Orrstown posts record FY23 net income $35.7M ($3.42 EPS); Q4 EPS $0.73, merger costs $1.1M

ORRSTOWN FINANCIAL SERVICES INC

2023-FY EPS reported $3.42 revenue$19,479,000

Full-year 2023 net income $35.7M, up 62% YoY from $22.0M; diluted EPS $3.42 vs $2.06, a record.
Q4 2023 net income $7.6M ($0.73 diluted) vs Q3 $9.0M; adjusted EPS $0.83 excl. $1.1M merger costs.
Dividend declared $0.20/share, payable Feb 13, 2024 to holders of record Feb 6.
Loans grew $31.5M in Q4 (6% annualized); deposits up $12.4M; net interest margin 3.71%.
Tangible book value per share improved to $23.03 from $20.94 at Sep 30, 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ORRSTOWN FINANCIAL SERVICES INC reported the three months ended December 31, 2023 results: net income $7.6 million, EPS $0.73.

Period: the three months ended December 31, 2023
Net income: $7.6 million
EPS: $0.73
Result: reported results

Exact text from the filing

Net income totaled $7.6 million for the three months ended December 31, 2023, compared to $9.0 million for the three months ended September 30, 2023 and $9.6 million for the three months ended December 31, 2022. Diluted earnings per share totaled $0.73 for the three months ended December 31, 2023, compared to $0.87 for the three months ended September 30, 2023 and $0.91 for the three months ended December 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ORRSTOWN FINANCIAL SERVICES INC reported the year ended December 31, 2023 results: net income $35.7 million, EPS $3.42.

Period: the year ended December 31, 2023
Net income: $35.7 million
EPS: $3.42
Result: reported results

Exact text from the filing

Net income totaled $35.7 million and $22.0 million for the years ended December 31, 2023 and 2022, respectively. Diluted earnings per share totaled $3.42 for the year ended December 31, 2023, compared to diluted earnings per share of $2.06 for the year ended December 31, 2022.

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Source: SEC EDGAR

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