Orrstown Financial reports Q1 EPS $1.00, consensus 93c

Reports Q1 tangible book value per common share $21.99. Reports Q1 CET1 capital ratio 8.6%. “While operating results continued to be impacted by merger-related expenses, core earnings were solid and net interest margin remained strong,” said Thomas Quinn, Jr., president and CEO. “We do not believe that merger-related expenses will be material going forward and expect operating results to normalize beginning later in the second quarter. A significant amount of our focus has been on completing a system conversion and creating a strong foundation for growth. The deliberate steps we have taken in the last few quarters to protect credit quality, build liquidity and enhance our capital ratios after the merger were intended to position the Company for growth, including the ability to accelerate commercial lending for strong credits and take advantage of strategic opportunities as they arise. We remain optimistic about the future, both in the short and long term.”