secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0000826154-23-000080
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615423000080/0000826154-23-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615423000080/orrf-20230425.htm
  HTML page:      https://secwatch.observer/filing/0000826154-23-000080

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