Orrstown Financial Services, Inc. Reports Record-Breaking First Quarter Earnings

Apr 23, 2001, 01:00 ET from Orrstown Financial Services, Inc.

    SHIPPENSBURG, Pa., April 23 /PRNewswire Interactive News Release/ --
 Orrstown Financial Services, Inc. (OTC Bulletin Board:   ORRF), the parent
 company of Orrstown Bank, has announced record first quarter 2001 earnings of
 $1,125,000, or $.50 per share versus $949,000, or $.43 per share for the first
 quarter of 2000.  This represents an 18.5% increase in first quarter earnings
 compared to the prior year.
     The 2001 first quarter cash dividend was $.15 per share versus $.14 per
 share during the first quarter of 2000, which reflects a 7.1% increase.
     Return on average assets and return on average equity were 1.47% and
 16.61% respectively for the first quarter of 2001 versus 1.42% and 16.99%
 respectively for the first quarter of 2000.
     Net interest income rose $352,000, or 13.1% to $3,047,000 during the first
 quarter of 2001 versus $2,695,000 during the first quarter of 2000.
 Noninterest income, excluding securities transactions, rose $195,000, or 24.3%
 to $998,000 versus the $803,000 generated one year ago.
     Commenting on the results, Kenneth R. Shoemaker, President and Chief
 Executive Officer of the Company, stated, "We are very pleased with the
 Company's continued record-breaking performance.  We continue to capitalize on
 opportunities as they become available to us while also building upon the
 success we have enjoyed in the past.  We believe that we are better suited
 than anyone else to provide our customers with the best hometown banking
 experience possible."
     With over $321 million in assets, Orrstown Financial Services, Inc., and
 its subsidiary, Orrstown Bank, provide a full range of consumer and business
 financial services through ten banking offices and six remote service
 facilities in Cumberland and Franklin Counties in Pennsylvania.  Orrstown
 Financial Services, Inc.'s stock is traded in the over-the-counter market
 under the symbol ORRF.
     A summary of financial highlights follows:
 
     For Quarter Ended:         March 31, 2001   March 31, 2000   % Change
 
     Net Income                     $1,125,000         $949,000    + 18.5%
     Basic Earnings Per Share             $.50             $.43    + 16.3%
     Dividends Per Share                  $.15             $.14     + 7.1%
 
     Balance Sheet Highlights:  March 31, 2001   March 31, 2000   % Change
 
     Assets                       $321,146,000     $277,347,000    + 15.8%
     Loans, Gross                 $216,357,000     $185,670,000    + 16.5%
     Deposits                     $238,090,000     $205,910,000    + 15.6%
     Equity                        $28,397,000      $22,457,000    + 26.5%
 
 
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SOURCE Orrstown Financial Services, Inc.
    SHIPPENSBURG, Pa., April 23 /PRNewswire Interactive News Release/ --
 Orrstown Financial Services, Inc. (OTC Bulletin Board:   ORRF), the parent
 company of Orrstown Bank, has announced record first quarter 2001 earnings of
 $1,125,000, or $.50 per share versus $949,000, or $.43 per share for the first
 quarter of 2000.  This represents an 18.5% increase in first quarter earnings
 compared to the prior year.
     The 2001 first quarter cash dividend was $.15 per share versus $.14 per
 share during the first quarter of 2000, which reflects a 7.1% increase.
     Return on average assets and return on average equity were 1.47% and
 16.61% respectively for the first quarter of 2001 versus 1.42% and 16.99%
 respectively for the first quarter of 2000.
     Net interest income rose $352,000, or 13.1% to $3,047,000 during the first
 quarter of 2001 versus $2,695,000 during the first quarter of 2000.
 Noninterest income, excluding securities transactions, rose $195,000, or 24.3%
 to $998,000 versus the $803,000 generated one year ago.
     Commenting on the results, Kenneth R. Shoemaker, President and Chief
 Executive Officer of the Company, stated, "We are very pleased with the
 Company's continued record-breaking performance.  We continue to capitalize on
 opportunities as they become available to us while also building upon the
 success we have enjoyed in the past.  We believe that we are better suited
 than anyone else to provide our customers with the best hometown banking
 experience possible."
     With over $321 million in assets, Orrstown Financial Services, Inc., and
 its subsidiary, Orrstown Bank, provide a full range of consumer and business
 financial services through ten banking offices and six remote service
 facilities in Cumberland and Franklin Counties in Pennsylvania.  Orrstown
 Financial Services, Inc.'s stock is traded in the over-the-counter market
 under the symbol ORRF.
     A summary of financial highlights follows:
 
     For Quarter Ended:         March 31, 2001   March 31, 2000   % Change
 
     Net Income                     $1,125,000         $949,000    + 18.5%
     Basic Earnings Per Share             $.50             $.43    + 16.3%
     Dividends Per Share                  $.15             $.14     + 7.1%
 
     Balance Sheet Highlights:  March 31, 2001   March 31, 2000   % Change
 
     Assets                       $321,146,000     $277,347,000    + 15.8%
     Loans, Gross                 $216,357,000     $185,670,000    + 16.5%
     Deposits                     $238,090,000     $205,910,000    + 15.6%
     Equity                        $28,397,000      $22,457,000    + 26.5%
 
 
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 SOURCE  Orrstown Financial Services, Inc.