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Orrstown Financial Services Inc. (ORRF-8.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's financial performance, including a net income of $22.1 million for 2024, compared to $35.7 million in 2023. This decrease was attributed to merger-related expenses and a provision for legal settlement.
Total assets increased to $5.4 billion at the end of 2024, primarily due to the merger with Codorus Valley Bancorp, Inc., which expanded the company's market presence.
Net interest income rose to $155.3 million, driven by higher interest rates and loan growth, while the provision for credit losses increased to $17.4 million, reflecting the impact of the merger.
Noninterest income grew to $37.4 million, with significant contributions from wealth management and mortgage banking activities.
Noninterest expenses increased to $148.3 million, largely due to merger-related costs and restructuring expenses.
The company reported a total of $3.9 billion in loans, with a focus on commercial real estate and residential mortgages.
Deposits rose to $4.6 billion, supported by the merger and competitive time deposit offerings.
The company's capital ratios remained strong, with both the Parent Company and the Bank considered well-capitalized under regulatory standards.
Orrstown Financial Services Inc. continues to manage liquidity and interest rate risk through a combination of deposit inflows, loan repayments, and borrowings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Orrstown Financial Services Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.