ORRF Orrstown Financial Services

Orrstown Financial Services, Inc. operates as holding company, which engages in the provision of consumer and business financial services. It also offers commercial banking and trust business services which involves accepting demand, time and savings deposits, and granting loans. The company was founded on November 17, 1987 and is headquartered in Shippensburg, PA.
Company profile
Ticker
ORRF
Exchange
CEO
Thomas Quinn
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
232530374
ORRF stock data
()
Investment data
Securities sold
Number of investors
Top 50 of 82 long holdings End of quarter 31 Mar 21 |
Value |
#Shares |
Prev Q |
Change %, QoQ |
---|---|---|---|---|
$4.19M | 34.04K | 34.67K | -1.8 | |
$2.82M | 11.62K | 13.23K | -12.2 | |
$1.79M | 8.26K | 8.33K | -0.8 | |
$1.76M | 10.99K | 12.12K | -9.3 | |
$1.71M | 805 | 842 | -4.4 | |
$1.62M | 3.35K | 3.58K | -6.4 | |
$1.58M | 4.31K | 4.42K | -2.5 | |
$1.47M | 9.04K | 9.24K | -2.2 | |
$1.36M | 9.63K | 9.99K | -3.7 | |
$1.32M | 5.98K | 6.4K | -6.6 | |
$1.3M | 10.92K | 11.02K | -0.9 | |
$1.3M | 8.44K | 8.94K | -5.5 | |
$1.28M | 9.03K | 10.28K | -12.2 | |
$1.22M | 6.46K | 6.66K | -3.0 | |
$1.21M | 18.4K | 18.6K | -1.0 | |
$1.17M | 3.8K | 3.91K | -2.7 | |
$1.17M | 49.98K | 51.26K | -2.5 | |
$1.15M | 7.98K | 8.11K | -1.7 | |
$1.11M | 6.96K | 7.17K | -3.0 | |
$1.1M | 4.26K | 4.42K | -3.6 | |
$1.1M | 18.85K | 19.7K | -4.3 | |
$1.08M | 2.98K | 3.02K | -1.3 | |
$1.06M | 7.51K | 7.59K | -1.1 | |
$1.05M | 9.6K | 9.75K | -1.6 | |
$1.03M | 4.28K | 4.28K | 0 | |
$1.03M | 6.85K | 6.9K | -0.8 | |
$1.03M | 325 | 328 | -0.9 | |
$976K | 10.24K | 10.25K | -0.1 | |
$967K | 11.17K | 11.07K | +0.9 | |
$939K | 9.51K | 9.41K | +1.1 | |
$926K | 4.11K | 3.93K | +4.7 | |
$919K | 7.92K | 8.27K | -4.3 | |
$898K | 7.35K | 7.23K | +1.7 | |
$871K | 6.32K | 6.22K | +1.6 | |
$870K | 8.25K | 8.55K | -3.5 | |
$868K | 15.87K | 15.5K | +2.4 | |
$845K | 14.71K | 14.45K | +1.8 | |
$841K | 3.88K | 3.99K | -2.8 | |
$826K | 17.76K | 17.81K | -0.2 | |
$796K | 5.87K | 6.79K | -13.5 | |
$788K | 13.21K | 13.03K | +1.3 | |
$786K | 3.92K | NEW | ||
$785K | 6.73K | 6.24K | +7.9 | |
$772K | 4.01K | 4.31K | -7.0 | |
$771K | 5.96K | 5.85K | +1.8 | |
$760K | 2.1K | 1.83K | +14.4 | |
$757K | 10.46K | 10.33K | +1.3 | |
$737K | 3.9K | 4.12K | -5.5 | |
$731K | 9.84K | 9.38K | +4.9 | |
$713K | 1.92K | 1.92K | 0 |
Holdings list only includes long positions.
Only includes long positions.
Calendar
15 Mar 21
12 Apr 21
31 Dec 21
Financial summary
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Diluted EPS |
Annual (USD) |
Dec 20 | Dec 19 | Dec 18 | Dec 17 | |
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Diluted EPS |
Financial data from company earnings reports.
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
9 Feb 21 | Quinn Thomas R Jr | Orrstown Financial Services, Inc., common stock | Buy | Aquire P | No | No | 19.49 | 374 | 7.29K | 71,049.98 |
29 Jan 21 | Robert G Coradi | Orrstown Financial Services, Inc. common stock | Buy | Aquire P | No | No | 17.39 | 505 | 8.78K | 28,984 |
27 Jan 21 | Jeffrey S Gayman | Orrstown Financial Services, Inc. Common, Restricted Stock | Grant | Aquire A | No | No | 18.32 | 4,021 | 73.66K | 14,818 |
27 Jan 21 | Keller Mark K | Orrstown Financial Services, Inc., Common, Restricted Stock | Grant | Aquire A | No | No | 18.32 | 1,447 | 26.51K | 15,051.29 |
27 Jan 21 | Pugh Andrea L | Orrstown Financial Services, Inc., Common, Restricted Stock | Grant | Aquire A | No | No | 18.32 | 1,447 | 26.51K | 33,223 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
40.6% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 60 |
Opened positions | 7 |
Closed positions | 3 |
Increased positions | 32 |
Reduced positions | 12 |
13F shares |
Current |
---|---|
Total value | 127.61M |
Total shares | 4.54M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|---|---|
BLK Blackrock | 791.72K | $13.1M |
Vanguard | 468.21K | $7.75M |
FMR | 334.47K | $5.54M |
Maltese Capital Management | 312.79K | $5.18M |
Renaissance Technologies | 296.66K | $4.91M |
Endeavour Capital Advisors | 283.37K | $4.69M |
Dimensional Fund Advisors | 252.92K | $4.19M |
STT State Street | 194.25K | $3.22M |
Pacific Ridge Capital Partners | 175.39K | $2.9M |
Geode Capital Management | 160.44K | $2.66M |
Financial report summary
?Risks
- If our allowance for loan losses is not sufficient to cover actual losses, our earnings would decrease.
- Commercial real estate lending may expose us to a greater risk of loss and impact our earnings and profitability.
- The credit risk related to commercial and industrial loans is greater than the risk related to residential loans.
- As a participating lender in the SBA Paycheck Protection Program (“PPP”), we are subject to additional risks of litigation from our clients or other parties regarding our processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guaranties.
- Changes in interest rates could adversely impact the Company’s financial condition and results of operations.
- The expected discontinuance of LIBOR presents risks to the financial instruments originated, issued or held by us that use LIBOR as a reference rate.
- Difficult economic and market conditions can adversely affect the financial services industry and may materially and adversely affect the Company.
- Because our business is concentrated in south central Pennsylvania, the greater Baltimore region, and Washington County, Maryland, our financial performance could be materially adversely affected by economic conditions and real estate values in these market areas.
- Competition from other banks and financial institutions in originating loans, attracting deposits and providing other financial services may adversely affect our profitability and liquidity.
- The Company’s business strategy includes the continuation of moderate growth plans, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.
- The Company may be adversely affected by technological advances.
- We face security risks, including denial of service attacks, hacking, social engineering attacks targeting our colleagues and clients, malware intrusion or data corruption attempts, and identity theft that could result in the disclosure of confidential information, adversely affect our business or reputation, and create significant legal and financial exposure.
- Cybersecurity and data privacy are areas of heightened legislative and regulatory focus.
- We may become subject to claims and litigation pertaining to fiduciary responsibility.
- Interest rate volatility stemming from COVID-19 could negatively affect our net interest income, lending activities, deposits and profitability.
- Growing by acquisition involves risks.
- We may be unable to successfully integrate the operations of acquired entities over time.
- The market price of our common stock after acquisitions may be affected by factors different from those affecting our shares currently.
- Governmental regulation and regulatory actions against us may impair our operations or restrict our growth.
- Increases in FDIC insurance premiums may have a material adverse effect on our results of operations.
- Legislative, regulatory and legal developments involving income and other taxes could materially adversely affect the Company’s results of operations and cash flows.
- The Company is required to use judgment in applying accounting policies and different estimates and assumptions in the application of these policies could result in a decrease in capital and/or other material changes to the reports of financial condition and results of operations.
- Changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition.
- Noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations could cause us material financial loss.
- Pending litigation and legal proceedings and the impact of any finding of liability or damages could adversely impact the Company and its financial condition and results of operations.
- The Parent Company is a holding company dependent for liquidity on payments from its bank subsidiary, which is subject to restrictions.
- The soundness of other financial institutions could adversely affect the Company.
- If the Company wants, or is compelled, to raise additional capital in the future, that capital may not be available when it is needed or on terms favorable to current shareholders.
- The market price of our common stock is subject to volatility.
- A reduction in our credit rating could adversely affect our access to capital and could increase our cost of funds.
- The Parent Company's primary source of income is dividends received from its bank subsidiary.
- The COVID-19 pandemic has caused a significant global and national economic downturn and unprecedented levels of unemployment, which may adversely affect our business and results of operations, and the future impact of the COVID-19 pandemic on the global, national and local economies and our business, results of operations and financial condition remain uncertain.
- The Company may not be able to attract and retain skilled people.
- Negative public opinion could damage our reputation and adversely affect our earnings.
- Acts of terrorism, natural disasters, global climate change, pandemics and global conflicts may have a negative impact on our business and operations.
Management Discussion
- In 2020, net interest income increased $14.3 million, or 20.7%, compared with 2019. Net interest income for 2020 on a taxable-equivalent basis increased $14.1 million, or 20.0%, compared with 2019. The Company’s net interest spread increased five basis points to 3.29% for 2020 compared with 2019. Taxable-equivalent yields on interest-earning assets and costs of interest-bearing liabilities both increased from 2019 to 2020, reflecting increased average balances from SBA PPP loans, organic growth and acquisitions, partially offset by changes in the interest rate environment between years. Other factors impacting the comparison of taxable-equivalent yields between 2019 and 2020 include the effect of purchase accounting related to the Hamilton acquisition and the timing of our adjustments to rates paid on interest-bearing deposits in response to market demand.
Content analysis
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H.S. freshman Avg
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New words:
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Removed:
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Financial reports
10-K
2020 FY
Annual report
15 Mar 21
10-Q
2020 Q3
Quarterly report
4 Nov 20
10-Q
2020 Q2
Quarterly report
9 Aug 20
10-Q
2020 Q1
Quarterly report
7 May 20
10-K
2019 FY
Annual report
16 Mar 20
10-Q
2019 Q3
Quarterly report
8 Nov 19
10-Q
2019 Q2
Quarterly report
8 Aug 19
10-Q
2019 Q1
Quarterly report
7 May 19
10-K
2018 FY
Annual report
15 Mar 19
10-Q
2018 Q3
Quarterly report
6 Nov 18
Current reports
8-K
Names Neelesh Kalani Executive Vice President and Chief Financial Officer
31 Mar 21
8-K
Fourth Quarter Results
9 Feb 21
8-K
Orrstown Financial Services, Inc. Reports Fourth Quarter and Full Year 2020 Results
20 Jan 21
8-K
Regulation FD Disclosure
2 Dec 20
8-K
Third Quarter Results
10 Nov 20
8-K
Orrstown Financial Services, Inc. Reports Third Quarter 2020 Results
20 Oct 20
8-K
Orrstown Financial Services, Inc. Announces Focus on Strategic Investments and Operational Efficiencies
24 Sep 20
8-K
Departure of Directors or Certain Officers
18 Sep 20
8-K
Second Quarter Results
10 Aug 20
8-K
Regulation FD Disclosure
28 Jul 20
Registration and prospectus
S-3
Shelf registration
25 Oct 19
424B3
Prospectus supplement
26 Feb 19
S-4/A
Registration of securities issued in business combination transactions (amended)
22 Feb 19
424B3
Prospectus supplement
14 Feb 19
S-4
Registration of securities issued in business combination transactions
8 Feb 19
S-4/A
Registration of securities issued in business combination transactions (amended)
6 Feb 19
S-4
Registration of securities issued in business combination transactions
9 Jan 19
D
$32.5M in debt, sold $32.5M, 23 investors
3 Jan 19
425
Business combination disclosure
24 Oct 18
425
Business combination disclosure
30 Sep 18
Proxies
DEF 14A
Definitive proxy
26 Mar 21
DEFA14A
Additional proxy soliciting materials
5 Apr 20
DEFA14A
Additional proxy soliciting materials
5 Apr 20
DEFA14A
Additional proxy soliciting materials
24 Mar 20
DEF 14A
Definitive proxy
24 Mar 20
DEFA14A
Additional proxy soliciting materials
22 Mar 19
DEF 14A
Definitive proxy
22 Mar 19
DEFA14A
Additional proxy soliciting materials
19 Mar 18
DEF 14A
Definitive proxy
18 Mar 18
DEF 14A
Definitive proxy
23 Mar 17
Other
EFFECT
Notice of effectiveness
6 Nov 19
CORRESP
Correspondence with SEC
31 Oct 19
UPLOAD
Letter from SEC
30 Oct 19
EFFECT
Notice of effectiveness
27 Feb 19
EFFECT
Notice of effectiveness
7 Feb 19
EFFECT
Notice of effectiveness
24 Jul 18
CORRESP
Correspondence with SEC
22 Jul 18
UPLOAD
Letter from SEC
15 Jul 18
EFFECT
Notice of effectiveness
31 Jan 16
CORRESP
Correspondence with SEC
27 Jan 16
Ownership
SC 13G/A
ORRSTOWN FINANCIAL SERVICES / ORRSTOWN FINANCIAL SERVICES ownership change
7 Apr 21
13F-HR
Quarterly holdings report by institutional manager
7 Apr 21
4
ORRSTOWN FINANCIAL SERVICES / Thomas R Quinn Jr ownership change
10 Feb 21
4
ORRSTOWN FINANCIAL SERVICES / Robert G Coradi ownership change
1 Feb 21
4
ORRSTOWN FINANCIAL SERVICES / JOEL R ZULLINGER ownership change
29 Jan 21
4
ORRSTOWN FINANCIAL SERVICES / Thomas R Quinn Jr ownership change
29 Jan 21
4
ORRSTOWN FINANCIAL SERVICES / BARBARA E BROBST ownership change
29 Jan 21
4
ORRSTOWN FINANCIAL SERVICES / Luke Bernstein ownership change
29 Jan 21
4
ORRSTOWN FINANCIAL SERVICES / PHILIP E FAGUE ownership change
29 Jan 21
4
ORRSTOWN FINANCIAL SERVICES / THOMAS R BRUGGER ownership change
29 Jan 21