secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2023-01-24T23:59:59+00:00
Accession:  0000826154-23-000003
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown Q4 net income $9.6M, EPS $0.91; full-year adj. EPS $3.25; dividend raised to $0.20
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- Q4 2022 net income $9.6M ($0.91 diluted EPS) vs Q3 net loss $4.8M ($0.47 loss) and Q4 2021 net income $6.7M ($0.60).
- Full-year 2022 net income $22.0M ($2.06) vs 2021 $32.9M ($2.96); adjusted net income $34.8M ($3.25) excluding restructuring and legal settlement.
- Net interest margin expanded to 4.14% from 3.92% in Q3; commercial loan growth ex-PPP +$56.6M (14% annualized).
- Dividend increased to $0.20/share, payable Feb 14, 2023 to holders of record Feb 7, 2023.
- Nonaccrual loans rose to 0.96% of total loans due to one $15.4M downgrade; provision for loan losses $0.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615423000003/0000826154-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615423000003/orrf-20230124.htm
  HTML page:      https://secwatch.observer/filing/0000826154-23-000003

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