Business
Orange County Bancorp, Inc. Announces Second Quarter 2024 Results
Net Interest Income increased $1.5 million, or 6.7%, to $24.1 million for the quarter ended June 30, 2024 from $22.6 million for the quarter ended June 30,
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Net Interest Income increased $1.5 million, or 6.7%, to $24.1 million for the quarter ended June 30, 2024 from $22.6 million for the quarter ended June 30, 2023Net Interest Margin grew 29 basis points, or 7.6%, to 4.10% for the quarter ended June 30, 2024, as compared to 3.81% for the quarter ended June 30, 2023Total Deposits rose $160.5 million, or 7.9%, to $2.2 billion at June 30, 2024 from $2.0 billion at year-end 2023Book value per share increased $2.09, or 7.1%, to $31.35 at June 30, 2024 from $29.26 at December 31, 2023Trust and investment advisory income rose 15.9%, to approximately $3.0 million for the quarter ended June 30, 2024, from $2.6 million for Q2 2023 MIDDLETOWN, NY / ACCESSWIRE / July 31, 2024 / 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 $8.2 million, or $1.46 per basic and diluted share, for the three months ended June 30, 2024. This compares with net income of $9.1 million, or $1.61 per basic and diluted share, for the three months ended June 30, 2023. The decrease in earnings per share, basic and diluted, was due primarily to increases in the provision for credit losses and non-interest expense offset by increases in net interest income and non-interest income during the current period. For the six months ended June 30, 2024, net income reached $17.5 million, or $3.10 per basic and diluted share, as compared to $12.3 million, or $2.19 per basic and diluted share, for the six months ended June 30, 2023.Book value per share rose $2.09, or 7.1%, from $29.26 at December 31, 2023 to $31.35 at June 30, 2024. Tangible book value per share increased $2.11, or 7.5%, from $28.12 at December 31, 2023 to $30.23 at June 30, 2024 (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, 2024.\"Though it wasn't without challenges, I am pleased to report another excellent quarter of financial performance,\" announced Company President and CEO Mike Gilfeather, \"For the second quarter of 2024 we recorded net income of $8.2 million versus $9.1 million the same period last year. Strong earnings during the quarter were negatively impacted by a credit impai...