Orrstown Q3 net interest margin improves on higher asset yields
ORRF•Orrstown’s Q3 net interest margin rose 25 basis points to 4.12%, helped by higher yields on interest-earning assets and lower deposit costs. Net income was $22.82 million and EPS was $1.17.
1. Quarterly results
Orrstown reported Q3 net income of $22.82 million and EPS of $1.17, both higher than the prior quarter and year-earlier period. Net interest income was $53.32 million.
2. Margin and lending
Net interest margin increased 25 basis points to 4.12%. Total loans rose $95.3 million, equivalent to 9% annualized growth, while deposits declined 3% annualized, which the company attributed to seasonal activity and time deposit maturities. The efficiency ratio improved to 56.0% from 60.1% in the prior quarter.
