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ORRF on Nasdaq

ORRSTOWN FINANCIAL SERVICES INC

ORRSTOWN FINANCIAL SERVICES INC is a financial holding company.2 It is headquartered in Harrisburg, United States.2 Its shares trade on Nasdaq under the symbol ORRF.2

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Last updated Oct 21, 2026.

Overview

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  • TickerORRF on Nasdaq2
  • IndustryState Commercial Banks2
  • HeadquartersHarrisburg, United States2
  • Incorporated inPA3
  • Business address4750 Lindle Rd, Harrisburg, Pa 171113
  • Filer categoryAccelerated filer3
  • Legal formBusiness Corporation2
  • LEI5493008IR3FINUFGVM952
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address4750 LINDLE ROAD, 17111 Harrisburg, United States2
  • Registered withPennsylvania Department of State, 9909502

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Orrstown Financial Services, Inc., a Pennsylvania corporation, is the financial holding company ("FHC") for its wholly-owned subsidiary Orrstown Bank. The Company’s principal executive offices are located at 4750 Lindle Road, Harrisburg, Pennsylvania, 17111. The Parent Company was organized on November 17, 1987 for the purpose of acquiring the Bank and such other banks and bank-related activities as are permitted by law. The Company provides banking and financial advisory services in south central Pennsylvania, principally in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Harford, Howard and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's execu…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

217.7%Net margin5
36.0%Revenue growth, 20255
13.7%Return on equity5
$70.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Products And Services, Trust And Investment Management Income brought in 40% of the revenue ORRSTOWN FINANCIAL SERVICES INC broke down this way in fiscal 2025.

  1. Products And Services, Trust And Investment Management Income$15.0M540%up 30% from 2024
  2. Products And Services, Service Charges On Deposits$8.5M523%up 49% from 2024
  3. Products And Services, Merchant And Bankcard Fees (Interchange Income)$7.0M519%up 32% from 2024
  4. Products And Services, Brokerage Income$6.7M518%up 39% from 2024
Products and services by year
Products and services202320242025
Products And Services, Trust And Investment Management Income$7.7M$11.5M$15.0M
Products And Services, Service Charges On Deposits$4.3M$5.7M$8.5M
Products And Services, Merchant And Bankcard Fees (Interchange Income)$3.9M$5.3M$7.0M
Products And Services, Brokerage Income$3.6M$4.9M$6.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax21¢$21.8M
  • Profit79¢$80.9M

Out of $37.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending6¢$4.2M
  • Dividends paid28¢$20.6M
  • Share buybacks0¢$263.0K
  • Kept or used elsewhere66¢$49.6M

Out of $74.7M of cash from operations.5

Financial statements

Revenue67895$37.1M in 2025+107% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $18.0M$18.0M20192020: $16.5M$16.5M2020−8%2021: $18.9M$18.9M2021+15%2022: $19.5M$19.5M2022+3%2023: $19.5M$19.5M2023+0%2024: $27.3M$27.3M2024+40%2025: $37.1M$37.1M2025+36%
Net income67895$80.9M in 2025+378% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $16.9M$16.9M20192020: $26.5M$26.5M2020+56%2021: $32.9M$32.9M2021+24%2022: $22.0M$22.0M2022−33%2023: $35.7M$35.7M2023+62%2024: $22.1M$22.1M2024−38%2025: $80.9M$80.9M2025+267%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Loans$256.6M$210.3M$126.6M
Investment securities - taxable$37.7M$27.4M$18.0M
Investment securities - tax-exempt$3.5M$3.5M$3.5M
Short term investments$5.9M$7.8M$1.8M
Total interest income$303.7M$248.9M$149.9M
Deposits$92.3M$84.2M$37.5M
Securities sold under agreements to repurchase and federal funds purchased$402.0K$215.0K$114.0K
FHLB advances and other borrowings$6.3M$4.9M$5.3M
Subordinated notes and trust preferred debt$4.9M$4.3M$2.0M
Total interest expense$103.9M$93.7M$45.0M
Net interest income$199.8M$155.3M$104.9M
Provision for credit losses - loans$126.0K$17.4M$1.7M
Recovery of credit losses - unfunded loan commitments-$100.0K-$862.0K$0
Net interest income after net provision for credit losses$199.8M$138.7M$103.2M
Service charges on deposit accounts$8.1M$5.3M$3.9M
Interchange income$6.0M$5.3M$3.9M
Other service charges, commissions and fees$3.1M$1.6M$917.0K
Swap fee income$3.0M$1.7M$1.0M
Trust and investment management income$15.0M$11.5M$7.7M
Brokerage income$6.7M$4.9M$3.6M
Mortgage banking activities$1.8M$1.8M$591.0K
Income from life insurance$5.4M$3.9M$2.5M
Investment securities gains (losses)$166.0K$249.0K-$47.0K
Other income$3.0M$1.3M$1.5M
Total noninterest income$52.3M$37.4M$25.7M
Salaries and employee benefits$85.2M$76.6M$51.0M
Occupancy$7.5M$6.0M$4.3M
Furniture and equipment$9.5M$8.6M$5.3M
Data processing$4.3M$6.1M$4.9M
Automated teller and interchange fees$3.2M$2.3M$1.3M
Advertising and bank promotions$2.3M$2.6M$2.2M
FDIC insurance$2.8M$2.7M$2.0M
Professional services$7.5M$4.1M$2.9M
Directors' compensation$1.2M$783.0K$915.0K
Taxes other than income$2.6M$734.0K$1.1M
Intangible asset amortization$9.8M$5.7M$953.0K
Merger-related expenses$2.6M$22.7M$1.1M
Provision for legal settlement$0$478.0K$0
Restructuring expenses$91.0K$296.0K$0
Other operating expenses$10.9M$8.7M$6.1M
Total noninterest expenses$149.4M$148.3M$83.8M
Income before income tax expense$102.6M$27.8M$45.0M
Income tax expense$21.8M$5.8M$9.4M
Net income$80.9M$22.1M$35.7M
Basic earnings per share (in dollars per share)$4.21$1.49$3.45
Diluted earnings per share (in dollars per share)$4.18$1.48$3.42
Dividends paid per share (in dollars per share)$1.06$0.86$0.80

Compare ORRSTOWN FINANCIAL SERVICES INC with another company

Corporate structure

ORRSTOWN FINANCIAL SERVICES INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ORRSTOWN FINANCIAL SERVICES INC

  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G on ORRSTOWN FINANCIAL SERVICES INC, latest Oct 8, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on ORRSTOWN FINANCIAL SERVICES INC, latest Mar 27, 2026 (2 filings since Feb 13, 2024)
  • Fourthstone LLC Filed SCHEDULE 13G/A on ORRSTOWN FINANCIAL SERVICES INC, latest Feb 13, 2026 (6 filings since Nov 14, 2024)
  • FMR LLC Filed SC 13G/A on ORRSTOWN FINANCIAL SERVICES INC, latest Nov 12, 2024 (3 filings since Feb 9, 2023)
  • BlackRock Filed SC 13G/A on ORRSTOWN FINANCIAL SERVICES INC, latest Jan 26, 2024 (3 filings since Feb 1, 2022)
  • ORRSTOWN FINANCIAL SERVICES INC Harrisburg, Pennsylvania, United States
    • Orrstown Bank Subsidiary · Harrisburg, Pennsylvania, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ORRSTOWN FINANCIAL SERVICES INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$86.1M5 Dec 31, 2025$83.1M5 Dec 31, 2024+3.6%
Accumulated depreciation$35.1M5 Dec 31, 2025$32.9M5 Dec 31, 2024+6.5%
Property and equipment, net$51.0M5 Dec 31, 2025$50.2M5 Dec 31, 2024+1.6%
Finance-lease assets$299.0K5 Dec 31, 2025$362.0K5 Dec 31, 2024−17.4%
Operating-lease assets (leased space)$13.9M5 Dec 31, 2025$13.4M5 Dec 31, 2024+3.1%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$4.0B5 Dec 31, 2025$3.9B5 Dec 31, 2024+2.3%
Deposits held (banks)$4.5B5 Dec 31, 2025$4.6B5 Dec 31, 2024−2.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$69.8M5 Dec 31, 2025$68.1M5 Dec 31, 2024+2.4%
Finite-lived intangibles, gross$59.8M5 Dec 31, 2025$59.8M5 Dec 31, 20240%
Accumulated amortization$21.8M5 Dec 31, 2025$12.0M5 Dec 31, 2024+81.3%
Finite-lived intangibles, net$38.0M5 Dec 31, 2025$47.8M5 Dec 31, 2024−20.5%

Properties, in its own words

Our principal executive offices are located at 4750 Lindle Road, Harrisburg, Pennsylvania.

We own or lease other premises for use in conducting our business activities, including bank branches and offices in Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland. We believe that the properties currently owned and leased are adequate for present levels of operation. We are constantly evaluating the best and most efficient mix of branch locations to service our clients due to evolving trends in our industry and increased client engagement through digital channels.

The rest of Item 2

At December 31, 2025, the Bank had 38 full-service branches and five limited purpose branches.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led ORRSTOWN FINANCIAL SERVICES INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kenneth Shoemaker2006–2009
  2. Thomas R. Quinn Jr.2009–now

President

  1. Kenneth Shoemaker2006–2009
  2. Thomas R. Quinn Jr.2009–now

Chief financial officer

  1. David P. Boyle2013–2020
  2. Gary Alan Manley2019–2020
  3. Thomas R. Brugger2019–2021
  4. Neelesh Kalani2021–now

Chief operating officer

  1. Jeffrey W. Embly2011
  2. Jeffrey M. Seibert2013–2015
  3. Craig L. Kauffman2024
  4. Adam L. Metz2025–now
2010201520202025
Board members and other officers (62)

Timeline

  1. Jul 22, 20268-K Results of operations; Regulation FD disclosure81
  2. May 29, 20268-K Other events82
  3. May 6, 20268-K Executive or director change; Shareholder vote83
  4. May 5, 20268-K Regulation FD disclosure84
  5. Apr 22, 20268-K Results of operations; Regulation FD disclosure85
  6. Jan 28, 20268-K Results of operations; Regulation FD disclosure86
  7. Oct 22, 20258-K Results of operations; Regulation FD disclosure87
  8. Aug 29, 20258-K Other events88
  9. Jul 23, 20258-K Results of operations; Regulation FD disclosure89
  10. Jul 2, 20258-K Executive or director change90
  11. Jun 23, 20258-K Other events91
  12. May 7, 20258-K Shareholder vote92
  13. May 12, 2009New chief executive Thomas R. Quinn Jr. becomes CEO14
  14. Jun 29, 2006New chief executive Kenneth Shoemaker becomes CEO15
  15. Nov 17, 1987Founded ORRSTOWN FINANCIAL SERVICES INC is founded2

Calendar

Coming up

  1. Oct 20, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.13 a share, on Oct 21, 2025.93

When it reported results

  1. Jul 22, 2026Reported quarterly or annual results81
  2. Apr 22, 2026Reported quarterly or annual results85
  3. Jan 28, 2026Reported quarterly or annual results86
  4. Oct 22, 2025Reported quarterly or annual results87
  5. Jul 23, 2025Reported quarterly or annual results89
  6. Apr 23, 2025Reported quarterly or annual results94
  7. Jan 31, 2025Reported quarterly or annual results95
  8. Oct 22, 2024Reported quarterly or annual results96

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

471 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 315 insider forms, 17 large holders, 53 other. The latest 20:

  1. Oct 14, 202613F-HR EDGAR
  2. Oct 8, 2026SCHEDULE 13G EDGAR
  3. Aug 13, 2026N-PX EDGAR
  4. Aug 7, 20264 EDGAR
  5. Aug 6, 202610-Q EDGAR
  6. Aug 6, 2026144 EDGAR
  7. Aug 3, 20264 EDGAR
  8. Jul 28, 20264 EDGAR
  9. Jul 27, 2026144 EDGAR
  10. Jul 22, 20268-K EDGAR
  11. Jul 10, 202613F-HR EDGAR
  12. Jul 2, 20264 EDGAR
  13. Jul 2, 20264 EDGAR
  14. Jun 3, 20264 EDGAR
  15. May 29, 20268-K EDGAR
  16. May 8, 202610-Q EDGAR
  17. May 6, 20264 EDGAR
  18. May 6, 20264 EDGAR
  19. May 6, 20264 EDGAR
  20. May 6, 20264 EDGAR

The 471 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

56 open-market trades by officers, directors and large owners since October 2021: 33 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 6, 2026Rice Michael JohnDirectorSale2,530$43.16$109.2KForm 4
Jul 27, 2026DOLL AMYEVP, Chief Admin. OfficerSale3,002$41.61$124.9KForm 4
Mar 18, 2026Brunner Brian DDirectorBuy1,000$34.02$34.0KForm 4
Mar 11, 2026Holt Christopher DEVP, Market PresidentSale7,820$34.29$268.1KForm 4
Feb 19, 2026Quinn Thomas R JrPresident & CEOSale10,373$37.43$388.3KForm 4
Feb 18, 2026Quinn Thomas R JrPresident & CEOSale28$37.70$1.1KForm 4
Feb 5, 2026Messick John RodneyDirectorSale2,500$38.62$96.5KForm 4
Feb 2, 2026BROWN SARAH MDirectorBuy406$36.21$14.7KForm 4
Oct 27, 2025Joiner Cindy JeannetteDirectorBuy302$34.29$10.4KForm 4
Sep 3, 2025BROWN SARAH MDirectorBuy288$35.00$10.1KForm 4
Jul 28, 2025Jaeger MichaelEVP, Chief Experience OfficerSale642$34.25$22.0KForm 4
Mar 24, 2025FAINOR SCOTT VDirectorBuy3,000$31.17$93.5KForm 4
Mar 19, 2025Brunner Brian DDirectorBuy2,500$30.87$77.2KForm 4
Mar 10, 2025GIAMBALVO JOHN WDirectorBuy1,000$30.80$30.8KForm 4
Feb 4, 2025BROWN SARAH MDirectorBuy300$34.69$10.4KForm 4
Feb 4, 2025Brunner Brian DDirectorBuy2,800$34.76$97.3KForm 4
Oct 29, 2024Hornberger David ToddEVP, Market PresidentSale4,000$37.82$151.3KForm 4
Oct 25, 2024Joiner Cindy JeannetteDirectorBuy221$37.83$8.4KForm 4
Sep 11, 2024Holt Christopher DEVP, Market PresidentSale8,000$34.16$273.3KForm 4
Aug 15, 2024BROWN SARAH MDirectorBuy455$33.21$15.1KForm 4

All 56 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Thomas R. QuinnJr.$812.3K$4.2M102
2025Christopher D. Holt$366.9K$1.2M102
2025Adam L. Metz$449.2K$1.1M102
2025Neelesh Kalani$342.6K$834.8K102
2025Amy L. Doll$364.2K$793.1K102
2024President and$732.7K$4.7M102
2024Senior Executive VicePresident and$305.4K$1.1M102
2024Executive VicePresident and$335.8K$1.1M102
2023Chief Executive Officer$709.2K$2.6M102
2023Market President$352.6K$1.0M102
2023Chief Operating Officer$299.4K$716.8K102
2023Chief Financial Officer$329.2K$676.4K102

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.1,680,316$68.6M0.0%+199,755
Dimensional Fund Advisors LP964,868$39.4M0.0%+64,194
Vanguard Capital Management LLC835,238$34.1M0.0%+17,617
State Street Corp679,718$27.8M0.0%−121,001
Charles Schwab Investment Management Inc665,017$27.2M0.0%+72,330
American Century Companies Inc602,129$24.6M0.0%+105,044
Geode Capital Management, LLC566,715$23.1M0.0%+35,285
Vanguard Portfolio Management LLC304,510$12.4M0.0%+44,558
Two Sigma Investments, LP290,058$11.8M0.0%−10,912
Algert Global LLC287,636$11.7M0.1%−32,924
Qube Research & Technologies Ltd276,117$11.3M0.0%+25,896
Nuveen, LLC243,765$10.0M0.0%−94,203
Manufacturers Life Insurance Company, The227,435$9.3M0.0%−1,756
Citadel Advisors LLC225,513$9.2M0.0%+121,547
Northern Trust Corp174,554$7.1M0.0%+12,375
ProShare Advisors LLC172,824$7.1M0.0%−5,862
Petiole USA ltd167,766$6.8M4.9%−4,000
Kennedy Capital Management LLC154,611$6.3M0.1%−3,042
Pacific Ridge Capital Partners, LLC146,302$6.0M1.1%−1,132
Man Group plc146,012$6.0M0.0%+12,245
Goldman Sachs Group Inc140,705$5.7M0.0%−77,981
Vanguard Fiduciary Trust Co129,568$5.3M0.0%+3,130
Millennium Management LLC125,713$5.1M0.0%−80,763
Morgan Stanley122,787$5.0M0.0%−2,408
Bank Of America Corp /de/115,978$4.7M0.0%−24,012

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ORRSTOWN FINANCIAL SERVICES INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARORRSTOWN FINANCIAL SERVICES INC1
  • CIK0000826154
  • Employer ID (EIN)23-25303744
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inPennsylvania4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address4750 Lindle Rd, Harrisburg, PA 171111
  • Phone71753261141
  • Shares outstanding19,669,626 as of Aug 4, 202611
  • Public float$596.2M as of Jun 30, 20254
  • AuditorCrowe LLP, Washington, D.C. PCAOB ID 173; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 14, 19951
  • Filings1,659 in all: 4 (818), 8-K (304), 10-Q (93), 13F-HR (68), 3 (42), 5 (33), 10-K (32), SC 13G/A (31)1
    All 49 form types

    DEF 14A (29), 4/A (20), UPLOAD (20), CORRESP (19), DEFA14A (16), SC 13G (16), 425 (15), EFFECT (10), S-8 (9), 8-K/A (8), 144 (7), 424B3 (7), S-3 (6), SC 13D/A (6), SCHEDULE 13G/A (6), S-4 (5), S-4/A (5), N-PX (3), S-8 POS (3), 10-Q/A (2), 144/A (2), 424B5 (2), PRE 14A (2), S-3/A (2), S-3DPOS (2), 10-K/A (1), 3/A (1), 5/A (1), 8-A12B (1), 8-A12B/A (1), ARS (1), CERTNAS (1), D (1), DEFR14A (1), DFAN14A (1), FWP (1), NO ACT (1), NT 10-K (1), S-3D (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Jul 22, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par valueORRFNASDAQ Stock Market

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ORRSTOWN FINANCIAL SERVICES INC names in Item 1A of its 10-K filed Mar 12, 2026: 48 risks under these headings, as written.4

  • Risks Related to Credit
  • Difficult and volatile economic and market conditions in the U.S. and globally as well as changes in fiscal, monetary, trade and regulatory policies can adversely affect the financial services industry and may materially and adversely affect us.
  • If our allowance for credit losses is not sufficient to cover actual losses, our earnings would decrease.
  • Commercial real estate lending may expose us to a greater risk of loss and impact our earnings and profitability.
  • Our loan portfolio has a significant concentration in commercial real estate loans.
  • The credit risk related to commercial and industrial loans is greater than the risk related to residential loans.
  • Environmental liability associated with our lending activities could result in losses.
  • Risks Related to Interest Rates and Investments
  • Changes in interest rates could adversely impact our financial condition and results of operations.
  • Our securities portfolio performance in difficult market conditions could have adverse effects on our results of operations.
  • Potential downgrades of U.S. government securities by one or more of the credit ratings agencies could have a material adverse effect on our operations, earnings and financial condition.
  • Risks Related to Competition and to Our Business Strategy
The other 39 risks
  • Because our business is concentrated in south central Pennsylvania, the greater Baltimore region, and Washington County, Maryland, our financial performance could be materially adversely affected by economic conditions and real estate values in these market areas.
  • Inflation can have an adverse impact on our business and on our customers.
  • Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely affect our business, financial condition, and results of operations.
  • We face significant competition in the financial services industry.
  • Our business may be adversely affected if we fail to adapt our products and services to technological advances, evolving industry standards and consumer preferences.
  • Development of new products, services and technologies may impose additional costs on us and may expose us to increased operational risk.
  • We may incur significant losses as a result of ineffective risk management processes and strategies.
  • We face continuing and growing security risks to our information base, including the information we maintain relating to our clients.
  • We may not be able to successfully implement future information technology system enhancements, which could adversely affect our business operations and profitability.
  • We may become subject to claims and litigation pertaining to fiduciary responsibility.
  • Climate change may adversely affect our business and results of operations.
  • Risks Related to Mergers and Acquisitions
  • Our business may be negatively impacted by risks associated with acquisitions.
  • Goodwill generated in acquisitions may negatively affect our financial condition.
  • The market price of our common stock after acquisitions may be affected by factors different from those affecting our shares currently.
  • Risks Related to Regulatory Compliance and Legal Matters
  • We operate in a highly regulated industry, and laws and regulations, or changes in them, could limit or restrict our activities and could have a material adverse effect on our operations.
  • Altering our overdraft fee practices could materially adversely affect our fee income and results of operations.
  • Legislative, regulatory and legal developments involving income and other taxes could materially adversely affect our results of operations and cash flows.
  • We are required to use judgment in applying accounting policies and different estimates and assumptions in the application of these policies could result in a decrease in capital and/or other material changes to the reports of financial condition and results of operations.
  • Changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition.
  • We are subject to stringent capital requirements which may adversely impact return on equity, require additional capital raises, or limit the ability to pay dividends or repurchase shares.
  • The FRB may require us to commit capital resources to support the Bank.
  • We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We may become subject to enforcement actions even though noncompliance was inadvertent or unintentional.
  • We face significant legal risks, both from regulatory investigations and proceedings and from private actions brought against us.
  • We are subject to a variety of risks in connection with any sale of loans we may conduct.
  • Risks Related to Liquidity
  • If we are unable to access the capital markets, have prolonged net deposit outflows, or our borrowing costs increase, our liquidity and competitive position will be negatively affected.
  • Loss of deposits or a change in deposit mix could increase our cost of funding.
  • Wholesale funding sources may prove insufficient to replace deposits at maturity and support our operations and future growth.
  • The Parent Company is a holding company dependent on liquidity through payments, including dividends, from its bank subsidiary, which is subject to restrictions.
  • Concerns about the soundness of other financial institutions could adversely affect us.
  • Risks Related to Owning Our Stock
  • If we want, or are compelled, to raise additional capital in the future, that capital may not be available when it is needed or on terms favorable to current shareholders.
  • The market price of our common stock is subject to volatility.
  • A reduction in our credit rating could adversely affect our access to capital and could increase our cost of funds.
  • We cannot guarantee that our allocation of capital to various alternatives, including share repurchase programs, will enhance long-term shareholder value.
  • General Risk Factors
  • We may not be able to attract and retain skilled people.
  • We could be adversely affected by a failure in our internal controls.
  • Negative public opinion could damage our reputation and adversely affect our earnings.
  • Acts of terrorism, natural disasters, global climate change, future pandemics, wars and global conflicts may have a negative impact on our business and operations.
  • Anti-takeover provisions could negatively impact our shareholders.

Legal proceedings

Information regarding legal proceedings is included in Note 24, Contingencies, to the Consolidated Financial Statements under Part II, Item 8, "Financial Statement and Supplementary Data."

The opening of Item 3, Legal Proceedings.4

Sources

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