Orrstown Financial Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 22, 2015 at 02:30 am IST
Share
Orrstown Financial Services Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $19,114,000 compared to $2,927,000 a year ago. Diluted earnings per share were $2.36 compared to $0.36 a year ago. Return on average assets was 6.44% compared to 0.99% a year ago. Return on average equity was 69.73% compared to 12.82% a year ago. Net interest income was $8,561,000 compared to $8,513,000 a year ago. Total interest and dividend income was $9,520,000 compared to $9,643,000 a year ago. Net interest income after provision for loan losses was $9,561,000 compared to $10,263,000 a year ago. Income before income tax was $2,958,000 compared to $2,942,000 a year ago.
For the full year, the company reported net income of $29,142,000 compared to $10,004,000 a year ago. Diluted earnings per share were $3.59 compared to $1.24 a year ago. Return on average assets was 2.48% compared to 0.84% a year ago. Return on average equity was 28.78% compared to 11.30% a year ago. Net interest income was $34,024,000 compared to $32,087,000 a year ago. Total interest and dividend income was $38,183,000 compared to $37,098,000 a year ago. Net interest income after provision for loan losses was $37,924,000 compared to $35,237,000 a year ago. Income before income tax was $13,010,000 compared to $9,798,000 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.