secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-07-23T23:59:59+00:00
Accession:  0000826154-24-000182
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000182/0000826154-24-000182-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000182/orrf-20240723.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000182

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