Orrstown Financial Services, Inc. Reports Second Quarter 2025 Results and Announces Dividend Increase
Net income of $19.4 million, or $1.01 per diluted share, for the three months ended June 30, 2025 compared to net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025; the second quarter of 2025 included $1.0 million in merger-related expenses compared to $1.6 million in merger-related expenses for the first quarter of 2025;
Excluding the impact of the merger-related expenses referenced above, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively, for the second quarter of 2025 compared to $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025;
Net interest margin, on a tax equivalent basis, was 4.07% in the second quarter of 2025 compared to 4.00% in the first quarter of 2025; the net accretion of purchase accounting marks positively impacted the margin by 50 basis points in the second quarter of 2025;
Return on average assets was 1.45% and return on average equity was 14.56% for the three months ended June 30, 2025, compared to 1.35% and 13.98% for the return on average assets and return on average equity, respectively, for the three months ended March 31, 2025;
Excluding the impact of the merger-related expenses referenced above, net of taxes, adjusted return on average assets was 1.51%(1) and adjusted return on average equity was 15.12%(1) for the three months ended June 30, 2025 compared to 1.45%(1) and 14.97%(1), respectively, for the three months ended March 31, 2025;
Loans increased by $55.4 million, or 6% annualized, from March 31, 2025 to June 30, 2025; classified loans decreased by $10.4 million from $76.2 million at March 31, 2025 to $65.8 million at June 30, 2025;
Noninterest income increased by $1.3 million from $11.6 million for the three months ended March 31, 2025 to $12.9 million for the three months ended June 30, 2025;
Noninterest expense decreased by $0.6 million from $38.2 million for the three months ended March 31, 2025 to $37.6 million for the three months ended June 30, 2025, reflecting a decline in merger-related expenses during the second quarter of 2025; merger-related costs are not expected to be meaningful going forward; the second quarter of 2025 also included $0.6 million of severance charges in salaries and employee benefits expense;
Efficiency ratio decreased from 63.2% for the three months ended March 31, 2025 to 60.3% for the three months ended June 30, 2025; excluding the impact of the merger-related expenses, the efficiency ratio was 58.7%(1) for the three months ended June 30, 2025 compared to 60.5%(1) for the three months ended March 31, 2025;
Tangible common equity increased to 8.3% at June 30, 2025 compared to 7.9% at March 31, 2025;
Tangible book value per common share(1) increased to $22.77 per share at June 30, 2025 compared to $21.99 per share at March 31, 2025;
The Board of Directors authorized a share repurchase program on June 20, 2025, through which the Company could repurchase up to 500,000 shares of its common stock;
The Board of Directors declared a cash dividend of $0.27 per common share, payable August 12, 2025, to shareholders of record as of August 5, 2025; this represents a $0.01 per share increase in the Company's quarter cash dividend; the dividend has increased by 35% since the closing of the merger with Codorus Valley Bancorp.
(1) Non-GAAP measure. See Appendix A for additional information.
HARRISBURG, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF), the parent company of Orrstown Bank (the "Bank"), announced earnings for the periods ended June 30, 2025. Net income totaled $19.4 million for the three months ended June 30, 2025, compared to net income of $18.1 million for the three months ended March 31, 2025 and net income of $7.7 million for the three months ended June 30, 2024. Diluted earnings per share was $1.01 for the three months ended June 30, 2025, compared to diluted earnings per share of $0.93 for the three months ended March 31, 2025 and diluted earnings per share of $0.73 for the three months ended June 30, 2024. For the second quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively. For the first quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $19.3 million(1) and $1.00(1), respectively. For the second quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $8.7 million(1) and $0.83(1), respectively.
"At the one-year mark after the merger with Codorus Valley Bancorp, we are very pleased to have achieved metrics near top of peers, with significant upside opportunities in front of us," said Thomas R. Quinn, Jr., President and Chief Executive Officer. "In the second quarter, we experienced positive traction on loan production. While commercial loan growth was lower than expected, our pipeline remains strong as we head into the third quarter. We remain prudent with our lending decisions and will not compromise on credit quality. Net interest margin improved in the quarter with good momentum going into the remainder of the year. While expenses remain slightly elevated, we do not anticipate any further meaningful merger-related expenses and continue to implement process improvements that will enhance efficiency and facilitate future growth. We believe that our strong credit metrics and capital generation have positioned us well for the future."
(1) Non-GAAP measure. See Appendix A for additional information.
DISCUSSION OF RESULTS
Balance Sheet
Loans
Loans held for investment increased by $55.4 million and totaled $3.9 billion at both June 30, 2025 and March 31, 2025. Commercial loans increased by $16.1 million, or 2% annualized, and residential mortgages increased by $37.9 million from March 31, 2025 to June 30, 2025. The increase in loans included a purchase of property assessed clean energy ("PACE") loans totaling $25.4 million.
Investment Securities
Investment securities, all of which are classified as available-for-sale, increased by $29.9 million to $885.4 million at June 30, 2025 from $855.5 million at March 31, 2025. During the second quarter of 2025, the Bank purchased $50.1 million of investment securities, which was partially offset by paydowns totaling $20.4 million. The overall duration of the Company's investment securities portfolio was 4.5 years at June 30, 2025 compared to 4.3 years at March 31, 2025. See Appendix B for a summary of the Bank's investment securities at June 30, 2025, highlighting their concentrations, credit ratings and credit enhancement levels.
Deposits
During the second quarter of 2025, deposits decreased by $117.1 million and totaled $4.5 billion at June 30, 2025 compared to $4.6 billion March 31, 2025. Time deposits, money market deposits, non-interest bearing demand deposits, saving deposits and interest-bearing demand deposits decreased by $58.0 million, $35.8 million, $13.9 million, $6.2 million and $3.2 million, respectively, from March 31, 2025 to June 30, 2025. The declines in time deposits and money market deposits are due to continued run-off in higher yielding promotional balances. The decreases in the other categories were consistent with normal cyclical activity. As a result of the decrease in total deposits, the Bank's loan-to-deposit ratio increased to 87% at June 30, 2025 from 84% at March 31, 2025.
Borrowings
The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $136.3 million at June 30, 2025 compared to $100.3 million at March 31, 2025. The increase was due to higher utilization of overnight borrowings during the second quarter of 2025 as deposit balances declined and lending and investing activities increased. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.7 billion at June 30, 2025.
Income Statement
Net Interest Income and Margin
Net interest income was $49.5 million for the three months ended June 30, 2025 compared to $48.8 million for the three months ended March 31, 2025. The net interest margin, on a tax equivalent basis, increased to 4.07% in the second quarter of 2025 from 4.00% in the first quarter of 2025. This increase is primarily the result of the cost of funds declining by 12 basis points from the first quarter of 2025 to the second quarter of 2025. This was partially offset by a decrease of seven basis points in the yield on loans from the three months ended March 31, 2025 to the three months ended June 30, 2025. This decrease was due to a reduction in accelerated accretion on acquired loans over that period. The second quarter 2025 net interest margin reflects the full impact of deposit rate reductions implemented in the prior quarter as well as the runoff of higher rate time deposits and money market balances.
The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $5.2 million during the second quarter of 2025 compared to $6.9 million for the first quarter of 2025. This change was due primarily to lower accelerated accretion in the three months ended June 30, 2025.
Interest income on loans, on a tax equivalent basis, decreased by $0.4 million to $63.2 million for the three months ended June 30, 2025 compared to $63.6 million for the three months ended March 31, 2025. Average loans decreased by $14.7 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The accretion of purchase accounting marks on loans totaled $4.9 million during the second quarter of 2025 compared to $6.6 million during the first quarter of 2025.
Interest income on investment securities, on a tax equivalent basis, was $10.6 million for the second quarter of 2025 compared to $10.1 million in the first quarter of 2025, an increase of $0.5 million. Average investment securities increased by $39.0 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025 primarily due to the aforementioned purchases.
Interest expense, on a tax equivalent basis, decreased by $1.5 million to $25.3 million for the three months ended June 30, 2025 compared to $26.8 million for the three months ended March 31, 2025. Average interest-bearing deposits decreased by $70.3 million during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The cost of interest-bearing deposits declined by 14 basis points from the first quarter of 2025 to the second quarter of 2025. In addition, interest expense includes $0.4 million and $0.6 million of amortization of purchase accounting marks on interest bearing liabilities for the three months ended June 30, 2025 and March 31, 2025, respectively.
Provision for Credit Losses on Loans
The allowance for credit losses ("ACL") on loans increased to $47.9 million at June 30, 2025 from $47.8 million at March 31, 2025. The ACL to total loans was 1.22% at June 30, 2025 compared to 1.23% at March 31, 2025. The Company recorded provision expense of $0.2 million for the three months ended June 30, 2025 compared to a recovery in the provision for credit losses on loans of $0.6 million for the three months ended March 31, 2025 . Net charge-offs were $0.1 million for the three months ended June 30, 2025 compared to $0.3 million for the three months ended March 31, 2025.
Classified loans decreased by $10.4 million to $65.8 million at June 30, 2025 from $76.2 million at March 31, 2025 due to net upgrades and loan repayments. Non-accrual loans totaled $22.4 million at June 30, 2025 compared to $22.7 million at March 31, 2025. Nonaccrual loans to total loans decreased to 0.57% at June 30, 2025 compared to 0.59% at March 31, 2025. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts.
Noninterest Income
Noninterest income increased by $1.3 million to $12.9 million for the three months ended June 30, 2025 from $11.6 million for the three months ended March 31, 2025.
Swap fee income increased by $0.3 million to $0.7 million for the three months ended June 30, 2025 compared to $0.4 million for the three months ended March 31, 2025. Swap fee income will fluctuate based on market conditions and client demand.
Income from service charges was $2.6 million for the three months ended June 30, 2025 compared to $2.4 million for the three months ended March 31, 2025 based on increased cash management services activity.
Income from mortgage banking activities increased by $0.2 million from $0.3 million in the three months ended March 31, 2025 to $0.5 million in the three months ended June 30, 2025. The first quarter of 2025 included a decrease of $0.2 million in the fair value of mortgage servicing rights.
Wealth management income decreased by $0.2 million to $5.2 million for the three months ended June 30, 2025 compared to $5.4 million for the three months ended March 31, 2025.
Other income increased by $0.7 million to $2.4 million for the three months ended June 30, 2025 compared to $1.7 million for the three months ended March 31, 2025. During the second quarter of 2025, the Bank recorded $0.3 million in solar tax credits and a gain on the sale of other real estate owned of $0.1 million.
Noninterest Expenses
Noninterest expenses decreased by $0.6 million to $37.6 million in the three months ended June 30, 2025 from $38.2 million in the three months ended March 31, 2025.
For the three months ended June 30, 2025, merger-related expenses totaled $1.0 million, a decrease of $0.6 million, compared to $1.6 million for the three months ended March 31, 2025. The merger-related costs incurred in the second quarter of 2025 primarily included software conversion costs. The Company does not expect to incur meaningful merger-related expenses going forward.
Salaries and benefits expense increased by $1.0 million to $21.4 million for the three months ended June 30, 2025 compared to $20.4 million for the three months ended March 31, 2025. The increase during the second quarter of 2025 includes $0.6 million of severance costs, the impact of merit salary increases in May and the impact of one extra day in the quarter.
Occupancy, furniture and equipment expenses decreased by $0.5 million to $4.2 million for the three months ended June 30, 2025 from $4.7 million for the three months ended March 31, 2025 primarily due to the seasonal expenses incurred during the first quarter of 2025.
Professional services expense increased by $0.2 million from the three months ended March 31, 2025 to the three months ended June 30, 2025. During the quarter, the Company continued to utilize an elevated level of third-party assistance to enhance daily functions and operational processes throughout the organization. While the Company will remain reliant on these services into the second half of 2025, the Company expects expenses related to these services to decline beginning in the third quarter of 2025.
Advertising and bank promotions expense increased by $0.6 million to $1.1 million in the three months ended June 30, 2025 from $0.5 million in the three months ended March 31, 2025 due to $0.7 million in contributions to tax credit programs during the second quarter of 2025. Taxes other than income decreased by $0.6 million in the three months ended June 30, 2025 compared to the three months ended March 31, 2025. This decrease reflects the tax impact of the contributions referenced above.
Income Taxes
The Company's effective tax rate was 21.3% for the second quarter of 2025 compared to 20.7% for the first quarter of 2025. The Company's effective tax rate for the three months ended June 30, 2025 is greater than the 21% federal statutory rate primarily due to the disallowed portion of interest expense against earnings in association with the Bank's tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 partially offset by the benefit of tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.
Capital
Shareholders' equity totaled $548.4 million at June 30, 2025 compared to $532.9 million at March 31, 2025. The increase is due to net income of $19.4 million and share-based compensation activity of $1.6 million, partially offset by dividend payments of $5.1 million and other comprehensive losses of $0.5 million.
Tangible book value per common share(1) increased to $22.77 per share at June 30, 2025 from $21.99 per share at March 31, 2025. The Company's tangible common equity ratio was 8.3% at June 30, 2025 compared to 7.9% at March 31, 2025. Average tangible common equity per common share(1) was $18.43 at June 30, 2025 compared to $17.91 at March 31, 2025.
The Company's capital ratios increased during the three months ended June 30, 2025 due primarily to earnings. The Company's tier 1 common equity, tier 1 and total risk-based capital ratios were 10.9%, 11.1% and 13.3%, respectively, at June 30, 2025 compared to 10.6%, 10.8% and 13.1%, respectively, at March 31, 2025. The Company's Tier 1 leverage ratio increased to 9.0% at June 30, 2025 compared to 8.6% at March 31, 2025.
At June 30, 2025, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed "well capitalized" under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.
The Board of Directors authorized a share repurchase program on June 20, 2025, through which the Company could repurchase up to 500,000 shares of its common stock. The Company repurchased 2,134 common shares during the second quarter of 2025.
(1) Non-GAAP measure. See Appendix A for additional information.
Investor Relations Contact:
Neelesh Kalani
Executive Vice President, Chief Financial Officer
Phone (717) 510-7097
FINANCIAL HIGHLIGHTS (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Profitability for the period:
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
)
Noninterest income
12,915
7,172
24,539
13,802
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 available to common shareholders
$
19,448
$
7,738
$
37,499
$
16,269
Financial ratios:
Return on average assets (1)
1.45
%
0.97
%
1.40
%
1.04
%
Return on average assets, adjusted (1) (2) (3)
1.51
%
1.09
%
1.48
%
1.14
%
Return on average equity (1)
14.56
%
11.41
%
14.28
%
12.09
%
Return on average equity, adjusted (1) (2) (3)
15.12
%
12.88
%
15.05
%
13.33
%
Net interest margin (1)
4.07
%
3.54
%
4.04
%
3.65
%
Efficiency ratio
60.3
%
68.0
%
61.7
%
67.5
%
Efficiency ratio, adjusted (2) (3)
58.7
%
64.6
%
59.6
%
64.8
%
Income per common share:
Basic
$
1.01
$
0.74
$
1.96
$
1.57
Basic, adjusted (2) (3)
$
1.05
$
0.84
$
2.06
$
1.73
Diluted
$
1.01
$
0.73
$
1.94
$
1.55
Diluted, adjusted (2) (3)
$
1.04
$
0.83
$
2.04
$
1.71
Average equity to average assets
9.97
%
8.50
%
9.81
%
8.58
%
(1) Annualized for the three and six months ended June 30, 2025 and 2024.
(2) Ratio has been adjusted for the non-recurring charges for all periods presented.
(3) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.
FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
June 30,
December 31,
(Dollars in thousands, except per share amounts)
2025
2024
At period-end:
Total assets
$
5,387,645
$
5,441,589
Loans, net of allowance for credit losses
3,883,481
3,882,525
Loans held-for-sale, at fair value
5,206
6,614
Securities available for sale, at fair value
885,373
829,711
Total deposits
4,516,625
4,623,096
FHLB advances and other borrowings and Securities sold under agreements to repurchase
166,381
141,227
Subordinated notes and trust preferred debt
69,021
68,680
Shareholders' equity
548,448
516,682
Credit quality and capital ratios (1):
Allowance for credit losses to total loans
1.22
%
1.24
%
Total nonaccrual loans to total loans
0.57
%
0.61
%
Nonperforming assets to total assets
0.42
%
0.45
%
Allowance for credit losses to nonaccrual loans
214
%
202
%
Total risk-based capital:
Orrstown Financial Services, Inc.
13.3
%
12.4
%
Orrstown Bank
13.3
%
12.4
%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.
11.1
%
10.2
%
Orrstown Bank
12.1
%
11.2
%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.
10.9
%
10.0
%
Orrstown Bank
12.1
%
11.2
%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.
9.0
%
8.3
%
Orrstown Bank
9.8
%
9.1
%
Book value per common share
$
28.07
$
26.65
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.
ORRSTOWN FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(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
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
ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
(Dollars in thousands, except per share amounts)
2025
2024
2025
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 (recovery of) credit losses
49,403
25,291
98,718
51,874
Noninterest income
Service charges
2,630
1,283
5,025
2,483
Interchange income
1,441
961
2,868
1,872
Swap fee income
669
375
1,063
574
Wealth management income
5,267
3,312
10,682
6,414
Mortgage banking activities
478
369
780
827
Investment securities gains (losses)
8
(12
)
21
(17
)
Other income
2,422
884
4,100
1,649
Total noninterest income
12,915
7,172
24,539
13,802
Noninterest expenses
Salaries and employee benefits
21,364
13,195
41,752
26,947
Occupancy, furniture and equipment
4,211
2,705
8,886
5,344
Data processing
965
1,237
1,889
2,502
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
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
3,572
2,109
7,395
4,061
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
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2025
2024
2025
2024
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
Weighted average shares - basic
19,173
10,393
19,165
10,371
Weighted average shares - diluted
19,342
10,553
19,335
10,517
ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
Three Months Ended
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
(In thousands)
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets
Federal funds sold & interest-bearing bank balances
$
136,106
$
1,513
4.46%
$
203,347
$
2,268
4.52%
$
199,236
$
2,492
4.96%
$
184,465
$
2,452
5.29%
$
142,868
$
1,864
5.25%
Investment securities (1)(2)
904,119
10,626
4.70
865,126
10,052
4.65
849,389
9,887
4.66
849,700
10,123
4.77
538,451
6,114
4.54
Loans (1)(3)(4)(5)
3,894,979
63,246
6.52
3,909,694
63,641
6.59
3,961,269
68,073
6.82
3,989,259
70,849
