Orrstown Q2 net income $7.7M; raises dividend to $0.23; Codorus merger closed

ORRSTOWN FINANCIAL SERVICES INC

2024-Q2 EPS reported $1.55

GAAP net income $7.7M ($0.73 diluted EPS); adjusted net income $8.7M ($0.83 EPS) excluding $1.1M merger costs.
Quarterly dividend increased $0.03 to $0.23/share (15% raise), payable Aug 15 to holders of record Aug 8.
Merger of equals with Codorus Valley Bancorp closed July 1, 2024; combined assets ~$4.9B on standalone basis.
Net interest margin (tax equivalent) 3.54%, stable excluding Q1's $1.6M nonaccrual recovery boost.
Nonaccrual loans fell to $8.4M (0.36% of loans) from $12.9M; tangible book value per share rose to $24.08.

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