Zacks Consensus Estimate The consensus EPS estimate for the quarter has been revised 3.23% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | | 23-253 ...

Exhibit 99 FOR IMMEDIATE RELEASE: Orrstown Financial Services, Inc. Reports First Quarter 2024 Results SHIPPENSBURG, PA (April 23, 2024) -- Orrstown Financial Services, Inc. ("Orrstown" or the "Company") (NASDAQ: ORRF), the parent company of Orrstown Bank (the "Bank"), announced earnings for the three months March 31, 2024. Net income totaled $8.5 million for the three months ended March 31, 2024, compared to $7.6 million for the three months ended December 31, 2023 and $9.2 million for the three months end ...

Regulatory Capital and Compliance - The Company and the Bank's regulatory capital ratios were above applicable well-capitalized standards and met the Capital Conservation Buffer requirement as of December 31, 2023[74]. - The Capital Conservation Buffer requirement is set at 2.5%, which effectively increases the required minimum risk-based capital ratios[73]. - The Tier 1 Leverage Ratio is calculated as the ratio of Tier 1 capital to quarterly average assets, net of certain deductions[71]. - The Parent Company has the ability to provide additional capital to the Bank to maintain well-capitalized risk-based capital ratios[74]. - The Bank received a "Satisfactory" CRA rating in its most recent examination by the FRB on January 25, 2021[82]. - The Bank is required to maintain an anti-money laundering program and undergo annual independent audits to assess compliance[84]. - The Company is subject to the informational requirements of the Exchange Act, filing various reports with the SEC[92]. Financial Performance - Adjusted net income for 2023 was $36.643 million, compared to $34.799 million in 2022, reflecting a growth in diluted earnings per share to $3.51[379]. - Net income for 2023 reached $35,663 thousand, up 61.91% from $22,037 thousand in 2022[418]. - Net income for Q4 2023 was $7,643 million, down from $9,626 million in Q4 2022, a decline of 20.6%[393]. - Basic earnings per share for Q4 2023 were $0.74, compared to $0.93 in Q4 2022, a decrease of 20.4%[393]. - Basic earnings per share increased to $3.45 in 2023, compared to $2.09 in 2022, reflecting a growth of 64.08%[418]. - The company incurred $1.1 million in merger-related expenses and $3.2 million in restructuring charges during 2023[374]. Asset and Liability Management - The company’s asset/liability management process aims to mitigate interest rate risk while satisfying liquidity and capital requirements[382]. - The bank is currently liability sensitive, with interest-bearing liabilities expected to reprice faster than interest-earning assets[388]. - The simulation analysis indicates a projected decrease in net interest income of 5.9% in a -200 basis points interest rate scenario as of December 31, 2023[391]. - Total contractual obligations amount to $603.233 million, with $490.545 million due within one year[370]. - Off-balance sheet commitments include $337.460 million in home equity lines of credit and $357.099 million in commercial loans[372]. Credit Losses and Allowance for Credit Losses - The provision for credit losses was $1,682 thousand in 2023, down from $4,160 thousand in 2022, a decrease of 59.5%[418]. - The company adopted a new accounting standard for credit losses effective January 1, 2023, resulting in a $2.4 million increase to the allowance for credit losses[411]. - The Company evaluates the creditworthiness of clients on a case-by-case basis, with collateral typically including real estate and equipment[431]. - The Company utilizes a lifetime expected loss rate model for collectively evaluated loans, incorporating historical loss performance and forecasts of future economic conditions[452]. - The Company performs a comprehensive analysis of the Allowance for Credit Losses (ACL) quarterly, evaluating the adequacy of reserves based on borrower performance and qualitative risk factors[460]. Loan Portfolio and Risk Management - The total loan portfolio increased to $2.298 billion in 2023 from $2.151 billion in 2022, reflecting a growth of approximately 6.9%[533]. - The Company has a diversified loan portfolio, but a significant portion of clients' ability to honor contracts is dependent on economic sectors such as commercial real estate, retail, and hospitality[431]. - The company’s loan review policy includes an internal grading system to monitor credit quality, with specific categories for risk assessment[534]. - The company’s management committee oversees credit quality and risk exposure, ensuring timely follow-up on loans showing signs of deterioration[535]. - The overall trend indicates a cautious approach to lending, with a focus on maintaining quality in the loan portfolio amidst market fluctuations[539]. Investments and Securities - As of December 31, 2023, the Company held $549.1 million in amortized cost of available-for-sale (AFS) securities, with a fair value of $513.5 million, reflecting unrealized losses of $36.9 million[510]. - The Company did not record an allowance for credit losses (ACL) on AFS securities as of December 31, 2023, considering unrealized losses to be related to market fluctuations rather than credit deterioration[513][519]. - The investment securities portfolio includes U.S. Treasury securities with an amortized cost of $20.1 million and a fair value of $17.8 million, reflecting unrealized losses of $2.2 million[510]. - The company recorded proceeds from the sale of investment securities of $22.006 million in 2023, down from $31.330 million in 2022 and $149.038 million in 2021[522]. - The Company maintains the intent and ability to hold AFS securities until the amortized cost is recovered, indicating a low likelihood of needing to sell them[519]. Mergers and Acquisitions - The Company entered into a merger agreement with Codorus Valley Bancorp, Inc., with total assets of $2.2 billion and total loans of $1.7 billion as of December 31, 2023[505][507]. - Upon completion of the merger, each share of Codorus Valley common stock will be converted into the right to receive 0.875 shares of Orrstown Common Stock[506]. - The merger is expected to close in the third quarter of 2024, subject to regulatory approvals and customary closing conditions[507].

FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | | 23 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | | | 23-25 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 | Pennsylvania | | | 23-2530374 | | | --- | --- | --- | --- | --- | | (State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification No.) | | | 77 East King Street | P. O. Box 250 Shippensburg | | Pennsylvania | 17257 | | (Address of Prin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | 23-2530374 | | --- | - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | | | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34292 ORRSTOWN FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) | Pennsylvania | | | 23-2530374 | | | --- | --- | --- | --- | --- | | ( ...