2022 Q1 Form 10-Q Financial Statement

#000082615422000128 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020 Q4
Revenue $23.79M $23.93M
YoY Change -0.58% -0.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.210M $1.350M $1.590M
YoY Change -10.37% -2.88% 0.63%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.217M $2.074M
YoY Change -41.32% -63.65%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.38M $12.62M $12.53M
YoY Change -17.7% 106.58% 138.21%
Income Tax $2.015M $2.409M $2.470M
% Of Pretax Income 19.41% 19.09% 19.71%
Net Earnings $8.368M $10.21M $10.06M
YoY Change -18.02% 101.4% 137.83%
Net Earnings / Revenue 35.17% 42.66%
Basic Earnings Per Share $0.77 $0.93
Diluted Earnings Per Share $0.76 $0.92 $909.6K
COMMON SHARES
Basic Shares Outstanding 10.86M shares 10.98M shares 11.20M shares
Diluted Shares Outstanding 11.01M shares 11.07M shares

Balance Sheet

Concept 2022 Q1 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $214.2M $326.2M $125.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $33.70M $34.72M $35.15M
YoY Change -2.92% -6.41% -6.33%
Goodwill $18.72M $18.72M $18.72M
YoY Change 0.0% -7.04% -6.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.90M
YoY Change 7.5%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.901B $2.964B $2.751B
YoY Change -2.13% 24.12% 15.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.41M $39.10M $28.90M
YoY Change -22.21% 49.24% -16.71%
Accrued Expenses $10.94M $10.20M $9.100M
YoY Change 7.23% 7.37%
Deferred Revenue
YoY Change
Short-Term Debt $24.62M $22.80M $19.47M
YoY Change 8.0% 109.17% 135.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.35M $49.30M $38.00M
YoY Change -16.12% 38.1% 9.51%
LONG-TERM LIABILITIES
Long-Term Debt $31.98M $31.90M $31.90M
YoY Change 0.24% 0.0% 0.31%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $31.98M $31.90M $31.90M
YoY Change 0.24% 0.0% 0.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.35M $49.30M $38.00M
Total Long-Term Liabilities $31.98M $31.90M $31.90M
Total Liabilities $2.646B $2.709B $2.504B
YoY Change -2.34% 24.44% 15.94%
SHAREHOLDERS EQUITY
Retained Earnings $84.94M $62.30M $54.10M
YoY Change 36.34% 62.21% 53.49%
Common Stock $585.0K $586.0K $586.0K
YoY Change -0.17% 0.0% 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.083M $266.0K $848.0K
YoY Change 1434.96% -77.26% 81.97%
Treasury Stock Shares 168.6K shares 14.76K shares 55.73K shares
Shareholders Equity $254.8M $254.4M $246.2M
YoY Change
Total Liabilities & Shareholders Equity $2.901B $2.964B $2.751B
YoY Change -2.13% 24.12% 15.41%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income $8.368M $10.21M $10.06M
YoY Change -18.02% 101.4% 137.83%
Depreciation, Depletion And Amortization $1.210M $1.350M $1.590M
YoY Change -10.37% -2.88% 0.63%
Cash From Operating Activities $6.642M $16.63M $13.83M
YoY Change -60.07% 275.38% 145.65%
INVESTING ACTIVITIES
Capital Expenditures $235.0K $156.0K -$390.0K
YoY Change 50.64% 87.95% -221.88%
Acquisitions
YoY Change
Other Investing Activities -$76.72M -$6.470M -$395.3M
YoY Change 1085.78% -58.87% 474.03%
Cash From Investing Activities -$76.96M -$6.625M -$395.7M
YoY Change 1061.58% -58.11% 477.21%
FINANCING ACTIVITIES
Cash Dividend Paid $2.125M $2.004M
YoY Change 6.04% 5.14%
Common Stock Issuance & Retirement, Net $4.166M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $75.84M $191.0M 419.8M
YoY Change -60.29% 1420.9% 513.37%
NET CHANGE
Cash From Operating Activities $6.642M $16.63M 13.83M
Cash From Investing Activities -$76.96M -$6.625M -395.7M
Cash From Financing Activities $75.84M $191.0M 419.8M
Net Change In Cash $5.528M $201.0M 37.94M
YoY Change -97.25% 17019.85% 587.32%
FREE CASH FLOW
Cash From Operating Activities $6.642M $16.63M $13.83M
Capital Expenditures $235.0K $156.0K -$390.0K
Free Cash Flow $6.407M $16.48M $14.22M
YoY Change -61.12% 278.96% 167.8%

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1441000 USD
CY2022Q1 us-gaap Noninterest Expense
NoninterestExpense
19364000 USD
CY2021Q1 us-gaap Noninterest Expense
NoninterestExpense
17783000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10383000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12616000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2015000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2409000 USD
CY2022Q1 us-gaap Net Income Loss
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8368000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10207000 USD
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.93
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.18
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CY2021Q1 us-gaap Net Income Loss
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-24353000 USD
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-721000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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-146000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
145000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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-24207000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-866000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-5084000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-182000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-19123000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-684000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
739000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-87000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTax
826000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
-173000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
653000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10176000 USD
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
271656000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8368000 USD
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CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2022Q1 us-gaap Dividends Cash
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
10622 shares
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
93438 shares
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
338000 USD
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-3972000 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
254804000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
246249000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10207000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.18
CY2021Q1 us-gaap Dividends Cash
DividendsCash
2004000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
8671 shares
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
40970 shares
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
467000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
27000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
254448000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8368000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10207000 USD
CY2022Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-68000 USD
CY2021Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
738000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1210000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1353000 USD
CY2022Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
300000 USD
CY2021Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-1000000 USD
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
338000 USD
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
467000 USD
CY2022Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
319000 USD
CY2021Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
1320000 USD
CY2022Q1 us-gaap Increase Decrease In Mortgage Loans Held For Sale
IncreaseDecreaseInMortgageLoansHeldForSale
32903000 USD
CY2021Q1 us-gaap Increase Decrease In Mortgage Loans Held For Sale
IncreaseDecreaseInMortgageLoansHeldForSale
55720000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
32749000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
56959000 USD
CY2022Q1 orrf Gain Loss On Sale Of Portfolio Loans
GainLossOnSaleOfPortfolioLoans
271000 USD
CY2021Q1 orrf Gain Loss On Sale Of Portfolio Loans
GainLossOnSaleOfPortfolioLoans
0 USD
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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CY2021Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2022Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-1638000 USD
CY2021Q1 us-gaap Increase Decrease In Deferred Income Taxes
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1600000 USD
CY2022Q1 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
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CY2021Q1 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
145000 USD
CY2022Q1 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
566000 USD
CY2021Q1 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
557000 USD
CY2022Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
408000 USD
CY2021Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
143000 USD
CY2022Q1 orrf Increase Decrease In Accrued Interest Payable And Other Liabilities
IncreaseDecreaseInAccruedInterestPayableAndOtherLiabilities
531000 USD
CY2021Q1 orrf Increase Decrease In Accrued Interest Payable And Other Liabilities
IncreaseDecreaseInAccruedInterestPayableAndOtherLiabilities
12095000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
4251000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3225000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6642000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16633000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
3075000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
75736000 USD
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
9536000 USD
CY2021Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
11406000 USD
CY2022Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
94903000 USD
CY2021Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
29233000 USD
CY2022Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
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CY2021Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
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CY2022Q1 us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
1146000 USD
CY2021Q1 us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
0 USD
CY2022Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
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CY2021Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
64634000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
3913000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
0 USD
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
235000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
156000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
81060000 USD
CY2021Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
190198000 USD
CY2022Q1 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
1323000 USD
CY2021Q1 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
3328000 USD
CY2022Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
108000 USD
CY2021Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
103000 USD
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
2125000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
2004000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4166000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2022Q1 orrf Concentration Risk Credit Risk Financial Instrument Maximum Exposure Liability
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposureLiability
1600000 USD
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
232000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
514000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
89000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
74000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
75841000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
190979000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5528000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
200987000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
208710000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125258000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
214238000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
326245000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
710000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1629000 USD
CY2022Q1 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
1510000 USD
CY2021Q1 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
0 USD
CY2022Q1 orrf Securities Purchased Not Settled
SecuritiesPurchasedNotSettled
0 USD
CY2021Q1 orrf Securities Purchased Not Settled
SecuritiesPurchasedNotSettled
11699000 USD
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
548305000 USD
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2035000 USD
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
20610000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
529730000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
466806000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9487000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3855000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
472438000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
74 security
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
416558000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
19865000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
4 security
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
35411000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
745000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
78 security
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
451969000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
20610000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
37 security
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
190192000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
3693000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
3 security
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
34180000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
162000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
40 security
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
224372000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
3855000 USD
CY2022Q1 orrf Number Of Securities Other Than Temporary Impairment
NumberOfSecuritiesOtherThanTemporaryImpairment
1 security
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
3075000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
0 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
0 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
3376000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
3509000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
79079000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
75367000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
182951000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
177625000 USD
CY2022Q1 orrf Debt Securities Available For Sale Securities Mortgage Backed Securities And Collateralized Mortgage Obligations Amortized Cost
DebtSecuritiesAvailableForSaleSecuritiesMortgageBackedSecuritiesAndCollateralizedMortgageObligationsAmortizedCost
165094000 USD
CY2022Q1 orrf Debt Securities Available For Sale Securities Mortgage Backed Securities And Collateralized Mortgage Obligations Fair Value
DebtSecuritiesAvailableForSaleSecuritiesMortgageBackedSecuritiesAndCollateralizedMortgageObligationsFairValue
157259000 USD
CY2022Q1 orrf Debt Securities Available For Sale Securities Asset Backed Debt Securities Amortized Cost
DebtSecuritiesAvailableForSaleSecuritiesAssetBackedDebtSecuritiesAmortizedCost
117805000 USD
CY2022Q1 orrf Debt Securities Available For Sale Securities Asset Backed Debt Securities Fair Value
DebtSecuritiesAvailableForSaleSecuritiesAssetBackedDebtSecuritiesFairValue
115970000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
548305000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
529730000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
25000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
1351000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Loss
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0 USD
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25000 USD
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145000 USD
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14 security
orrf Number Of Loans Under Paycheck Protection Program Cares Act
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6500 loan
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1
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500000 USD
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P90D
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2 note
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250000 USD
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338000 USD
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338000 USD
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9151000 USD
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341000 USD
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341000 USD
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28000 USD
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6637000 USD
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7000 USD
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10505000 USD
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12000 USD
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13 contract
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1089000 USD
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0 contract
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238000 USD
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5510000 USD
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1201000 USD
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84000 USD
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112000 USD
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311000 USD
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21479000 USD
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21508000 USD
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1979986000 USD
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28000 USD
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21152000 USD
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314000 USD
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466000 USD
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243000 USD
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44000 USD
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56000 USD
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2517000 USD
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3072000 USD
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P14Y4M24D
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P14Y7M6D
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0.041
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294000 USD
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343000 USD
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394000 USD
CY2021Q1 us-gaap Operating Lease Expense
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403000 USD
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1216000 USD
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1246000 USD
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1269000 USD
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1302000 USD
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15588000 USD
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4651000 USD
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10937000 USD
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18724000 USD
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18724000 USD
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18724000 USD
CY2021Q1 us-gaap Goodwill
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18724000 USD
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0 USD
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4183000 USD
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5458000 USD
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292000 USD
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334000 USD
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3891000 USD
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5124000 USD
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0 USD
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8415000 USD
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4524000 USD
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8415000 USD
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4232000 USD
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813000 USD
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935000 USD
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766000 USD
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596000 USD
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427000 USD
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354000 USD
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3891000 USD
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P2Y3M18D
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14 bank
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260000 USD
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DerivativeInstrumentsCashCollateralHeldFromCounterparties
2600000 USD
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490000 USD
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0 USD
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739000 USD
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562000 shares
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8900000 USD
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21.35
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562195 shares
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0.05
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10207000 USD
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10860000 shares
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10975000 shares
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147000 shares
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99000 shares
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11007000 shares
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11074000 shares
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0.93
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0.76
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112223 shares
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0 shares
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1600000 USD
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150000 USD
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47000 USD
CY2021Q4 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
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79000 USD
CY2022Q1 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
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-32000 USD
CY2021Q1 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
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CY2022Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
CONTINGENCIES<div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The nature of the Company’s business generates a certain amount of litigation involving matters arising out of the ordinary course of business. Except as described below, in the opinion of management, there are no legal proceedings that might have a material effect on the results of operations, liquidity, or the financial position of the Company at this time.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 25, 2012, SEPTA filed a putative class action complaint in the U.S. District Court for the Middle District of Pennsylvania against the Company, the Bank and certain current and former directors and officers (collectively, the “Orrstown Defendants”). The complaint alleged, among other things, that (i) in connection with the Company’s Registration Statement on Form S-3 dated February 23, 2010 and its Prospectus Supplement dated March 23, 2010, and (ii) during the purported class period of March 24, 2010 through October 27, 2011, the Company issued materially false and misleading statements regarding the Company’s lending practices and financial results, including misleading statements concerning the stringent nature of the Bank’s credit practices and underwriting standards, the quality of its loan portfolio, and the intended use of the proceeds from the Company’s March 2010 public offering of common stock. The complaint asserted claims under Sections 11, 12(a) and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and sought class certification, unspecified money damages, interest, costs, fees and equitable or injunctive relief. Under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), the Court appointed SEPTA Lead Plaintiff on August 20, 2012.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 4, 2013, SEPTA filed an amended complaint. The amended complaint expanded the list of defendants in the action to include the Company’s former independent registered public accounting firm, Smith Elliott Kearns &amp; Company, LLC (“SEK”), and the underwriters of the Company’s March 2010 public offering of common stock. In addition, among other things, the amended complaint extended the purported 1934 Exchange Act class period from March 15, 2010 through April 5, 2012. </span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 22, 2015, in a 96-page Memorandum, the Court dismissed without prejudice SEPTA’s amended complaint against all defendants, finding that SEPTA failed to state a claim under either the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. On February 8, 2016, the Court granted SEPTA’s motion for leave to amend again and SEPTA filed its second amended complaint that same day.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 7, 2016, the Court issued an Order and Memorandum granting in part and denying in part defendants’ motions to dismiss SEPTA’s second amended complaint. The Court granted the motions to dismiss the Securities Act claims against all defendants, and granted the motions to dismiss the Exchange Act Section 10(b) and Rule 10b-5 claims against all defendants except Orrstown Financial Services, Inc., Orrstown Bank, Thomas R. Quinn, Jr., Bradley S. Everly, and Jeffrey W. Embly. The Court also denied the motions to dismiss the Exchange Act Section 20(a) claims against Quinn, Everly, and Embly.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 15, 2017, the Orrstown Defendants and SEPTA exchanged expert reports in opposition to and in support of class certification, respectively. On January 15, 2018, the parties exchanged expert rebuttal reports. SEPTA has not yet filed a motion for class certification.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 9, 2018, SEPTA filed a motion to compel the production of Confidential Supervisory Information (CSI) of non-parties the Board of Governors of the FRB and the Pennsylvania Department of Banking and Securities, in the possession of Orrstown and third parties. On August 30, 2018, the FRB filed an unopposed motion to intervene in the Action for the purpose of opposing SEPTA’s motion to compel. On February 12, 2019, the Court denied SEPTA’s motion to compel the production of CSI on the ground that SEPTA had failed to exhaust its administrative remedies.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 11, 2019, SEPTA filed a motion for leave to file a third amended complaint. The proposed third amended complaint seeks to reassert the Securities Act claims that the Court dismissed as to all defendants on December 7, 2016, when the Court granted in part and denied in part defendants’ motions to dismiss SEPTA’s second amended complaint. The proposed third amended complaint also seeks to reassert the Exchange Act claims against those defendants that the Court dismissed from the case on December 7, 2016.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2019, Orrstown filed a motion for protective order to stay discovery pending resolution of SEPTA’s motion for leave to file a third amended complaint. On July 17, 2019, the Court entered an Order partially granting Orrstown’s motion for protective order, ruling that all deposition discovery in the case was stayed pending a decision on SEPTA’s motion for leave to file a third amended complaint. Party and non-party document discovery in the case has largely been completed.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2020, the Court issued an Order and Memorandum granting SEPTA’s motion for leave to file a third amended complaint. The third amended complaint is now the operative complaint. It reinstates the Orrstown Defendants, as well as SEK and the underwriter defendants, previously dismissed from the case on December 7, 2016. The third amended complaint also revives the previously dismissed Securities Act claim against the Orrstown Defendants, SEK, and the </span></div><div style="margin-bottom:9pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">underwriter defendants. Defendants filed their motions to dismiss the third amended complaint on April 24, 2020. SEPTA’s opposition was filed on July 8, 2020, and Orrstown’s reply brief was filed on August 12, 2020.</span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, on February 24, 2020, the Orrstown Defendants, and the underwriter defendants and SEK, separately filed motions under 28 U.S.C. § 1292(b) asking the District Court to certify its February 14, 2020 Order granting leave to file the third amended complaint for interlocutory appeal to the Third Circuit Court of Appeals. The District Court granted those motions on July 17, 2020, and defendants filed their Petition for Permission to Appeal with the Third Circuit on July 27, 2020. The Third Circuit granted permission to appeal the Order pursuant to 28 U.S.C. § 1292(b) on August 13, 2020. Defendants filed their joint Opening Brief in the Third Circuit on November 2, 2020, asking the Court to reverse the district court’s Order. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SEPTA filed its responsive brief on December 2, 2020 and defendants filed their reply brief on December 23, 2020. Oral argument was held on February 10, 2021. On September 2, 2021, the Third Circuit affirmed the District Court's February 14, 2020 Order granting SEPTA leave to file a third amended complaint. Defendants' motions to dismiss the third amended complaint are still pending in the District Court. </span></div><div style="margin-bottom:9pt;margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes that SEPTA’s allegations and claims against the defendants are without merit, and the Company intends to defend itself vigorously against those claims. It is not possible at this time to reasonably estimate possible losses, or even a range of reasonably possible losses, in connection with the litigation.</span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On March 25, 2022, a customer of the Bank filed a putative class action complaint against the Bank in the Court of Common Pleas of Cumberland County, Pennsylvania in a case captioned </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Alleman, on behalf of himself and all others similarly situated, v. Orrstown Bank</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The complaint alleges, among other things, that the Bank breached its account agreements by charging certain overdraft fees. The complaint seeks a refund of all allegedly improper fees, damages in an amount to be proven at trial, attorneys’ fees and costs, and an injunction against the Bank’s allegedly improper overdraft practices. This lawsuit is similar to lawsuits recently filed against other financial institutions pertaining to overdraft fee disclosures. Based on information available at present, it is not possible at this time to reasonably estimate possible losses, or even a range of reasonably possible losses, in connection with the litigation. Accordingly, the Company has not recognized any liability associated with this action. The Bank believes that the allegations and claims against the Bank are without merit, and intends to defend itself vigorously against those claims.</span></div>

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