Two midstate bank holding companies have reported results for the first fiscal quarter of 2013.
Orrstown Financial Services Inc., the parent company of Orrstown Bank, reported net income of $1.6 million, or 19 cents per diluted share, compared with a loss of $8.2 million, or $1.02 per diluted share, in the first quarter of 2012.
It was the bank’s second consecutive profitable quarter following a year in which Orrstown overhauled its management and worked on improving asset quality. The result exceeded analysts’ expectations of 13 cents per diluted share, according to Yahoo Finance.
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Susquehanna Bancshares Inc. reported net income of $42.4 million, or 23 cents per diluted share, compared with net income of $23.5 million, or 14 cents per diluted share, in the first quarter of 2012.