Orrstown Financial reports Q2 EPS 83c, consensus 73c

Reports Q2 net interest margin, on a tax equivalent basis, was 3.54% in the second quarter of 2024 compared to 3.77% in the first quarter of 2024; during the three months ended March 31 Orrstown Bank recognized interest income previously applied to principal of $1.6 M from the payoff of a nonaccrual loan, which positively impacted net interest margin for the first quarter of 2024 by 21 basis points; excluding the impact of the payoff, net interest margin for the first quarter of 2024 would have been 3.56%; Return on average equity for the three months ended June 30, was 11.41% compared to 12.79% for the three months ended March 31, excluding the aforementioned merger-related expenses, return on average equity was 12.88% for the three months ended June 30 compared to 13.79% for the three months ended March 31…