Orrstown Financial Services, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 24, 2023 at 04:03 pm
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Orrstown Financial Services, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 26.22 million compared to USD 25.46 million a year ago. Net income was USD 9.03 million compared to net loss of USD 4.83 million a year ago. Basic earnings per share from continuing operations was USD 0.87 compared to basic loss per share from continuing operations of USD 0.47 a year ago. Diluted earnings per share from continuing operations was USD 0.87 compared to diluted loss per share from continuing operations of USD 0.47 a year ago.
For the nine months, net interest income was USD 78.89 million compared to USD 72.15 million a year ago. Net income was USD 28.02 million compared to USD 12.41 million a year ago. Basic earnings per share from continuing operations was USD 2.71 compared to USD 1.17 a year ago. Diluted earnings per share from continuing operations was USD 2.68 compared to USD 1.16 a year ago.
Orrstown Financial Services, Inc. is a financial holding company for its wholly owned subsidiary Orrstown Bank (the Bank). The Company provides banking and financial advisory services located in south central Pennsylvania, principally in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Howard and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Companyâs lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. The Bank operates in the community banking segment and engages in lending activities, including commercial, residential, commercial mortgages, construction, municipal, and various forms of consumer lending and deposit services, including checking, savings, time, and money market deposits. The Bank also provides fiduciary, investment advisory, insurance, and brokerage services.