Orrstown Financial Services reports Q3 2024 net loss of $7.9M after merger with Codorus Valley Bancorp

ORRSTOWN FINANCIAL SERVICES INC

2024-Q3 EPS reported $0.62

Net loss was $7.9M ($0.41 per diluted share) for Q3 2024, vs net income of $7.7M in Q2 2024.
Excluding non-recurring merger and retirement charges, adjusted net income was $21.4M, or $1.11 per diluted share.
Board declared a cash dividend of $0.23 per common share, payable Nov 12, 2024 to holders of record Nov 5.
Merger with Codorus Valley Bancorp closed July 1, adding $2.2B in assets, $1.6B loans, and $1.9B deposits.
Provision for credit losses was $13.7M; nonaccrual loans rose to $26.9M, including $12.8M from Codorus.

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