Orrstown Financial Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 23, 2013 at 06:06 pm EST
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Orrstown Financial Services Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net interest income of $8,471,000 against $11,584,000 a year ago. Net interest income after provision for loan losses was $7,471,000 against net loss income after provision for loan losses of $14,666,000 a year ago. Income before income tax was $2,035,000 against loss before income tax of $37,773,000 a year ago. Net income was $1,030,000 against net loss of $29,481,000 a year ago. Basic and diluted earnings per share were $0.13 against basic and diluted loss per share of $3.66 a year ago. Return on average assets was 0.33% against negative return on average assets of 7.89% a year ago. Return on average equity was 4.69% against negative return on average equity of 75.94% a year ago.
For the year, the company reported net interest income of $37,888,000 against $49,607,000 a year ago. Net interest loss after provision for loan losses was $10,412,000 against $8,968,000 a year ago. Loss before income tax was $30,499,000 against $42,827,000 a year ago. Net loss was $38,454,000 against $31,964,000 a year ago. Basic and diluted loss per share was $4.77 against $3.98 a year ago. The decline in net interest income is a result of both a decline in the average interest rate earned as well as a decrease in the volume of interest earning assets. Negative return on average assets was 2.84% against 2.11% a year ago. Negative return on average equity was 35.22% against 20.33% 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.