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| 8-K - FORM 8-K - ORRSTOWN FINANCIAL SERVICES INC | d8k.htm |
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
EVP, Chief Financial Officer
Phone 717.530.2604
77 East King Street | Shippensburg PA
Orrstown Financial Services, Inc. Announces Increased Quarterly Earnings, Increased
Second Quarter Dividend and Reduction in Risk Assets
SHIPPENSBURG, PA (April 28, 2011)
| • | Increased first quarter 2011 earnings to $3.827 million, 12.4% above 2010 results |
| • | Nonperforming assets continue to decline; down 36.7% since March 31, 2010 |
| • | Declaration of second quarter 2011 dividend of $0.23 per share, an increase of 4.6% over prior year |
| • | Inclusion on Keefe, Bruyette & Woods, Inc.’s (KBW) Bank Honor Roll of Superior Performers as one of the top 40 best performing publically traded community banks for 2010 (asset size of at least $500 million) |
| • | Inclusion on SNL Financial’s 100 best performing community banks for 2010 (asset size ranging between $500 million and $5 billion) |
Orrstown Financial Services, Inc. (NASDAQ: ORRF) announced today that net income increased 12.4% to $3.827 million for the quarter ended March 31, 2011, from $3.406 million for the first quarter of 2010. Diluted earnings per share amounted to $0.48 for the quarter ended March 31, 2011, as compared to $0.52 during the first quarter of 2010, due to a higher share count in the current quarter. The Company also announced that its Board of Directors declared a second quarter cash dividend of $0.23 per share, an increase of 4.6% over the second quarter of 2010, for shareholders of record on May 13, 2011. The dividend will be paid to shareholders on May 25, 2011.
“Our primary goal is to manage the institution for consistent and sustainable growth as well as profitability. Thus far we have delivered favorable results throughout this challenging economic cycle that has persisted for over two years. Our solid underlying financial performance places us in a select group of community banks nationally, as evidenced by our inclusion among SNL Financial’s 100 best performing community banks for 2010, and KBW’s bank honor roll of superior performers,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “We are pleased to have increased our dividend and still retain capital from earnings, while continuing to conservatively add to reserve coverage of problem assets. Total nonperforming assets continue to decline and were down 6.5% at March 31 from end of year levels. We believe our capital position is quite robust and should provide us with a significant platform to enhance our strong organic growth. We opened our 21st branch yesterday at the Carlisle Fairgrounds in Carlisle, Pennsylvania. This will enable us to provide banking services to the many attendees of Carlisle Events car shows and further extend our brand.”
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Results of Year-to-Date Operations
Net income totaled $3.827 million for the three months ended March 31, 2011, an increase of $421,000, or 12.4%, over first quarter 2010’s results. Diluted earnings per share amounted to $0.48 for the three months ended March 31, 2011, compared to $0.52 for the same period in 2010, as a result of the issuance of approximately 1.481 million shares on March 29, 2010 in connection with the company’s highly successful common stock offering. Net interest income for the three months ended March 31, 2011, increased to $12.388 million as compared to $10.497 million in the same prior year period. The net interest margin was 3.68% for the three months ended March 31, 2011 as compared to 3.76% in the same prior year period. The yield on interest-earning assets was 4.52% for the first three months of 2011 as compared to 4.92% for the same period in 2010. Our cost of funds dropped to 0.84% for the three months ended March 31, 2011, as compared to 1.16% in the same prior year period. Average interest-earning assets increased by $277 million for the three months ended March 31, 2011, as compared to first quarter 2010.
The provision for loan losses increased to $3.195 million for the three months ended March 31, 2011, as compared to $1.420 million for the corresponding prior year period. While loan delinquencies remain below March 31, 2010 levels, the continuing tough economic conditions that plague the national and local economies create ongoing pressure even for resilient borrowers. Our ongoing credit review process led us to conduct a thorough review of watch and special mention loans during the quarter. This process led to increased provisioning of certain commercial credits, predominantly in our southern tier. The provision for loan loss for first quarter 2011 was nearly four times net charge offs for the period, which enabled us to bolster the allowance for loan losses to 129% of nonperforming loans and 1.87% of loans outstanding. Management believes these coverage ratios will compare favorably to peers.
Noninterest income increased to $5.076 million for the three months ended March 31, 2011, as compared to $4.347 million in the same prior year period. Revenue increases were generated across most business lines, with trust and brokerage income and mortgage banking activities posting healthy 25.0% and 92.8% increases, respectively.
Operating expenses amounted to $9.439 million for the three months ended March 31, 2011, as compared to $8.660 million for the corresponding prior year period. This 9% increase in operating expense was spread broadly across many lines including salaries, advertising and OREO expense. Even with the increase in expenses we were able to generate an improved efficiency ratio of 52.9% during the first quarter of 2011, versus 58.0% during first quarter 2010.
Financial Condition
Assets grew $671,000 to $1.512 billion at March 31, 2011 from December 31, 2010. Deposits increased by 1.6% to $1.207 billion at March 31, 2011, from $1.188 billion at December 31, 2010. Stockholders’ equity increased to $162.7 million at March 31, 2011 from $160.5 million at December 31, 2010. The Company was able to increase loans outstanding by $21.8 million from $967 million at year-end to $989 million at March 31, 2011. This asset growth was funded principally through cash flow from available for sale securities, which decreased $36 million during the quarter. The growth in deposits enabled the Company to pay-down some of its borrowings, which declined $21.211 million, or 13.9% since year-end.
Asset Quality
During the first quarter of 2010, the Company experienced deterioration in its nonperforming assets and loans greater than 90 days past due still accruing. These problem assets peaked at March 31, 2010, and throughout the remainder of 2010 the Company was able to work its way through a number of these assets, which included foreclosures, pay-downs received from the customers and write-downs. At December 31, 2010 nonperforming assets were $16.188 million and total nonperforming and loans greater than 90 days past due still accruing totaled $18.436 million.
During the first quarter of 2011, the Company was able to dispose of several properties it acquired through foreclosure, one $964,000 loan was eliminated after the underlying collateral was sold to a third party, and a $500,000 charge was made to the allowance for loan losses. These actions reduced the Company’s nonperforming assets from $16.188 million at year-end to $15.130 million at March 31, 2011, a 6.5% decline. Loans
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past due 90 or more days and still accruing increased from $2.248 million at December 31, 2010 to $3.687 million at March 31, 2011. Loans in this category are believed by management to be well secured and are in the process of collection.
Management prudently increased the provision for loan losses to compensate for increased delinquencies and the migration of loans to higher risk loan ratings, despite improvement in the ratio of nonperforming loans to total loans and nonperforming assets to total assets.
Summary of Financial Highlights:
| March 31, 2011 | March 31, 2010 | % Change | ||||||||||
| For Quarter Ended: |
||||||||||||
| Net Income |
$ | 3,827,000 | $ | 3,406,000 | 12.4 | % | ||||||
| Basic Earnings Per Share |
$ | 0.48 | $ | 0.52 | -7.7 | % | ||||||
| Diluted Earnings Per Share |
$ | 0.48 | $ | 0.52 | -7.7 | % | ||||||
| Dividends Per Share |
$ | 0.23 | $ | 0.22 | 4.6 | % | ||||||
| Return on Average Assets |
1.03 | % | 1.12 | % | ||||||||
| Return on Average Equity |
9.63 | % | 12.18 | % | ||||||||
| Return on Average Tangible Assets (1) |
1.05 | % | 1.15 | % | ||||||||
| Return on Average Tangible Equity (1) |
11.15 | % | 15.12 | % | ||||||||
| Net Interest Income |
$ | 12,388,000 | $ | 10,497,000 | 18.0 | % | ||||||
| Net Interest Margin |
3.68 | % | 3.76 | % | ||||||||
| March 31, 2011 | March 31, 2010 | % Change | ||||||||||
| Balance Sheet Highlights: |
||||||||||||
| Assets |
$ | 1,512,393,000 | $ | 1,316,038,000 | 14.9 | % | ||||||
| Loans, Gross |
988,774,000 | 898,276,000 | 10.1 | % | ||||||||
| Allowance for Loan Losses |
18,398,000 | 12,020,000 | 53.1 | % | ||||||||
| Deposits |
1,207,373,000 | 997,675,000 | 21.0 | % | ||||||||
| Shareholders’ Equity |
162,673,000 | 151,982,000 | 7.0 | % | ||||||||
| Tangible Equity (1) |
142,027,000 | 131,109,000 | 8.3 | % | ||||||||
| (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, net of tax, 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 operating performance, as it is based on the Company’s tangible assets and capital. Further, we believe that by excluding the impact of purchase accounting adjustments it allows for a more meaningful comparison with the Company’s peers; particularly those that may not have acquired other companies. Lastly, the exclusion of goodwill and intangible assets is consistent with the treatment by bank regulatory agencies, which exclude these amounts 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.
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| March 31, 2011 | March 31, 2010 | |||||||
| For Three Months Ended: |
||||||||
| Return on Average Assets (GAAP basis) |
1.03 | % | 1.12 | % | ||||
| Add: Effect of excluding average intangible assets and related amortization, net of tax |
0.02 | % | 0.03 | % | ||||
| Return on Average Tangible Assets |
1.05 | % | 1.15 | % | ||||
| Return on Average Equity (GAAP basis) |
9.63 | % | 12.18 | % | ||||
| Add: Effect of excluding average intangible assets and related amortization, net of tax |
1.52 | % | 2.94 | % | ||||
| Return on Average Tangible Equity |
11.15 | % | 15.12 | % | ||||
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.
| March 31, 2011 | March 31, 2010 | |||||||
| Total At End of Quarter: |
||||||||
| Shareholders’ Equity |
$ | 162,673,000 | $ | 151,982,000 | ||||
| Less: Intangible Assets |
20,646,000 | 20,873,000 | ||||||
| Tangible Equity |
$ | 142,027,000 | $ | 131,109,000 | ||||
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ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY-OWNED SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
| (Unaudited) | (Audited)* | (Unaudited) | ||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| (Dollars in thousands, Except per Share Data) | 2011 | 2010 | 2010 | |||||||||
| Assets |
||||||||||||
| Cash and due from banks |
$ | 14,751 | $ | 10,400 | $ | 14,639 | ||||||
| Federal funds sold |
21,500 | 8,800 | 52,330 | |||||||||
| Cash and cash equivalents |
36,251 | 19,200 | 66,969 | |||||||||
| Short term investments |
2,746 | 2,728 | 6,400 | |||||||||
| Interest bearing deposits with banks |
557 | 925 | 644 | |||||||||
| Restricted investments in bank stock |
8,515 | 8,798 | 8,056 | |||||||||
| Securities available for sale |
395,792 | 431,772 | 253,155 | |||||||||
| Loans held for sale |
3,807 | 2,693 | 632 | |||||||||
| Loans |
984,967 | 964,293 | 897,644 | |||||||||
| Less: Allowance for loan losses |
(18,398 | ) | (16,020 | ) | (12,020 | ) | ||||||
| Net Loans |
970,376 | 950,966 | 886,256 | |||||||||
| Premises and equipment, net |
27,557 | 27,774 | 28,939 | |||||||||
| Cash surrender value of life insurance |
22,946 | 22,649 | 21,883 | |||||||||
| Goodwill and intangible assets |
20,646 | 20,698 | 20,873 | |||||||||
| Accrued interest receivable |
5,849 | 5,715 | 4,714 | |||||||||
| Other assets |
21,158 | 20,497 | 18,149 | |||||||||
| Total assets |
$ | 1,512,393 | $ | 1,511,722 | $ | 1,316,038 | ||||||
| Liabilities |
||||||||||||
| Deposits: |
||||||||||||
| Non-interest bearing |
$ | 116,418 | $ | 104,646 | $ | 94,918 | ||||||
| Interest bearing |
1,090,955 | 1,083,731 | 902,757 | |||||||||
| Total deposits |
1,207,373 | 1,188,377 | 997,675 | |||||||||
| Short-term borrowings |
86,750 | 87,850 | 110,213 | |||||||||
| Long-term debt |
45,067 | 65,178 | 47,484 | |||||||||
| Accrued interest and other liabilities |
10,530 | 9,833 | 8,684 | |||||||||
| Total liabilities |
1,349,720 | 1,351,238 | 1,164,056 | |||||||||
| Shareholders’ Equity |
||||||||||||
| Preferred Stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding |
0 | 0 | 0 | |||||||||
| Common stock, no par value - $ 0.05205 stated value per share 50,000,000 shares authorized; 7,991,791, 7,986,966 and 7,950,989 shares issued; 7,991,512; 7,985,667 and 7,943,000 shares outstanding |
416 | 416 | 414 | |||||||||
| Additional paid - in capital |
121,579 | 121,508 | 120,379 | |||||||||
| Retained earnings |
40,670 | 38,680 | 30,846 | |||||||||
| Accumulated other comprehensive income (loss) |
15 | (88 | ) | 584 | ||||||||
| Treasury stock - common, 279, 1,299 and 7,989 shares, at cost |
(7 | ) | (32 | ) | (241 | ) | ||||||
| Total shareholders’ equity |
162,673 | 160,484 | 151,982 | |||||||||
| Total liabilities and shareholders’ equity |
$ | 1,512,393 | $ | 1,511,722 | $ | 1,316,038 | ||||||
The consolidated balance sheet at December 31, 2010 has been derived from audited financial statements at that date.
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ORRSTOWN FINANCIAL SERVICES, INC. AND ITS WHOLLY-OWNED SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| (Dollars in thousands, Except per Share Data) | 2011 | 2010 | ||||||
| Interest and dividend income |
||||||||
| Interest and fees on loans |
$ | 12,435 | $ | 11,839 | ||||
| Interest and dividends on investment securities |
||||||||
| Taxable |
2,095 | 1,546 | ||||||
| Tax-exempt |
771 | 368 | ||||||
| Short term investments |
24 | 30 | ||||||
| Total interest and dividend income |
15,325 | 13,783 | ||||||
| Interest expense |
||||||||
| Interest on deposits |
2,525 | 2,680 | ||||||
| Interest on short-term borrowings |
123 | 164 | ||||||
| Interest on long-term debt |
289 | 442 | ||||||
| Total interest expense |
2,937 | 3,286 | ||||||
| Net interest income |
12,388 | 10,497 | ||||||
| Provision for loan losses |
3,195 | 1,420 | ||||||
| Net interest income after provision for loan losses |
9,193 | 9,077 | ||||||
| Other income |
||||||||
| Service charges on deposit accounts |
1,485 | 1,439 | ||||||
| Other service charges, commissions and fees |
370 | 396 | ||||||
| Trust department income |
1,012 | 760 | ||||||
| Brokerage income |
404 | 373 | ||||||
| Mortgage banking activities |
696 | 361 | ||||||
| Earnings on life insurance |
330 | 162 | ||||||
| Merchant processing fees |
255 | 257 | ||||||
| Other income |
145 | 201 | ||||||
| Investment securities gains (losses) |
379 | 398 | ||||||
| Total other income |
5,076 | 4,347 | ||||||
| Other expenses |
||||||||
| Salaries and employee benefits |
4,832 | 4,598 | ||||||
| Occupancy expense |
562 | 559 | ||||||
| Furniture and equipment |
681 | 601 | ||||||
| Data Processing |
312 | 294 | ||||||
| Telephone |
176 | 172 | ||||||
| Advertising and bank promotions |
258 | 180 | ||||||
| FDIC Insurance |
550 | 544 | ||||||
| Professional services |
322 | 293 | ||||||
| Taxes other than income |
205 | 133 | ||||||
| Intangible asset amortization |
52 | 65 | ||||||
| Other operating expenses |
1,489 | 1,221 | ||||||
| Total other expenses |
9,439 | 8,660 | ||||||
| Income before income tax |
4,830 | 4,764 | ||||||
| Income tax expense |
1,003 | 1,358 | ||||||
| Net income |
$ | 3,827 | $ | 3,406 | ||||
| Per share information: |
||||||||
| Basic earnings per share |
$ | 0.48 | $ | 0.52 | ||||
| Diluted earnings per share |
0.48 | 0.52 | ||||||
| Dividends per share |
0.23 | 0.22 | ||||||
| Average shares and common stock equivalents outstanding |
8,026,065 | 6,545,503 | ||||||
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ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable Equivalent Basis
| Three Months Ended | ||||||||||||||||||||||||
| March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||
| (Dollars in thousands) | Average Balance |
Tax Equivalent Interest |
Tax Equivalent Rate |
Average Balance |
Tax Equivalent Interest |
Tax Equivalent Rate |
||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Federal funds sold & interest bearing bank balances |
$ | 17,877 | $ | 24 | 0.54 | % | $ | 23,711 | $ | 30 | 0.51 | % | ||||||||||||
| Securities |
425,701 | 3,281 | 3.08 | 228,899 | 2,112 | 3.62 | ||||||||||||||||||
| Loans |
976,142 | 12,705 | 5.22 | 890,065 | 12,026 | 5.38 | ||||||||||||||||||
| Total interest-earning assets |
1,419,720 | 16,010 | 4.52 | 1,142,675 | 14,168 | 4.92 | ||||||||||||||||||
| Other assets |
92,215 | 93,616 | ||||||||||||||||||||||
| Total |
$ | 1,511,935 | $ | 1,236,291 | ||||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Interest bearing demand deposits |
$ | 420,235 | $ | 449 | 0.43 | $ | 350,336 | $ | 681 | 0.79 | ||||||||||||||
| Savings deposits |
67,643 | 38 | 0.23 | 60,459 | 47 | 0.30 | ||||||||||||||||||
| Time deposits |
599,833 | 2,038 | 1.32 | 441,121 | 1,952 | 1.78 | ||||||||||||||||||
| Short term borrowings |
96,162 | 123 | 0.52 | 121,838 | 164 | 0.55 | ||||||||||||||||||
| Long term debt |
50,027 | 289 | 2.32 | 53,296 | 442 | 3.32 | ||||||||||||||||||
| Total interest bearing liabilities |
1,233,900 | 2,937 | 0.93 | 1,027,050 | 3,286 | 1.28 | ||||||||||||||||||
| Non-interest bearing demand deposits |
107,119 | 88,328 | ||||||||||||||||||||||
| Other |
9,849 | 7,523 | ||||||||||||||||||||||
| Total Liabilities |
1,350,868 | 1,122,901 | ||||||||||||||||||||||
| Shareholders’ Equity |
161,067 | 113,390 | ||||||||||||||||||||||
| Total |
$ | 1,511,935 | 0.84 | % | $ | 1,236,291 | 1.16 | % | ||||||||||||||||
| Net interest income (FTE)/ net interest spread |
13,073 | 3.59 | % | $ | 10,885 | 3.64 | % | |||||||||||||||||
| Net interest margin |
3.68 | % | 3.76 | % | ||||||||||||||||||||
| Tax-equivalent adjustment |
(685 | ) | (388 | ) | ||||||||||||||||||||
| Net interest income |
$ | 12,388 | $ | 10,497 | ||||||||||||||||||||
| NOTES: | Yields and interest income on tax-exempt assets have been computed on a fully taxable equivalent basis assuming a 35% tax rate. | |
| For yield calculation purposes, nonaccruing loans are included in the average loan balance. | ||
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Nonperforming Assets / Risk Elements
| (Dollars in Thousands) | March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
June 30, 2010 |
March 31, 2010 |
|||||||||||||||
| Loans on nonaccrual (cash) basis |
$ | 13,106 | $ | 13,896 | $ | 14,427 | $ | 14,496 | $ | 23,020 | ||||||||||
| Loans whose terms have been renegotiated |
1,177 | 1,180 | 0 | 0 | 0 | |||||||||||||||
| Total nonperforming loans |
14,283 | 15,076 | 14,427 | 14,496 | 23,020 | |||||||||||||||
| Other real estate owned (OREO) |
847 | 1,112 | 2,528 | 1,264 | 873 | |||||||||||||||
| Total nonperforming assets |
15,130 | 16,188 | 16,955 | 15,760 | 23,893 | |||||||||||||||
| Loans past due 90 or more days and still accruing |
3,687 | 2,248 | 3,526 | 7,255 | 8,929 | |||||||||||||||
| Total nonperforming and other risk assets |
$ | 18,817 | $ | 18,436 | $ | 20,481 | $ | 23,015 | $ | 32,822 | ||||||||||
| Ratio of total nonperforming loans to loans |
1.45 | % | 1.56 | % | 1.57 | % | 1.61 | % | 2.56 | % | ||||||||||
| Ratio of total nonperforming assets to assets |
1.00 | % | 1.07 | % | 1.15 | % | 1.16 | % | 1.82 | % | ||||||||||
| Ratio of total nonperforming assets to total loans and OREO |
1.53 | % | 1.67 | % | 1.83 | % | 1.75 | % | 2.66 | % | ||||||||||
| Ratio of total risk assets to total loans and OREO |
1.91 | % | 1.90 | % | 2.22 | % | 2.56 | % | 3.65 | % | ||||||||||
| Ratio of total risk assets to total assets |
1.24 | % | 1.22 | % | 1.39 | % | 1.69 | % | 2.49 | % | ||||||||||
| Allowance for loan losses to nonperforming loans |
129 | % | 106 | % | 107 | % | 101 | % | 52 | % | ||||||||||
Roll Forward of Allowance for Loan Losses
| Three Months Ended | ||||||||
| (Dollars in Thousands) | March 31, 2011 |
March 31, 2010 |
||||||
| Balance at beginning of period |
$ | 16,020 | $ | 11,067 | ||||
| Provision for loan losses |
3,195 | 1,420 | ||||||
| Recoveries |
7 | 18 | ||||||
| Loans charged-off |
(824 | ) | (485 | ) | ||||
| Balance at end of period |
$ | 18,398 | $ | 12,020 | ||||
About the Company:
With over $1.5 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 traded 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 Company’s business strategy due to changes in current or future market conditions; the effects of competition, including industry consolidation and development of competing financial products and services; changes in laws and regulations, including the recent Dodd-Frank Wall Street Reform and Consumer Protection Act; 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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The review period for subsequent events extends up to and including the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change.
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