Business
Orange County Bancorp, Inc. Announces First Quarter Results
Orange County Bancorp, Inc. Announces First Quarter Results:Net Income for Q1 2022 increased $305 thousand, or 6.1%, over Q1 2021 to $5.3 millionAnnualized
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Orange County Bancorp, Inc. Announces First Quarter Results:Net Income for Q1 2022 increased $305 thousand, or 6.1%, over Q1 2021 to $5.3 millionAnnualized return on average assets for Q1 2022 declined 18 basis points to 0.95% as compared to 1.13% for the same quarter in 2021 as a result of the strong deposit growth during the periodAnnualized return on average equity for Q1 2022 declined 307 basis points to 11.87% as compared to 14.94% for the same quarter in 2021 due mainly to the effect of the initial public offering during the second half of 2021Average loans (net of PPP) for Q1 2022 increased approximately 16.7%, to over $1.3 billion from $1.1 billion for Q1 2021Provision for loan losses of $923 thousand for Q1 2022 increased from $66 thousand in Q1 2021 due to overall loan growth of CRE and Construction loans as well as new loans within the C&I portfolioAverage demand and money market deposits for Q1 2022 rose 25.5%, to $1.0 billion, from $801 million for Q1 2021Total Assets grew $138.5 million, or 6.5%, from year-end 2021 to almost $2.3 billion at March 31, 2022Trust and asset advisory business revenue increased 3.1%, to almost $2.4 million, for Q1 2022 as compared to the same quarter in 2021MIDDLETOWN, NY / ACCESSWIRE / April 27, 2022 / 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 $5.3 million, or $0.95 per basic and diluted share, for the three months ended March 31, 2022. This compares with net income of $5.0 million, or $1.12 per basic and diluted share, for the three months ended March 31, 2021. The decrease in earnings per share, basic and diluted, is due to the issuance of additional shares during August 2021 as part of the Company's Initial Public Offering.Tangible book value per share experienced a decrease of $3.21, or 10.3%, from $31.18 at December 31, 2021 to $27.97 at March 31, 2022. The book value per share also experienced a decrease from $32.43 at December 31, 2021 to $29.21 at March 31, 2022. These decreases were driven by the change in market value associated with the available-for-sale investment portfolio which was impacted by the current rising interest rate environment. The Bank maintains the entire investment portfolio within the available-for-...