secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0000826154-24-000068
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown Q1 EPS $0.81 ($0.88 adjusted); nonaccrual loans halved to $12.9M; deposits up $137M
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- Diluted EPS $0.81 ($0.88 adjusted); net income $8.5M vs $7.6M in Q4 2023.
- Nonaccrual loans fell to $12.9M (0.56% of loans) from $25.5M after $13.4M CRE loan payoff.
- Net interest margin 3.77% (3.71% Q4) aided by $1.6M interest recovery on payoff.
- Deposits grew $137M to $2.7B; loan-to-deposit ratio improved to 85% from 90%.
- Dividend $0.20/share payable May 14; tangible book value $23.47 (+$0.44 QoQ).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000068/0000826154-24-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000068/orrf-20240423.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000068

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer