Orrstown Q1 net income $9.2M ($0.87 EPS); NIM compresses, deposits grow

ORRSTOWN FINANCIAL SERVICES INC

2023-Q1 EPS reported $0.87

Net income of $9.2M ($0.87 diluted EPS) in Q1 2023 vs $9.6M ($0.91) in Q4 2022 and $8.4M ($0.76) in Q1 2022.
Net interest margin (tax-equivalent) fell to 3.94% from 4.14% in Q4 2022; provision for credit losses was $0.7M under new CECL standard.
Tangible book value per share rose to $20.50 from $19.47 at Dec 31, 2022; total deposits increased $39.4M (6% annualized).
Commercial loan growth ex-PPP was $63.2M (15% annualized); company repurchased 54,262 shares at avg price $21.65.
Board declared a cash dividend of $0.20 per share, payable May 16, 2023 to holders of record May 9, 2023.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ORRSTOWN FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: net income Net income of $9.2 million, EPS diluted earnings per share of $0.87.

Period: the three months ended March 31, 2023
Net income: Net income of $9.2 million
EPS: diluted earnings per share of $0.87
Result: reported results

Exact text from the filing

Net income of $9.2 million and diluted earnings per share of $0.87 for the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0000826154-23-000080

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