secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2022-11-08T23:59:59+00:00
Accession:  0001193125-22-279772
Event type: litigation
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown settles shareholder class action for $15M; records $13M charge, posts Q3 net loss
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/0001193125-22-279772-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000119312522279772/d410852d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-279772

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