Business
Orange County Bancorp, Inc. Announces Record Third Quarter 2021 Results
Orange County Bancorp, Inc. Announces Record Third Quarter 2021 ResultsNet Income for Q3 2021 increased $2.6 million, or 91.4%, to a record $5.6 million
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Orange County Bancorp, Inc. Announces Record Third Quarter 2021 ResultsNet Income for Q3 2021 increased $2.6 million, or 91.4%, to a record $5.6 million versus Q3 2020Return on average assets for Q3 2021 rose 35 basis points year-over-year to 1.07%Return on common equity for Q3 2021 rose 6.8%, or 126%, year-over-year to 12.2%Average Loans (net of PPP) for Q3 2021 increased 17.0% year-over-year, to $1.2 billionProvision for loan losses of $1.0 million for Q3 2021 declined 17% year-over-year due to stabilizing credit trendsAverage Demand Deposits for Q3 2021 grew 36.7% year-over-year to $663.8 millionTotal Assets grew $510.3 million, or 30.6%, from year-end 2020 to $2.2 billion at September 30, 2021Trust and asset advisory business revenue increased 16.7% year-over-year, to $2.4 million, for Q3 2021Book Value per Share of $32.04 at September 30, 2021 increased $1.83, or 6.1% from December 31, 2020Tangible Book Value per Share of $30.78 at September 30, 2021 increased $2.21, or 7.7% from December 31, 2020MIDDLETOWN, NY / ACCESSWIRE / October 25, 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 $5.6 million, or $1.06 per basic and diluted share, for the three months ended September 30, 2021. This compares with net income of $2.9 million, or $0.65 per basic and diluted share, for the three months ended September 30, 2020. For the first nine months of 2021, net income increased by $7.5 million, or 91.0%, over the prior year period, to $15.8 million, or $3.33 per basic and diluted share. This compares with net income of $8.3 million, or $1.83 per basic and diluted share, for the first nine months of 2020.\"I am pleased to announce the strategic emphasis we have placed on business clients the past several years has again resulted in record quarterly earnings,\" said Orange County Bancorp President & CEO, Michael Gilfeather. \"For Q3 2021, net income grew over 91%, to $5.6 million, compared with the same quarter last year, continuing our recent string of record results.The Bank also enjoyed significant growth across other key business segments,\" Gilfeather continued, \"including notable increases in core loans and deposits. This, again, is the result of our focus on business ban...