Form 8-K
8-K — ORRSTOWN FINANCIAL SERVICES INC
Accession: 0001628280-26-049110
Filed: 2026-07-22
Period: 2026-07-21
CIK: 0000826154
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — orrf-20260721.htm (Primary)
EX-99.1 (ex9912026-q2earningsrelease.htm)
EX-99.2 (ex992-investorpresentation.htm)
GRAPHIC (orrflogo2019.jpg)
GRAPHIC (slide1.jpg)
GRAPHIC (slide10.jpg)
GRAPHIC (slide11.jpg)
GRAPHIC (slide12.jpg)
GRAPHIC (slide13.jpg)
GRAPHIC (slide14.jpg)
GRAPHIC (slide15.jpg)
GRAPHIC (slide16.jpg)
GRAPHIC (slide17.jpg)
GRAPHIC (slide18.jpg)
GRAPHIC (slide2.jpg)
GRAPHIC (slide3.jpg)
GRAPHIC (slide4.jpg)
GRAPHIC (slide5.jpg)
GRAPHIC (slide6.jpg)
GRAPHIC (slide7.jpg)
GRAPHIC (slide8.jpg)
GRAPHIC (slide9.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: orrf-20260721.htm · Sequence: 1
orrf-20260721
0000826154False00008261542026-07-212026-07-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 21, 2026
ORRSTOWN FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 001-34292 23-2530374
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
4750 Lindle Road, Harrisburg, Pennsylvania 17111
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (717) 532-6114
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock, no par value ORRF Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
On July 21, 2026, Orrstown Financial Services, Inc. (the “Company”) issued a press release to report earnings for the quarter ended June 30, 2026.
A copy of the press release is furnished with this Form 8-K as Exhibit 99.1, and is incorporated herein in its entirety by reference.
Item 7.01 Regulation FD
In connection with the press release announcing the Company’s quarterly earnings, the Company posted an investor presentation to its website at www.orrstown.com. A copy of the investor presentation is furnished with this Form 8-K as Exhibit 99.2, and is incorporated herein in its entirety by reference.
The Board of Directors of the Company declared a cash dividend of $0.30 per common share, payable August 11, 2026 to shareholders of record as of August 4, 2026.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is furnished as part of this Current Report on Form 8-K:
Exhibit No. Description
99.1
Press Release dated July 21, 2026
99.2
Investor Presentation of Orrstown Financial Services, Inc. issued July 22, 2026
104 Cover Page Interactive Data File (embedded within the inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
ORRSTOWN FINANCIAL SERVICES, INC.
Date:July 22, 2026 By: /s/ Neelesh Kalani
Neelesh Kalani
Executive Vice President and Chief Financial Officer
(Duly Authorized Representative)
EX-99.1
EX-99.1
Filename: ex9912026-q2earningsrelease.htm · Sequence: 2
Document
Exhibit 99.1
FOR IMMEDIATE RELEASE:
Orrstown Financial Services, Inc. Reports Second Quarter 2026 Results
•Net income of $21.2 million, or $1.09 per diluted share, for the three months ended June 30, 2026 compared to net income of $21.8 million, or $1.12 per diluted share, for the three months ended March 31, 2026;
•Return on average assets was 1.53% and return on average equity was 13.96% for the three months ended June 30, 2026, compared to 1.59% and 14.76%, respectively, for the three months ended March 31, 2026;
•Subordinated notes of $31.0 million were redeemed on June 30, 2026; the remaining fair value mark of $1.6 million was amortized and reflected in interest expense during the second quarter of 2026;
•Net interest margin, on a tax equivalent basis, was 3.87% in the second quarter of 2026 compared to 3.90% in the first quarter of 2026; excluding the amortization of the fair value mark on the redeemed subordinated notes, net interest margin was 4.00% (1) in the second quarter of 2026;
•Total loans increased by $51.7 million, or approximately 5% annualized, from March 31, 2026 to June 30, 2026; classified loans decreased by $8.4 million and nonaccrual loans decreased by $6.2 million during the second quarter of 2026; nonaccrual loans to total loans decreased to 0.58% at June 30, 2026 from 0.74% at March 31, 2026;
•Noninterest income was $13.8 million for the three months ended June 30, 2026 compared to $15.6 million for the three months ended March 31, 2026 due to $2.4 million in income from life insurance policy death benefits recorded in the first quarter of 2026;
•The purchase of federal income tax credits resulted in a $1.6 million income tax benefit;
•Tangible common equity increased to 9.5% of total tangible assets at June 30, 2026 from 9.2% at March 31, 2026;
•Tangible book value per common share(1) increased to $26.71 at June 30, 2026 from $25.76 at March 31, 2026; and
•The Board of Directors declared a cash dividend of $0.30 per common share, payable August 11, 2026, to shareholders of record as of August 4, 2026.
HARRISBURG, PA (July 21, 2026) -- Orrstown Financial Services, Inc. (the "Company") (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the periods ended June 30, 2026. Net income totaled $21.2 million for the three months ended June 30, 2026, compared to net income of $21.8 million and $19.4 million for the three months ended March 31, 2026 and June 30, 2025, respectively. Diluted earnings per share was $1.09 for the three months ended June 30, 2026, compared to $1.12 and $1.01 for the three months ended March 31, 2026 and June 30, 2025, respectively. For the second quarter of 2025, excluding the impact from merger-related expenses, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively.
“Orrstown is pleased to have produced an outstanding quarter in which the strength of our foundation was evident in our key financial metrics,” said Adam L. Metz, President and Chief Executive Officer. "The core net interest margin expanded during the quarter as we continued to effectively manage funding costs. The redemption of the subordinated notes is expected to enhance future performance. We continue to create strong fee income from a variety of sources, highlighted by record quarterly wealth management revenue. We maintain a strong credit risk profile and we expect to continue to build upon our capital ratios at a healthy pace through earnings generation. With a solid balance sheet, diversified revenue streams and strong momentum across the organization, we are well positioned to build on our success in the second half of 2026 and beyond.”
(1) Non-GAAP measure. See Appendix A for additional information.
1
DISCUSSION OF RESULTS
Balance Sheet
Loans
Loans held for investment increased by $51.7 million in the three months ended June 30, 2026 and totaled $4.1 billion at both June 30, 2026 and March 31, 2026. Residential mortgages increased by $32.8 million, or approximately 16% annualized, of which $17.1 million were home equities, and commercial loans increased by $18.9 million, or approximately 2% annualized, from March 31, 2026 to June 30, 2026.
Investment Securities
Investment securities, all of which are classified as available-for-sale, increased by $2.3 million to $949.3 million at June 30, 2026 from $947.0 million at March 31, 2026. During the three months ended June 30, 2026, net unrealized losses on investment securities decreased by $1.8 million. The Bank purchased $28.4 million of investment securities, consisting of $14.6 million of agency mortgage backed securities and collateralized mortgage obligations and $13.8 million of non-agency collateralized mortgage obligations during the second quarter of 2026. The remaining change in investment securities during the second quarter of 2026 was due to paydowns of $28.5 million and a call of $1.0 million, partially offset by net accretion of $1.5 million recorded on investment securities. The overall duration of the Company's investment securities portfolio was 4.5 years at June 30, 2026 compared to 4.7 years at March 31, 2026. See Appendix B for a summary of the Bank's investment securities at June 30, 2026, highlighting their concentrations and credit ratings.
Deposits
During the second quarter of 2026, deposits decreased by $7.4 million and totaled $4.6 billion at both June 30, 2026 and March 31, 2026. Time deposits, interest-bearing demand deposits and savings deposits decreased by $27.1 million, $24.7 million and $3.1 million, respectively. These decreases were partially offset by increases in non-interest demand deposits of $38.2 million and money market deposits of $9.3 million from March 31, 2026 to June 30, 2026. The Bank continues to focus on shifting its deposit mix to include more lower cost deposits. The Bank's loan-to-deposit ratio was 89% at June 30, 2026 compared to 88% at March 31, 2026.
Borrowings
On June 30, 2026, the Company redeemed the $31.0 million outstanding 4.50% fixed-to-floating rate subordinated notes assumed from Codorus Valley Bancorp, Inc. on July 1, 2024. At the time of redemption, the subordinated notes had an interest rate of 7.72%. During the three months ended June 30, 2026, the Company amortized the remaining fair value mark of $1.6 million to interest expense as a result of the redemption.
The Company actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $274.8 million at June 30, 2026 compared to $206.7 million at March 31, 2026. The increase was due to higher utilization of borrowings during the second quarter of 2026 primarily to fund loan growth. Despite the quarter-end increase, average FHLB advances and other borrowings decreased by $84.8 million from the three months ended March 31, 2026 to the three months ended June 30, 2026. The Bank seeks to maintain sufficient liquidity to ensure that client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of $1.8 billion at both June 30, 2026 and March 31, 2026.
2
Income Statement
Net Interest Income and Margin
Net interest income was $48.8 million for the three months ended June 30, 2026 compared to $49.0 million for the three months ended March 31, 2026. The net interest margin, on a tax equivalent basis, decreased to 3.87% in the second quarter of 2026 from 3.90% in the first quarter of 2026. The decrease is primarily the result of the accelerated amortization of the subordinated notes' fair value mark in the second quarter of 2026. Excluding the amortization of the fair value mark on the redeemed subordinated notes, net interest margin was 4.00% (1) in the second quarter of 2026. A decrease of eight basis points in the cost of interest-bearing deposits during the second quarter of 2026 partially offset the impact of the amortization of the fair value mark from the subordinated note redemption.
Interest income on loans, on a tax equivalent basis, increased by $0.3 million to $63.5 million for the three months ended June 30, 2026 compared to $63.2 million for the three months ended March 31, 2026. There was no significant change in the net accretion impact of the purchase accounting marks on loans between the first and second quarters of 2026.
Interest income on investment securities, on a tax equivalent basis, was $11.1 million for both the second and first quarters of 2026. Interest income on investments securities benefited from the purchases of higher yielding investment securities despite a $12.1 million decrease in average investment securities during the three months ended June 30, 2026 compared to the three months ended March 31, 2026. The decrease in average investment securities between the periods was due to the timing of purchases and paydowns.
Interest expense, on a tax equivalent basis, increased by $0.5 million to $25.9 million for the three months ended June 30, 2026 compared to $25.4 million for the three months ended March 31, 2026. Borrowing costs increased by $0.8 million during the three months ended June 30, 2026 compared to the three months ended March 31, 2026 due to the accelerated amortization of the remaining subordinated debt fair value mark of $1.6 million. The cost of deposits decreased by eight basis points during the three months ended June 30, 2026 compared to the three months ended March 31, 2026.
Average interest-bearing deposits increased by $38.3 million during the three months ended June 30, 2026 compared to the three months ended March 31, 2026. Average FHLB advances and other borrowings decreased by $84.8 million from the three months ended March 31, 2026 to the three months ended June 30, 2026. There were seasonal deposit declines in the first quarter of 2026, which increased borrowing balances. However, significant deposit inflow from seasonal sources in the back half of the first quarter enabled the Bank to substantially reduce its borrowing levels.
Provision for Credit Losses on Loans
The allowance for credit losses ("ACL") on loans decreased to $46.6 million at June 30, 2026 from $47.5 million at March 31, 2026. The ACL to total loans was 1.13% at June 30, 2026 compared to 1.17% at March 31, 2026. The Company recorded provision expense on loans of $0.4 million for the three months ended June 30, 2026 compared to $0.7 million for the three months ended March 31, 2026 partially due to the increase in loans. Net charge-offs were $1.2 million during the three months ended June 30, 2026 compared to $0.9 million during the three months ended March 31, 2026. As a result of improvements noted in underlying criteria, certain qualitative factors were adjusted, which reduced the ACL and partially offset the impact from the increase in loans and net charge-offs.
Classified loans decreased by $8.4 million to $49.2 million at June 30, 2026 from $57.6 million at March 31, 2026 due primarily to repayments of $7.8 million. Nonaccrual loans totaled $23.8 million at June 30, 2026 compared to $30.0 million at March 31, 2026. The decrease of $6.2 million in nonaccrual loans was due to repayments of $6.9 million, which included $4.2 million in commercial and land development loans that were on nonaccrual status and risk rated as substandard. Nonaccrual loans to total loans decreased to 0.58% at June 30, 2026 from 0.74% at March 31, 2026. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts.
(1) Non-GAAP measure. See Appendix A for additional information.
3
Noninterest Income
Noninterest income decreased by $1.8 million to $13.8 million for the three months ended June 30, 2026 from $15.6 million for the three months ended March 31, 2026.
Income from life insurance decreased by $2.4 million to $1.4 million for the three months ended June 30, 2026 compared to $3.8 million for the three months ended March 31, 2026. During the first quarter of 2026, the Company recorded $2.4 million in income from life insurance policy death benefits.
Swap fee income decreased by $0.6 million to $0.7 million for the three months ended June 30, 2026 compared to $1.3 million for the three months ended March 31, 2026. Swap fee income will fluctuate based on market conditions and client demand.
Wealth management income increased by $0.3 million to $5.9 million for the three months ended June 30, 2026 compared to $5.6 million for the three months ended March 31, 2026.
Noninterest Expenses
Noninterest expenses increased by $1.0 million to $37.7 million for the three months ended June 30, 2026 from $36.7 million in the three months ended March 31, 2026.
Salaries and benefits expense increased by $1.0 million to $22.2 million for the three months ended June 30, 2026 compared to $21.2 million for the three months ended March 31, 2026. The increase during the second quarter of 2026 was due primarily to the impact from merit salary increases in May, higher healthcare costs due to claim volume and the impact of one extra day compared to the prior quarter.
Occupancy, furniture and equipment expense decreased by $0.3 million to $3.9 million for the three months ended June 30, 2026 compared to $4.2 million for the three months ended March 31, 2026 due to seasonal expenses incurred during the first quarter of 2026.
Advertising and bank promotions expense increased by $0.4 million to $1.1 million in the three months ended June 30, 2026 from $0.7 million in the three months ended March 31, 2026 due to $0.7 million in contributions to tax credit programs during the second quarter of 2026. Taxes other than income decreased by $0.6 million to $0.4 million in the three months ended June 30, 2026 compared to $1.0 million in the three months ended March 31, 2026. This decrease reflects the tax credits recognized in the second quarter of 2026 as result of the charitable contributions.
Other operating expenses increased by $0.2 million to $4.3 million for the three months ended June 30, 2026 compared to $4.1 million for the three months ended March 31, 2026. This was due primarily to an increase of $0.2 million in mark-to-market losses on non-hedging derivatives from the first quarter of 2026 to the second quarter of 2026.
Income Taxes
The Company's effective tax rate was 14.2% for the second quarter of 2026 compared to 20.7% for the first quarter of 2026. The Company's effective tax rate for the three months ended June 30, 2026 is less than the 21% federal statutory rate primarily due to the purchase of federal income tax credits, which reduced income tax expense by $1.6 million. In addition, the effective tax rate was impacted by tax-exempt income, including interest earned on tax-exempt loans and securities and non-taxable income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank's tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"). The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.
Capital
Shareholders’ equity totaled $621.7 million at June 30, 2026 compared to $603.2 million at March 31, 2026. The increase of $18.5 million is primarily due to net income of $21.2 million, other comprehensive income of $1.9 million and share-based compensation activity of $1.3 million, partially offset by dividends of $5.9 million.
Tangible book value per common share(1) increased to $26.71 at June 30, 2026 from $25.76 at March 31, 2026. The Company's tangible common equity ratio was 9.5% of total tangible assets at June 30, 2026 compared to 9.2% at March 31, 2026. Return on average tangible common equity per common share(1) was 16.86% for the three months ended June 30, 2026 compared to 17.96% for the three months ended March 31, 2026. The decrease in the return on average tangible common equity per common share was primarily due to the increase in average shareholders' equity.
(1) Non-GAAP measure. See Appendix A for additional information.
4
Most of the Company's capital ratios increased during the three months ended June 30, 2026 compared to the three months ended March 31, 2026 due to earnings. Total risk-based capital declined over that period due to the redemption of subordinated debt. The Company's tier 1 common equity, tier 1 capital and total risk-based capital ratios were 12.0%, 12.2% and 13.2%, respectively, at June 30, 2026 compared to 11.8%, 12.0% and 13.5%, respectively, at March 31, 2026. The Company's Tier 1 leverage ratio increased to 10.1% at June 30, 2026 compared to 9.7% at March 31, 2026.
At June 30, 2026, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.
Investor Relations Contact:
Neelesh Kalani
Executive Vice President, Chief Financial Officer
Phone (717) 510-7097
5
FINANCIAL HIGHLIGHTS (Unaudited)
Three Months Ended
Six Months Ended
June 30, June 30, June 30, June 30,
(In thousands) 2026 2025 2026 2025
Profitability for the period:
Net interest income $ 48,831 $ 49,512 $ 97,836 $ 98,273
Provision for (recovery of) credit losses - loans 338 209 1,066 (345)
Recovery of credit losses - unfunded loan commitments — (100) (376) (100)
Noninterest income 13,836 12,915 29,413 24,539
Noninterest expenses 37,666 37,614 74,394 75,790
Income before income tax expense 24,663 24,704 52,165 47,467
Income tax expense 3,505 5,256 9,198 9,968
Net income available to common shareholders $ 21,158 $ 19,448 $ 42,967 $ 37,499
Financial ratios:
Return on average assets (1)
1.53 % 1.45 % 1.56 % 1.40 %
Return on average assets, adjusted (1)(3)(4)
n/a 1.51 % n/a 1.48 %
Return on average equity (1)
13.96 % 14.56 % 14.35 % 14.28 %
Return on average equity, adjusted (1)(3)(4)
n/a 15.12 % n/a 15.05 %
Net interest margin (1)
3.87 % 4.07 % 3.89 % 4.04 %
Net interest margin, adjusted (1)(2)(4)
4.00 % n/a 3.95 % n/a
Efficiency ratio 60.1 % 60.3 % 58.5 % 61.7 %
Efficiency ratio, adjusted (2)(3)(4)
58.6 % 58.7 % 57.7 % 59.6 %
Income per common share:
Basic $ 1.10 $ 1.01 $ 2.23 $ 1.96
Basic, adjusted (3)(4)
n/a $ 1.05 n/a $ 2.06
Diluted $ 1.09 $ 1.01 $ 2.21 $ 1.94
Diluted, adjusted (3)(4)
n/a $ 1.04 n/a $ 2.04
Average equity to average assets 10.97 % 9.97 % 10.89 % 9.81 %
(1) Annualized for the three and six months ended June 30, 2026 and 2025.
(2) Ratio has been adjusted for accelerated amortization of the remaining fair value mark of $1.6 million from the redemption of the subordinated notes during the three and six months ended June 30, 2026.
(3) Ratio has been adjusted for the non-recurring charges for the three and six months ended June 30, 2025.
(4) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.
6
FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
June 30, December 31,
(Dollars in thousands, except per share amounts) 2026 2025
At period-end:
Total assets $ 5,612,151 $ 5,542,255
Loans, net of allowance for credit losses 4,066,399 3,973,012
Loans held-for-sale, at fair value 3,639 6,090
Securities available for sale, at fair value 949,281 952,740
Total deposits 4,620,023 4,528,774
FHLB advances and other borrowings and Securities sold under agreements to repurchase 282,362 299,243
Subordinated notes and trust preferred debt 8,049 37,122
Shareholders' equity 621,650 591,535
Credit quality and capital ratios (1):
Allowance for credit losses to total loans 1.13 % 1.19 %
Total nonaccrual loans to total loans 0.58 % 0.70 %
Nonperforming assets to total assets 0.44 % 0.51 %
Allowance for credit losses to nonaccrual loans 196 % 170 %
Total risk-based capital:
Orrstown Financial Services, Inc. 13.2 % 13.3 %
Orrstown Bank 13.1 % 13.3 %
Tier 1 risk-based capital:
Orrstown Financial Services, Inc. 12.2 % 11.7 %
Orrstown Bank 12.1 % 12.2 %
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc. 12.0 % 11.5 %
Orrstown Bank 12.1 % 12.2 %
Tier 1 leverage capital:
Orrstown Financial Services, Inc. 10.1 % 9.5 %
Orrstown Bank 10.0 % 9.9 %
Book value per common share $ 31.60 $ 30.32
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. At December 31, 2025, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard. At June 30, 2026, the day-one impact of ASU 2016-13 was fully applied to the capital ratios.
7
ORRSTOWN FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts) June 30, 2026 December 31, 2025
Assets
Cash and due from banks $ 58,319 $ 42,083
Interest-bearing deposits with banks 86,522 107,691
Cash and cash equivalents 144,841 149,774
Restricted investments in bank stocks 27,429 26,717
Securities available for sale (amortized cost of $973,712 and $972,138 at June 30, 2026 and December 31, 2025, respectively)
949,281 952,740
Loans held for sale, at fair value 3,639 6,090
Loans 4,113,031 4,020,693
Less: Allowance for credit losses (46,632) (47,681)
Net loans 4,066,399 3,973,012
Premises and equipment, net 50,166 51,029
Cash surrender value of life insurance 147,787 146,994
Goodwill 69,751 69,751
Other intangible assets, net 33,572 37,990
Accrued interest receivable 19,789 21,473
Deferred tax assets, net 32,693 33,931
Other assets 66,804 72,754
Total assets $ 5,612,151 $ 5,542,255
Liabilities
Deposits:
Noninterest-bearing $ 920,851 $ 870,906
Interest-bearing 3,699,172 3,657,868
Total deposits 4,620,023 4,528,774
Securities sold under agreements to repurchase and federal funds purchased 7,594 24,542
FHLB advances and other borrowings 274,768 274,701
Subordinated notes and trust preferred debt 8,049 37,122
Other liabilities 80,067 85,581
Total liabilities 4,990,501 4,950,720
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding
— —
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,710,341 shares issued and 19,669,802 outstanding at June 30, 2026; 19,711,628 shares issued and 19,507,208 outstanding at December 31, 2025
1,026 1,026
Additional paid—in capital 421,960 424,596
Retained earnings 217,969 186,752
Accumulated other comprehensive loss (17,826) (15,201)
Treasury stock— 40,539 and 204,420 shares, at cost at June 30, 2026 and December 31, 2025, respectively
(1,479) (5,638)
Total shareholders’ equity 621,650 591,535
Total liabilities and shareholders’ equity $ 5,612,151 $ 5,542,255
8
ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in thousands, except per share amounts) 2026 2025 2026 2025
Interest income
Loans $ 63,315 $ 63,036 $ 126,310 $ 126,468
Investment securities - taxable 9,906 9,406 19,757 18,350
Investment securities - tax-exempt 842 878 1,723 1,753
Short-term investments 639 1,513 1,276 3,781
Total interest income 74,702 74,833 149,066 150,352
Interest expense
Deposits 21,687 22,855 43,673 47,115
Securities sold under agreements to repurchase and federal funds purchased 29 106 126 190
FHLB advances and other borrowings 1,635 1,030 3,990 2,148
Subordinated notes and trust preferred debt 2,520 1,330 3,441 2,626
Total interest expense 25,871 25,321 51,230 52,079
Net interest income 48,831 49,512 97,836 98,273
Provision for (recovery of) credit losses - loans 338 209 1,066 (345)
Recovery of credit losses - unfunded loan commitments — (100) (376) (100)
Net interest income after provision for (recovery of) credit losses 48,493 49,403 97,146 98,718
Noninterest income
Service charges 2,734 2,630 5,605 5,025
Interchange income 1,602 1,441 3,115 2,868
Swap fee income 651 669 1,990 1,063
Wealth management income 5,946 5,267 11,503 10,682
Mortgage banking activities 436 478 762 780
Income from life insurance 1,376 1,311 5,137 2,600
Investment securities gains 57 8 55 21
Other income 1,034 1,111 1,246 1,500
Total noninterest income 13,836 12,915 29,413 24,539
Noninterest expenses
Salaries and employee benefits 22,229 21,364 43,386 41,752
Occupancy, furniture and equipment 3,887 4,211 8,108 8,886
Data processing 1,703 965 3,240 1,889
Advertising and bank promotions 1,126 1,077 1,809 1,576
FDIC insurance 634 674 1,183 1,498
Professional services 1,202 2,016 2,423 3,842
Taxes other than income 392 295 1,417 1,237
Intangible asset amortization 2,179 2,472 4,418 5,007
Merger-related expenses
— 968 — 2,617
Restructuring expenses — — — 91
Other operating expenses 4,314 3,572 8,410 7,395
Total noninterest expenses 37,666 37,614 74,394 75,790
Income before income tax expense 24,663 24,704 52,165 47,467
Income tax expense 3,505 5,256 9,198 9,968
Net income $ 21,158 $ 19,448 $ 42,967 $ 37,499
continued
9
Three Months Ended
Six Months Ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Share information:
Basic earnings per share $ 1.10 $ 1.01 $ 2.23 $ 1.96
Diluted earnings per share $ 1.09 $ 1.01 $ 2.21 $ 1.94
Dividends paid per share $ 0.30 $ 0.26 $ 0.60 $ 0.52
Weighted average shares - basic 19,313 19,173 19,293 19,165
Weighted average shares - diluted 19,432 19,342 19,421 19,335
10
ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
Three Months Ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Taxable- Taxable- Taxable- Taxable- Taxable- Taxable- Taxable- Taxable- Taxable- Taxable-
Average Equivalent Equivalent Average Equivalent Equivalent Average Equivalent Equivalent Average Equivalent Equivalent Average Equivalent Equivalent
(In thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate Balance Interest Rate Balance Interest Rate
Assets
Federal funds sold & interest-bearing bank balances $ 69,784 $ 639 3.67 % $ 70,086 $ 637 3.69 % $ 103,886 $ 1,017 3.88 % $ 101,728 $ 1,123 4.38 % $ 136,106 $ 1,513 4.46 %
Investment securities (1)(2)
971,932 11,096 4.57 984,060 11,079 4.51 976,957 11,177 4.58 906,399 10,593 4.67 904,119 10,626 4.70
Loans (1)(3)(4)(5)
4,075,290 63,542 6.25 4,070,889 63,214 6.29 3,997,842 64,635 6.42 3,979,044 65,975 6.58 3,894,978 63,246 6.52
Total interest-earning assets 5,117,006 75,277 5.90 5,125,035 74,930 5.91 5,078,685 76,829 6.01 4,987,171 77,691 6.19 4,935,203 75,385 6.13
Other assets 425,913 423,779 426,626 433,659 439,569
Total assets $ 5,542,919 $ 5,548,814 $ 5,505,311 $ 5,420,830 $ 5,374,772
Liabilities and Shareholders' Equity
Interest-bearing demand deposits
$ 2,577,915 13,629 2.12 $ 2,534,291 13,796 2.21 $ 2,471,895 14,078 2.26 $ 2,450,034 14,145 2.29 $ 2,463,687 13,880 2.26
Savings deposits
260,712 128 0.20 259,585 143 0.22 262,240 164 0.25 264,761 164 0.25 269,309 165 0.25
Time deposits 900,412 7,930 3.53 906,875 8,047 3.60 912,611 8,342 3.63 897,416 8,330 3.68 914,108 8,810 3.87
Total interest-bearing deposits 3,739,039 21,687 2.33 3,700,751 21,986 2.41 3,646,746 22,584 2.46 3,612,211 22,639 2.49 3,647,104 22,855 2.51
Securities sold under agreements to repurchase and federal funds purchased 12,024 29 0.98 23,674 97 1.66 27,348 105 1.52 27,772 107 1.53 25,917 106 1.64
FHLB advances and other borrowings 175,734 1,635 3.73 248,357 2,355 3.85 238,806 2,371 3.94 168,939 1,791 4.21 104,068 1,030 3.97
Subordinated notes and trust preferred debt 36,664 2,520 27.57 37,175 921 10.05 37,023 669 7.17 68,749 1,597 9.21 68,910 1,330 7.74
Total interest-bearing liabilities 3,963,461 25,871 2.62 4,009,957 25,359 2.56 3,949,923 25,729 2.58 3,877,671 26,134 2.67 3,845,999 25,321 2.64
Noninterest-bearing demand deposits 889,378 850,415 882,552 902,128 904,031
Other liabilities 81,981 89,112 93,977 89,086 89,058
Total liabilities 4,934,820 4,949,484 4,926,452 4,868,885 4,839,088
Shareholders' equity 608,099 599,330 578,859 551,945 535,684
Total $ 5,542,919 $ 5,548,814 $ 5,505,311 $ 5,420,830 $ 5,374,772
Taxable-equivalent net interest income / net interest spread 49,406 3.28 % 49,571 3.35 % 51,100 3.43 % 51,557 3.52 % 50,064 3.49 %
Taxable-equivalent net interest margin 3.87 % 3.90 % 4.00 % 4.11 % 4.07 %
Taxable-equivalent adjustment (575) (566) (569) (569) (552)
Net interest income $ 48,831 $ 49,005 $ 50,531 $ 50,988 $ 49,512
Ratio of average interest-earning assets to average interest-bearing liabilities 129 % 128 % 129 % 129 % 128 %
11
NOTES:
(1) Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
(2) Average balance of investment securities is computed at fair value.
(3) Average balances include nonaccrual loans.
(4) Interest income on loans includes prepayment and late fees, where applicable.
(5) Interest income on loans includes accretion on purchase accounting marks of $4.3 million, $4.2 million, $4.7 million, $5.3 million and $4.9 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
12
ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
(continued)
Six Months Ended
June 30, 2026 June 30, 2025
Taxable- Taxable- Taxable- Taxable-
Average Equivalent Equivalent Average Equivalent Equivalent
(In thousands) Balance Interest Rate Balance Interest Rate
Assets
Federal funds sold & interest-bearing bank balances $ 69,934 $ 1,276 3.68 % $ 169,541 $ 3,781 4.50 %
Investment securities (1)(2)
977,962 22,174 4.54 884,730 20,787 4.70
Loans (1)(3)(4)(5)
4,073,103 126,757 6.27 3,902,295 126,883 6.56
Total interest-earning assets 5,120,999 150,207 5.90 4,956,566 151,451 6.15
Other assets 424,852 443,528
Total assets $ 5,545,851 $ 5,400,094
Liabilities and Shareholders' Equity
Interest-bearing demand deposits
$ 2,556,224 27,424 2.16 $ 2,468,589 28,036 2.29
Savings deposits
260,152 271 0.21 271,104 330 0.25
Time deposits 903,625 15,978 3.57 942,387 18,749 4.01
Total interest-bearing deposits 3,720,001 43,673 2.37 3,682,080 47,115 2.58
Securities sold under agreements to repurchase and federal funds purchased 17,817 126 1.43 26,039 190 1.47
FHLB advances and other borrowings 211,844 3,990 3.80 108,439 2,148 3.99
Subordinated notes and trust preferred debt 36,918 3,441 18.80 68,825 2,626 7.69
Total interest-bearing liabilities 3,986,580 51,230 2.59 3,885,383 52,079 2.70
Noninterest-bearing demand deposits 870,004 895,924
Other liabilities 85,528 89,067
Total liabilities 4,942,112 4,870,374
Shareholders' equity 603,739 529,720
Total liabilities and shareholders' equity $ 5,545,851 $ 5,400,094
Taxable-equivalent net interest income / net interest spread 98,977 3.31 % 99,372 3.45 %
Taxable-equivalent net interest margin 3.89 % 4.04 %
Taxable-equivalent adjustment (1,141) (1,099)
Net interest income $ 97,836 $ 98,273
Ratio of average interest-earning assets to average interest-bearing liabilities 128 % 128 %
13
NOTES TO ANALYSIS OF NET INTEREST INCOME:
(1) Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
(2) Average balance of investment securities is computed at fair value.
(3) Average balances include nonaccrual loans.
(4) Interest income on loans includes prepayment and late fees, where applicable.
(5) Interest income on loans includes accretion on purchase accounting marks of $8.5 million and $11.5 million for the six months ended June 30, 2026 and 2025, respectively.
14
ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(In thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Profitability for the quarter:
Net interest income $ 48,831 $ 49,005 $ 50,531 $ 50,988 $ 49,512
Net provision for credit losses on loans and unfunded loan commitments 338 352 75 396 109
Noninterest income 13,836 15,577 14,392 13,382 12,915
Noninterest expenses 37,666 36,728 37,355 36,297 37,614
Income before income taxes 24,663 27,502 27,493 27,677 24,704
Income tax expense 3,505 5,693 6,002 5,812 5,256
Net income $ 21,158 $ 21,809 $ 21,491 $ 21,865 $ 19,448
Financial ratios:
Return on average assets (1)
1.53 % 1.59 % 1.55 % 1.60 % 1.45 %
Return on average assets, adjusted (1)(3)(4)
n/a n/a n/a n/a 1.51 %
Return on average equity (1)
13.96 % 14.76 % 14.73 % 15.72 % 14.56 %
Return on average equity, adjusted (1)(3)(4)
n/a n/a n/a n/a 15.12 %
Net interest margin (1)
3.87 % 3.90 % 4.00 % 4.11 % 4.07 %
Net interest margin, adjusted (1)(2)(4)
4.00 % n/a n/a n/a n/a
Efficiency ratio 60.1 % 56.9 % 57.5 % 56.4 % 60.3 %
Efficiency ratio, adjusted (2)(3)(4)
58.6 % n/a n/a n/a 58.7 %
Per share information:
Income per common share:
Basic $ 1.10 $ 1.13 $ 1.12 $ 1.14 $ 1.01
Basic, adjusted (3)(4)
n/a n/a n/a n/a 1.05
Diluted 1.09 1.12 1.11 1.13 1.01
Diluted, adjusted (3)(4)
n/a n/a n/a n/a 1.04
Book value 31.60 30.76 30.32 29.33 28.07
Tangible book value(4)
26.71 25.76 25.21 24.12 22.77
Average tangible common equity(4)
16.86 17.96 18.15 19.70 18.43
Cash dividends paid 0.30 0.30 0.27 0.27 0.26
Average basic shares 19,313 19,274 19,251 19,224 19,173
Average diluted shares 19,432 19,410 19,384 19,364 19,342
(1) Annualized.
(2) Ratio has been adjusted for accelerated amortization of the remaining fair value mark of $1.6 million from the redemption of the subordinated notes during the three months ended June 30, 2026.
(3) Ratio has been adjusted for non-recurring expenses for the three months ended June 30, 2025. There were no non-recurring expenses for the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025.
(4) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.
15
ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Noninterest income:
Service charges $ 2,734 $ 2,871 $ 3,225 $ 2,997 $ 2,630
Interchange income 1,602 1,513 1,553 1,620 1,441
Swap fee income 651 1,339 1,112 816 669
Wealth management income 5,946 5,557 5,739 5,277 5,267
Mortgage banking activities 436 326 503 522 478
Income from life insurance
1,376 3,761 1,331 1,471 1,311
Other income 1,034 212 834 629 1,111
Investment securities gains (losses) 57 (2) 95 50 8
Total noninterest income $ 13,836 $ 15,577 $ 14,392 $ 13,382 $ 12,915
Noninterest expenses:
Salaries and employee benefits $ 22,229 $ 21,157 $ 21,980 $ 21,439 $ 21,364
Occupancy, furniture and equipment 3,887 4,221 4,017 4,075 4,211
Data processing 1,703 1,537 1,292 1,116 965
Advertising and bank promotions 1,126 683 561 154 1,077
FDIC insurance 634 549 683 652 674
Professional services 1,202 1,221 1,947 1,703 2,016
Taxes other than income 392 1,025 574 828 295
Intangible asset amortization 2,179 2,239 2,348 2,410 2,472
Merger-related expenses
— — — — 968
Other operating expenses 4,314 4,096 3,953 3,920 3,572
Total noninterest expenses $ 37,666 $ 36,728 $ 37,355 $ 36,297 $ 37,614
16
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Balance Sheet at quarter end:
Cash and cash equivalents $ 144,841 $ 161,136 $ 149,774 $ 184,146 $ 149,377
Restricted investments in bank stocks 27,429 23,984 26,717 24,111 21,204
Securities available for sale 949,281 947,018 952,740 890,357 885,373
Loans held for sale, at fair value 3,639 3,366 6,090 6,026 5,206
Loans:
Commercial real estate:
Owner occupied 679,295 645,026 644,713 629,481 622,315
Non-owner occupied 1,305,379 1,322,251 1,260,198 1,254,959 1,203,038
Multi-family 229,425 216,658 236,703 234,782 239,388
Non-owner occupied residential 150,917 151,560 155,749 163,138 165,479
Agricultural 97,729 114,409 121,417 118,596 124,291
Commercial and industrial
489,247 481,815 489,371 479,929 487,063
Acquisition and development:
1-4 family residential construction 39,344 46,355 41,489 41,141 38,490
Commercial and land development 198,399 198,957 198,234 195,158 198,889
Municipal 33,950 27,744 25,302 28,664 28,693
Total commercial loans 3,223,685 3,204,775 3,173,176 3,145,848 3,107,646
Residential mortgage:
First lien 501,306 484,022 478,870 476,006 469,569
Home equity – term 5,401 5,685 5,972 5,800 5,784
Home equity – lines of credit 344,495 327,141 321,438 311,458 305,968
Other - term(1)
20,929 22,442 22,906 23,737 25,384
Installment and other loans 17,215 17,254 18,331 16,887 17,028
Total loans 4,113,031 4,061,319 4,020,693 3,979,736 3,931,379
Allowance for credit losses
(46,632) (47,463) (47,681) (48,105) (47,898)
Net loans held for investment 4,066,399 4,013,856 3,973,012 3,931,631 3,883,481
Goodwill 69,751 69,751 69,751 69,751 69,751
Other intangible assets, net 33,572 35,751 37,990 40,338 42,748
Total assets 5,612,151 5,576,972 5,542,255 5,470,233 5,387,645
Total deposits 4,620,023 4,627,424 4,528,774 4,533,560 4,516,625
FHLB advances and other borrowings and Securities sold under agreements to repurchase 282,362 225,958 299,243 241,719 166,381
Subordinated notes and trust preferred debt 8,049 37,274 37,122 36,970 69,021
Total shareholders' equity 621,650 603,184 591,535 571,936 548,448
(1) Other - term includes property assessed clean energy ("PACE") loans.
17
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Capital and credit quality measures(1):
Total risk-based capital:
Orrstown Financial Services, Inc. 13.2 % 13.5 % 13.3 % 13.1 % 13.3 %
Orrstown Bank 13.1 % 13.6 % 13.3 % 12.9 % 13.3 %
Tier 1 risk-based capital:
Orrstown Financial Services, Inc. 12.2 % 12.0 % 11.7 % 11.3 % 11.1 %
Orrstown Bank 12.1 % 12.5 % 12.2 % 11.8 % 12.1 %
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc. 12.0 % 11.8 % 11.5 % 11.1 % 10.9 %
Orrstown Bank 12.1 % 12.5 % 12.2 % 11.8 % 12.1 %
Tier 1 leverage capital:
Orrstown Financial Services, Inc. 10.1 % 9.7 % 9.5 % 9.3 % 9.0 %
Orrstown Bank 10.0 % 10.2 % 9.9 % 9.6 % 9.8 %
Average equity to average assets 10.97 % 10.80 % 10.51 % 10.18 % 9.97 %
Allowance for credit losses to total loans 1.13 % 1.17 % 1.19 % 1.21 % 1.22 %
Total nonaccrual loans to total loans 0.58 % 0.74 % 0.70 % 0.66 % 0.57 %
Nonperforming assets to total assets 0.44 % 0.56 % 0.51 % 0.48 % 0.42 %
Allowance for credit losses to nonaccrual loans 196 % 158 % 170 % 184 % 214 %
Other information:
Net charge-offs $ 1,169 $ 946 $ 499 $ 189 $ 115
Classified loans 49,190 57,584 58,351 64,089 65,754
Nonperforming and other risk assets:
Nonaccrual loans 23,751 30,025 28,031 26,191 22,423
Other real estate owned 1,055 1,055 — — —
Total nonperforming assets 24,806 31,080 28,031 26,191 22,423
Financial difficulty modifications still accruing
1,794 949 1,253 1,245 5,759
Loans past due 90 days or more and still accruing 853 443 1,040 497 1,312
Total nonperforming and other risk assets $ 27,453 $ 32,472 $ 30,324 $ 27,933 $ 29,494
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard, which concluded at December 31, 2025. Starting with periods in 2026, the day-one impact of ASU 2016-13 was fully applied to the capital ratios.
18
Appendix A- Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations
Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.
As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $103.3 million and $107.7 million at June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2025, the Company incurred $1.0 million and $2.6 million in merger-related expenses, respectively. The Company did not incur merger-related or other non-recurring expenses during the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025.
On June 30, 2026, the Company redeemed the $31.0 million outstanding 4.50% fixed-to-floating rate subordinated notes assumed from Codorus Valley Bancorp, Inc. on July 1, 2024. During the three and six months ended June 30, 2026, the Company amortized the remaining fair value mark to interest expense as a result of the redemption, which reduced net interest margin.
Tangible book value per common share, tangible common equity, and the impact of the accelerated amortization of fair value marks on net interest margin and the efficiency ratio and merger-related expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.
The following tables present the computation of each non-GAAP based measure:
(In thousands)
Tangible Book Value per Common Share June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Shareholders' equity (most directly comparable GAAP-based measure) $ 621,650 $ 603,184 $ 591,535 $ 571,936 $ 548,448
Less: Goodwill 69,751 69,751 69,751 69,751 69,751
Other intangible assets 33,572 35,751 37,990 40,338 42,748
Related tax effect (7,050) (7,508) (7,978) (8,471) (8,977)
Tangible common equity (non-GAAP) $ 525,377 $ 505,190 $ 491,772 $ 470,318 $ 444,926
Common shares outstanding 19,670 19,611 19,507 19,501 19,536
Book value per share (most directly comparable GAAP-based measure) $ 31.60 $ 30.76 $ 30.32 $ 29.33 $ 28.07
Intangible assets per share 4.89 5.00 5.11 5.21 5.30
Tangible book value per share (non-GAAP) $ 26.71 $ 25.76 $ 25.21 $ 24.12 $ 22.77
19
Return on Average Common Equity June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Net Income $ 21,158 $ 21,809 $ 21,491 $ 21,865 $ 19,448
Average shareholders' equity $ 608,099 $ 599,330 $ 578,859 $ 551,945 $ 535,684
Less: Average goodwill 69,751 69,751 69,751 69,751 68,126
Less: Average other intangible assets, gross 34,920 37,132 39,467 41,809 44,304
Average tangible equity $ 503,428 $ 492,447 $ 469,641 $ 440,385 $ 423,254
Return on average tangible equity (non-GAAP) (1)
16.86 % 17.96 % 18.15 % 19.70 % 18.43 %
(1) - Annualized
20
(In thousands)
Three Months Ended Six Months Ended
Adjusted Ratios for Non-recurring Charges June 30,
2026 March 31, 2026 December 31,
2025 September 30,
2025 June 30,
2025 June 30,
2026 June 30,
2025
Net income (A) - most directly comparable GAAP-based measure $ 21,158 $ 21,809 $ 21,491 $ 21,865 $ 19,448 $ 42,967 $ 37,499
Plus: Merger-related expenses (B) — — — — 968 — 2,617
Less: Related tax effect (C) — — — — (221) — (590)
Adjusted net income (D=A+B-C) - Non-GAAP $ 21,158 $ 21,809 $ 21,491 $ 21,865 $ 20,195 $ 42,967 $ 39,526
Average assets (E) $5,542,919 $5,548,814 $5,505,311 $5,420,830 $5,374,772 $5,545,851 $5,400,094
Return on average assets (= A / E) - most directly comparable GAAP-based measure (1)
1.53 % 1.59 % 1.55 % 1.60 % 1.45 % 1.56 % 1.40 %
Return on average assets, adjusted (= D / E) - Non-GAAP (1)
n/a n/a n/a n/a 1.51 % n/a 1.48 %
Average equity (F) $ 608,099 $ 599,330 $ 578,859 $ 551,945 $ 535,684 $ 603,739 $ 529,720
Return on average equity (= A / F) - most directly comparable GAAP-based measure (1)
13.96 % 14.76 % 14.73 % 15.72 % 14.56 % 14.35 % 14.28 %
Return on average equity, adjusted (= D / F) - Non-GAAP (1)
n/a n/a n/a n/a 15.12 % n/a 15.05 %
Weighted average shares - basic (G) - most directly comparable GAAP-based measure 19,313 19,274 19,251 19,224 19,173 19,293 19,165
Basic earnings (loss) per share (= A / G) - most directly comparable GAAP-based measure $ 1.10 $ 1.13 $ 1.12 $ 1.14 $ 1.01 $ 2.23 $ 1.96
Basic earnings per share, adjusted (= D / G) - Non-GAAP n/a n/a n/a n/a $ 1.05 n/a $ 2.06
Weighted average shares - diluted (H) - most directly comparable GAAP-based measure 19,432 19,410 19,384 19,364 19,342 19,421 19,335
Diluted earnings (loss) per share (= A / H) - most directly comparable GAAP-based measure $ 1.09 $ 1.12 $ 1.11 $ 1.13 $ 1.01 $ 2.21 $ 1.94
Diluted earnings per share, adjusted (= D / H) - Non-GAAP n/a n/a n/a n/a $ 1.04 n/a $ 2.04
continued
21
Three Months Ended Six Months Ended
June 30,
2026 March 31, 2026 December 31,
2025 September 30,
2025 June 30,
2025 June 30,
2026 June 30,
2025
Noninterest expense (I) - most directly comparable GAAP-based measure $ 37,666 $ 36,728 $ 37,355 $ 36,297 $ 37,614 $ 74,394 $ 75,790
Less: Merger-related expenses (B) — — — — (968) — (2,617)
Adjusted noninterest expense (J = I - B) - Non-GAAP $ 37,666 $ 36,728 $ 37,355 $ 36,297 $ 36,646 $ 74,394 $ 73,173
Net interest income (K) $ 48,831 $ 49,005 $ 50,531 $ 50,988 $ 49,512 $ 97,836 $ 98,273
Noninterest income (L) 13,836 15,577 14,392 13,382 12,915 29,413 24,539
Total operating income (M = K + L) - most directly comparable GAAP-based measure $ 62,667 $ 64,582 $ 64,923 $ 64,370 $ 62,427 $ 127,249 $ 122,812
Plus: Accelerated amortization of fair value mark on redeemed subordinated notes (N) 1,624 — — — — 1,624 —
Adjusted total operating income (O = M + N) - Non-GAAP $ 64,291 $ 64,582 $ 64,923 $ 64,370 $ 62,427 $ 128,873 $ 122,812
Efficiency ratio (= I / M) - most directly comparable GAAP-based measure 60.1 % 56.9 % 57.5 % 56.4 % 60.3 % 58.5 % 61.7 %
Efficiency ratio, adjusted (= J / N) - Non-GAAP 58.6 % n/a n/a n/a 58.7 % 57.7 % 59.6 %
(1) Annualized
22
Three Months Ended June 30, 2026
Average Balance - most directly comparable GAAP-based measure Taxable-Equivalent Interest -
most directly comparable GAAP-based measure Less: accelerated amortization on fair value mark from subordinated notes redemption Adjusted Taxable-Equivalent Interest -
Non-GAAP Taxable-Equivalent Rate - most directly comparable GAAP-based measure Adjusted Taxable-Equivalent Rate -
Non-GAAP
Total interest-earning assets $ 5,117,006 $ 75,277 $ — $ 75,277 5.90 % 5.90 %
Total interest-bearing liabilities $ 3,963,461 $ 25,871 $ (1,624) $ 24,247 2.62 % 2.45 %
Taxable-equivalent net interest income / net interest spread $ 49,406 $ 1,624 $ 51,030 3.28 % 3.45 %
Taxable-equivalent net interest margin 3.87 % 4.00 %
Six Months Ended June 30, 2026
Average Balance - most directly comparable GAAP-based measure Taxable-Equivalent Interest -
most directly comparable GAAP-based measure Less: accelerated amortization on fair value mark from subordinated notes redemption Adjusted Taxable-Equivalent Interest -
Non-GAAP Taxable-Equivalent Rate - most directly comparable GAAP-based measure Adjusted Taxable-Equivalent Rate -
Non-GAAP
Total interest-earning assets $ 5,120,999 $ 150,207 $ — $ 150,207 5.90 % 5.90 %
Total interest-bearing liabilities $ 3,986,580 $ 51,230 $ (1,624) $ 49,606 2.59 % 2.51 %
Taxable-equivalent net interest income / net interest spread $ 98,977 $ 1,624 $ 100,601 3.31 % 3.40 %
Taxable-equivalent net interest margin 3.89 % 3.95 %
23
Appendix B- Investment Portfolio Concentrations
The following table summarizes the credit ratings and collateral associated with the Company's investment security portfolio, excluding equity securities, at June 30, 2026:
(In thousands)
Sector Portfolio Mix Amortized Book Fair Value Credit Enhancement AAA AA A BBB BB NR Collateral / Guarantee Type
Unsecured ABS — % $ 2,327 $ 2,254 30 % — % — % — % — % — % 100 % Unsecured Consumer Debt
Student Loan ABS — 2,553 2,548 33 — — — — — 100 Seasoned Student Loans
Federal Family Education Loan ABS 7 66,511 66,295 12 — 49 31 7 13 —
Federal Family Education Loan (1)
PACE Loan ABS — 1,602 1,469 8 100 — — — — —
PACE Loans (2)
Non-Agency CMBS 3 29,576 29,437 29 — — — — — 100
Non-Agency RMBS 5 42,114 41,031 20 94 6 — — — —
Reverse Mortgages (3)
Municipal - General Obligation 10 99,568 93,435 16 78 6 — — —
Municipal - Revenue 12 119,287 110,693 — 75 19 — — 6
SBA ReRemic (5)
— 1,226 1,214 — 100 — — — —
SBA Guarantee (4)
Small Business Administration — 2,648 2,699 — 100 — — — —
SBA Guarantee (4)
Agency MBS 25 238,301 234,635 — 100 — — — —
Residential Mortgages (4)
Agency CMO 36 351,736 348,092 — 100 — — — —
U.S. Treasury securities 2 15,012 14,206 — 100 — — — —
U.S. Government Guarantee (4)
Corporate bonds — 953 975 — — — 100 — —
100 % $ 973,414 $ 948,983 6 % 83 % 5 % 1 % 1 % 4 %
(1) 97% guaranteed by U.S. government
(2) PACE acronym represents Property Assessed Clean Energy loans
(3) Non-agency reverse mortgages with current structural credit enhancements
(4) Guaranteed by U.S. government or U.S. government agencies
(5) SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits
Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor's, Moody's, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor's rates U.S. government obligations at AA+.
24
About the Company
With $5.6 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's executive and administrative offices as well as the District of Columbia. 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). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company's management with respect to, among other things, future events and the Company's financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company's industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company's control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, the following: interest rate changes or volatility; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in, and evolving interpretations of, existing and future laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2025 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.
The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company's underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company's behalf may issue.
25
The review period for subsequent events extends up to and includes 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. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.
####
26
EX-99.2
EX-99.2
Filename: ex992-investorpresentation.htm · Sequence: 3
Document
Exhibit 99.2
GRAPHIC
GRAPHIC
Filename: orrflogo2019.jpg · Sequence: 7
Binary file (11523 bytes)
Download orrflogo2019.jpg
GRAPHIC
GRAPHIC
Filename: slide1.jpg · Sequence: 8
Binary file (58728 bytes)
Download slide1.jpg
GRAPHIC
GRAPHIC
Filename: slide10.jpg · Sequence: 9
Binary file (155732 bytes)
Download slide10.jpg
GRAPHIC
GRAPHIC
Filename: slide11.jpg · Sequence: 10
Binary file (159655 bytes)
Download slide11.jpg
GRAPHIC
GRAPHIC
Filename: slide12.jpg · Sequence: 11
Binary file (152386 bytes)
Download slide12.jpg
GRAPHIC
GRAPHIC
Filename: slide13.jpg · Sequence: 12
Binary file (139138 bytes)
Download slide13.jpg
GRAPHIC
GRAPHIC
Filename: slide14.jpg · Sequence: 13
Binary file (42827 bytes)
Download slide14.jpg
GRAPHIC
GRAPHIC
Filename: slide15.jpg · Sequence: 14
Binary file (299365 bytes)
Download slide15.jpg
GRAPHIC
GRAPHIC
Filename: slide16.jpg · Sequence: 15
Binary file (128691 bytes)
Download slide16.jpg
GRAPHIC
GRAPHIC
Filename: slide17.jpg · Sequence: 16
Binary file (155288 bytes)
Download slide17.jpg
GRAPHIC
GRAPHIC
Filename: slide18.jpg · Sequence: 17
Binary file (187270 bytes)
Download slide18.jpg
GRAPHIC
GRAPHIC
Filename: slide2.jpg · Sequence: 18
Binary file (419943 bytes)
Download slide2.jpg
GRAPHIC
GRAPHIC
Filename: slide3.jpg · Sequence: 19
Binary file (276590 bytes)
Download slide3.jpg
GRAPHIC
GRAPHIC
Filename: slide4.jpg · Sequence: 20
Binary file (194097 bytes)
Download slide4.jpg
GRAPHIC
GRAPHIC
Filename: slide5.jpg · Sequence: 21
Binary file (149363 bytes)
Download slide5.jpg
GRAPHIC
GRAPHIC
Filename: slide6.jpg · Sequence: 22
Binary file (204912 bytes)
Download slide6.jpg
GRAPHIC
GRAPHIC
Filename: slide7.jpg · Sequence: 23
Binary file (176527 bytes)
Download slide7.jpg
GRAPHIC
GRAPHIC
Filename: slide8.jpg · Sequence: 24
Binary file (157371 bytes)
Download slide8.jpg
GRAPHIC
GRAPHIC
Filename: slide9.jpg · Sequence: 25
Binary file (180177 bytes)
Download slide9.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 27
v3.26.1
Cover
Jul. 21, 2026
Cover [Abstract]
Document Type
8-K
Document Period End Date
Jul. 21, 2026
Entity Registrant Name
ORRSTOWN FINANCIAL SERVICES, INC.
Entity Incorporation, State or Country Code
PA
Entity File Number
001-34292
Entity Tax Identification Number
23-2530374
Entity Address, Address Line One
4750 Lindle Road,
Entity Address, Address Line Two
Entity Address, City or Town
Harrisburg,
Entity Address, State or Province
PA
Entity Address, Postal Zip Code
17111
City Area Code
(717)
Local Phone Number
532-6114
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Title of 12(b) Security
Common Stock, no par value
Trading Symbol
ORRF
Security Exchange Name
NASDAQ
Entity Central Index Key
0000826154
Amendment Flag
false
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 2 such as Street or Suite number
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration