Company Profile
- Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“the company”) is a diversified $3.2 billion-asset bank holding company headquartered in Shippensburg, PA. The subsidiary, Orrstown Bank (“the bank”), established in 1919, operates 22 branches across second tier markets throughout south-central PA, eastern PA, and in the Greater Baltimore, MD footprint. Complementing ORRF’s traditional lending activities are scalable wealth management (AUM of ~$1.7 billion) and treasury management services.
- Strategic runoff of the mortgage portfolio and commercial banker recruitment in recent years have resulted in a more commercial centric loan portfolio. Investor CRE (including multifamily) represented a meaningful 43% of loans at 1Q24 with C&I, including owner-occupied CRE, accounting for 29% of total loans and residential loan exposures comprising of 24% of total loans.
- On December 12, 2023, ORRF and York, Pennsylvania-based Codorus Valley Bancorp, Inc.…