As previously reported, Sandler O'Neill analyst Casey Whitman downgraded Orrstown Financial to Hold from Buy after the company announced that David Boyle does not intend to renew his employment agreement as CFO due to personal reasons. Whitman, who said he was surprised by the news, thinks Boyle has been instrumental in transforming the company to where it stands today and believes this is a big loss for the company. Beyond this news, though, Whitman said he has "long been concerned" that the company's profitability profile would continue to lag peers and he thinks that at this point the stock's modestly discounted valuation is warranted. He has a $21.50 price target on Orrstown Financial shares.