Orrstown Financial reports Q3 EPS $1.13, consensus $1.05

Reports Q3 tangible book value per share $24.12. Reports Q3 CET1 capital ratio 11.1%. “Orrstown generated another quarter of impressive earnings, demonstrating our continued momentum after a measured start to the year,” said Thomas R. Quinn, Jr., president and CEO. “Loan growth was strong, fee income increased again and expenses continue to decline. This all translated into our strongest quarter of earnings on record with diluted EPS of $1.13, return on assets of 1.60% and return on equity of nearly 16%. The synergies achieved since the prior year merger are clearly evident in our financial metrics. Our capital ratios remain sound even after redeeming subordinated debt during the third quarter. While we are proud of our recent accomplishments, we remain focused on structuring our balance sheet to facilitate success in a changing interest rate environment within a competitive landscape. We are mindful of some remaining economic uncertainty and its potential impact on the overall business environment. We therefore plan to continue to grow prudently while making appropriate strategic investments along the way.”