The board of Orrstown Financial Services Inc. increased the company's cash dividend to 10 cents per share from the previous quarter's 9 cents per share.

The dividend is payable Feb. 17 to shareholders of record as of Feb. 10.

The Shippensburg, Pa.-based company is the parent of Orrstown Bank.

In an earnings release, the company reported 2016 fourth-quarter net income of $1.9 million, or 24 cents per share, compared to $1.4 million, or 18 cents per share, in the year-ago period.