Orrstown Financial Services Full Year 2023 Earnings: Misses Expectations
Orrstown Financial Services (NASDAQ:ORRF) Full Year 2023 Results
Key Financial Results
Revenue: US$128.9m (up 5.3% from FY 2022).
Net income: US$35.7m (up 62% from FY 2022).
Profit margin: 28% (up from 18% in FY 2022). The increase in margin was primarily driven by lower expenses.
EPS: US$3.45 (up from US$2.09 in FY 2022).
ORRF Banking Performance Indicators
Net interest margin (NIM): 3.80% (down from 3.81% in FY 2022).
Non-performing loans: 1.11% (up from 0.96% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Orrstown Financial Services Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 1.8%.
In the last 12 months, the only revenue segment was Community Banking contributing US$128.9m. The largest operating expense was General & Administrative costs, amounting to US$69.3m (74% of total expenses). Explore how ORRF's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 4.0% from a week ago.
Risk Analysis
You still need to take note of risks, for example - Orrstown Financial Services has 1 warning sign we think you should be aware of.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
