ORRF - Orrstown Financial: Attractively Valued With Prospects Of Good Balance Sheet Growth

• Economic recovery in Pennsylvania and Maryland will likely drive loan growth. However, loan growth will likely remain below the historical average.
• The margin is moderately sensitive to rate changes.
• The net provision expense will likely return to a normal level this year. Greater loan additions will result in a higher provision expense relative to last year.
• The December 2022 target price suggests a high upside from the current market price. Further, ORRF is offering a good dividend yield for a bank-holding company.

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