Orrstown Financial Services, Inc., incorporated on November 17, 1987, is the bank holding company for Orrstown Bank (the Bank). The Bank is engaged in commercial banking and trust business. The Bank's activities involve accepting demand, time and savings deposits, and granting loans. The Bank grants commercial, residential, consumer and agribusiness loans in its market areas of Cumberland, Franklin, Lancaster and Perry Counties in Pennsylvania and in Washington County, Maryland. Through its trust department, the Bank renders services as trustee, executor, administrator, guardian, managing agent, custodian, investment advisor and other fiduciary activities authorized by law under the trade name, Orrstown Financial Advisors (OFA). OFA offers retail brokerage services through a third-party broker or dealer arrangement with Cetera Advisor Networks LLC. The Company operates through Community Banking segment.
Lending Activities
The Bank offers various products to meet the credit needs of its borrowers, principally consisting of commercial real estate loans, commercial and industrial loans, and retail loans consisting of loans secured by residential properties, and installment loans. The Bank offers commercial real estate, equipment, working capital and other commercial purpose loans as required by a range of borrowers across the Bank's various markets. Approximately 60% of the loan portfolio consists of commercial loans. The Bank provides home equity loans, home equity lines of credit and other consumer loans through its branch network. The Bank provides residential mortgages throughout its various markets through a network of mortgage loan officers. The Bank's loan portfolio amount to approximately $781.71 million.
Investment Activities
The Bank utilizes securities available for sale as a tool for managing interest rate risk, generating income through interest and dividend income, providing liquidity and collateral for certain deposits and borrowings. The securities available for sale were $394.12 million. Its securities available for sale include debt and equity instruments. Its securities available for sale included the United States Government agencies, the United States Government sponsored enterprises (GSE), states and political subdivisions, GSE residential mortgage-backed securities, GSE commercial mortgage-backed securities, GSE residential collateralized mortgage obligations (CMOs), GSE commercial CMOs, Private label CMOs and equity securities.
Sources of Funds
The Bank's primary sources of funds consist of deposit inflows, loan repayments, maturities and sales of investment securities, the sale of mortgage loans and borrowings from the Federal Home Loan Bank of Pittsburgh. The Bank's other sources of funds include other time deposits and lines of credit. Dividends received from the Bank are also a source of funds for the Company.
77 E King St
The company trades on NASDAQ exchange. The company headquarter is located in Pennsylvania, PA. The company was established in the 1919.| Ticker | ORRF |
| Long Name | Orrstown Financial Services Inc |
| Short Name | Orrstown Financial |