Business
Orange County Bancorp, Inc. Announces Record First Quarter Earnings:
Net Income increased $2.6 million, or 29.6%, to $11.3 million for the quarter ended March 31, 2026, from $8.7 million for the quarter ended March 31, 2025,
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Net Income increased $2.6 million, or 29.6%, to $11.3 million for the quarter ended March 31, 2026, from $8.7 million for the quarter ended March 31, 2025, marking record first quarter earningsNet Interest Margin increased 45 basis points, or 11.4%, to 4.40% for the three months ended March 31, 2026, from 3.95% for the three months ended March 31, 2025Total Deposits increased $39.4 million, or 1.7%, to $2.4 billion at March 31, 2026, from $2.3 billion at year-end 2025Total Loans increased $1.7 million, or less than 1.0%, to remain relatively level at approximately $2.0 billion at March 31, 2026 and December 31, 2025Earnings per share grew $0.08 per share, or 10.4%, to $0.85 per share for the quarter ended March 31, 2026 from $0.77 per share for the quarter ended March 31, 2025Book value per share grew $0.48, or 2.3%, to $21.75 at March 31, 2026, from $21.27 at December 31, 2025 MIDDLETOWN, N.Y., April 28, 2026 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Orange Investment Advisors, Inc. (“OIA”), today announced net income of $11.3 million, or $0.85 per basic and diluted share, for the three months ended March 31, 2026. This compares with net income of $8.7 million, or $0.77 per basic and diluted share, for the three months ended March 31, 2025. The increase in earnings per share, basic and diluted, was due primarily to an increase in net interest income coupled with a reduction in provision for credit losses partially offset by an increase in noninterest expense during the current period. Book value per share grew $0.48, or 2.3%, from $21.27 at December 31, 2025 to $21.75 at March 31, 2026. Tangible book value per share increased $0.49, or 2.4%, from $20.83 at December 31, 2025 to $21.32 at March 31, 2026 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were due to earnings growth during the three months ended March 31, 2026 offset by an increase in unrealized losses on the available for sale securities (“AFS”) portfolio resulting from interest rate fluctuation during the period. “I am pleased to announce record first quarter financial results for the Bank led by growth of our low-cost deposit base and continued strength in our net interest margin,” said Orange County Bancorp President and CE...