Orrstown Financial Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 02:00 pm
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Orrstown Financial Services Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $11,075,000 compared to $9,954,000 a year ago. Net interest income was $9,710,000 compared to $8,708,000 a year ago. Income before income tax was $2,203,000 compared to $1,585,000 a year ago. Net income was $1,928,000 or $0.24 per basic and diluted share compared to $1,449,000 or $0.18 per basic and diluted share a year ago. Return on average assets was 0.56% against 0.45% a year ago. Return on average equity was 5.58% against 4.31% a year ago.
For the year, the company reported total interest and dividend income of $41,962,000 compared to $38,635,000 a year ago. Net interest income was $36,545,000 compared to $34,334,000 a year ago. Income before income tax was $7,894,000 compared to $9,508,000 a year ago. Net income was $6,628,000 or $0.81 per diluted share compared to $7,874,000 or $0.97 per diluted share a year ago. Return on average assets was 0.50% against 0.64% a year ago. Return on average equity was 4.80% against 5.99% a year ago.
Orrstown Financial Services, Inc. is a financial holding company for its wholly owned subsidiary Orrstown Bank (the Bank). The Company provides banking and financial advisory services located in south central Pennsylvania, principally in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Howard and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Companyâs lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. The Bank operates in the community banking segment and engages in lending activities, including commercial, residential, commercial mortgages, construction, municipal, and various forms of consumer lending and deposit services, including checking, savings, time, and money market deposits. The Bank also provides fiduciary, investment advisory, insurance, and brokerage services.