Orange County Bancorp, Inc. ( (OBT) ) has released its Q3 earnings. Here is a breakdown of the information Orange County Bancorp, Inc. presented to its investors.
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Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc., operating primarily in the banking and investment advisory sectors. Based in Middletown, N.Y., the company focuses on offering banking products and services tailored to meet the needs of its community and business clientele.
In the third quarter of 2024, Orange County Bancorp, Inc. reported net income of $3.2 million, highlighting a significant decrease from the previous year’s $9.0 million in the same quarter. The earnings were impacted by increased provisions for credit losses and non-interest expenses, although the company saw growth in net interest income and non-interest income.
Key financial metrics showed a slight increase in net interest income by 2.1% to $23.0 million and an improved net interest margin of 3.81%. Total loans and deposits demonstrated growth by 2.8% and 5.0%, respectively. Trust and investment advisory income climbed by 20.1% to $3.1 million, reflecting strong performance in wealth management. However, the heightened provision for credit losses, notably due to a problematic commercial loan, significantly offset these gains.
The company also experienced a noticeable rise in non-interest income and expenses, with the latter growing by 17.3%. This was attributed to higher compensation and technology costs amidst efforts to support business expansion. Despite these challenges, Orange County Bancorp, Inc. maintained a stable balance sheet, with total consolidated assets of approximately $2.5 billion by the end of the quarter.
Looking ahead, the management remains optimistic about the company’s resilience and potential for continued growth, underscored by a robust business model and a strong focus on community-based banking and investment services.
