Orrstown Financial (ORRF) Tops Q1 EPS by 15c
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Orrstown Financial Services, Inc. Announces First Quarter Earnings of $2.6 Million And Increased Quarterly Cash Dividend of $0.09 Per Share
April 28, 2016 9:01 AM EDTÂ
Net income for the three months ended March 31, 2016 totaled $2.6 million, or $0.32 per diluted share, compared to $2.5 million, or $0.30 per diluted share, for the same period in 2015.Gross loans outstanding at March 31, 2016, excluding loans held for sale, totaled $804.7 million an increase of $23.0 million, or 11.8% on annualized basis, as compared to the balance at December 31, 2015 of $781.7 million. On a year-over-year basis, gross loans outstanding at March 31, 2016 increased 10.6% as compared to the balance at March 31, 2015.The allowance for loan losses represented 1.66% of total loans outstanding and 83.9% of nonaccrual loans at March 31, 2016.Noninterest income, excluding securities... More