Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Monday, May 5, 2025 · 809,542,007 Articles · 3+ Million Readers

Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

/EIN News/ -- Highlights include:

  • Net interest margin of 3.95% for the quarter ended March 31, 2025 increased 31 basis points, or 8.5%, versus 3.64% for the quarter ended March 31, 2024
  • Total Deposits grew $128.3 million, or 6.0%, reaching $2.3 billion at March 31, 2025 as compared to $2.2 billion at December 31, 2024
  • Total Loans of $1.9 billion at March 31, 2025 increased $38.5 million, or 2.1%, from $1.8 billion at December 31, 2024
  • Net Income reached $8.7 million for the three months ended March 31, 2025 representing a decrease of $586 thousand, or 6.3%, as compared to $9.3 million for the three months ended March 31, 2024
  • Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025 from $2.9 million for the quarter ended March 31, 2024
  • Book value per share increased $1.34, or 8.2%, reaching $17.69 at March 31, 2025 as compared to $16.35 at December 31, 2024

MIDDLETOWN, N.Y., April 30, 2025 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $8.7 million, or $0.77 per basic and diluted share, for the quarter ended March 31, 2025. This represents a $586 thousand, or 6.3%, decrease in net income as compared to $9.3 million, or $0.82 per basic and diluted share, for the quarter ended March 31, 2024. The year-over-year comparison reflects a reduction in provision for credit losses on loans and increases in net interest income and total noninterest income in the most recent quarter, while the same period last year benefitted from a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt previously written off. The prior year’s gain had an approximately $.17 per share impact on first quarter earnings.   Non-interest income for the quarter ended March 31, 2025 rose $670 thousand, or 18.2%, to $4.4 million, as compared to $3.7 million for the quarter ended March 31, 2024.

Book value per share rose $1.34, or 8.2%, from $16.35 at December 31, 2024 to $17.69 at March 31, 2025. Tangible book value per share also increased $1.35, or 8.5%, from $15.80 at December 31, 2024 to $17.15 at March 31, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were the result of earnings growth during the quarter combined with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes during the first quarter of 2025.

“2025 began with anticipation of a deregulatory, pro-business agenda from the incoming administration that would accelerate economic growth, but saw the quarter marked instead by uncertainty and market volatility stemming from government cost cutting and tariff policy,” said Orange Bank President and CEO, Michael Gilfeather. “Despite this unexpected shift, I am pleased to announce Orange Bank posted another excellent quarterly performance. For the three months ended March 31, 2025, the Company earned $8.7 million. This was a $586 thousand, or 6.3%, decrease versus the same quarter in 2024, but reflects solid growth in net interest income and noninterest income and a meaningful reduction in our provision for credit losses excluding a $1.9 million gain we realized last year as the result of recovery from the sale of Signature Bank subordinated debt previously written off. Excluding last year’s one-time gain, earnings for Q1 2025 would have exceeded Q1 2024.

While we hope for the return of more stable, predictable markets, for the benefit of local economic activity and businesses, our clients continue to identify compelling long-term investment opportunities for us to finance. Total loans grew $38.5 million, or 2.1%, for the quarter, from $1.8 billion at December 31, 2024. As discussed in prior quarters, we continue to employ a conservative underwriting posture that guides the prioritization, sizing, and pricing of loans to ensure we thoughtfully manage risk while providing our clients with access to capital.

The quarter also saw strong deposit growth; up $128.3 million, or 6.0%, to $2.3 billion at March 31, 2025 from $2.2 billion at December 31, 2024. Growth in deposits remains a priority for the Bank, and effective management of their costs has long been a strategic and differentiating strength of our organization. Our cost of deposits for the first quarter of 2025 was 1.29%, down compared to 1.34% for the first quarter of 2024.  

Also embedded in our operational results is solid expansion of net interest margin, which ended the quarter at 3.95%. This is a 31 basis points, or 8.5%, increase, over the same quarter last year, once again reflecting management of our overall process and drive to source appropriately priced deposits.

Our Wealth Management division also continued its strong recent performance in the quarter. Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025, from $2.9 million for the quarter ended March 31, 2024. This division not only provides the Bank an important, diversified source of revenue, but also offers clients additional, value-added service that leads to stronger, longer-lasting business relationships.

Though it’s difficult to predict when the current period of market volatility and uncertainty will subside, I remain confident in our team and Company’s ability to adapt and meet our clients’ needs. This is a testament to strategic initiatives and execution we’ve committed to the past several years and is only possible through the dedication of our employees, the continued trust of our clients, and the support of our stockholders. I thank you all.”

First Quarter 2025 Financial Review

Net Income

Net income for the first quarter of 2025 was $8.7 million, a decrease of $586 thousand, or 6.3%, from net income of $9.3 million for the first quarter of 2024. This decrease was the result of a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt in the first quarter of 2024 offset by higher net interest income and noninterest income as well as a reduced provision for credit losses on loans during the first quarter of 2025 as compared to the first quarter of 2024.  

Net Interest Income

For the three months ended March 31, 2025, net interest income rose $2.0 million, or 9.4%, to $23.6 million versus $21.6 million during the same period last year reflecting an increase in total interest income of $834 thousand and a decrease in total interest expense of $1.2 million mainly due to lower borrowing costs during the current period.

Total interest income rose $834 thousand, or 2.7%, to $31.9 million for the three months ended March 31, 2025, compared to $31.1 million for the three months ended March 31, 2024. The increase reflected 6.6% growth in interest and fees associated with loans which was offset by decreases in interest income associated with investment securities, fed funds, and balances held at correspondent banks.

Total interest expense decreased $1.2 million during the first quarter of 2025, to $8.3 million, as compared to $9.5 million in the first quarter of 2024. Interest expense from FHLB advances and borrowings during the current quarter totaled $931 thousand as compared to $2.3 million during the first quarter of 2024. The decrease primarily represented the effect of lower average balances and costs associated with FHLB borrowings. Interest expense associated with savings and NOW accounts totaled $4.9 million during the first quarter of 2025 as compared to $4.6 million during the first quarter of 2024. Interest expense related to brokered deposits totaled $2.1 million during the first quarter of 2025 as compared to $2.3 million during the first quarter of 2024.

Provision for Credit Losses

Provision for credit losses amounted to $202 thousand for the three months ended March 31, 2025 and a net credit of $1.6 million for the three months ended March 31, 2024. The increase in the provision for credit losses was primarily attributable to the investment recovery during 2024. The allowance for credit losses to total loans was 1.42% as of March 31, 2025 versus 1.44% as of December 31, 2024. No additional reserves for investment securities were recorded during 2025 or 2024, respectively.

Non-Interest Income

Non-interest income rose $670 thousand, or 18.2%, to $4.4 million for the three months ended March 31, 2025 as compared to $3.7 million for the three months ended March 31, 2024. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts.

Non-Interest Expense

Non-interest expense was $16.5 million for the first quarter of 2025, reflecting an increase of $1.2 million, or 7.7%, as compared to $15.3 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s investment in growth. This investment consists primarily of increases in compensation, occupancy, and information technology. Our efficiency ratio, which is a non-GAAP measurement, decreased to 58.9% for the three months ended March 31, 2025, from 60.5% for the same period in 2024.  

Income Tax Expense

Provision for income taxes for the three months ended March 31, 2025 was $2.6 million, representing an increase of $257 thousand, or 11.0%, as compared to $2.3 million for the three months ended March 31, 2024. The amount was directly related to provisions associated with the Company’s earnings as well as the effect of certain tax adjustments for the quarter. Our effective tax rate for the three-month period ended March 31, 2025 was 22.9%, as compared to 20.0% for the same period in 2024.  

Financial Condition

Total consolidated assets increased by $50.2 million, or 2.0%, and grew from $2.5 billion at December 31, 2024 to $2.6 billion at March 31, 2025. The increase reflected increases in cash and loans during the first quarter of 2025.

Total cash and due from banks increased from $150.3 million at December 31, 2024, to $164.2 million at March 31, 2025, an increase of approximately $13.8 million, or 9.2%. This increase resulted mainly from higher levels of deposit balances.

Total investment securities fell $4.2 million, or 0.9%, from $453.4 million at December 31, 2024 to $449.3 million at March 31, 2025. The decrease was driven primarily by investment securities maturities during the first three months of 2025.

Total loans increased $38.5 million, or 2.1%, to $1.9 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The increase was due primarily to growth of $19.7 million in CRE loans, including additional growth of $16.7 million in CRE Construction loans as well as $4.9 million in commercial and industrial loans.

Total deposits increased $128.3 million, to $2.3 billion at March 31, 2025 from approximately $2.2 billion at December 31, 2024. This increase was due primarily to $50.8 million of growth in interest bearing demand deposits; $24.3 million increase in money market accounts; $11.5 million growth in savings accounts; and $38.8 million increase in time deposits mainly associated with brokered deposits which the Bank utilized to increase cash balances and reduce borrowings during the first quarter. The increases in deposits also included a $2.9 million increase in noninterest-bearing demand deposit accounts during the quarter. Deposit composition at March 31, 2025 included 45.4% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 39% at March 31, 2025 and December 31, 2024, respectively.

FHLBNY short-term borrowings were $20.5 million at March 31, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings was driven mainly by increased deposits which outpaced loan growth during the quarter and allowed for paydowns of borrowings while maintaining consistent levels of cash at March 31, 2025.

Stockholders’ equity increased $15.8 million, or 8.5%, to $201.3 million at March 31, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of $8.7 million in net income and a decrease in unrealized losses of approximately $7.7 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes during the first quarter of 2025 offset by dividends of $1.5 million.

At March 31, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 10.41%, both common equity and Tier 1 capital-to-risk-weighted-assets were 14.16%, and total-capital-to-risk-weighted-assets was 15.42%.  

Wealth Management

At March 31, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.7 billion in assets under management or advisory as compared to $1.8 billion at December 31, 2024, reflecting a decrease of $43.0 million, or 2.4%. Trust and investment advisory income for the quarter ended March 31, 2025 totaled $3.4 million and represented an increase of 19.2%, or $553 thousand, as compared to $2.9 million for the quarter ended March 31, 2024.

The breakdown of trust and investment advisory assets as of March 31, 2025 and December 31, 2024, respectively, is as follows:

ORANGE COUNTY BANCORP, INC.
SUMMARY OF AUM/AUA
(UNAUDITED)
(Dollar Amounts in thousands)
  At March 31, 2025   At December 31, 2024
  Amount   Percent   Amount   Percent
Investment Assets Under Management & Advisory $ 1,105,692     63.55 %   $ 1,105,143     61.99 %
Trust Asset Under Administration & Management   634,177     36.45 %     677,723     38.01 %
Total $ 1,739,869     100.00 %   $ 1,782,866     100.00 %
               

Loan Quality

At March 31, 2025, the Bank had total non-performing loans of $6.2 million, or 0.33% of total loans. Total non-accrual loans represented approximately $6.2 million of loans at March 31, 2025, compared to $6.3 million at December 31, 2024.

Liquidity

Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of March 31, 2025, the Bank’s cash and due from banks totaled $164.2 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of March 31, 2025, the Bank’s investment in securities available for sale was $443.8 million, of which $80.3 million was not pledged as collateral. Additionally, as of March 31, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $631.0 million, of which $96.4 million was used to collateralize municipal deposits and $10.0 million was utilized for overnight and long term FHLBNY advances. As of March 31, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $524.6 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At March 31, 2025, the Bank also held $91.0 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

The Bank also considers brokered deposits as an element of its deposit strategy. As of March 31, 2025, the Bank had brokered deposit arrangements with various terms totaling $220.0 million.

 
Non-GAAP Financial Measure Reconciliations
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
       
  March 31, 2025   December 31, 2024
  (Dollars in thousands except for share data)
Tangible Common Equity:      
Total stockholders’ equity $ 201,324     $ 185,531  
Adjustments:      
Goodwill   (5,359 )     (5,359 )
Other intangible assets   (750 )     (821 )
Tangible common equity $ 195,215     $ 179,351  
Common shares outstanding   11,383,738       11,350,158  
Book value per common share $ 17.69     $ 16.35  
Tangible book value per common share $ 17.15     $ 15.80  
       
Tangible Assets      
Total assets $ 2,560,128     $ 2,509,927  
Adjustments:      
Goodwill   (5,359 )     (5,359 )
Other intangible assets   (750 )     (821 )
Tangible assets $ 2,554,019     $ 2,503,747  
Tangible common equity to tangible assets   7.64 %     7.16 %
       
NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
       

About Orange County Bancorp, Inc.

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information:
Michael Lesler
EVP & Chief Financial Officer
mlesler@orangebanktrust.com
Phone: (845) 341-5111

 
ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
  (Dollar Amounts in thousands except per share data)
           
      March 31, 2025   December 31, 2024
           
    ASSETS      
           
Cash and due from banks $ 164,173     $ 150,334  
Investment securities - available-for-sale   443,797       443,775  
(Amortized cost $509,906 at March 31, 2025 and $519,567 at December 31, 2024)    
Restricted investment in bank stocks   5,525       9,716  
Loans   1,854,254       1,815,751  
Allowance for credit losses   (26,373 )     (26,077 )
  Loans, net   1,827,881       1,789,674  
           
Premises and equipment, net   15,904       15,808  
Accrued interest receivable   11,002       6,680  
Bank owned life insurance   42,516       42,257  
Goodwill   5,359       5,359  
Intangible assets   750       821  
Other assets   43,221       45,503  
           
    TOTAL ASSETS $ 2,560,128     $ 2,509,927  
           
    LIABILITIES AND STOCKHOLDERS' EQUITY      
           
Deposits:      
  Noninterest bearing $ 654,061     $ 651,135  
  Interest bearing   1,627,637       1,502,224  
    Total deposits   2,281,698       2,153,359  
           
FHLB advances, short term   20,500       113,500  
FHLB advances, long term   10,000       10,000  
Subordinated notes, net of issuance costs   19,609       19,591  
Accrued expenses and other liabilities   26,997       27,946  
           
    TOTAL LIABILITIES   2,358,804       2,324,396  
           
    STOCKHOLDERS' EQUITY      
           
Common stock, $0.25 par value; 30,000,000 shares authorized;      
  11,391,755 and 11,366,608 issued; 11,383,738 and 11,350,158 outstanding,    
  at March 31, 2025 and December 31, 2024, respectively   2,848       2,842  
Surplus   121,546       120,896  
Retained Earnings   137,148       129,919  
Accumulated other comprehensive income (loss), net of taxes   (60,019 )     (67,751 )
Treasury stock, at cost; 8,017 and 16,450 shares at March 31,      
  2025 and December 31, 2024, respectively   (199 )     (375 )
    TOTAL STOCKHOLDERS' EQUITY   201,324       185,531  
           
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,560,128     $ 2,509,927  
           


 
ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
        For Three Months Ended March 31,
        2025   2024
INTEREST INCOME      
  Interest and fees on loans $ 27,314     $ 25,614  
  Interest on investment securities:      
    Taxable   2,664       3,226  
    Tax exempt   576       568  
  Interest on Federal funds sold and other   1,353       1,665  
             
    TOTAL INTEREST INCOME   31,907       31,073  
             
INTEREST EXPENSE      
  Savings and NOW accounts   4,894       4,577  
  Time deposits   2,224       2,414  
  FHLB advances and borrowings   931       2,251  
  Subordinated notes   230       230  
    TOTAL INTEREST EXPENSE   8,279       9,472  
             
    NET INTEREST INCOME   23,628       21,601  
             
Provision for credit losses   202       (1,640 )
    NET INTEREST INCOME AFTER      
      PROVISION FOR CREDIT LOSSES   23,426       23,241  
             
NONINTEREST INCOME      
  Service charges on deposit accounts   290       235  
  Trust income   1,674       1,312  
  Investment advisory income   1,766       1,575  
  Earnings on bank owned life insurance   259       242  
  Other   367       322  
    TOTAL NONINTEREST INCOME   4,356       3,686  
             
NONINTEREST EXPENSE      
  Salaries   6,905       6,738  
  Employee benefits   2,450       2,122  
  Occupancy expense   1,277       1,161  
  Professional fees   1,347       1,436  
  Directors' fees and expenses   306       322  
  Computer software expense   1,982       1,235  
  FDIC assessment   330       418  
  Advertising expenses   389       364  
  Advisor expenses related to trust income   22       33  
  Telephone expenses   207       187  
  Intangible amortization   71       72  
  Other   1,208       1,222  
    TOTAL NONINTEREST EXPENSE   16,494       15,310  
             
  Income before income taxes   11,288       11,617  
             
Provision for income taxes   2,584       2,327  
    NET INCOME $ 8,704     $ 9,290  
             
Basic and diluted earnings per share $ 0.77     $ 0.82  
             
Weighted average shares outstanding   11,331,884       11,269,874  
             


 
ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)
                       
  Three Months Ended March 31,
  2025   2024
  Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
Assets:                      
Loans Receivable (net of PPP) $ 1,829,917     $ 27,311     6.05 %   $ 1,738,199     $ 25,611     5.91 %
PPP Loans   163       3     7.46 %     209       3     5.76 %
Investment securities   441,776       3,123     2.87 %     481,530       3,432     2.86 %
Due from banks   146,657       1,353     3.74 %     149,596       1,665     4.46 %
Other   7,979       117     5.95 %     10,894       362     13.33 %
Total interest earning assets   2,426,492       31,907     5.33 %     2,380,428       31,073     5.24 %
Non-interest earning assets   101,960               94,647          
Total assets $ 2,528,452             $ 2,475,075          
                       
Liabilities and equity:                      
Interest-bearing demand accounts $ 357,057     $ 403     0.46 %   $ 360,287     $ 437     0.49 %
Money market accounts   685,827       3,634     2.15 %     620,028       3,355     2.17 %
Savings accounts   269,019       857     1.29 %     235,829       785     1.34 %
Certificates of deposit   222,992       2,224     4.04 %     209,642       2,414     4.62 %
Total interest-bearing deposits   1,534,895       7,118     1.88 %     1,425,786       6,991     1.97 %
FHLB Advances and other borrowings   85,011       931     4.44 %     167,484       2,251     5.39 %
Subordinated notes   19,597       230     4.76 %     19,526       230     4.72 %
Total interest bearing liabilities   1,639,503       8,279     2.05 %     1,612,796       9,472     2.36 %
Non-interest bearing demand accounts   667,564               668,439          
Other non-interest bearing liabilities   29,907               28,446          
Total liabilities   2,336,974               2,309,681          
Total shareholders' equity   191,478               165,394          
Total liabilities and shareholders' equity $ 2,528,452             $ 2,475,075          
                       
Net interest income     $ 23,628             $ 21,601      
Interest rate spread1         3.28 %           2.88 %
Net interest margin2         3.95 %           3.64 %
Average interest earning assets to interest-bearing liabilities   148.0 %             147.6 %        
                       
Notes:                      
1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
2Net interest margin is the annualized net interest income divided by average interest-earning assets
                       


               
ORANGE COUNTY BANCORP, INC.
SELECTED RATIOS AND OTHER DATA
(UNAUDITED)
 
      Three Months Ended March 31,
      2025   2024
Performance Ratios:      
Return on average assets (1) 1.38 %   1.50 %
Return on average equity (1) 18.18 %   22.47 %
Interest rate spread (2) 3.28 %   2.88 %
Net interest margin (3) 3.95 %   3.64 %
Dividend payout ratio (4) 16.92 %   13.95 %
Non-interest income to average total assets 0.17 %   0.15 %
Non-interest expenses to average total assets 0.65 %   0.62 %
Average interest-earning assets to average interest-bearing liabilities 148.00 %   147.60 %
           
      At   At
      March 31, 2025   March 31, 2024
Asset Quality Ratios:      
Non-performing assets to total assets 0.24 %   0.24 %
Non-performing loans to total loans 0.33 %   0.33 %
Allowance for credit losses to non-performing loans 425.03 %   440.86 %
Allowance for credit losses to total loans 1.42 %   1.47 %
           
Capital Ratios (5):      
Total capital (to risk-weighted assets) 15.42 %   14.74 %
Tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
Common equity tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
Tier 1 capital (to average assets) 10.41 %   9.72 %
           
Notes:        
(1)   Annualized for the three month periods ended March 31, 2025 and 2024, respectively.
(2)   Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
(3)   The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
(4)   The dividend payout ratio represents dividends paid per share divided by net income per share.
(5)   Ratios are for the Bank only.
           


 
ORANGE COUNTY BANCORP, INC.
SELECTED OPERATING DATA
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
  Three Months Ended March 31,
  2025   2024
Interest income $ 31,907     $ 31,073  
Interest expense   8,279       9,472  
Net interest income   23,628       21,601  
Provision for credit losses   202       (1,640 )
Net interest income after provision for credit losses   23,426       23,241  
Noninterest income   4,356       3,686  
Noninterest expenses   16,494       15,310  
Income before income taxes   11,288       11,617  
Provision for income taxes   2,584       2,327  
Net income $ 8,704     $ 9,290  
       
Basic and diluted earnings per share $ 0.77     $ 0.82  
Weighted average common shares outstanding   11,331,884       11,269,874  
       
  At   At
  March 31, 2025   December 31, 2024
Book value per share $ 17.69     $ 16.35  
Net tangible book value per share (1) $ 17.15     $ 15.80  
Outstanding common shares   11,383,738       11,350,158  
       
Notes:      
(1)      Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $750, and $821 in other intangible assets for March 31, 2025 and December 31, 2024, respectively.
       


 
ORANGE COUNTY BANCORP, INC.
LOAN COMPOSITION
(UNAUDITED)
(Dollar Amounts in thousands)
  At March 31, 2025   At December 31, 2024
  Amount   Percent   Amount   Percent
Commercial and industrial (a) $ 247,284     13.34 %   $ 242,390     13.35 %
Commercial real estate   1,381,719     74.52 %     1,362,054     75.01 %
Commercial real estate construction   97,703     5.27 %     80,993     4.46 %
Residential real estate   73,090     3.94 %     74,973     4.13 %
Home equity   18,211     0.98 %     17,365     0.96 %
Consumer   36,247     1.95 %     37,976     2.09 %
Total loans   1,854,254     100.00 %     1,815,751     100.00 %
Allowance for loan losses   26,373           26,077      
Total loans, net $ 1,827,881         $ 1,789,674      
               
(a) - Includes PPP loans of: $ 159         $ 170      
               


 
ORANGE COUNTY BANCORP, INC.
DEPOSITS BY ACCOUNT TYPE
(UNAUDITED)
(Dollar Amounts in thousands)
  At March 31, 2025   At December 31, 2024
  Amount   Percent   Average Rate   Amount   Percent   Average Rate
Noninterest-bearing demand accounts $ 654,061     28.66 %   0.00 %   $ 651,135     30.24 %   0.00 %
Interest bearing demand accounts   381,878     16.74 %   0.48 %     331,115     15.38 %   0.42 %
Money market accounts   703,384     30.83 %   2.14 %     679,082     31.54 %   2.15 %
Savings accounts   282,563     12.38 %   1.23 %     271,014     12.59 %   1.25 %
Certificates of Deposit   259,812     11.39 %   3.93 %     221,013     10.26 %   3.97 %
Total $ 2,281,698     100.00 %   1.34 %   $ 2,153,359     100.00 %   1.31 %
                       


 
ORANGE COUNTY BANCORP, INC.
NON-PERFORMING ASSETS
(UNAUDITED)
  (Dollar Amounts in thousands)
       
  March 31, 2025   December 31, 2024
       
Non-accrual loans:      
Commercial and industrial $ 200     $ 293  
Commercial real estate   6,000       6,000  
Commercial real estate construction   -       -  
Residential real estate   5       6  
Home equity   -       -  
Consumer   -       -  
Total non-accrual loans   6,205       6,299  
Accruing loans 90 days or more past due:      
Commercial and industrial   -       -  
Commercial real estate   -       -  
Commercial real estate construction   -       -  
Residential real estate   -       -  
Home equity   -       -  
Consumer   -       -  
Total loans 90 days or more past due   -       -  
Total non-performing loans   6,205       6,299  
Other real estate owned   -       -  
Other non-performing assets   -       -  
Total non-performing assets $ 6,205     $ 6,299  
       
Ratios:      
Total non-performing loans to total loans   0.33 %     0.35 %
Total non-performing loans to total assets   0.24 %     0.25 %
Total non-performing assets to total assets   0.24 %     0.25 %
Net-chargeoffs to total loans   0.00 %     0.00 %
       

Primary Logo

Powered by EIN News

Distribution channels: Banking, Finance & Investment Industry, Business & Economy ...

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Submit your press release