orrstown finl services inc (ORRF) Snapshot

Orrstown Financial Services Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total interest and dividend income of $9.484 million compared to $13.089 million a year ago. Net interest income was $8.107 million compared to $10.842 million a year ago. Income before income tax was $1.590 million compared to loss before income tax of $13.050 million a year ago. Net income was $1.560 million or $0.19 per diluted share compared to net loss of $8.218 million or $1.02 per diluted share a year ago. Return on average assets was 0.53% compared to negative return on average assets of 2.29% a year ago. Return on average equity was 7.21% compared to negative return on average equity of 25.78% a year ago.

Orrstown Financial Services Inc., Annual General Meeting, Apr 30, 2013., at 09:00 Eastern Daylight. Location: H. Ric Luhrs Performing Arts Center, 1871 Old Main Drive. Agenda: To Elect four directors to Class B for three year terms expiring in 2016; to approve a non-binding advisory vote regarding the compensation paid to named executive officers; to ratify the audit committee’s selection of Smith Elliott Kearns & Company, LLC as the company’s independent registered public accounting firm for 2013; and to consider transact such other business as may properly come before the annual meeting.

Effective on February 28, 2013, the Board of Directors of Orrstown Financial Services Inc. adopted amendments to Article III of the company’s By-laws to remove entirely Sections 3-12 and 3-14. Section 3-12 required each member of the Board, except existing directors as of November 19, 2012, to maintain a permanent primary residence within 50 miles of the company’s administrative office in Shippensburg, Pennsylvania. Section 3-14 provided that no director of the company could serve as a management official of another depository institution or depository holding company until the end of his or her term as a director of the company.