Orange County Bancorp, Inc. · NASDAQ:OBT
Orange County Bancorp — IPO Roadshow (June 2025)
37 slides from Orange County Bancorp's IPO roadshow presentation, Jun 3, 2025
Slide 1: Investor Presentation - Follow-On Offering of Common Stock
INVESTOR Presentation June 2025 Follow - On Offering of Common Stock
Slide 2: Safe Harbor Statement and Disclaimer
Safe Harbor Statement and Disclaimer Notice to and Undertaking by Recipients This presentation has been prepared by Orange County Bancorp, Inc. (the “Company” or “Orange”) solely for information purpose s b ased on its own information, as well as information from public sources. This presentation is
Slide 3: Offering Summary
Offering Summary 3 Issuer Orange County Bancorp, Inc. Exchange / Ticker NASDAQ Capital Market / “OBT” Use of Proceeds General corporate purposes, which may include investments in the Bank supporting continued growth, augmenting regulatory capital and liquidity and providing for potential strategic a
Slide 4: Management Team
Management Team 4 Experienced Leadership Team with Strong Ties to the Community Today’s Presenters • Mr. Gilfeather has been President, Chief Executive Officer and director of the Company and Bank since 2014. • Mr. Gilfeather also serves as a director of Hudson Valley Investment Advisors, the Bank’s
Slide 5: Investment Highlights
Investment Highlights 5 1) For the quarter ended March 31, 2025. Strong and Experienced Management Team Successful and Ongoing Expansion of Market Footprint Highly Attractive Market Geography and Scarcity Value of Franchise Ability to Take Advantage of M&A Driven Market Disintermediation Stable, Low
Slide 6: Franchise Overview
Franchise Overview 6 1) There are 3 branches located in Middletown. Background ▪ Successfully completed IPO and NASDAQ listing in August 2021 ▪ Bank was established in 1892 and has operated successfully for over 132 years ▪ Headquartered in Middletown, NY ▪ Operates through 16 branches and loan prod
Slide 7: Franchise Scarcity Value in Highly Attractive Markets
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Slide 8: Structure & Scope
Structure & Scope Balanced, Client - Driven Business Model 8 Business Banking Private Banking Orange Wealth Management • 16 branches and LPOs • Focus on small to medium size businesses in the communities served • Seasoned lenders with significant regional and industry expertise • Comprehensive produ
Slide 9: Competitive Strengths
Competitive Strengths 9 1) Local peers include NASDAQ, NYSE and NYSEAM traded U.S. banks and thrifts in the NYC MSA with total assets under $50 billion as of 1Q 2025, excluding merger targets and mutuals; peer data sourced from S&P Capital IQ Pro. Note: Financial data as of March 31, 2025 unless oth
Slide 10: Business Strategy
Business Strategy 10 Note: Financial data as of March 31, 2025 unless otherwise noted. Leverage Relationships to Drive Organic Growth Derive Loan Growth Through Relationship - Based Model Continue to Grow Core Deposit Franchise Continue to Build Fee - Based Business Strategic Expansion / Opportunist
Slide 11: Transformation, Significant Growth and Expansion
4 120 249 2014 1Q 2025 Transformation, Significant Growth and Expansion 11 Significant Investments in People, Systems and Footprint Expansion… … Has Led to Enhanced Profitability and Peer Outperformance FTE Count Best in Class Profitability Return on Average Assets (%) Noninterest Expense ($M) 1) No
Slide 12: Consistent History of Growth
)< )< )< )< 4 )< )< )< )< 4 )< )< )< )< 4 )< )< )< )< 4 Consistent History of Growth 12 Note: Financial data as of March 31, 2025 unless otherwise noted. Source: Company filings. Current Success is Attributed to Disciplined Organic Growth Gross Loans ($M) Total Assets ($M) Consolidated Equity Ex. AO
Slide 13: Strong and Consistent Historical Profitability
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Slide 14: Diversified Revenue Sources
Service Charges on Deposits 7% Trust Income 38% Investment Advisory Income (HVIA) 41% Earnings on BOLI 6% Other 8% 4 4 High Net Worth 61% Individuals 21% Charity 8% Corporations 4% Invest Company 4% Profit Sharing 1% Other³ 1% Diversified Revenue Sources 1) Revenue defined as interest income plus no
Slide 15: Loan Composition
CRE 75% C&I 13% CRE Construction 5% Residential RE 4% Home Equity 1% Consumer 2% Loan Composition 15 1) CRE and C&D loans as a % of Total Risk - Based Capital; Bank level Call Report data. Note: Financial data as of or for the three months ended March 31, 2025 unless otherwise noted. Total Loans: $1
Slide 16: Overview of Commercial Real Estate Portfolio
Multifamily 27% Other - NOO 16% Retail 13% Office 11% Mixed Use 9% Industrial/Warehouse 9% Construction, Land Develop. 8% Other - OO 7% Overview of Commercial Real Estate Portfolio 16 Note: Financial data as of March 31 , 2025. CRE Portfolio Geographic Composition CRE Portfolio by Property Type West
Slide 17: Overview of Multifamily Portfolio
Overview of Multifamily Portfolio 17 Note: Financial data as of March 31, 2025; Totals may not sum due to rounding. Multifamily Portfolio Detail Multifamily Portfolio Geographic Composition Weighted Average LTV 53.8% Average Loan Size $2.36 Million % of Total Multifamily Portfolio Portfolio Characte
Slide 18: CRE Office Portfolio Overview
CRE Office Portfolio Overview 18 Note: Financial data as of March 31, 2025; Totals may not sum due to rounding. Office Portfolio Overview % of Total Office Portfolio Portfolio Characteristic 1.7% % of Portfolio in the Bronx and Queens None % of Portfolio in Manhattan 7.6% % Maturing in 2025 6.7% % M
Slide 19: Overview of C&I Portfolio
Orange 19% Westchester 21% Other States 24% Bergen 1% Rockland 5% Nassau 3% Other NY Counties 25% Other NJ Counties 2% Healthcare 13% Real Estate 22% Finance & Insurance 7% Construction 14% Other 14% Hotel/Motel 6% Manu - facturing 4% Enterprise Mgmt 5% Contractors 4% Admin Mgmt 4% Wholesale Trade 4
Slide 20: Top Largest Recourse Borrower Relationships
Top 20 Largest Recourse Borrower Relationships 20 Note: Financial data as of March 31, 2025. ($000s) Loan Type(s) Number of Total Loans Tenure of Relationship Total Exposure Total Balance As a (%) of Total Loans Customer 1 C&I, CRE Non-OO, CRE OO 8 15 Years $34,731 $30,396 1.64% Customer 2 C&I, CRE
Slide 21: Credit Quality
Credit Quality 21 1) Local peers include NASDAQ, NYSE and NYSEAM traded U.S. banks and thrifts in the NYC MSA with total assets under $50 billion as of 1Q 2025, excluding merger targets and mutuals; peer data sourced from S&P Capital IQ Pro. Note: Financial data as of March 31, 2025 unless otherwise
Slide 22: Leading Core Deposit Franchise
$YJ )HG)XQGV5DWH 2%7 /RFDO3HHUV ó Orange 40% Westchester 38% Rockland 8% Bronx 5% Other 9% Leading Core Deposit Franchise Areas of Focus Keys to Success x Dedicated deposit relationship managers x Investment into customer experience/cash management product suite x Obtain deposit relationships at loa
Slide 23: Top Largest Depositor Relationships
Top 20 Largest Depositor Relationships 23 Note: Financial data as of March 31, 2025. ($000s) Depositor Type Tenure of Relationship Total Deposit Balance As a (%) of Total Deposits Customer 1 Municipality 52 Years $70,224 3.08% Customer 2 Real Estate 7 Years 31,371 1.37% Customer 3 Medical 6 Years 27
Slide 24: Liquidity Overview
Liquidity Overview 24 Note: Financial data as of March 31, 2025 unless otherwise noted. Strong Recent Deposit Growth and Significant Borrowing Capacity • Borrowings consist of both short - term and long - term borrowings and provide the Company with one of its sources of funding • Maintaining availa
Slide 25: Conservatively Managed Securities Portfolio
8 6 *RYHUQPHQW$JHQFLHV 0RUWJDJH EDFNHG6HFXULWLHV &RUSRUDWH6HFXULWLHV 0XQLFLSDO6HFXULWLHV Conservatively Managed Securities Portfolio 25 Note: Financial data as of March 31, 2025. ▪ $443.8 million in securities, primarily concentrated in mortgage - backed securities, municipal securities and agency ▪
Slide 26: Interest Rate Sensitivity
At March 31, 2025 Change in Interest Rates Net Interest Income Year 1 Change (basis points)² Year 1 Forecast Base Case (Dollars in thousands) Shock Up 200 bps 101,009 1,196 Shock Up 100 bps 100,537 724 Base 99,813 - Shock Down 100 bps 98,755 (1,058) Shock Down 200 bps 97,485 (2,328) Interest Rate Se
Slide 27: Tangible Common Equity & Capital Management
7.64% 8.98% 9.05% 9.99% 11.30% 9.54% 1Q 2025 Pro Forma³ Peer Median² Tangible Common Equity & Capital Management 27 Tangible Common Equity Ratio¹ Capital Overview 1) Non - GAAP financial metric, see slides 36 and 37 for applicable reconciliation. 2) Local peers include NASDAQ, NYSE and NYSEAM traded
Slide 28: Pro Forma Capital Position & Loan Concentration
OBT Pro Forma 3 OBT As Reported Pro Forma Capital Position & Loan Concentration 28 Capital to Support Continued Execution of Growth Initiatives Capital Ratios 8.98% 7.64% TCE / TA 1 11.30% 9.99% TCE / TA (Ex. AOCI) 1 11.69% 10.41% Tier 1 Leverage Ratio 2 15.82% 14.16% Tier 1 Capital Ratio 2 17.05% 1
Slide 29: 2025 Trends and Company Highlights
2025 Trends and Company Highlights 29 Continued High Performance During Turbulent Industry Period x Consistent growth and compelling financial performance, maintaining a net interest margin above peers and outperforming on ROAA and ROAE 1 x Highly successful deposit gathering strategy maintains a lo
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Slide 31: Business Evolution and Milestones
Business Evolution and Milestones 31 1905: Bank abbreviated name to Orange County Trust Company 2007: Orange County Bancorp organized to serve as the bank holding company for the Bank 2018: Effected 2 - for - 1 stock split; Raised $16M in private placement of common stock 2014: Mike Gilfeather hired
Slide 32: Selected Comparable Group
Selected Comparable Group 1) Bank level Call Report data as of March 31, 2025. 2) Financial data as of December 31, 2024. Note: Peers include NASDAQ, NYSE and NYSEAM traded U.S. banks and thrifts in the NYC MSA with total assets under $50 billion as of 1Q 2025, excluding merger targets and mutuals;
Slide 33: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet 33 As of the Year Ended December 31, As of the 3-Months 2022 2023 2024 Ended March 31, 2025 Assets Cash and due from banks $86,081 $147,383 $150,334 $164,173 Investment securities — available-for-sale 533,461 489,948 443,775 443,797 Restricted investment in bank
Slide 34: Consolidated Historical Income Statement
Consolidated Historical Income Statement 34 1) Non - GAAP financial metric, see slides 36 and 37 for applicable reconciliation. Note: Dollars in thousands, except per share amounts. For the Year Ended December 31, For the 3-Months 2022 2023 2024 Ended March 31, 2025 Interest Income $84,223 $117,770
Slide 35: Board of Directors
1) Director ages are as of April 11, 2025. 2) To the Company’s knowledge, there is no written agreement amongst members of the Morrison family to act in concert; As of Mar ch 31, 2025, William D. Morrison and his relatives collectively beneficially owned approximately 25.6% of the Company’s outstand
Slide 36: Tangible Common Equity Ratios
Tangible Common Equity Ratios As of the Year Ended December 31, As of the 3-Months 2022 2023 2024 Ended March 31, 2025 Total Common Equity $138,138 $165,376 $185,531 $201,324 Goodwill 5,359 5,359 5,359 5,359 Other Intangibles 1,392 1,107 821 750 Less: Total Intangible Assets 6,751 6,466 6,180 6,109
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non - GAAP Financial Measures (continued) 37 Note: Dollars in thousands. Tangible Common Equity Ratios (Quarterly) As of the Quarter Ended Mar. 31, 2024 Jun. 30, 2024 Sep. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 Total Common Equity $168,668 $177,544 $193,094 $185,531 $201,324