{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-22-279772","form_type":"8-K","ticker":"ORRF","cik":"0000826154","company_name":"ORRSTOWN FINANCIAL SERVICES INC","filed_at":"2022-11-08T23:59:59+00:00","discovered_at":"2026-05-14T18:03:53.667708+00:00","generated_at":"2026-06-22T04:48:34.693651+00:00","sec_items":["1.01","2.02","9.01"],"event_type":"litigation","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Orrstown settles shareholder class action for $15M; records $13M charge, posts Q3 net loss","bullets":["Agreed to settle class action lawsuit; company contributes $13M of the $15M total payment; mutual release and dismissal with prejudice.","Q3 2022 net loss of $4.8M ($0.47 diluted loss) vs prior reported net income; adjusted net income $7.9M ($0.75 diluted) ex settlement and restructuring.","Nine-month 2022 net income revised to $12.4M ($1.16 diluted); adjusted to $25.2M ($2.34 diluted) excluding $13M settlement and $3.2M restructuring.","Tangible book value per share fell to $18.34 at Sept 30, 2022 from $20.23 at June 30, 2022 due to settlement charge and AOCI decline.","Shareholders' equity decreased $20.1M to $217.4M; risk-based capital ratio 12.7% and Tier 1 leverage 8.4% remain well above regulatory minimums."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-22-279772","json":"https://secwatch.observer/filing/0001193125-22-279772.json","markdown":"https://secwatch.observer/filing/0001193125-22-279772.md","text":"https://secwatch.observer/filing/0001193125-22-279772.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/0001193125-22-279772-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/d410852d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-22T04:48:34.693651+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0a97eda5b4ee6dba8a2ecb4124bcd9ce9a3ad275","claim":"ORRSTOWN FINANCIAL SERVICES INC reported nine months ended September 30, 2022 results: net income $12.4 million, EPS $1.16.","evidence_excerpt":"For the nine months ended September 30, 2022, net income, diluted earnings per share, return on average assets and return on average equity totaled $12.4 million, $1.16, 0.59% and 6.58%, respectively.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/0001193125-22-279772-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"nine months ended September 30, 2022"},{"label":"Net income","value":"$12.4 million"},{"label":"EPS","value":"$1.16"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"36fd50b10069643344a930877caeeeabb35fe292","claim":"ORRSTOWN FINANCIAL SERVICES INC reported three months ended September 30, 2022 results: net income $4.8 million, EPS $0.47.","evidence_excerpt":"For the three months ended September 30, 2022, net loss, diluted loss per share, return on average assets and return on average equity totaled $4.8 million, $0.47, (0.68%) and (7.92%), respectively.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/0001193125-22-279772-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"three months ended September 30, 2022"},{"label":"Net income","value":"$4.8 million"},{"label":"EPS","value":"$0.47"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"ca6fe59b7d6d166feb0d8271ff19bd23261dc769","claim":"ORRSTOWN FINANCIAL SERVICES INC entered into Memorandum of Understanding with Southeastern Pennsylvania Transportation Authority and certain other plaintiffs valued at $15.0 million (effective 2022-11-07).","evidence_excerpt":"On November 7, 2022, Orrstown Financial Services, Inc. (the “Company”) entered into a Memorandum of Understanding (the “MOU”) to settle and resolve the previously disclosed shareholder class action lawsuit","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/0001193125-22-279772-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"settlement"},{"label":"Counterparty","value":"Southeastern Pennsylvania Transportation Authority and certain other plaintiffs"},{"label":"Value","value":"$15.0 million"},{"label":"Effective","value":"2022-11-07"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}