secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-10-22T23:59:59+00:00
Accession:  0000826154-24-000216
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000216/0000826154-24-000216-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000216/orrf-20241022.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000216

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