Business
Orange County Bancorp, Inc. Announces Record Second Quarter 2021 Results
Orange County Bancorp, Inc. Announces Record Second Quarter 2021 ResultsNet Income for Q2 2021 increased $2.3 million, or 80.4%, to a record $5.2 million
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Orange County Bancorp, Inc. Announces Record Second Quarter 2021 ResultsNet Income for Q2 2021 increased $2.3 million, or 80.4%, to a record $5.2 million versus Q2 2020 Return on average assets for Q2 2021 rose 28 basis points year-over-year to 1.05% Return on common equity for Q2 2021 rose 603 basis points year-over-year to 15.0% Provision for loan losses of $809 thousand declined 38% versus the same period last year due to stabilizing credit trends Average Loans (net of PPP) for Q2 2021 increased 22.3% year-over-year, to $1.1 billion Average Demand Deposits for Q2 2021 grew 37.4% year-over-year to $627.8 million Total Assets grew $387.3 million, or 23.3%, from year-end 2020 to $2.1 billion at June 30, 2021 Trust and asset advisory business revenue increased 26.3%, to $2.4 million, for Q2 2021 MIDDLETOWN, NY / ACCESSWIRE / August 12, 2021 / 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 $5.2 million, or $1.16 per basic and diluted share, for the three months ended June 30, 2021. This compares with net income of $2.9 million, or $0.64 per basic and diluted share, for the three months ended June 30, 2020. For the first six months of 2021, net income increased by $4.9 million, or 90.8%, over the prior year period, to $10.2 million, or $2.28 per basic and diluted share. This compares with net income of $5.4 million, or $1.19 per basic and diluted share, for the first six months of 2020.\"I am pleased to announce yet another record quarter of financial performance for the Bank and Company,\" said Orange County Bancorp President & CEO, Michael Gilfeather. \"These results reflect significant growth across all facets of our business, with particularly noteworthy increases in assets and loans as liquidity initiatives took hold and credit uncertainty gave way to an increasingly favorable business outlook.\"\"The quarter also represents a very important transition period for the organization,\" Gilfeather added. \"As the growth strategy we initiated several years ago continued to yield strong results, the Board and management team elected to leverage our success through a NASDAQ IPO. I am pleased to announce completion of our offering and subsequent NASDAQ Capital Market listing under ...