Business
Orange County Bancorp, Inc. Announces Record Results for Q2, 2023
Net Income increased $7.0 million, or 330.6%, to $9.1 million for the quarter ended June 30, 2023 from $2.1 million for the quarter ended June 30, 2022Total
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Net Income increased $7.0 million, or 330.6%, to $9.1 million for the quarter ended June 30, 2023 from $2.1 million for the quarter ended June 30, 2022Total Assets grew $206.6 million, or 9.0%, to $2.5 billion at June 30, 2023 from $2.3 billion at year-end 2022Total Loans grew $143.7 million, or 9.2%, to $1.7 billion at June 30, 2023 from $1.6 billion at December 31, 2022Total Deposits rose $163.9 million, or 8.3%, to $2.1 billion at June 30, 2023 from $1.9 billion at year-end 2022Book value per share increased $1.77, or 7.2%, to $26.25 at June 30, 2023 from $24.48 at December 31, 2022Non-performing loans fell to 0.32% of loans at June 30, 2023 from 0.54% at December 31, 2022Trust and investment advisory income rose 10%, to approximately $2.6 million for Q2 2023 from $2.3 million for Q2, 2022MIDDLETOWN, NY / ACCESSWIRE / July 26, 2023 / 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 $9.1 million, or $1.61 per basic and diluted share, for the three months ended June 30, 2023. This compares with net income of $2.1 million, or $0.38 per basic and diluted share, for the three months ended June 30, 2022. The increase in earnings per share, basic and diluted, was due primarily to strong growth in net interest income during the current period, reflecting increased interest income associated with loans, investments, and cash balances as well as a reduction in expense related to provision for credit losses.Book value per share rose $1.77, or 7.2%, from $24.48 at December 31, 2022 to $26.25 at June 30, 2023. Tangible book value per share also increased $1.80, or 7.7%, from $23.28 at December 31, 2022 to $25.08 at June 30, 2023 (see \"Non-GAAP Financial Measure Reconciliation\" below for additional detail). These increases were due primarily to increased earnings during the six months ended June 30, 2023.\"Though we remain cautious in light of recent industry volatility, the Fed's ongoing inflation fighting efforts, and their potential impact on regional economic activity, I am pleased to report the outstanding business we have built the past several years has yielded another quarter of record results,\" announced Company President and CEO Michael Gilfeather. \"For the second quarter of...