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Orrstown, National Penn Bancshares, Norfolk Southern, report earnings

By - Last modified: January 24, 2013 at 11:42 AM

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Two banks and a railroad with midstate operations reported results for the fourth quarter and full year of 2012.

Orrstown Financial Services Inc., the parent company of Orrstown Bank, on Wednesday reported net income of $1.03 million, or 13 cents per diluted share, for the fourth quarter, compared with a loss of $29.5 million, or $3.66 per diluted share, for the fourth quarter of 2011.

The quarter marked a return to profitability for the first time in more than a year for the Shippensburg-based bank, which has struggled with loan losses and is operating under federal and state consent orders to improve asset quality.

Analysts had expected earnings of 5 cents per diluted share, according to Yahoo Finance.

For the year, Orrstown reported a loss of $38.5 million, or $4.77 per diluted share, compared with a loss of $32 million, or $3.98 per diluted share, for 2011.

The results incorporate noncash charges that impacted earnings by $2.37 in 2011 and $2.51 in 2012, the bank said in a statement.

Orrstown shares trade on the Nasdaq under the ticker symbol ORRF.

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Railroad company Norfolk Southern Corp. on Tuesday reported net income of $413 million, or $1.30 per diluted share, compared with net income of $480 million, or $1.42 cents per diluted share, in the fourth quarter of 2011.

Analysts had expected earnings of $1.19 per diluted share, according to Yahoo Finance.

For the year, Norfolk Southern reported income of $1.7 billion, or $5.37 per diluted share, compared with $1.9 billion, or $5.45 per diluted share, for 2011.

Norfolk Southern, based in Norfolk, Va., has intermodal rail facilities in Harrisburg and Swatara Township, Dauphin County, as well as operations in East Pennsboro Township, Cumberland County. Its shares trade on the New York Stock Exchange under the ticker symbol NSC.

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National Penn Bancshares Inc. today reported net income of $25.1 million, or 17 cents per diluted share, compared with net income of $20.7 million, or 14 cents per diluted share, in the fourth quarter of 2011.

The result matched analysts' expectations, according to Yahoo Finance.

For the year, National Penn reported net income of $98.9 million, or 66 cents per diluted share, compared with $84.4 million, or 56 cents per diluted share, for 2011.

National Penn, based in Boyertown, is the parent company of National Penn Bank, which had six midstate branches as of 2012, according to the Federal Deposit Insurance Corp. Its shares trade on the Nasdaq under the ticker symbol NPBC.

Write to the Editorial Department at editorial@cpbj.com

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