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Orrstown redeems $31M sub notes due 2030; discloses third-party vendor cyber incident affecting customers
Redemption of $31M 4.5% Fixed-to-Floating Rate Subordinated Notes due 2030 on June 30, 2026, at 100% of principal plus accrued interest. Rate at Mar 31, 2026: 7.72%.
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Orrstown Financial elects Adam L. Metz as President and CEO effective June 1, 2026
Adam L. Metz, 54, will become President, CEO and Director upon retirement of Thomas R. Quinn, Jr. on June 1, 2026.
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Orrstown holds annual shareholders meeting; presentation attached
Presentation covers certain matters impacting the company and operating results.
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Orrstown Q1 net income $21.8M ($1.12 EPS); deposits grow $98.7M, NIM down to 3.90%
Net income $21.8M, diluted EPS $1.12 vs $1.11 Q4'25 and $0.93 Q1'25; ROAA 1.59%, ROAE 14.76%.
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Orrstown Financial Q4 net income $21.5M; raises quarterly dividend to $0.30
Net income $21.5M ($1.11 diluted EPS) for Q4; annual net income $80.9M ($4.18 EPS), record high.
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Orrstown Q3 net income $21.9M, EPS $1.13; record earnings, loan growth 5%
Net income $21.9M, diluted EPS $1.13; Q2 2025: $19.4M, $1.01; Q3 2024: net loss $7.9M, -$0.41.
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Orrstown to redeem all $32.5M of 6.0% subordinated notes due 2028 on Sept 30, 2025
Board approved redemption of $32,500,000 outstanding 6.0% fixed-to-floating rate subordinated notes.
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Orrstown Q2 net income $19.4M ($1.01 EPS); dividend raised to $0.27, share repurchase authorized
Net income $19.4M ($1.01 diluted EPS) vs $18.1M ($0.93) prior quarter; adjusted EPS $1.04.
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Orrstown Bank enters deferred comp agreement with CFO Neelesh Kalani
Annual contribution of $78,663 to deferral account if ROATE >= 8%.
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Orrstown Financial authorizes share repurchase of up to 500,000 shares (2.5% of outstanding)
Board approved repurchase of up to 500,000 shares, ~2.5% of outstanding common stock.
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Orrstown Financial elects five directors with 92.5% support, say-on-pay passes at 90.3%
Five director nominees elected with average 92.47% of votes cast; broker non-votes of 2.5M shares.
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Orrstown holds annual meeting; presentation furnished but content not provided in excerpt
Filing under Item 7.01 includes presentation for virtual annual shareholder meeting on May 6, 2025.
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Orrstown Financial Q1 net income $18.1M, EPS $0.93; adjusted EPS $1.00
Net income $18.1M ($0.93 diluted) vs $13.7M ($0.71) in Q4 2024 and $8.5M ($0.81) in Q1 2024.
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Orrstown promotes Adam Metz to COO; names him successor to CEO Quinn upon retirement in May 2026
Adam L. Metz promoted to Senior Executive Vice President and COO effective February 13, 2025.
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Orrstown appoints former CHRO Barbara Brobst to Board, effective Feb. 1, 2025
Barbara E. Brobst appointed to Orrstown Financial Services and Orrstown Bank boards, effective Feb. 1, 2025.
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Orrstown Q4 net income $13.7M ($0.71 EPS); raises dividend 13% to $0.26
Net income of $13.7M vs Q3 net loss of $7.9M; adjusted net income $16.7M ($0.87 EPS).
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Orrstown Financial Services reports Q3 2024 net loss of $7.9M after merger with Codorus Valley Bancorp
Net loss was $7.9M ($0.41 per diluted share) for Q3 2024, vs net income of $7.7M in Q2 2024.
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Orrstown COO Kauffman retires Sept 30; CEO Quinn's retirement extended to May 2026
EVP/COO Craig L. Kauffman retires effective Sept 30, 2024; receives $819,170/yr salary substitution payments until Apr 22, 2028.
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Orrstown files audit consent for Codorus Valley merger — no new material info
Amendment No. 2 filed solely to provide consent of Crowe LLP, Codorus Valley's auditor.
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Orrstown files pro forma financials for $234M merger with Codorus Valley, combined assets $5.4B
Pro forma combined total assets of $5.39B at March 31, 2024.
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Orrstown to close six branches; expects $534K charge and $1.7M annual savings
Six branches to close: Lancaster (2), Camp Hill, Mechanicsburg, Spring Grove PA, Parkton MD.
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Orrstown Financial holds investor presentation on July 30, 2024
Management scheduled presentations with multiple investors; presentation furnished as exhibit.
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Orrstown Q2 net income $7.7M; raises dividend to $0.23; Codorus merger closed
GAAP net income $7.7M ($0.73 diluted EPS); adjusted net income $8.7M ($0.83 EPS) excluding $1.1M merger costs.
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Orrstown enters salary continuation agreement with COO Kauffman ($357K/yr) and amends CEO Quinn's benefit
New agreement for EVP/COO Craig L. Kauffman provides annual retirement benefit of $357,260 payable in monthly installments over 15 years.
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Orrstown completes merger with Codorus Valley; 0.875 exchange ratio, combined entity trades as ORRF
Merger of equals completed July 1, 2024; CVLY shareholders receive 0.875 ORRF shares per share.
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Orrstown and Codorus Valley receive regulatory approvals for merger; close expected July 1, 2024
Received approvals from the Federal Reserve and Pennsylvania Department of Banking and Securities.
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Orrstown and Codorus Valley shareholders approve merger of equals
Orrstown shareholders approved share issuance: 6,968,156 for, 113,059 against, 18,675 abstain.
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Orrstown and Codorus Valley issue supplemental proxy disclosures in response to shareholder demands
ORRF and CVLY received 11 demand letters alleging proxy omissions; companies deny claims but release supplemental disclosures.
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Orrstown holds virtual annual meeting, furnishes shareholder presentation (no material disclosures)
Company held its virtual annual shareholders meeting on April 30, 2024.
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Orrstown shareholders elect three directors, approve say-on-pay, ratify auditor at 2024 annual meeting
Thomas D. Longenecker, Andrea L. Pugh, Floyd E. Stoner elected as Class C directors with average 94.8% votes cast.
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Orrstown Q1 EPS $0.81 ($0.88 adjusted); nonaccrual loans halved to $12.9M; deposits up $137M
Diluted EPS $0.81 ($0.88 adjusted); net income $8.5M vs $7.6M in Q4 2023.