Orrstown Financial Services Announces Strategic Repositioning Execution; Sells AFS Securities With Total Amortized Cost Of $185.6M
Benzinga Newsdesk 5 hours ago
NewsAsset Sales
Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the "Company"), the holding company of Orrstown Bank (the "Bank"), today announced the execution of a strategic repositioning of a portion of its
Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the "Company"), the holding company of Orrstown Bank (the "Bank"), today announced the execution of a strategic repositioning of a portion of its available for sale ("AFS") securities portfolio. The Company sold AFS securities with a total amortized cost of $185.6 million, a weighted average yield of 3.13%, and a weighted average remaining life of 8.4 years. Proceeds from the sale are being used to purchase higher-yielding AFS securities with an estimated weighted average yield of 5.20%.