067						60,078
Total liabilities	4,870,374						2,884,410
Shareholders' equity	529,720						270,538
Total liabilities and shareholders' equity	$	5,400,094					$	3,154,948
Taxable-equivalent net interest income / net interest spread			99,372		3.45	%			53,753		3.14	%
Taxable-equivalent net interest margin					4.04	%					3.65	%
Taxable-equivalent adjustment			(1,099)						(769)
Net interest income			$	98,273					$	52,984
Ratio of average interest-earning assets to average interest-bearing liabilities					128	%					123	%

14

NOTES TO ANALYSIS OF NET INTEREST INCOME:

(1) Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.

(2) Average balance of investment securities is computed at fair value.

(3) Average balances include nonaccrual loans.

(4) Interest income on loans includes prepayment and late fees, where applicable.

(5) Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status for the six months ended June 30, 2024.

(6) Interest income on loans includes accretion on purchase accounting marks of $11.5 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.

15

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(In thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Profitability for the quarter:
Net interest income	$	49,512		$	48,761		$	50,573		$	51,697		$	26,103
Provision for (Recovery of) credit losses	109			(554)			1,755			13,681			812
Noninterest income	12,915			11,624			11,247			12,386			7,172
Noninterest expenses	37,614			38,176			42,930			60,299			22,639
Income (loss) before income taxes	24,704			22,763			17,135			(9,897)			9,824
Income tax expense (benefit)	5,256			4,712			3,451			(1,994)			2,086
Net income (loss)	$	19,448		$	18,051		$	13,684		$	(7,903)		$	7,738
Financial ratios:
Return on average assets (1)	1.45		%	1.35		%	1.00		%	(0.57)		%	0.97		%
Return on average assets, adjusted (1)(2)(3)	1.51		%	1.45		%	1.22		%	1.55		%	1.09		%
Return on average equity (1)	14.56		%	13.98		%	10.54		%	(5.85)		%	11.41		%
Return on average equity, adjusted (1)(2)(3)	15.12		%	14.97		%	12.86		%	15.85		%	12.88		%
Net interest margin (1)	4.07		%	4.00		%	4.05		%	4.14		%	3.54		%
Efficiency ratio	60.3		%	63.2		%	69.4		%	94.1		%	68.0		%
Efficiency ratio, adjusted (2)(3)	58.7		%	60.5		%	62.3		%	60.2		%	64.6		%
Per share information:
Income (loss) per common share:
Basic	$	1.01		$	0.94		$	0.72		$	(0.41)		$	0.74
Basic, adjusted (2)(3)	1.05			1.01			0.87			1.12			0.84
Diluted	1.01			0.93			0.71			(0.41)			0.73
Diluted, adjusted (2)(3)	1.04			1.00			0.87			1.11			0.83
Book value	28.07			27.32			26.65			26.65			25.97
Tangible book value(3)	22.77			21.99			21.19			21.12			24.08
Average tangible common equity(3)	18.43			17.91			13.62			(6.49)			12.35
Cash dividends paid	0.26			0.26			0.23			0.23			0.20
Average basic shares	19,173			19,157			19,118			19,088			10,393
Average diluted shares	19,342			19,328			19,300			19,226			10,553
(1) Annualized.
(2) Ratio has been adjusted for non-recurring expenses for all periods presented.
(3) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

16

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Noninterest income:
Service charges	$	2,630	$	2,395	$	2,050	$	2,360	$	1,283
Interchange income	1,441		1,427		1,608		1,779		961
Swap fee income	669		394		597		505		375
Wealth management income	5,267		5,415		4,902		5,037		3,312
Mortgage banking activities	478		302		517		491		369
Other income	2,422		1,678		1,578		1,943		884
Investment securities gains (losses)	8		13		(5)		271		(12)
Total noninterest income	$	12,915	$	11,624	$	11,247	$	12,386	$	7,172
Noninterest expenses:
Salaries and employee benefits	$	21,364	$	20,388	$	22,444	$	27,190	$	13,195
Occupancy, furniture and equipment	4,211		4,675		4,893		4,333		2,705
Data processing	965		924		1,540		2,046		1,237
Advertising and bank promotions	1,077		499		878		537		774
FDIC insurance	674		824		955		862		419
Professional services	2,016		1,826		1,591		1,119		801
Taxes other than income	295		942		(312)		503		49
Intangible asset amortization	2,472		2,535		2,838		2,464		215
Provision for legal settlement	—		—		478		—		—
Merger-related expenses	968		1,649		3,887		16,977		1,135
Restructuring expenses	—		91		39		257		—
Other operating expenses	3,572		3,823		3,699		4,011		2,109
Total noninterest expenses	$	37,614	$	38,176	$	42,930	$	60,299	$	22,639

17

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Balance Sheet at quarter end:
Cash and cash equivalents	$	149,377	$	287,120	$	248,874	$	236,780	$	132,509
Restricted investments in bank stocks	21,204		19,693		20,232		20,247		11,147
Securities available for sale	885,373		855,456		829,711		826,828		529,082
Loans held for sale, at fair value	5,206		5,261		6,614		3,561		1,562
Loans:
Commercial real estate:
Owner occupied	622,315		617,854		633,567		622,726		371,301
Non-owner occupied	1,203,038		1,157,383		1,160,238		1,164,501		710,477
Multi-family	239,388		257,724		274,135		276,296		151,542
Non-owner occupied residential	163,018		168,354		179,512		190,786		89,156
Agricultural	124,291		134,916		125,156		129,486		25,551
Commercial and industrial	487,063		455,494		451,384		471,983		349,425
Acquisition and development:
1-4 family residential construction	38,490		40,621		47,432		56,383		32,439
Commercial and land development	198,889		227,434		241,424		262,317		129,883
Municipal	28,693		30,780		30,044		27,960		10,594
Total commercial loans	3,105,185		3,090,560		3,142,892		3,202,438		1,870,368
Residential mortgage:
First lien	472,030		464,642		460,297		451,195		271,153
Home equity – term	5,784		9,224		5,988		6,508		4,633
Home equity – lines of credit	305,968		295,820		303,561		303,165		192,736
Other - term(1)	25,384		—		—		—		—
Installment and other loans	17,028		15,739		18,476		18,131		8,713
Total loans	3,931,379		3,875,985		3,931,214		3,981,437		2,347,603
Allowance for credit losses	(47,898)		(47,804)		(48,689)		(49,630)		(29,864)
Net loans held for investment	3,883,481		3,828,181		3,882,525		3,931,807		2,317,739
Goodwill	69,751		68,106		68,106		70,655		18,724
Other intangible assets, net	42,748		45,230		47,765		46,144		1,974
Total assets	5,387,645		5,441,586		5,441,589		5,470,589		3,198,782
Total deposits	4,516,625		4,633,716		4,623,096		4,650,853		2,702,884
FHLB advances and other borrowings and Securities sold under agreements to repurchase	166,381		123,480		141,227		137,310		129,625
Subordinated notes and trust preferred debt	69,021		68,850		68,680		68,510		32,128
Total shareholders' equity	548,448		532,936		516,682		516,206		278,376
(1) Other - term includes property assessed clean energy ("PACE") loans.

18

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Capital and credit quality measures(1):
Total risk-based capital:
Orrstown Financial Services, Inc.	13.3		%	13.1		%	12.4		%	12.4		%	13.3		%
Orrstown Bank	13.3		%	13.0		%	12.4		%	12.2		%	13.1		%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.	11.1		%	10.8		%	10.2		%	10.0		%	11.1		%
Orrstown Bank	12.1		%	11.9		%	11.2		%	11.0		%	12.0		%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.	10.9		%	10.6		%	10.0		%	9.8		%	11.1		%
Orrstown Bank	12.1		%	11.9		%	11.2		%	11.0		%	12.0		%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.	9.0		%	8.6		%	8.3		%	8.0		%	8.9		%
Orrstown Bank	9.8		%	9.5		%	9.1		%	8.8		%	9.5		%
Average equity to average assets	9.97		%	9.65		%	9.45		%	9.75		%	8.50		%
Allowance for credit losses to total loans	1.22		%	1.23		%	1.24		%	1.25		%	1.27		%
Total nonaccrual loans to total loans	0.57		%	0.59		%	0.61		%	0.68		%	0.36		%
Nonperforming assets to total assets	0.42		%	0.42		%	0.45		%	0.49		%	0.26		%
Allowance for credit losses to nonaccrual loans	214		%	210		%	202		%	184		%	357		%
Other information:
Net charge-offs	$	115		$	331		$	3,002		$	269		$	113
Classified loans	65,754			76,211			88,628			105,465			48,722
Nonperforming and other risk assets:
Nonaccrual loans	22,423			22,727			24,111			26,927			8,363
Other real estate owned	—			138			138			138			—
Total nonperforming assets	22,423			22,865			24,249			27,065			8,363
Financial difficulty modifications still accruing	5,759			5,127			4,897			9,497			—
Loans past due 90 days or more and still accruing	1,312			400			641			337			187
Total nonperforming and other risk assets	$	29,494		$	28,392		$	29,787		$	36,899		$	8,550
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard.

19

Appendix A- Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations

Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.

As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $112.5 million and $115.9 million at June 30, 2025 and December 31, 2024, respectively. In addition, during the three months ended June 30, 2025, March, 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, the Company incurred $1.0 million, $1.6 million, $3.9 million, $17.0 million and $1.1 million in merger-related expenses, respectively. During the three months ended December 31, 2024 and September 30, 2024, the Company incurred other non-recurring charges totaling $0.5 million and $20.2 million, respectively.

Tangible book value per common share, tangible common equity and the impact of the non-recurring expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.

The following tables present the computation of each non-GAAP based measure:

(In thousands)

Tangible Book Value per Common Share	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Shareholders' equity (most directly comparable GAAP-based measure)	$	548,448	$	532,936	$	516,682	$	516,206	$	278,376
Less: Goodwill	69,751		68,106		68,106		70,655		18,724
Other intangible assets	42,748		45,230		47,765		46,144		1,974
Related tax effect	(8,977)		(9,498)		(10,031)		(9,690)		(415)
Tangible common equity (non-GAAP)	$	444,926	$	429,098	$	410,842	$	409,097	$	258,093
Common shares outstanding	19,536		19,510		19,390		19,373		10,720
Book value per share (most directly comparable GAAP-based measure)	$	28.07	$	27.32	$	26.65	$	26.65	$	25.97
Intangible assets per share	5.30		5.33		5.46		5.53		1.89
Tangible book value per share (non-GAAP)	$	22.77	$	21.99	$	21.19	$	21.12	$	24.08

20

Return on Average Common Equity	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Average shareholders' equity	$	535,684		$	523,689		$	516,399		$	537,670		$	272,788
Less: Average goodwill	68,126			68,106			71,477			36,034			18,724
Less: Average other intangible assets, gross	44,304			46,864			45,319			17,393			2,105
Average tangible equity	$	423,254		$	408,719		$	399,603		$	484,243		$	251,959
Return on average tangible equity	18.43		%	17.91		%	13.62		%	(6.49)		%	12.35		%

21

(In thousands)	Three Months Ended															Six Months Ended
Adjusted Ratios for Non-recurring Charges	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Net income (loss) (A) - most directly comparable GAAP-based measure	$	19,448		$	18,051		$	13,684		$	(7,903)		$	7,738		$	37,499		$	16,269
Plus: Merger-related expenses (B)	968			1,649			3,887			16,977			1,135			2,617			1,807
Plus: Executive retirement expenses (B)	—			—			35			4,758			—			—			—
Plus: Provision for credit losses on non-PCD loans (B)	—			—			—			15,504			—			—			—
Plus: Provision for legal settlement (B)	—			—			478			—			—			—			—
Less: Related tax effect (C)	(221)			(368)			(1,386)			(7,915)			(139)			(590)			(140)
Adjusted net income (D=A+B-C) - Non-GAAP	$	20,195		$	19,332		$	16,698		$	21,421		$	8,734		$	39,526		$	17,936
Average assets (E)	$5,374,772			$5,425,697			$5,464,165			$5,515,143			$3,211,124			$5,400,094			$3,154,948
Return on average assets (= A / E) - most directly comparable GAAP-based measure (1)	1.45		%	1.35		%	1.00		%	(0.57)		%	0.97		%	1.40		%	1.04		%
Return on average assets, adjusted (= D / E) - Non-GAAP (1)	1.51		%	1.45		%	1.22		%	1.55		%	1.09		%	1.48		%	1.14		%
Average equity (F)	$	535,684		$	523,689		$	516,399		$	537,670		$	272,788		$	529,720		$	270,538
Return on average equity (= A / F) - most directly comparable GAAP-based measure (1)	14.56		%	13.98		%	10.54		%	(5.85)		%	11.41		%	14.28		%	12.09		%
Return on average equity, adjusted (= D / F) - Non-GAAP (1)	15.12		%	14.97		%	12.86		%	15.85		%	12.88		%	15.05		%	13.33		%
Weighted average shares - basic (G) - most directly comparable GAAP-based measure	19,173			19,157			19,118			19,088			10,393			19,165			10,371
Basic earnings (loss) per share (= A / G) - most directly comparable GAAP-based measure	$	1.01		$	0.94		$	0.72		$	(0.41)		$	0.74		$	1.96		$	1.57
Basic earnings per share, adjusted (= D / G) - Non-GAAP	$	1.05		$	1.01		$	0.87		$	1.12		$	0.84		$	2.06		$	1.73
Weighted average shares - diluted (H) - most directly comparable GAAP-based measure	19,342			19,328			19,300			19,226			10,553			19,335			10,517
Diluted earnings (loss) per share (= A / H) - most directly comparable GAAP-based measure	$	1.01		$	0.93		$	0.71		$	(0.41)		$	0.73		$	1.94		$	1.55
Diluted earnings per share, adjusted (= D / H) - Non-GAAP	$	1.04		$	1.00		$	0.87		$	1.11		$	0.83		$	2.04		$	1.71
continued
(1) Annualized

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	Three Months Ended															Six Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Noninterest expense (I) - most directly comparable GAAP-based measure	$	37,614		$	38,176		$	42,930		$	60,299		$	22,639		$	75,790		$	45,108
Less: Merger-related expenses (B)	(968)			(1,649)			(3,887)			(16,977)			(1,135)			(2,617)			(1,807)
Less: Executive retirement expenses (B)	—			—			(35)			(4,758)			—			—			—
Less: Provision for legal settlement (B)	—			—			(478)			—			—			—			—
Adjusted noninterest expense (J = I - B) - Non-GAAP	$	36,646		$	36,527		$	38,531		$	38,564		$	21,504		$	73,173		$	43,301
Net interest income (K)	$	49,512		$	48,761		$	50,573		$	51,697		$	26,103		$	98,273		$	52,984
Noninterest income (L)	12,915			11,624			11,247			12,386			7,172			24,539			13,802
Total operating income (M = K + L)	$	62,427		$	60,385		$	61,820		$	64,083		$	33,275		$	122,812		$	66,786
Efficiency ratio (= I / M) - most directly comparable GAAP-based measure	60.3		%	63.2		%	69.4		%	94.1		%	68.0		%	61.7		%	67.5		%
Efficiency ratio, adjusted (= J / M) - Non-GAAP	58.7		%	60.5		%	62.3		%	60.2		%	64.6		%	59.6		%	64.8		%
(1) Annualized

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Appendix B- Investment Portfolio Concentrations

The following table summarizes the credit ratings and collateral associated with the Company's investment security portfolio, excluding equity securities, at June 30, 2025:

(In thousands)

Sector	Portfolio Mix		Amortized Book		Fair Value		Credit Enhancement		AAA		AA		A		BBB		BB		NR		Collateral / Guarantee Type
Unsecured ABS	—	%	$	2,827	$	2,673	28	%	—	%	—	%	—	%	—	%	—	%	100	%	Unsecured Consumer Debt
Student Loan ABS	—		3,577		3,576		28		—		—		—		—		—		100		Seasoned Student Loans
Federal Family Education Loan ABS	8		75,724		74,828		11		—		47		33		7		13		—		Federal Family Education Loan (1)
PACE Loan ABS	—		1,912		1,702		7		100		—		—		—		—		—		PACE Loans (2)
Non-Agency CMBS	3		24,012		24,027		24		—		—		—		—		—		100
Non-Agency RMBS	2		15,936		14,596		16		100		—		—		—		—		—		Reverse Mortgages (3)
Municipal - General Obligation	11		100,035		90,241				16		77		7		—		—		—
Municipal - Revenue	13		120,446		105,710				—		82		12		—		—		6
SBA ReRemic (5)	—		1,904		1,890				—		100		—		—		—		—		SBA Guarantee (4)
Small Business Administration	1		5,156		5,275				—		100		—		—		—		—		SBA Guarantee (4)
Agency MBS	22		198,876		197,965				—		100		—		—		—		—		Residential Mortgages (4)
Agency CMO	38		344,233		342,057				—		100		—		—		—		—
U.S. Treasury securities	2		20,036		18,641				—		100		—		—		—		—		U.S. Government Guarantee (4)
Corporate bonds	—		1,941		1,977				—		—		52		48		—		—
	100	%	$	916,615	$	885,158			4	%	85	%	5	%	1	%	1	%	4	%
(1) 97% guaranteed by U.S. government
(2) PACE acronym represents Property Assessed Clean Energy loans
(3) Non-agency reverse mortgages with current structural credit enhancements
(4) Guaranteed by U.S. government or U.S. government agencies
(5) SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits
Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor's, Moody's, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor's rates U.S. government obligations at AA+.

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About the Company

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company's management with respect to, among other things, future events and the Company's financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company's industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company's control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, the following: interest rate changes or volatility; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in, and evolving interpretations of, existing and future laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; the possibility that the anticipated benefits of the merger with Codorus Valley Bancorp are not realized when expected or at all; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2024 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.

The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company's underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company's behalf may issue.

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The review period for subsequent events extends up to and includes the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.

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