Exhibit 99.1
| Section 2: EX – 99.1 (PRESS RELEASE) | ||
| Filed by Orrstown Financial Services, Inc. Commission | ||
| File No.: 001-34292 |
| FOR IMMEDIATE RELEASE: | ||
| Contact: | ||
| Bradley S. Everly | ||
| SVP, Chief Financial Officer | ||
| Phone 717.530.2604 | ||
| 77 East King Street | Shippensburg PA | ||
Orrstown Financial Services, Inc. Announces Record Quarterly Earnings, Dividend
Increase, Build of Loan Loss Reserve and Reduction in Nonperforming Assets
SHIPPENSBURG, PA(July 22, 2010)
| • | Second quarter 2010 earnings up 13% vs. second quarter 2009 |
| • | Second quarter 2010 cash dividend up 2.3% vs. second quarter 2009 |
| • | Loan Loss Reserve up 97% since June 30, 2009 |
| • | Nonperforming assets down 34% since March 31, 2010 |
Orrstown Financial Services, Inc. (NASDAQ: ORRF) announced today that net income increased 13.0% to $3,904,000 for the quarter ended June 30, 2010 from $3,454,000 for the second quarter of 2009. Diluted earnings per share amounted to $.47 for the quarter ended June 30, 2010 as compared to $.51 for the corresponding prior year period. The Company also announced that its Board of Directors declared an increase in the third quarter cash dividend to $.225 per share for shareholders of record on August 6, 2010. The dividend will be paid on August 18, 2010.
Commenting on the second quarter results, Thomas R. Quinn, Jr., President and CEO, stated: “The momentum created with record earnings in 2009 and a strong first quarter 2010 have continued through the midpoint of the year. Indicators of the financial strength of our Company this quarter include: increasing our dividend; improving earnings 13% vs. the same quarter last year; and significantly reducing nonperforming assets since the first quarter of 2010. In addition to the financial achievements realized this quarter, we were also named the 39th best performing community bank in the nation by US Banker magazine. This is an improvement from our ranking of 52nd the previous year and marks the 5th consecutive year that we have been part of this elite group. Orrstown Bank has also been recognized locally as one of the 50 Fastest Growing Companies by the Central Penn Business Journal. We are honored to be part of this prestigious group and look forward to the announcement of our ranking in September. Our financial performance, local and national recognition are a testament to the hard work and support of our Board of Directors, Executive Management Team, and nearly 300 dedicated team members. Our solid core earnings position us well for the second half of 2010.”
Results of Quarterly Operations
Net interest income for the quarter ended June 30, 2010 increased to $11,300,000 as compared to $8,812,000 in the same prior year period, reflecting a higher net interest margin driven by a lowered cost of funds and higher levels of interest-earning assets. The net interest margin increased to 3.77% for the three months ended June 30, 2010, a gain of 20 basis points vs. the same quarter in 2009. The Company continues to lower its cost of funds as evidenced by a decrease of 67 basis points to 1.05% for the three months ended June 30, 2010, as compared to 1.72% in the same prior year period. Average interest-earning assets increased by $222 million for the three months ended June 30, 2010, as compared to the same prior year period. The provision for loan losses grew to $5 million for the quarter ended June 30, 2010, as compared to $300,000 for the corresponding prior year period. In light of current economic conditions, management felt it prudent to increase the level of the loan loss reserve above the March 31, 2010, position.
Other income increased to $7.7 million for the three months ended June 30, 2010, as compared to $4.4 million in the same prior year period. This includes an increase in securities gains from $293,000 during second quarter 2009, to $1,781,000 during second quarter 2010. Noninterest income generation increased across most business lines, including Orrstown Financial Advisors, mortgage origination and deposit based fees. Operating expenses amounted to $8.7 million for the three months ended June 30, 2010, as compared to $8.3 million for the corresponding prior year period.
Results of Year to Date Operations
Net interest income for the six months ended June 30, 2010, increased to $21,797,000 as compared to $16,834,000 in the same prior year period, reflecting a higher net interest margin and higher levels of interest-earnings assets. The net interest margin increased to 3.77% for the six months ended June 30, 2010, a gain of 29 basis points vs. the same period in 2009. The yield on interest-earning assets decreased slightly to 4.89%, as compared to 5.28% in the prior year period. Year to date, the cost of funds decreased to 1.12% for the six months ended June 30, 2010, as compared to 1.80% in the same prior year period. Average interest-earning assets increased by $193 million for the six months ended June 30, 2010, as compared to the same prior year period. The provision for loan losses increased to $6,420,000 for the six months ended June 30, 2010, as compared to $515,000 for the corresponding prior year period.
Other income increased to $12.2 million for the six months ended June 30, 2010, as compared to $8.3 million in the same prior year period. This includes an increase in securities gains from $458,000 at June 30, 2009, to $2,179,000 at June 30, 2010. Operating expenses amounted to $17.5 million for the six months ended June 30, 2010, as compared to $16.0 million for the corresponding prior year period.
Financial Condition
Assets grew $246 million to $1.359 billion at June 30, 2010, up from $1.113 billion at June 30, 2009. Investment securities have increased $131.7 million, or 67.1%, since December 31, 2009. Deposits increased to $1.090 billion at June 30, 2010, from $915 million at December 31, 2009. Stockholders’ equity increased to $157.9 million at June 30, 2010, as compared to $110.9 million at December 31, 2009, boosted by the completion of a common stock offering, in March 2010, that netted approximately $37.5 million in additional capital.
Asset Quality
The Company’s non-accrual loans totaled $14.5 million at June 30, 2010, down $8.5 million, or 37%, from the $23.0 million at March 31, 2010. Improvement was made via reduction in the level of non-accrual loans, loans past due 90 or more days and still accruing, and total delinquency. Two large credits that were in nonaccrual status at March 31, 2010, were worked off the books by June 30, 2010. They accounted for $1.968 million, or 79%, of the quarter’s charge offs. In addition, these two credits represented $7.6 million of the dollars moved from nonaccrual status since March 31, 2010.
Summary of Financial Highlights:
For Quarter Ended: | June 30, 2010 | June 30, 2009 | % Change | ||||||||
Net Income | $ | 3,904,000 | $ | 3,454,000 | 13.0 | % | |||||
Primary Earnings Per Share | $ | 0.49 | $ | 0.54 | -9.3 | % | |||||
Diluted Earnings Per Share | $ | 0.47 | $ | 0.51 | -7.8 | % | |||||
Dividends Per Share | $ | 0.22 | $ | 0.22 | 0.0 | % | |||||
Return on Average Assets | 1.18 | % | 1.26 | % | |||||||
Return on Average Equity | 10.20 | % | 13.14 | % | |||||||
Return on Average Tangible Assets (1) | 1.22 | % | 1.30 | % | |||||||
Return on Average Tangible Equity (1) | 12.02 | % | 16.61 | % | |||||||
Net Interest Income | $ | 11,300,000 | $ | 8,812,000 | 28.2 | % | |||||
Net Interest Margin | 3.77 | % | 3.57 | % | |||||||
For Six Months Ended: | June 30, 2010 | June 30, 2009 | % Change | ||||||||
Net Income | $ | 7,310,000 | $ | 6,479,000 | 12.8 | % | |||||
Primary Earnings Per Share | $ | 1.01 | $ | 1.01 | 0.0 | % | |||||
Diluted Earnings Per Share | $ | 0.97 | $ | 0.96 | 1.0 | % | |||||
Dividends Per Share | $ | 0.44 | $ | 0.44 | 0.0 | % | |||||
Return on Average Assets | 1.15 | % | 1.20 | % | |||||||
Return on Average Equity | 11.04 | % | 12.50 | % | |||||||
Return on Average Tangible Assets (1) | 1.18 | % | 1.24 | % | |||||||
Return on Average Tangible Equity (1) | 13.23 | % | 15.86 | % | |||||||
Net Interest Income | $ | 21,797,000 | $ | 16,834,000 | 29.5 | % | |||||
Net Interest Margin | 3.77 | % | 3.48 | % | |||||||
Balance Sheet Highlights: | June 30, 2010 | June 30, 2009 | % Change | ||||||||
Assets | $ | 1,358,756,000 | $ | 1,112,989,000 | 22.1 | % | |||||
Loans, Gross | $ | 898,128,000 | $ | 845,473,000 | 6.2 | % | |||||
Reserve for Loan Losses | $ | 14,582,000 | $ | 7,413,000 | 96.7 | % | |||||
Deposits | $ | 1,089,550,000 | $ | 809,122,000 | 34.7 | % | |||||
Equity | $ | 157,903,000 | $ | 106,425,000 | 48.4 | % | |||||
Tangible Equity (1) | $ | 137,095,000 | $ | 85,361,000 | 60.6 | % | |||||
| (1) | Supplemental Reporting of Non-GAAP-based Financial Measures |
Return on average tangible assets and return on average tangible equity are non-GAAP-based financial measures calculated using non-GAAP-based amounts. The most directly comparable GAAP-based measures are return on average assets and return on average equity, which are calculated using GAAP-based amounts. The Company calculates the return on average tangible assets and equity by excluding the balance of intangible assets and their related amortization expense from the calculation of return on average assets and equity. Management uses the return on average tangible assets and equity to assess the Company’s core operating results and believes that this is a better measure of our performance. In addition, this is consistent with the treatment by bank regulatory agencies, which excluded goodwill and other intangible assets from the calculation of risk-based capital ratios. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. A reconciliation of return on average assets and equity to the return on average tangible assets and equity, respectively, is set forth below.
For Quarter Ended: | June 30, 2010 | June 30, 2009 | ||||
Return on Average Assets (GAAP basis) | 1.18 | % | 1.26 | % | ||
Effect of excluding average intangible assets and related amortization | 0.04 | % | 0.04 | % | ||
Return on Average Tangible Assets | 1.22 | % | 1.30 | % | ||
Return on Average Equity (GAAP basis) | 10.20 | % | 13.14 | % | ||
Effect of excluding average intangible assets and related amortization | 1.82 | % | 3.47 | % | ||
Return on Average Tangible Equity | 12.02 | % | 16.61 | % | ||
Tangible equity is a non-GAAP financial measure calculated using non-GAAP based amounts. The most directly comparable GAAP based measure is Shareholders’ Equity. In order to calculate tangible equity, Company management subtracts intangible assets from Shareholders’ Equity. A reconciliation of tangible equity to Shareholders’ Equity is set forth below.
At End of Quarter: | June 30, 2010 | June 30, 2009 | ||
Shareholders’ Equity | 157,903,000 | 106,425,000 | ||
Intangible Assets | 20,808,000 | 21,064,000 | ||
Tangible Equity | 137,095,000 | 85,361,000 | ||
ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY-OWNED
SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands) | (Unaudited) June 30, 2010 | (Audited) * December 31, 2009 | (Unaudited) June 30, 2009 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 17,838 | $ | 13,940 | $ | 13,125 | ||||||
Federal funds sold | 20,705 | 8,000 | 5,270 | |||||||||
Cash and cash equivalents | 38,543 | 21,940 | 18,395 | |||||||||
Short-term investments | 6,247 | 6,388 | 0 | |||||||||
Interest bearing deposits with banks | 0 | 601 | 677 | |||||||||
Member stock, at cost which approximates market value | 8,056 | 8,056 | 7,886 | |||||||||
Securities available for sale | 327,907 | 196,253 | 164,864 | |||||||||
Loans | 898,128 | 881,074 | 845,473 | |||||||||
Allowance for loan losses | (14,582 | ) | (11,067 | ) | (7,413 | ) | ||||||
Net Loans | 883,546 | 870,007 | 838,060 | |||||||||
Premises and equipment, net | 28,566 | 29,601 | 30,150 | |||||||||
Goodwill and intangible assets | 20,808 | 20,938 | 21,064 | |||||||||
Cash surrender value of life insurance | 22,312 | 21,204 | 16,915 | |||||||||
Accrued interest receivable | 4,762 | 4,605 | 3,768 | |||||||||
Other assets | 18,009 | 16,839 | 11,210 | |||||||||
Total assets | $ | 1,358,756 | $ | 1,196,432 | $ | 1,112,989 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing | $ | 102,725 | $ | 90,676 | $ | 93,935 | ||||||
Interest bearing | 986,825 | 824,494 | 715,187 | |||||||||
Total deposits | 1,089,550 | 915,170 | 809,122 | |||||||||
Short-term borrowings | 45,367 | 97,914 | 84,399 | |||||||||
Long-term debt | 57,132 | 64,858 | 105,067 | |||||||||
Accrued interest payable | 899 | 1,040 | 1,322 | |||||||||
Other liabilities | 7,905 | 6,564 | 6,654 | |||||||||
Total liabilities | 1,200,853 | 1,085,546 | 1,006,564 | |||||||||
Common stock, no par value -$ .05205 stated value per share; 50,000,000 shares authorized; 7,972,398, 6,469,508 and 6,455,123 shares issued | 415 | 337 | 337 | |||||||||
Additional paid-in capital | 120,814 | 82,895 | 82,777 | |||||||||
Retained earnings | 32,999 | 28,857 | 24,788 | |||||||||
Accumulated other comprehensive income | 3,728 | (501 | ) | 453 | ||||||||
Treasury stock, 1,836, 26,313 and 66,415 shares, at cost | (53 | ) | (702 | ) | (1,930 | ) | ||||||
Total shareholders’ equity | 157,903 | 110,886 | 106,425 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,358,756 | $ | 1,196,432 | $ | 1,112,989 | ||||||
ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY-OWNED SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Three Months Ended | ||||||
(Dollars in Thousands) | June 2010 | June 2009 | ||||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 12,205 | $ | 11,787 | ||
Interest and dividends on investment securities | 2,298 | 1,342 | ||||
Interest on short-term investments | 33 | 13 | ||||
Total interest income | 14,536 | 13,142 | ||||
INTEREST EXPENSE | ||||||
Interest on deposits | 2,747 | 3,265 | ||||
Interest on short-term borrowings | 81 | 96 | ||||
Interest on long-term debt | 408 | 969 | ||||
Total interest expense | 3,236 | 4,330 | ||||
Net interest income | 11,300 | 8,812 | ||||
Provision for loan losses | 5,000 | 300 | ||||
Net interest income after provision for loan losses | 6,300 | 8,512 | ||||
OTHER INCOME | ||||||
Service charges on deposits | 1,881 | 1,750 | ||||
Other service charges | 1,451 | 1,130 | ||||
Trust department income | 834 | 637 | ||||
Brokerage income | 440 | 350 | ||||
Other income | 1,301 | 190 | ||||
Securities gains | 1,781 | 293 | ||||
Total other income | 7,688 | 4,350 | ||||
OTHER EXPENSES | ||||||
Salaries and employee benefits | 4,716 | 4,268 | ||||
Occupancy and equipment | 1,186 | 1,176 | ||||
Data processing | 309 | 283 | ||||
Advertising | 100 | 113 | ||||
Other operating expense | 2,413 | 2,504 | ||||
Total other expense | 8,724 | 8,344 | ||||
Income before income taxes | 5,264 | 4,518 | ||||
Income tax expense | 1,360 | 1,064 | ||||
Net income | $ | 3,904 | $ | 3,454 | ||
PER SHARE DATA | ||||||
Basic earnings per share | $ | 0.49 | $ | 0.54 | ||
Diluted earnings per share | $ | 0.47 | $ | 0.51 | ||
Dividends per share | $ | 0.22 | $ | 0.22 | ||
ORRSTOWN FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Six Months Ended | ||||||
(Dollars in Thousands) | June 2010 | June 2009 | ||||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 24,044 | $ | 23,202 | ||
Interest and dividends on investment securities | 4,212 | 2,484 | ||||
Interest on short term investments | 63 | 33 | ||||
Total interest income | 28,319 | 25,719 | ||||
INTEREST EXPENSE | ||||||
Interest on deposits | 5,427 | 6,656 | ||||
Interest on short-term borrowings | 245 | 181 | ||||
Interest on long-term debt | 850 | 2,048 | ||||
Total interest expense | 6,522 | 8,885 | ||||
Net interest income | 21,797 | 16,834 | ||||
Provision for loan losses | 6,420 | 515 | ||||
Net interest income after provision for loan losses | 15,377 | 16,319 | ||||
OTHER INCOME | ||||||
Service charges on deposits | 3,577 | 3,261 | ||||
Other service charges | 2,330 | 2,177 | ||||
Trust department income | 1,530 | 1,286 | ||||
Brokerage income | 838 | 635 | ||||
Other income | 1,707 | 502 | ||||
Securities gains / (losses) | 2,179 | 458 | ||||
Total other income | 12,161 | 8,319 | ||||
OTHER EXPENSES | ||||||
Salaries and employee benefits | 9,548 | 8,539 | ||||
Occupancy and equipment | 2,389 | 2,390 | ||||
Data processing | 603 | 530 | ||||
Advertising | 191 | 226 | ||||
Non-recurring expense | 0 | 36 | ||||
Other operating expense | 4,779 | 4,300 | ||||
Total other expense | 17,510 | 16,021 | ||||
Income before income taxes | 10,028 | 8,617 | ||||
Income tax expense | 2,718 | 2,138 | ||||
Net income | $ | 7,310 | $ | 6,479 | ||
PER SHARE DATA | ||||||
Basic earnings per share | $ | 1.01 | $ | 1.01 | ||
Diluted earnings per share | $ | 0.97 | $ | 0.96 | ||
Dividends per share | $ | 0.44 | $ | 0.44 | ||
ORRSTOWN FINANCIAL SERVICES INC. AND SUBSIDIARIES
ANALYSIS OF NET INTEREST INCOME
| Three Months Ended | ||||||||||||||||||
| June 2010 | June 2009 | |||||||||||||||||
(Dollars in thousands) | Average Balance | Tax Equivalent Interest | Tax Equivalent Rate | Average Balance | Tax Equivalent Interest | Tax Equivalent Rate | ||||||||||||
Interest Earning Assets: | ||||||||||||||||||
Federal funds sold & interest bearing bank balances | $ | 32,301 | $ | 33 | 0.41 | % | $ | 19,111 | $ | 13 | 0.27 | % | ||||||
Investment securities | 298,949 | 2,518 | 3.41 | % | 155,757 | 1,494 | 3.84 | % | ||||||||||
Total loans | 901,812 | 12,383 | 5.45 | % | 836,667 | 11,946 | 5.65 | % | ||||||||||
Average interest-earning assets | 1,233,062 | 14,934 | 4.82 | % | 1,011,535 | 13,453 | 5.29 | % | ||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||
Interest bearing demand deposits | $ | 402,872 | $ | 732 | 0.73 | % | $ | 299,518 | $ | 829 | 1.11 | % | ||||||
Savings deposits | 63,679 | 45 | 0.28 | % | 61,378 | 48 | 0.31 | % | ||||||||||
Time deposits | 483,824 | 1,970 | 1.63 | % | 350,509 | 2,388 | 2.73 | % | ||||||||||
Short term borrowings | 67,571 | 81 | 0.48 | % | 79,116 | 96 | 0.49 | % | ||||||||||
Long term borrowings | 50,620 | 408 | 3.19 | % | 106,996 | 969 | 3.58 | % | ||||||||||
Average interest bearing liabilities | 1,068,566 | 3,236 | 1.22 | % | 897,517 | 4,330 | 1.93 | % | ||||||||||
Overall cost of funds | 1.05 | % | 1.72 | % | ||||||||||||||
Net interest income / net interest spread | $ | 11,698 | 3.60 | % | $ | 9,123 | 3.36 | % | ||||||||||
Net interest margin | 3.77 | % | 3.57 | % | ||||||||||||||
ORRSTOWN FINANCIAL SERVICES INC. AND SUBSIDIARIES
ANALYSIS OF NET INTEREST INCOME
| Six Months Ended | ||||||||||||||||||
| June 2010 | June 2009 | |||||||||||||||||
(Dollars in thousands) | Average Balance | Tax Equivalent Interest | Tax Equivalent Rate | Average Balance | Tax Equivalent Interest | Tax Equivalent Rate | ||||||||||||
Interest Earning Assets: | ||||||||||||||||||
Federal funds sold & interest bearing bank balances | $ | 28,031 | $ | 63 | 0.45 | % | $ | 26,498 | $ | 33 | 0.25 | % | ||||||
Investment securities | 264,117 | 4,630 | 3.51 | % | 139,483 | 2,788 | 4.01 | % | ||||||||||
Total loans | 895,971 | 24,409 | 5.43 | % | 828,833 | 23,513 | 5.66 | % | ||||||||||
Average interest-earning assets | 1,188,119 | 29,102 | 4.89 | % | 994,814 | 26,334 | 5.28 | % | ||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||
Interest bearing demand deposits | $ | 376,749 | $ | 1,411 | 0.76 | % | $ | 291,289 | $ | 1,662 | 1.15 | % | ||||||
Savings deposits | 62,078 | 90 | 0.29 | % | 60,947 | 112 | 0.37 | % | ||||||||||
Time deposits | 462,590 | 3,926 | 1.68 | % | 350,567 | 4,882 | 2.81 | % | ||||||||||
Short term borrowings | 94,554 | 245 | 0.52 | % | 70,342 | 181 | 0.51 | % | ||||||||||
Long term borrowings | 51,950 | 850 | 3.28 | % | 112,399 | 2,048 | 3.62 | % | ||||||||||
Average interest bearing liabilities | 1,047,921 | 6,522 | 1.25 | % | 885,544 | 8,885 | 2.02 | % | ||||||||||
Overall cost of funds | 1.12 | % | 1.80 | % | ||||||||||||||
Net interest income / net interest spread | $ | 22,580 | 3.64 | % | $ | 17,449 | 3.26 | % | ||||||||||
Net interest margin | 3.77 | % | 3.48 | % | ||||||||||||||
Nonperforming Assets / Risk Elements
(Dollars in Thousands) | June 30, 2010 | March 31, 2010 | December 31, 2009 | |||||||||
Loans on non-accrual (cash) basis | $ | 14,496 | $ | 23,020 | $ | 4,267 | ||||||
Loans whose terms have been renegotiated | 0 | 0 | 0 | |||||||||
Total nonperforming loans | 14,496 | 23,020 | 4,267 | |||||||||
OREO | 1,264 | 873 | 1,065 | |||||||||
Total nonperforming assets | 15,760 | 23,893 | 5,332 | |||||||||
Loans past due 90 or more days and still accruing | 7,255 | 8,929 | 6,155 | |||||||||
Total nonperforming and other risk assets | $ | 23,015 | $ | 32,822 | $ | 11,487 | ||||||
Ratio of total nonperforming loans to loans | 1.61 | % | 2.56 | % | 0.48 | % | ||||||
Ratio of total nonperforming assets to assets | 1.16 | % | 1.82 | % | 0.45 | % | ||||||
Ratio of total risk assets to total loans and OREO | 2.56 | % | 3.65 | % | 1.30 | % | ||||||
Ratio of total risk assets to total assets | 1.69 | % | 2.49 | % | 0.96 | % | ||||||
Provision and Allowance for Loan Losses
| Three Months Ended | Six Months Ended | |||||||||||||||
(Dollars in Thousands) | June 2010 | June 2009 | June 2010 | June 2009 | ||||||||||||
Balance at beginning of period | $ | 12,020 | $ | 7,174 | $ | 11,067 | $ | 7,140 | ||||||||
Provision for loan losses | 5,000 | 300 | 6,420 | 515 | ||||||||||||
Recoveries | 67 | 8 | 85 | 12 | ||||||||||||
Loan charge-offs | (2,505 | ) | (69 | ) | (2,990 | ) | (254 | ) | ||||||||
Balance at end of period | $ | 14,582 | $ | 7,413 | $ | 14,582 | $ | 7,413 | ||||||||
With over $1.3 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Safe Harbor Statement: This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the Corporation’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Orrstown Financial Services, Inc.’s filings with the Securities and Exchange Commission. The statements are valid only as of the date hereof and Orrstown Financial Services, Inc. disclaims any obligation to update this information.
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