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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, 2025


☐			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

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

4750 Lindle Road

Harrisburg

Pennsylvania

17111

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code:

(717)

532-6114

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, no par value

ORRF

Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☒

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.). Yes ☐ No x

Number of shares outstanding of the registrant’s Common Stock as of August 5, 2025: 19,491,096.

Table of Contents

ORRSTOWN FINANCIAL SERVICES, INC.

INDEX


		Page
Part I – FINANCIAL INFORMATION

	Glossary of Defined Terms	3

Item 1.	Financial Statements	4

	Condensed Consolidated Balance Sheets (Unaudited)	4

	Condensed Consolidated Statements of Income (Unaudited)	5

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	7

	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	8

	Condensed Consolidated Statements of Cash Flows (Unaudited)	10

	Notes to Condensed Consolidated Financial Statements (Unaudited)	12

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	81

Item 4.	Controls and Procedures	82

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	83

Item 1A.	Risk Factors	83

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	83

Item 3.	Defaults upon Senior Securities	83

Item 4.	Mine Safety Disclosures	83

Item 5.	Other Information	83

Item 6.	Exhibits	84

SIGNATURES		85

Table of Contents

Glossary of Defined Terms

The following terms may be used throughout this Report, including the unaudited condensed consolidated financial statements and related notes.


Term			Definition

ACL			Allowance for credit losses

AFS			Available-for-sale
AOCI			Accumulated other comprehensive income (loss)
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
Bank			Orrstown Bank, the commercial banking subsidiary of Orrstown Financial Services, Inc.

CECL			Current expected credit losses

CMO			Collateralized mortgage obligation
Codorus Valley or CVB			Codorus Valley Bancorp, Inc.


DCF			Discounted cash flow


ERM			Enterprise Risk Management
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
FDM			Financial difficulty modification
FHLB			Federal Home Loan Bank
FOMC			Federal Open Market Committee
FRB			Board of Governors of the Federal Reserve System
GAAP			Accounting principles generally accepted in the United States of America
GDP			Gross Domestic Product
GSE			U.S. government-sponsored enterprise

IEL			Individually evaluated loan
IRC			Internal Revenue Code of 1986, as amended
LHFS			Loans held for sale

MBS			Mortgage-backed securities

MSR			Mortgage servicing right

OCI			Other comprehensive income (loss)

OREO			Other real estate owned (foreclosed real estate)



2011 Plan			2011 Orrstown Financial Services, Inc. Incentive Stock Plan
2025 Plan			Orrstown Financial Services, Inc. 2025 Stock Incentive Plan
PACE			Property Assessed Clean Energy loans
PCD loans			Purchased credit deteriorated loans

PCE			Personal Consumption Expenditures



ReRemic			Re-securitization of Real Estate Mortgage Investment Conduits
ROU			Right of use (leases)
SBA			U.S. Small Business Administration
SEC			Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
SOFR			Secured Overnight Financing Rate

Unless the context otherwise requires, the terms “Orrstown,” “we,” “us,” “our,” and “Company” refer to Orrstown Financial Services, Inc. and its subsidiaries.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)

ORRSTOWN FINANCIAL SERVICES, INC.


(Dollars in thousands, except per share amounts)	June 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	54,335	$	51,026
Interest-bearing deposits with banks	95,042		197,848

Cash and cash equivalents	149,377		248,874
Restricted investments in bank stocks	21,204		20,232
Securities available for sale (amortized cost of $916,830 and $864,920 at June 30, 2025 and December 31, 2024, respectively)	885,373		829,711
Loans held for sale, at fair value	5,206		6,614
Loans	3,931,379		3,931,214
Less: Allowance for credit losses	(47,898)		(48,689)
Net loans	3,883,481		3,882,525
Premises and equipment, net	51,703		50,217
Cash surrender value of life insurance	145,760		143,854
Goodwill	69,751		68,106
Other intangible assets, net	42,748		47,765
Accrued interest receivable	19,958		21,058
Deferred tax assets, net	36,683		42,647
Other assets	76,401		79,986
Total assets	$	5,387,645	$	5,441,589
Liabilities
Deposits:
Noninterest-bearing	$	918,263	$	894,176
Interest-bearing	3,598,362		3,728,920

Total deposits	4,516,625		4,623,096
Securities sold under agreements to repurchase and federal funds purchased	30,047		25,863
FHLB advances and other borrowings	136,334		115,364
Subordinated notes and trust preferred debt	69,021		68,680
Other liabilities	87,170		91,904
Total liabilities	4,839,197		4,924,907

Commitments and contingencies

Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding	—		—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,713,126 shares issued and 19,535,835 outstanding at June 30, 2025; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024	1,026		1,027
Additional paid - in capital	422,349		423,274
Retained earnings	153,923		126,540
Accumulated other comprehensive loss	(24,479)		(26,316)
Treasury stock—177,291 and 332,673 shares, at cost at June 30, 2025 and December 31, 2024, respectively	(4,371)		(7,843)
Total shareholders’ equity	548,448		516,682
Total liabilities and shareholders’ equity	$	5,387,645	$	5,441,589

The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Income (Unaudited)

ORRSTOWN FINANCIAL SERVICES, INC.


	Three Months Ended				Six Months Ended
(Dollars in thousands, except per share amounts)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income
Loans	$	63,036	$	35,537	$	126,468	$	71,770
Investment securities - taxable	9,406		4,999		18,350		9,583
Investment securities - tax-exempt	878		881		1,753		1,758
Short-term investments	1,513		1,864		3,781		2,820
Total interest income	74,833		43,281		150,352		85,931
Interest expense
Deposits	22,855		15,265		47,115		28,781
Securities sold under agreements to repurchase and federal funds purchased	106		27		190		52
FHLB advances and other borrowings	1,030		1,152		2,148		2,626
Subordinated notes and trust preferred debt	1,330		734		2,626		1,488
Total interest expense	25,321		17,178		52,079		32,947
Net interest income	49,512		26,103		98,273		52,984
Provision for (Recovery of) credit losses - loans	209		812		(345)		1,233
Recovery of credit losses - unfunded loan commitments	(100)		—		(100)		(123)
Net interest income after provision for credit losses	49,403		25,291		98,718		51,874
Noninterest income
Service charges on deposit accounts	2,050		1,018		3,961		2,023
Interchange income	1,441		961		2,868		1,872
Other service charges, commissions and fees	580		265		1,064		460
Swap fee income	669		375		1,063		574
Trust and investment management income	3,572		2,132		7,548		4,156
Brokerage income	1,695		1,180		3,134		2,258
Mortgage banking activities	478		369		780		827

Income from life insurance	1,311		646		2,600		1,280
Investment securities gains (losses)	8		(12)		21		(17)
Other income	1,111		238		1,500		369
Total noninterest income	12,915		7,172		24,539		13,802
continued

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	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Noninterest expenses
Salaries and employee benefits	21,364		13,195		41,752		26,947
Occupancy	1,671		1,178		3,660		2,379
Furniture and equipment	2,540		1,527		5,226		2,965
Data processing	965		1,237		1,889		2,502

Automated teller and interchange fees	615		341		1,292		692
Advertising and bank promotions	1,077		774		1,576		1,172
FDIC insurance	674		419		1,498		860

Professional services	2,016		801		3,842		1,432
Directors' compensation	293		272		504		523


Taxes other than income	295		49		1,237		543
Intangible asset amortization	2,472		215		5,007		440

Merger-related expenses	968		1,135		2,617		1,807

Restructuring expenses	—		—		91		—

Other operating expenses	2,664		1,496		5,599		2,846
Total noninterest expenses	37,614		22,639		75,790		45,108
Income before income tax expense	24,704		9,824		47,467		20,568
Income tax expense	5,256		2,086		9,968		4,299
Net income	$	19,448	$	7,738	$	37,499	$	16,269

Per share information:
Basic earnings per share	$	1.01	$	0.74	$	1.96	$	1.57
Diluted earnings per share	1.01		0.73		1.94		1.55
Dividends paid per share	0.26		0.20		0.52		0.40

The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited)

ORRSTOWN FINANCIAL SERVICES, INC.


	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net income	$	19,448	$	7,738	$	37,499	$	16,269
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on securities available for sale arising during the period	(132)		(93)		3,752		(1,769)
Reclassification adjustment for gains (losses) on securities available for sale realized in net income	—		—		—		—
Net unrealized (losses) gains on securities available for sale	(132)		(93)		3,752		(1,769)
Tax effect	30		21		(854)		395
Total other comprehensive (loss) income, net of tax and reclassification adjustments on securities available for sale	(102)		(72)		2,898		(1,374)
Unrealized (losses) gains on interest rate swaps used in cash flow hedges	(458)		434		(1,374)		1,862
Reclassification adjustment for (losses) gains realized in net income	—		—		—		—
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges	(458)		434		(1,374)		1,862
Tax effect	105		(98)		313		(416)
Total other comprehensive (loss) income, net of tax and reclassification adjustments on interest rate swaps used in cash flow hedges	(353)		336		(1,061)		1,446
Total other comprehensive (loss) income, net of tax and reclassification adjustments	(455)		264		1,837		72
Total comprehensive income	$	18,993	$	8,002	$	39,336	$	16,341

The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

ORRSTOWN FINANCIAL SERVICES, INC.


	Three Months Ended June 30, 2025
(Dollars in thousands, except per share amounts)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity









Balance, April 1, 2025	$	1,026	$	421,445	$	139,547	$	(24,024)	$	(5,058)	$	532,936
Net income	—		—		19,448		—		—		19,448

Total other comprehensive loss, net of taxes	—		—		—		(455)		—		(455)
Cash dividends ($0.26 per share)	—		—		(5,072)		—		—		(5,072)

Share-based compensation plans:
8,214 net common shares acquired and 34,407 net treasury shares issued, including compensation expense totaling $1,286	—		904		—		—		687		1,591

Balance, June 30, 2025	$	1,026	$	422,349	$	153,923	$	(24,479)	$	(4,371)	$	548,448




















	Six Months Ended June 30, 2025
(Dollars in thousands, except per share amounts)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity
Balance, January 1, 2025	$	1,027	$	423,274	$	126,540	$	(26,316)	$	(7,843)	$	516,682

Net income	—		—		37,499		—		—		37,499

Total other comprehensive income, net of taxes	—		—		—		1,837		—		1,837
Cash dividends ($0.52 per share)	—		—		(10,116)		—		—		(10,116)

Share-based compensation plans:
9,514 net common shares acquired and 155,382 net treasury shares issued, including compensation expense totaling $2,644	(1)		(925)		—		—		3,472		2,546

Balance, June 30, 2025	$	1,026	$	422,349	$	153,923	$	(24,479)	$	(4,371)	$	548,448

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	Three Months Ended June 30, 2024
(Dollars in thousands, except per share amounts)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity






















Balance, April 1, 2024	$	583	$	187,267	$	124,075	$	(28,668)	$	(11,575)	$	271,682
Net income	—		—		7,738		—		—		7,738

Total other comprehensive income, net of taxes	—		—		—		264		—		264
Cash dividends ($0.20 per share)	—		—		(2,143)		—		—		(2,143)

Share-based compensation plans:
1,952 net common shares acquired and 17,100 net treasury shares issued, including compensation expense totaling $864	—		457		—		—		408		865
Payment for fractional shares of common stock pursuant to merger	—		(30)		—		—		—		(30)
Balance, June 30, 2024	$	583	$	187,694	$	129,670	$	(28,404)	$	(11,167)	$	278,376




















	Six Months Ended June 30, 2024
(Dollars in thousands, except per share amounts)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity
Balance, January 1, 2024	$	583	$	189,027	$	117,667	$	(28,476)	$	(13,745)	$	265,056

Net income	—		—		16,269		—		—		16,269

Total other comprehensive income, net of taxes	—		—		—		72		—		72
Cash dividends ($0.40 per share)	—		—		(4,266)		—		—		(4,266)

Share-based compensation plans:
3,330 net common shares acquired and 111,165 net treasury shares issued, including compensation expense totaling $1,831	—		(1,303)		—		—		2,578		1,275
Payment for fractional shares of common stock pursuant to merger	—		(30)		—		—		—		(30)
Balance, June 30, 2024	$	583	$	187,694	$	129,670	$	(28,404)	$	(11,167)	$	278,376

The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Condensed Consolidated Statements of Cash Flows (Unaudited)

ORRSTOWN FINANCIAL SERVICES, INC.


	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024
Cash flows from operating activities
Net income	$	37,499	$	16,269
Adjustments to reconcile net income to net cash provided by operating activities:
Net (discount accretion) premium amortization	(11,949)		836
Depreciation and amortization expense	7,892		2,136

(Recovery of) Provision for credit losses - loans	(345)		1,233
Recovery of credit losses - unfunded loan commitments	(100)		(123)
Share-based compensation	2,644		1,831
Gains on sales of loans originated for sale	(557)		(427)
Fair value adjustments on loans held for sale	(27)		(31)
Mortgage loans originated for sale	(27,812)		(16,472)
Proceeds from sales of loans originated for sale	29,804		21,184

Net gain on sale of OREO and premises held for sale	(119)		—

Net gain on disposal of premises and equipment	(18)		—
Deferred income tax expense	6,108		321
Investment securities (gains) losses	(21)		17



Net losses (gains) on derivatives	393		(168)

Income from life insurance	(2,600)		(1,280)

Decrease (increase) in accrued interest receivable and other assets	3,641		(2,752)
Decrease in accrued interest payable and other liabilities	(9,520)		(3,799)
Other, net	517		328
Net cash provided by operating activities	35,430		19,103
Cash flows from investing activities

Maturities, repayments and calls of AFS securities	39,330		31,841
Purchases of AFS securities	(89,663)		(50,289)

Net (purchases) redemptions of restricted investments in bank stocks	(972)		845

Net decrease (increase) in loans	10,596		(51,088)

Investment in limited partnerships	(1,059)		(4,521)
Purchases of bank premises and equipment	(3,105)		(100)

Proceeds from disposal of OREO and premises held for sale	2,182		—
Proceeds from disposal of premises and equipment	18		—




Other	(15)		—
Net cash used in investing activities	(42,688)		(73,312)
Cash flows from financing activities
Net (decrease) increase in deposits	(107,178)		144,070
Net increase (decrease) in borrowings with original maturities less than 90 days	40,184		(17,660)

Payments on FHLB advances with original maturities greater than 90 days	(15,000)		—






Dividends paid	(10,116)		(4,266)

Acquisition of treasury stock	(65)		—
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting	(478)		(637)
Proceeds from issuance of employee stock purchase plan shares	66		80
Other	348		(30)
Net cash (used in) provided by financing activities	(92,239)		121,557
Net (decrease) increase in cash and cash equivalents	(99,497)		67,348
Cash and cash equivalents at beginning of period	248,874		65,161
Cash and cash equivalents at end of period	$	149,377	$	132,509

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	Six Months Ended
	June 30, 2025		June 30, 2024
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	52,645	$	33,044
Income taxes	300		4,625
Supplemental schedule of noncash activities:



Lease liabilities arising from obtaining ROU assets	2,010		—

The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

(All dollar amounts presented in the tables, except per share amounts, are in thousands)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the unaudited condensed consolidated financial statements and related notes of this Form 10-Q.

Nature of Operations – Orrstown Financial Services, Inc. is a financial holding company that operates Orrstown Bank, a commercial bank providing banking and financial advisory services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Harford, Howard and Washington Counties, Maryland. The Company 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 Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's executive and administrative offices as well as the District of Columbia. The Company also provides fiduciary services, investment advisory, insurance and brokerage services. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by such regulatory authorities.

Basis of Presentation – The accompanying unaudited condensed consolidated financial statements include the accounts of Orrstown Financial Services, Inc. and its wholly owned subsidiary, the Bank. The Company has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, SEC rules that permit reduced disclosure for interim periods and Article 10 of Regulation S-X. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements. There have been no material changes to the Company's significant accounting policies for the three and six months ended June 30, 2025. The December 31, 2024 consolidated balance sheet information contained in this Quarterly Report on Form 10-Q was derived from the Company's 2024 audited consolidated financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. All significant intercompany transactions and accounts have been eliminated. Certain reclassifications have been made to prior years' amounts to conform with current year classifications. These reclassifications did not have a material impact on the Company's consolidated financial condition, results of operations or statement of consolidated cash flows.

The Company's management has evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's unaudited condensed consolidated financial statements and notes as required by GAAP.

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

Acquisition Accounting

The Company accounts for its mergers and acquisitions using the acquisition method of accounting under the provisions of the FASB ASC Topic 805, Business Combinations ("805"). Under ASC 805, all of the assets acquired and liabilities assumed in a business combination are recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combination are expensed as incurred. The determination of fair values involves significant judgment regarding methods and assumptions, including discount rates, future expected cash flows, market conditions and other future events. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. The results of operations of the acquired entity are included in the consolidated statements of income from the acquisition date. In accordance with business combination accounting guidance, for the Merger, the Company reviewed and evaluated the fair values of the assets and liabilities acquired for the permissible period of up to one year following the merger date of July 1, 2024. Any such adjustments were recorded to goodwill and are reflected in the unaudited condensed statements of financial condition at June 30, 2025.

Allowance for Credit Losses - Loans

The Company accounts for the ACL in accordance with ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The current expected credit losses accounting

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standard commonly referred to as "CECL" requires an organization to measure all expected credit losses over the contractual term for financial assets measured at amortized cost, including loan receivables and held-to-maturity securities, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The CECL methodology also applies to off-balance sheet credit exposures not accounted for as insurance (e.g., loan commitments, standby letters of credit, financial guarantees and other similar instruments), net investments in leases recognized by a lessor in accordance with ASC Topic 842 on leases and AFS debt securities.

The Company calculates credit losses over the estimated life of the applicable financial assets using the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default and loss given default factors to future cash flows, and then adjusts to the net present value to derive the required reserve. Reasonable and supportable macroeconomic conditions include unemployment and GDP. Model assumptions include the discount rate, prepayments and curtailments. The validation of credit models also included determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates. For the consumer loan segments, the remaining life methodology is applied as a practical expedient based on the risk characteristics.

The ACL represents the amount that, in management's judgment, appropriately reflects credit losses inherent in the loan portfolio at the balance sheet date. Loans deemed to be uncollectible are charged against the ACL on loans and subsequent recoveries, if any, are credited to the ACL on loans when received. Changes to the ACL are recorded through the provision for credit losses on loans in the unaudited condensed consolidated statements of income.

The ACL is maintained at a level considered appropriate to absorb credit losses over the expected life of the loan. The ACL for expected credit losses is determined based on a quantitative assessment of two categories of loans: collectively evaluated loans and individually evaluated loans. In addition, the ACL includes a qualitative component which adjusts the CECL model results for risk factors that are not considered within the CECL model but are relevant in assessing the expected credit losses within the loan classes.

The ACL on loans is measured on a collective basis when similar risk characteristics exist within the Company's loan segments between commercial and consumer. For purposes of estimating the Company’s ACL, management generally evaluates collectively evaluated loans by federal call code, which represents the loan classes based upon U.S. regulatory loan classification rules, in order to group loans with similar risk characteristics. Each of these loan segments are broken down into multiple loan classes, which are characterized by loan type, collateral type, risk attributions and the manner in which management monitors the performance of the borrower. The risks associated with lending activities differ and are subject to the impact of change in interest rates, market conditions and the impact of economic conditions on the collateral securing the loans, and general economic conditions. The commercial loan segment includes commercial real estate, acquisition and development, commercial and industrial, agricultural and municipal loan classes. The consumer loan segment includes residential mortgage, installment and other consumer loans.

Loans collectively evaluated includes loans on accrual status, except for loans previously restructured that do not share similar risk characteristics, which are individually evaluated. The ACL for loans collectively evaluated is measured using a lifetime expected loss rate model that considers historical loss performance and past events in addition to forecasts of future economic conditions. The Company elected to use the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default to future cash flows, using a loss driver model and loss given default factors, and then adjusts to the net present value to derive the required reserve. The probability of default estimates are derived through the application of reasonable and supportable economic forecasts to the regression models, which incorporates the Company's and peer loss-rate data, unemployment rate and GDP. The reasonable and supportable forecasts of the selected economic metrics are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The prepayment and curtailment assumptions adjust the contractual terms of the loan to arrive at the expected cash flows. The development and validation of credit models also included determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates. Management selected the national unemployment rate and GDP as the drivers of the quantitative portion of collectively evaluated reserves on loan classes reliant upon the DCF methodology. For the consumer loan segment, the quantitative reserve was calculated using the remaining life methodology where the average historical bank-specific and peer loss rates are applied to expected loan balances over an estimated remaining life of loans. The estimated remaining life is calculated using historical bank-specific loan attrition data.

Loans that do not share similar risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include loans on nonaccrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans collectively evaluated. A specific reserve analysis is applied to the individually evaluated loans, which considers collateral value, an observable market

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price or the present value of expected future cash flows. A specific reserve may be assigned if the measured value of the loan using one of the before mentioned methods is less than the current carrying value of the loans.

A loan is considered collateral-dependent when the Company determines foreclosure is probable or the borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. Collateral could be in the form of real estate, equipment or business assets. An ACL may result for a collateral-dependent loan if the fair value of the underlying collateral, as of the reporting date, adjusted for expected costs to repair or sell, was less than the amortized cost basis of the loan. If repayment of the loan is instead dependent only on the operation, rather than the sale of the collateral, the measure of the ACL does not incorporate estimated costs to sell. For loans evaluated on the basis of projected future principal and interest cash flows, the Company discounts the expected cash flows at the effective interest rate of the loan. An ACL will result if the present value of expected cash flows is less than the amortized cost basis of the loan.

Based on management's analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the quantitatively calculated reserve on collectively evaluated loans. As the quantitative reserve calculation incorporates historical conditions, management may consider an additional or reduced reserve is warranted through qualitative risk factors based on current and expected conditions. These qualitative risk factors include significant or unexpected changes in:

•Lending policies, procedures, underwriting standards and recovery practices;

•Nature and volume of loans;

•Concentrations of credit;

•Collateral valuation trends;

•Delinquency and classified loan trends;

•Experience, ability and depth of management and lending staff;

•Quality of loan review system; and

•Economic conditions and other external factors.

For PCD loans, the nonaccrual status is determined in the same manner as for other loans. In accordance with the CECL standard, the Company accounts for its PCD loans under ASC 310-20, Receivables - Nonrefundable Fees and Other Assets ("ASC 310-20"). These loans are initially recorded at fair value and include credit and interest rate marks associated with acquisition accounting adjustments. Purchase premiums or discounts are subsequently amortized as an adjustment to yield over the estimated contractual lives of the loans. Under ASC 310-20, the acquired loans are evaluated on an individual asset level, and not maintained in pools and accounted for as units of accounts, which would permit treating each pool as a single asset.

Purchased loans that do not qualify as PCD assets are accounted for similar to originated loans, whereby an ACL is recognized with a corresponding increase to the provision for credit losses in the consolidated statements of income. PCD loans are recorded at their purchase price plus the ACL expected at the time of acquisition resulting in a gross up of the amortized cost of the loans. Subsequent changes in the ACL from the initial ACL estimate are recorded as provision for credit losses in the consolidated statements of income.

Following its merger with Codorus Valley, the Company evaluated and classified the acquired loans as PCD if the loans had experienced more-than-insignificant credit deterioration since origination or as non-PCD if the loans had not experienced a more-than-insignificant amount of credit deterioration since origination. PCD loans included loans on nonaccrual status, loans with historical delinquency since loan origination or having a risk rating of watch, special mention, substandard, doubtful or loss based on the Company's internal risk rating system. At acquisition, the fair value of the PCD loans was recorded to the ACL, but not as a charge to the provision for credit losses in the consolidated statements of operations. The initial allowance was instead established by grossing up the amortized cost of the PCD loan. Subsequent to the acquisition, changes in the expected credit losses on PCD loans were recorded to the provision for credit losses. The ACL for non-PCD loans was recorded to the provision for credit losses in the same period as the acquisition.

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In accordance with ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), the Company evaluates, based on the guidance for accounting for loan modifications, whether the borrower is experiencing financial difficulty, if the modification results in a more-than-insignificant direct change in the contractual cash flows and whether the modifications represent terms that would result in a new loan or a continuation of an existing loan. The Company refers to these loans as "financial difficulty modifications" or "FDMs." All loan modifications are accounted for under the general loan modification guidance in ASC 310-20, Receivables – Nonrefundable Fees and Other Costs.

If a modification occurs while the loan is on accrual status, it will continue to accrue interest under the modified terms. After the initial modification and recognition of a FDM, the Company will monitor the performance of the borrower. If no subsequent qualifying modifications are made to the FDM, the loan does not require disclosure in the current period's disclosures after the one-year period has elapsed.

A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management evaluates the adequacy of the ACL utilizing a defined methodology to determine if it properly addresses the current and expected risks in the loan portfolio, which considers the performance of borrowers and specific evaluation of individually evaluated loans including historical loss experiences, trends in delinquencies, nonperforming loans and other risk assets, and the qualitative factors. Risk factors are continuously reviewed and adjusted, as needed, by management when conditions support a change. Management believes its approach properly addresses relevant accounting and bank regulatory guidance for loans both collectively and individually evaluated. The results of the comprehensive analysis, including recommended changes, are governed by the Company's Reserve Adequacy Committee.

See Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s loan classes and differing levels of associated credit risk.

Allowance for Credit Losses on AFS Securities

The Company is required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance continues to require the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any additional amount of loss would be due to non-credit factors and is recorded in AOCI, net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in AOCI, net of taxes, on the unaudited condensed consolidated statements of financial condition. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses.

See Note 3, Investment Securities, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s investment securities and impairment evaluation.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require updates to the disclosures of the income tax rate reconciliation and income taxes paid. The income tax rate reconciliation will require expanded disclosure, using percentages and reporting currency amounts, to include specific categories, including state and local income tax, net of the federal income tax effect, tax credits and nontaxable and nondeductible items, with additional qualitative explanations of individually significant reconciling items. The amount of income taxes paid will require disaggregation by jurisdictional categories: federal, state and foreign. This guidance for income tax disclosures is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the updated guidance; however, management does not expect it will have a significant impact on its consolidated financial statements, but will require expanded disclosures.

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In November 2024, the FASB issued ASU No. 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose specified information about certain costs and expenses in the notes to the financial statements. The amendments require that at each interim and annual reporting period an entity disclose:

•(a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption;

•certain amounts that are already required to be disclosed under current GAAP in the same disclosures as other disaggregation requirements;

•qualitative descriptions of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

•the total amount of selling expenses and, in annual reporting periods, the entity's definition of selling expenses.

In January 2025, the FASB issued ASU No. 2025-01 clarifying the effective date for public business entities for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating ASU 2024-03 and its impact on its disclosures.

NOTE 2. MERGER

On July 1, 2024, Orrstown completed a merger of equals (the “Merger”) with Codorus Valley, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 12, 2023, by and between Orrstown and Codorus Valley. At the effective time of the Merger (the “Effective Time”), Codorus Valley was merged with and into Orrstown, with Orrstown as the surviving corporation, which was promptly followed by the merger of Codorus Valley’s wholly-owned bank subsidiary, PeoplesBank, A Codorus Valley Company, with and into Orrstown Bank, a wholly-owned subsidiary of Orrstown, with Orrstown Bank as the surviving bank.

Pursuant to the terms of the Merger Agreement, each share of Codorus Valley common stock, $2.50 par value per share (“Codorus Common Stock”), outstanding immediately prior to the Effective Time was canceled and converted into the right to receive 0.875 shares (the “Exchange Ratio”) of Orrstown common stock, no par value per share (“Orrstown Common Stock”), with an amount in cash, without interest, to be paid in lieu of fractional shares.

In addition, at the Effective Time, (i) each option to purchase Codorus Valley common stock issued under Codorus Valley’s 2007 Long-Term Incentive Plan, as amended, 2017 Long-Term Incentive Plan, as amended, and any other similar plan (collectively, the “Codorus Valley Equity Plans”), outstanding immediately prior to the Effective Time was automatically converted into an option to purchase a number of shares of Orrstown common stock equal to the product of the number of shares of Codorus Valley common stock subject to such stock option immediately prior to the Effective Time and the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (a) the exercise price per share of Codorus Valley common stock of such stock option immediately prior to the Effective Time divided by (b) the Exchange Ratio; (ii) all time-based restricted stock awards and time-based restricted stock unit awards granted under the Codorus Valley Equity Plans were vested in full; and (iii) all performance-based restricted stock awards and performance-based restricted stock unit awards granted under the Codorus Valley Equity Plans were vested in full. In addition, the 2007 Codorus Valley Bancorp, Inc. Restated Employee Stock Purchase Plan was terminated prior to the closing date of the Merger. Each outstanding share of Orrstown Common Stock remained outstanding and was unaffected by the Merger.

The total aggregate consideration delivered to holders of Codorus Valley common stock was 8,532,038 shares of Orrstown common stock. The issuance of shares of Orrstown common stock in connection with the Merger was registered under the Securities Act on a registration statement initially filed by Orrstown with the SEC on March 29, 2024 and declared effective on April 23, 2024 (the “Registration Statement”). The consideration transferred at the close of the transaction was $233.4 million based on the closing market price of Orrstown common stock of $27.36 on June 28, 2024.

The Merger accomplishes the Company’s objectives of providing increased market opportunities and expanding its branch network through a contiguous footprint in Central and Eastern Pennsylvania and the Greater Baltimore, Maryland area. Further, the Merger creates an expanded product suite based on the complementary nature of the products and customers of both companies and increases lending capacity, which will support growth of the existing client base and is expected to provide an opportunity to mitigate risks and increase potential returns.

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PeoplesBank operated 22 full-service branches and eight limited purpose branches in Pennsylvania and Maryland. Following the Merger, Orrstown operated 51 branches as of July 1, 2024. On August 5, 2024, Orrstown announced the Bank intended to close six of its branches, including three branches owned by the Bank, for which the land and buildings were transferred to held-for-sale. These branch closures were completed in the fourth quarter of 2024. After these branch closures were completed, the Bank had 38 full-service branches and seven limited purpose branches.

The following tables summarize the purchase price consideration paid for Codorus Valley and the fair value of the assets acquired and liabilities assumed recognized at the acquisition date.


(dollars are in thousands, except per share data)
Number of shares of Codorus Valley common stock outstanding	9,751,323
Per common share exchange ratio	0.875
Expected shares of Codorus Valley common stock to be issued	8,532,408
Fractional shares of common stock paid in cash	(370)
Number of shares of Orrstown common stock - as exchanged	8,532,038
Orrstown common stock price per common share - closing stock price as of June 28, 2024	$	27.36
Purchase price merger consideration for Codorus Valley	$	233,437

Under the acquisition method of accounting, the total merger consideration is allocated to the acquired tangible and intangible assets and assumed liabilities of Codorus Valley based on their estimated fair value as of the closing of the Merger. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.

The Company recorded goodwill of $49.4 million in connection with the Merger, which is not amortized for financial reporting purposes, but is subject to annual impairment testing. As permitted under GAAP, the Company has up to twelve months following the date of the Merger to finalize the fair values of the acquired assets and assumed liabilities related to the merger of Codorus Valley. During this measurement period, the Company could record subsequent adjustments to goodwill for provisional amounts recorded at the merger date. The Company recorded merger-related tax adjustments totaling $1.6 million, which increased goodwill to $51.0 million at June 30, 2025.

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	Codorus Valley Book Value		Fair Value Adjustment		Codorus Valley Fair Value
	July 1, 2024				July 1, 2024
Total purchase price consideration					$	233,437
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	45,290	$	(31)	$	45,259
Restricted investments in bank stocks	1,168		—		1,168
Securities available for sale	331,032		(4,532)		326,500

Loans, net of allowance for credit losses ("ACL")	1,715,761		(72,368)		1,643,393
Premises and equipment, net	17,553		6,551		24,104
Cash surrender value of life insurance	62,817		—		62,817
Accrued interest receivable	8,138		79		8,217
Goodwill	2,301		(2,301)		—
Other intangible assets, net	—		50,719		50,719
Deferred income tax asset, net	16,969		3,088		20,057
Other assets	21,024		(2,781)		18,243
Total identifiable assets acquired	2,222,053		(21,576)		2,200,477
Deposits	1,948,467		(3,218)		1,945,249
Securities sold under agreements to repurchase	7,943		—		7,943
FHLB advances and other borrowings	1,195		(803)		392
Subordinated notes and trust preferred debt	41,195		(4,983)		36,212
Other liabilities	25,030		3,241		28,271
Total liabilities assumed	2,023,830		(5,763)		2,018,067
Total identifiable net assets	$	198,223	$	(15,813)	$	182,410
Goodwill					$	51,027

The following are descriptions of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed from the Merger. The Company used independent valuation specialists to assist with the determination of fair values for certain acquired assets and assumed liabilities.

The Company acquired core deposit intangibles of $40.1 million and customer relationship intangible assets associated with its wealth and brokerage businesses totaling $10.6 million from the Merger. Both were valued utilizing the income approach, which is based on the present value of the cash flows that can be expected to be generated in the future. The core deposit intangible and customer relationship intangible assets are amortized based on the sum-of-the-years digits method over the expected life of 10 years.

The Company increased the fair value of premises by $6.6 million with a corresponding decrease to goodwill based upon updated independent market-based appraisals for buildings, land and land improvements. The fair value adjustments will be depreciated based on the estimated useful life of 40 years.

Pursuant to the Merger, the Company acquired operating lease assets and operating lease liabilities both with a fair value of $5.1 million based on the income approach, which considered the lease contracts current rental rates, escalation terms and expiration periods. The Company also acquired a finance lease asset and liability with a fair value of $392 thousand. At July 1, 2024, the Company recorded negative fair value adjustments of $1.1 million and $133 thousand to acquired operating lease assets and finance lease assets, respectively, which are amortized over the remaining lease terms.

An adjustment of $3.2 million was recorded to reflect the fair value of the time deposits assumed, which was determined using a discounted cash flow approach that utilized a discount rate equal to current market interest rates for instruments with similar terms and maturities. The fair value adjustment for time deposits will be amortized over the remaining maturities.

Subordinated notes and trust preferred debt were valued using a discounted cash flow approach, which applied a discount rate based upon other issuances with comparable terms. Fair value adjustments of $2.4 million and $2.7 million were recorded

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for the acquired subordinated notes and trust preferred debt, respectively, which will be amortized over their remaining maturities.

The Company evaluated and classified the acquired loans between non-PCD or PCD. The PCD loans include loans which experienced more-than-insignificant credit deterioration since origination. PCD loans included loans on nonaccrual status, past due 60 days or greater at any time since loan origination or having a risk rating of watch, special mention, substandard, doubtful or loss based on the Company's internal risk rating system. For PCD loans, an ACL is recorded on day 1 and added to the fair value of the loan for its amortized cost. At day 1, a provision for credit loss is not recorded on PCD loans. The following table presents details related to the fair value of acquired PCD loans at the acquisition date:


	Unpaid Principal Balance		PCD ACL		Non-Credit Discount		Fair Value of Acquired Loans
Commercial real estate	$	74,319	$	(1,321)	$	(5,531)	$	67,467
Acquisition and development	24,232		(2,535)		(781)		20,916
Agricultural	7,129		(2)		(895)		6,232
Commercial and industrial	26,325		(1,947)		(4,059)		20,319

Residential mortgage	16,720		(105)		(1,936)		14,679
Installment and other loans	117		(10)		(11)		96
	$	148,842	$	(5,920)	$	(13,213)	$	129,709

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NOTE 3. INVESTMENT SECURITIES

At June 30, 2025 and December 31, 2024, all investment securities were classified as AFS. The following table summarizes amortized cost and fair value of investment securities, the corresponding amounts of gross unrealized gains and losses recognized in AOCI and the ACL at June 30, 2025 and December 31, 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
June 30, 2025
U.S. Treasury securities	$	20,036	$	—	$	1,395	$	—	$	18,641
U.S. Government Agencies	2,375		76		—		—		2,451

States and political subdivisions	220,481		125		24,655		—		195,951
GSE residential MBSs	195,595		1,559		2,546		—		194,608
GSE commercial MBSs	7,386		119		16		—		7,489
GSE residential CMOs	342,909		3,401		5,561		—		340,749

Non-agency CMOs	42,775		182		1,661		—		41,296


Asset-backed	83,117		269		1,390		—		81,996
Corporate debt	1,941		36		—		—		1,977
Other	215		—		—		—		215
Totals	$	916,830	$	5,767	$	37,224	$	—	$	885,373
December 31, 2024
U.S. Treasury securities	$	20,043	$	—	$	1,980	$	—	$	18,063
U.S. Government Agencies	2,953		100		—		—		3,053

States and political subdivisions	220,418		10		20,400		—		200,028
GSE residential MBSs	155,793		52		4,297		—		151,548
GSE commercial MBSs	8,570		243		21		—		8,792
GSE residential CMOs	331,016		485		6,809		—		324,692

Non-agency CMOs	35,548		202		2,466		—		33,284


Asset-backed	88,450		655		1,002		—		88,103
Corporate debt	1,935		19		—		—		1,954
Other	194		—		—		—		194
Totals	$	864,920	$	1,766	$	36,975	$	—	$	829,711

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The following table summarizes investment securities with unrealized losses at June 30, 2025 and December 31, 2024, aggregated by major investment security type and the length of time in a continuous unrealized loss position.


	Less Than 12 Months					12 Months or More					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
June 30, 2025
U.S. Treasury securities	—	$	—	$	—	3	$	18,641	$	1,395	3	$	18,641	$	1,395

States and political subdivisions	4	1,019		18		42	184,057		24,637		46	185,076		24,655
GSE residential MBSs	4	16,964		31		12	33,561		2,515		16	50,525		2,546
GSE commercial MBS	2	1,308		16		—	—		—		2	1,308		16
GSE residential CMOs	14	74,438		567		22	103,306		4,994		36	177,744		5,561
Non-agency CMOs	3	16,914		165		4	16,686		1,496		7	33,600		1,661



Asset-backed	6	27,372		181		9	41,646		1,209		15	69,018		1,390

Totals	33	$	138,015	$	978	92	$	397,897	$	36,246	125	$	535,912	$	37,224
December 31, 2024
U.S. Treasury securities	—	$	—	$	—	3	$	18,063	$	1,980	3	$	18,063	$	1,980


States and political subdivisions	13	10,080		131		42	189,448		20,269		55	199,528		20,400
GSE residential MBSs	68	85,836		1,117		15	55,579		3,180		83	141,415		4,297
GSE commercial MBS	3	2,963		21		—	—		—		3	2,963		21
GSE residential CMOs	52	158,439		729		15	56,443		6,080		67	214,882		6,809
Non-agency CMOs	2	8,816		218		4	16,636		2,248		6	25,452		2,466



Asset-backed	4	11,964		17		9	44,130		985		13	56,094		1,002

Totals	142	$	278,098	$	2,233	88	$	380,299	$	34,742	230	$	658,397	$	36,975

On a quarterly basis, the Company conducts an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance requires the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying issuers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. Under the CECL standard, if the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any additional amount of loss would be due to non-credit factors and is recorded in AOCI, net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in AOCI, net of taxes, on the unaudited condensed consolidated balance sheets.

The Company did not record an ACL on the AFS securities at June 30, 2025 and December 31, 2024. As of these periods, the Company considers the unrealized losses on the AFS securities to be related to fluctuations in market conditions, primarily interest rates, and not reflective of deterioration in credit. In addition, the Company maintains that it has the intent and ability to hold these AFS securities until the amortized cost is recovered and it is more likely than not that any of AFS securities in an unrealized loss position would not be required to be sold. At June 30, 2025 and December 31, 2024, unrealized losses were due to market uncertainty resulting from inflation and higher interest rates from the time of the security purchase.

U.S. Treasury Securities. The unrealized losses presented in the table above have been caused by an increase in rates from the time these securities were purchased. Management considers the full faith and credit of the U.S. government in determining whether declines in fair value are due to credit factors.

States and Political Subdivisions. The unrealized losses presented in the table above have been caused by a rise in interest rates from the time these securities were purchased. Management evaluates the financial performance of the issuers, including the investment rating, the state of the issuer of the security and other credit support in determining whether declines in fair value are due to credit factors.

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GSE Residential CMOs, GSE Residential MBS and GSE Commercial MBS. The unrealized losses presented in the table above have been caused by a widening of spreads and a rise in interest rates from the time these securities were purchased. The contractual terms of these securities do not permit the issuer to settle the securities at a price less than its par value basis.

Non-Agency CMOs. The unrealized losses presented in the table above were caused by a widening of spreads and a rise in interest rates from the time the securities were purchased. Management considers the investment rating and other credit support in its evaluation, including delinquencies and credit enhancements, in determining whether declines in fair value are due to credit factors.

Asset-backed. The unrealized losses presented in the table above were caused by a widening of spreads and a rise in interest rates from the time the securities were purchased. Management considers the investment rating and other credit support in its evaluation, including delinquencies and credit enhancements, in determining whether declines in fair value are due to credit factors.

The Company does not intend to sell the aforementioned investment securities with unrealized losses and it is more likely than not that the Company will not be required to sell them before recovery of their amortized cost basis, which may be maturity. In addition, the unrealized losses are not credit related. Therefore, the Company has concluded that the unrealized losses for these investment securities do not require an ACL at June 30, 2025.

The following table summarizes amortized cost and fair value of investment securities by contractual maturity at June 30, 2025. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years	42,354		40,106
Due after five years through ten years	51,769		48,137
Due after ten years	150,925		130,992
CMOs and MBSs	588,665		584,142
Asset-backed	83,117		81,996

Totals	$	916,830	$	885,373

The following table summarizes proceeds from sales of investment securities and gross gains and gross losses for the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Proceeds from sale of investment securities	$	—	$	—	$	—	$	—
Gross gains	8		—		21		—
Gross losses	—		12		—		17

During the three and six months ended June 30, 2025, the Company recorded a gain of $8 thousand and $21 thousand, respectively, compared to losses of $12 thousand and $17 thousand for the three and six months ended June 30, 2024 from mark-to-market activity on an equity security. During the three and six months ended June 30, 2025 and 2024, the Company did not sell any investment securities. Investment securities with a fair value of $706.1 million and $669.2 million at June 30, 2025 and December 31, 2024, respectively, were pledged to secure public funds and for other purposes as required or permitted by law.

NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Company’s loan portfolio is grouped into segments, which are further broken down into classes to allow management to monitor the performance by the borrower and to monitor the yield on the portfolio. The risks associated with lending activities differ among the various loan classes and are subject to the impact of changes in interest rates, market conditions of collateral securing the loans, and general economic conditions. All of these factors may adversely impact both the borrower’s ability to repay its loans and the value of its associated collateral.

The Company has various types of commercial real estate loans, which have differing levels of credit risk. Owner-occupied commercial real estate loans are generally dependent upon the successful operation of the borrower’s business, with the cash flows generated from the business being the primary source of repayment of the loan. If the business suffers a downturn in sales or profitability, the borrower’s ability to repay the loan could be in jeopardy.

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Non-owner occupied and multi-family commercial real estate loans and non-owner occupied residential loans present a different credit risk to the Company than owner-occupied commercial real estate loans, as the repayment of the loan is dependent upon the borrower’s ability to generate a sufficient level of occupancy to produce rental income that exceeds debt service requirements and operating expenses. Lower occupancy or lease rates may result in a reduction in cash flows, which hinders the ability of the borrower to meet debt service requirements and may result in lower collateral values. The Company generally recognizes that greater risk is inherent in these credit relationships compared to owner-occupied loans mentioned above.

Acquisition and development loans consist of 1-4 family residential construction and commercial and land development loans. The risk of loss on these loans is largely dependent on the Company’s ability to assess the property’s value at the completion of the project, which should exceed the property’s construction costs. During the construction phase, a number of factors could potentially negatively impact the collateral value, including cost overruns, delays in completing the project, competition, and real estate market conditions, which may change based on the supply of similar properties in the area. In the event the collateral value at the completion of the project is not sufficient to cover the outstanding loan balance, the Company must rely upon other repayment sources, if any, including the guarantors of the project or other collateral securing the loan.

Commercial and industrial loans include advances to businesses for general commercial purposes and include permanent and short-term working capital, machinery and equipment financing, and may be either in the form of lines of credit or term loans. Although commercial and industrial loans may be unsecured to our highest-rated borrowers, the majority of these loans are secured by the borrower’s accounts receivable, inventory and machinery and equipment. In a significant number of these loans, the collateral also includes the business real estate or the business owner’s personal real estate or assets. Commercial and industrial loans present credit exposure to the Company, as they are more susceptible to risk of loss during a downturn in the economy as borrowers may have greater difficulty in meeting their debt service requirements and the value of the collateral may decline. The Company attempts to mitigate this risk through its underwriting standards, including evaluating the creditworthiness of the borrower and, to the extent available, credit ratings on the business. Additionally, monitoring of the loans through annual renewals and meetings with the borrowers is typical. However, these procedures cannot eliminate the risk of loss associated with commercial and industrial lending.

Agricultural loans include advances to individuals or businesses to finance agricultural production or loans secured by farmland. Agricultural production may include the growing or storing of crops, the purchase and carrying of livestock, the purchase of farm machinery and equipment or the operations of a farm, including vehicles and consumer goods. The collateral securing these loans may include the real estate for agricultural production, the borrower's business or personal assets, inventory or equipment.

Municipal loans consist of extensions of credit to municipalities and school districts within the Company’s market area. These loans generally present a lower risk than commercial and industrial loans, as they are generally secured by the municipality’s full taxing authority, by revenue obligations, or by its ability to raise assessments on its clients for a specific utility.

The Company originates loans to its retail clients, including fixed-rate and adjustable first lien mortgage loans, with the underlying 1-4 family owner occupied residential property securing the loan. The Company’s risk exposure is minimized in these types of loans through the evaluation of the creditworthiness of the borrower, including credit scores and debt-to-income ratios, and underwriting standards, which limit the loan-to-value ratio to generally no more than 80% upon loan origination, unless the borrower obtains private mortgage insurance.

Home equity loans, including term loans and lines of credit, present a slightly higher risk to the Company than 1-4 family first liens, as these loans can be first or second liens on 1-4 family owner occupied residential property, but can have loan-to-value ratios of no greater than 85% of the value of the real estate taken as collateral. The creditworthiness of the borrower is considered, including credit scores and debt-to-income ratios.

Installment and other loans’ credit risk is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets. These loans can be unsecured or secured by assets the value of which may depreciate quickly or may fluctuate and may present a greater risk to the Company than 1-4 family residential loans.

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The following table presents the loan portfolio by segment and class, excluding residential LHFS, at June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Commercial real estate:
Owner occupied	$	622,315	$	633,567
Non-owner occupied	1,203,038		1,160,238
Multi-family	239,388		274,135
Non-owner occupied residential	165,479		179,512
Acquisition and development:
1-4 family residential construction	38,490		47,432
Commercial and land development	198,889		241,424
Agricultural	124,291		125,156
Commercial and industrial	487,063		451,384
Municipal	28,693		30,044
Residential mortgage:
First lien	469,569		460,297
Home equity - term	5,784		5,988
Home equity - lines of credit	305,968		303,561
Other - term(1)	25,384		—
Installment and other loans	17,028		18,476
Total loans	$	3,931,379	$	3,931,214

(1) Other - term includes property assessed clean energy ("PACE") loans with unearned income of $659 thousand at June 30, 2025.

To monitor ongoing risk associated with its loan portfolio and specific loans within the segments, management uses an internal grading system. The first several rating categories, representing the lowest risk to the Bank, are combined and given a “Pass” rating. Management generally follows regulatory definitions in assigning criticized ratings to loans, including "Special Mention," "Substandard," "Doubtful" or "Loss." The Special Mention category includes loans that have potential weaknesses that may, if not monitored or corrected, weaken the asset or inadequately protect the Bank's position at some future date. These assets pose elevated risk, but their weakness does not yet justify a more severe, or classified rating. Substandard loans are classified as they have a well-defined weakness, or weaknesses that jeopardize liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans include loans that management may determine to be either individually evaluated, referred to as "Substandard - Individually Evaluated Loan," or collectively evaluated, referred to as "Substandard Non-Individually Evaluated Loan." A Doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as Loss is deferred. Loss loans are considered uncollectible, as the borrowers are often in bankruptcy, have suspended debt repayments, or have ceased business operations. Once a loan is classified as Loss, there is little prospect of collecting the loan’s principal or interest and it is charged off.

The Company has a loan review policy and program, which is designed to identify and monitor risk in the lending function. The Management ERM Committee, comprised of executive officers, senior officers and loan department personnel, is charged with the oversight of overall credit quality and risk exposure of the Company's loan portfolio. This includes the monitoring of the lending activities of all Company personnel with respect to underwriting and processing new loans and the timely follow-up and corrective action for loans showing signs of deterioration in quality. A loan review program provides the Company with an independent review of the commercial loan portfolio on an ongoing basis. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as extended delinquencies, bankruptcy, repossession or death of the borrower occurs, which heightens awareness as to a possible credit event.

Internal loan reviews are completed annually on all commercial relationships with a committed loan balance in excess of $2.0 million, which includes confirmation of risk rating by an independent credit officer. In addition, all commercial relationships greater than $500 thousand rated special mention, substandard, doubtful or loss are reviewed quarterly and corresponding risk ratings are reaffirmed by the Company's Problem Loan Committee, with subsequent reporting to the Management ERM Committee and the Board of Directors.

Table of Contents

The following table presents the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of June 30, 2025 and December 31, 2024. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan and payment activity. Residential mortgage, installment and other consumer loans are presented below based on payment performance: performing or nonperforming. Nonperforming includes substandard - individually evaluated loans.


	Term Loans Amortized Cost Basis by Origination Year
As of June 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Basis		Revolving Loans Converted to Term		Total
Commercial Real Estate:
Owner-occupied:
Risk rating
Pass	$	25,316	$	53,095	$	92,825	$	103,923	$	95,606	$	164,634	$	13,708	$	603	$	549,710
Special mention	—		1,965		134		15,582		15,012		8,935		—		—		41,628
Substandard - Non-IEL	—		731		1,515		9,964		4,001		7,403		1,654		71		25,339
Substandard - IEL	—		—		643		1,056		1,230		2,709		—		—		5,638
Total owner-occupied loans	$	25,316	$	55,791	$	95,117	$	130,525	$	115,849	$	183,681	$	15,362	$	674	$	622,315
Current period gross charge offs - owner-occupied	$	—	$	—	$	—	$	183	$	—	$	3	$	—	$	—	$	186
Non-owner occupied:
Risk rating
Pass	$	65,988	$	94,415	$	139,525	$	193,756	$	317,288	$	364,728	$	2,352	$	374	$	1,178,426
Special mention	—		—		10,215		2,994		1,127		7,892		—		—		22,228
Substandard - Non-IEL	—		—		—		888		—		—		—		—		888
Substandard - IEL	—		—		—		153		—		1,343		—		—		1,496
Total non-owner occupied loans	$	65,988	$	94,415	$	149,740	$	197,791	$	318,415	$	373,963	$	2,352	$	374	$	1,203,038
Current period gross charge offs - non-owner occupied	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family:
Risk rating
Pass	$	3,875	$	9,405	$	8,449	$	83,263	$	52,725	$	77,637	$	1,630	$	—	$	236,984
Special mention	—		—		—		1,069		769		—		—		—		1,838
Substandard - Non-IEL	—		—		—		566		—		—		—		—		566
Substandard - IEL	—		—		—		—		—		—		—		—		—
Total multi-family loans	$	3,875	$	9,405	$	8,449	$	84,898	$	53,494	$	77,637	$	1,630	$	—	$	239,388
Current period gross charge offs - multi-family	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Non-owner occupied residential:
Risk rating
Pass	$	213	$	10,230	$	19,512	$	27,129	$	27,688	$	74,237	$	841	$	342	$	160,192
Special mention	—		—		—		—		147		447		—		40		634
Substandard - Non-IEL	—		—		130		179		2,461		1,277		—		106		4,153
Substandard - IEL	—		—		—		202		129		169		—		—		500
Total non-owner occupied residential loans	$	213	$	10,230	$	19,642	$	27,510	$	30,425	$	76,130	$	841	$	488	$	165,479
Current period gross charge offs - non-owner occupied residential	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
continued

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year
As of June 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Basis		Revolving Loans Converted to Term		Total
Acquisition and development:
1-4 family residential construction:
Risk rating
Pass	$	19,431	$	11,976	$	3,347	$	1,571	$	1,137	$	806	$	—	$	—	$	38,268
Special mention	—		—		222		—		—		—		—		—		222
Substandard - Non-IEL	—		—		—		—		—		—		—		—		—
Substandard - IEL	—		—		—		—		—		—		—		—		—
Total 1-4 family residential construction loans	$	19,431	$	11,976	$	3,569	$	1,571	$	1,137	$	806	$	—	$	—	$	38,490
Current period gross charge offs - 1-4 family residential construction	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and land development:
Risk rating
Pass	$	2,285	$	55,703	$	44,027	$	55,179	$	9,153	$	4,706	$	8,005	$	2,459	$	181,517
Special mention	—		—		—		13,468		—		—		—		—		13,468
Substandard - Non-IEL	—		—		—		—		—		—		—		—		—
Substandard - IEL	—		—		287		3,274		343		—		—		—		3,904
Total commercial and land development loans	$	2,285	$	55,703	$	44,314	$	71,921	$	9,496	$	4,706	$	8,005	$	2,459	$	198,889
Current period gross charge offs - commercial and land development	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Agricultural
Risk rating
Pass	$	6,100	$	10,188	$	13,504	$	20,480	$	18,510	$	40,996	$	11,897	$	582	$	122,257
Special mention	$	—	$	—	$	—	$	—	$	—	$	253	$	99	$	—	$	352
Substandard - Non-IEL	$	—	$	82	$	—	$	454	$	203	$	—	$	149	$	—	$	888
Substandard - IEL	$	—	$	—	$	—	$	794	$	—	$	—	$	—	$	—	$	794
Total agricultural loans	$	6,100	$	10,270	$	13,504	$	21,728	$	18,713	$	41,249	$	12,145	$	582	$	124,291
Current period gross charge offs - agricultural	$	—	$	—	$	—	$	—	$	25	$	6	$	—	$	—	$	31
Commercial and Industrial:
Risk rating
Pass	$	43,539	$	82,781	$	47,312	$	52,004	$	46,324	$	26,644	$	153,217	$	10,624	$	462,445
Special mention	—		3,872		3,446		229		48		24		3,382		60		11,061
Substandard - Non-IEL	—		—		1,178		139		1,640		92		5,578		2,664		11,291
Substandard - IEL	—		370		276		275		224		968		—		153		2,266
Total commercial and industrial loans	$	43,539	$	87,023	$	52,212	$	52,647	$	48,236	$	27,728	$	162,177	$	13,501	$	487,063
Current period gross charge offs - commercial and industrial	$	—	$	—	$	381	$	175	$	56	$	100	$	—	$	—	$	712
Municipal:
Risk rating
Pass	$	1,190	$	559	$	—	$	9,613	$	2,842	$	13,035	$	—	$	—	$	27,239
Special mention	—		—		—		—		—		1,454		—		—		1,454
Total municipal loans	$	1,190	$	559	$	—	$	9,613	$	2,842	$	14,489	$	—	$	—	$	28,693
Current period gross charge offs - municipal	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
continued

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year
As of June 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Basis		Revolving Loans Converted to Term		Total
Residential mortgage:
First lien:
Payment performance
Performing	$	32,242	$	63,103	$	95,039	$	98,608	$	49,346	$	125,717	$	—	$	—	$	464,055
Nonperforming	—		673		566		—		247		4,028		—		—		5,514
Total first lien loans	$	32,242	$	63,776	$	95,605	$	98,608	$	49,593	$	129,745	$	—	$	—	$	469,569
Current period gross charge offs - first lien	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Payment performance
Performing	$	207	$	347	$	662	$	1,000	$	192	$	3,220	$	—	$	—	$	5,628
Nonperforming	87		—		—		36		—		33		—		—		156
Total home equity - term loans	$	294	$	347	$	662	$	1,036	$	192	$	3,253	$	—	$	—	$	5,784
Current period gross charge offs - home equity - term	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity - lines of credit:
Payment performance
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	209,472	$	94,190	$	303,662
Nonperforming	—		—		—		—		—		—		1,985		321		2,306
Total residential real estate - home equity - lines of credit loans	$	—	$	—	$	—	$	—	$	—	$	—	$	211,457	$	94,511	$	305,968
Current period gross charge offs - home equity - lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other - term
Payment performance
Performing	$	—	$	25,384	$	—	$	—	$	—	$	—	$	—	$	—	$	25,384
Nonperforming	—		—		—		—		—		—		—		—		—
Total residential real estate - home equity - lines of credit loans	$	—	$	25,384	$	—	$	—	$	—	$	—	$	—	$	—	$	25,384
Current period gross charge offs - home equity - lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Installment and other loans:
Payment performance
Performing	$	802	$	1,290	$	2,002	$	1,580	$	547	$	358	$	10,396	$	41	$	17,016
Nonperforming	—		—		3		—		—		9		—		—		12
Total Installment and other loans	$	802	$	1,290	$	2,005	$	1,580	$	547	$	367	$	10,396

ORRSTOWN FINANCIAL SERVICES INC 10-Q