Business
Orange County Bancorp, Inc. Announces Second Quarter Results
Total Assets increased $250 million, or 11.7%, to $2.4 billion at June 30, 2022 from $2.1 billion at December 31, 2021Total Loans grew $180 million, or 13.9%,
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"Total Assets increased $250 million, or 11.7%, to $2.4 billion at June 30, 2022 from $2.1 billion at December 31, 2021Total Loans grew $180 million, or 13.9%, to $1.5 billion at June 30, 2022 from $1.3 billion at December 31, 2021Total Deposits reached $2.2 billion at June 30, 2022, as compared to $1.9 billion at December 31, 2021, representing an increase of $289 million, or 15.1%Net Income for Q2 2022 was $2.1 million, a decrease of $3.1 million, or 59.4%, from net income of $5.2 million for Q2 2021, due to an increase in the provision for loan lossesProvision for Loan Losses of $5.5 million for Q2 2022 increased from $809 thousand in Q2 2021 due to two impaired loan relationships within the syndicated loan segment and growth in the loan portfolioAnnualized return on average assets of 0.65% for the six months ended June 30, 2022 declined 0.44% versus the same period in 2021Annualized return on average equity of 8.84% for the six months ended June 30, 2022 declined 6.11% versus the same period in 2021Trust and asset advisory business revenue remained level at approximately $4.7 million for the six months ended June 30, 2022, as compared to the same period in 2021MIDDLETOWN, NY / ACCESSWIRE / August 1, 2022 / 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 $2.1 million, or $0.38 per basic and diluted share, for the three months ended June 30, 2022. This compares with net income of $5.2 million, or $1.16 per basic and diluted share, for the three months ended June 30, 2021. The decrease in net income was primarily due to a $4.7 million increase in provision for loan losses for the three months ended June 30, 2022 as compared to the same period in 2021 resulting from two impaired loan relationships within the syndicated loan portfolio.Tangible book value per share decreased $6.55, or 21.0%, from $31.18 at December 31, 2021, to $24.63 at June 30, 2022 (see also \"Non-GAAP Financial Measure\" section on page 6 for reconciliation). Book value per share declined $6.57, or 20.3%, from $32.43 at December 31, 2021 to $25.86 at June 30, 2022. These decreases were primarily driven by changes in market value associated with the available-for-sale investment portfolio, which was directly i...