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ORRF Orrstown Financial Services

With $2.8 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provides a wide range of consumer and business financial services through banking offices in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF).

Company profile

Ticker
ORRF
Exchange
CEO
Thomas Quinn
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
232530374

ORRF stock data

(
)

Investment data

Data from SEC filings
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

7 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 May 21 Pugh Andrea L Orrstown Financial Services, Inc, Common Stock Sell Dispose S No No 24.16 6,245 150.88K 27,978.02
11 May 21 Quinn Thomas R Jr Orrstown Financial Services, Inc., common stock Buy Aquire P No No 24.5 290 7.11K 71,392.42
28 Apr 21 Zullinger Joel R Orrstown Financial Services, Inc, Common Stock Sell Dispose S No No 23.625 600 14.18K 41,707.88
27 Apr 21 Linford Weaver Orrstown Financial Services, Inc. Common, Restricted Stock Grant Aquire A No No 23.66 1,000 23.66K 8,822
27 Apr 21 Keller Mark K Orrstown Financial Services, Inc., Common, Restricted Stock Grant Aquire A No No 23.66 1,000 23.66K 16,069.96

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

40.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 60 56 +7.1%
Opened positions 7 2 +250.0%
Closed positions 3 9 -66.7%
Increased positions 32 17 +88.2%
Reduced positions 12 27 -55.6%
13F shares
Current Prev Q Change
Total value 127.61M 86.08M +48.2%
Total shares 4.54M 4.13M +9.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 791.72K $13.1M +4.4%
Vanguard 468.21K $7.75M +1.1%
FMR 334.47K $5.54M +0.7%
Maltese Capital Management 312.79K $5.18M NEW
Renaissance Technologies 296.66K $4.91M +10.9%
Endeavour Capital Advisors 283.37K $4.69M +0.8%
Dimensional Fund Advisors 252.92K $4.19M +1.4%
STT State Street 194.25K $3.22M -4.1%
Pacific Ridge Capital Partners 175.39K $2.9M +16.8%
Geode Capital Management 160.44K $2.66M +0.8%
Largest transactions
Shares Bought/sold Change
Maltese Capital Management 312.79K +312.79K NEW
WFC Wells Fargo & Co. 31.58K -104.11K -76.7%
Fourthstone 63.79K +63.79K NEW
Context BH Capital Management 0 -41.83K EXIT
BLK Blackrock 791.72K +33.69K +4.4%
Renaissance Technologies 296.66K +29.26K +10.9%
Pacific Ridge Capital Partners 175.39K +25.2K +16.8%
JPM JPMorgan Chase & Co. 52.28K +17.05K +48.4%
California State Teachers Retirement System 15.95K +15.95K NEW
MS Morgan Stanley 28.11K +15.88K +129.8%

Financial report summary

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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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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Bad
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