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 $3.2 million, or $0.57 per basic and diluted share, for
the three months ended September 30, 2024. This compares with net
income of $9.0 million, or $1.61 per basic and diluted share, for
the three months ended September 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 nine months ended
September 30, 2024, net income was $20.7 million, or $3.67 per
basic and diluted share, as compared to $21.4 million, or $3.79 per
basic and diluted share, for the nine months ended September 30,
2023.
Book value per share rose $4.77, or 16.3%,
year-to-date, from $29.26 at December 31, 2023 to $34.03 at
September 30, 2024. Tangible book value per share increased $4.81,
or 17.1%, during the same period, from $28.12 at December 31, 2023
to $32.93 at September 30, 2024 (see “Non-GAAP Financial Measure
Reconciliation” below for additional detail). These increases
were due primarily to earnings during the nine months ended
September 30, 2024, as well as a decrease in accumulated other
comprehensive income (loss) associated with a reduction in
unrealized losses within the investment securities
portfolio.
“This quarter was one in which our core and
ancillary businesses continued to perform well,” said Company
President and CEO Michael Gilfeather, “but earnings were negatively
impacted by a significant commercial office space loan. For the
quarter, we increased our provision for loan losses by $7.2
million. This was primarily attributable to a $5.6 million
reserve against an office space participation loan identified as
problematic in the prior quarter, and against which we’ve already
reserved nearly $4 million. Our decision to add to the
reserves was the result of further deterioration of the loan and
uncertainty regarding the borrower’s commitment to payment
performance and we are pursuing all remedies at our disposal. The
remainder of the quarterly provision, approximately $1.6 million,
was primarily attributable to loan growth during the quarter, as
well as the impact associated with periodic review of our loan
portfolio. We are fortunate that, despite this reserve, the
strength and resilience of our business model enabled us to record
$3.2 million of net income for the quarter, bringing our 9-month
total to $20.7 million, as compared to $21.4 million for the same
period last year.
Loan demand and economic activity in the
communities we serve remains strong. This was aided by the Federal
Reserve’s long-awaited reduction in interest rates – an outsized 50
basis points – which contributed to quality loan growth experienced
in the quarter. For the quarter, total loans increased $62.3
million, or 3.6%, increasing our total loan portfolio to $1.8
billion at quarter end, up from $1.7 billion at year end 2023.
Total deposits at quarter end, though below second quarter
levels due to seasonal reductions in municipal deposits and IOLA
business, have grown $101.3 million, or 5.0%, since year end,
eclipsing $2.1 billion. Attorneys, while not the only source of our
IOLA deposits, are a significant component which have the added
benefit of providing meaningful business referrals to the Bank.
Total cost of deposits was 1.25% for Q3, reflecting the Bank’s
ongoing commitment to growing commercial checking accounts and
other low-cost deposits. Given the challenges our industry has
confronted retaining, much less growing deposits in the current
interest rate environment, I am very proud of these results.
Net interest margin for the quarter was 3.81%,
down 29 basis points, or 7.1%, from the previous quarter, but still
well above industry averages.
Our Wealth Management divisions continued their
strong performance in Q3. Trust and Advisory income rose
approximately $521 thousand, or 20.1% to $3.1 million, as compared
to $2.6 million during Q3 2023. While a portion of this is
attributable to asset growth from favorable market performance,
gathering new AUM has become a bank wide area of focus. Bank
clients seeking higher returns on their idle deposits are
introduced to our HVIA asset management staff, who have competitive
alternatives, financial market insight, and can provide tailored
investment solutions for their overall cash strategies. This has
enabled us to retain those funds, attract new AUM from outside and
keep client assets in-house for easy access as business and
personal needs evolve over time.
As frustrating as aspects of this quarter have
been, overall performance of the Bank and our employees has been
exemplary. We recognize success in our industry isn’t
judged by quarters, but by years, with our 132-year history serving
as testimony to the commitment of our employees and consistency of
our performance over time. This perspective has been critical
to our success and is why our staff and clients have remained close
and loyal to our vision. So I once again thank our employees for
their hard work and dedication, our customers for their trust and
business, and our investors for their continued confidence and
support.”
Third Quarter 2024 Financial Review
Net Income
Net income for the third quarter of 2024 was
$3.2 million, a decrease of $5.8 million, or 64.4%, from net income
of $9.0 million for the third quarter of 2023. The decrease was the
result of a substantial provision for estimated credit losses as
well as increased interest and non-interest expense over the same
quarter last year. Net income for the nine months ended September
30, 2024 was $20.7 million, as compared to $21.4 million for the
same period in 2023. The decrease similarly reflected the effect of
an increase in provision for credit losses coupled with increased
non-interest expense during the first nine months of 2024, as
compared to the same period in 2023. The provision includes the
impact of additional reserves associated with a nonaccrual loan
during the current quarter.
Net Interest Income
For the three months ended September 30, 2024,
net interest income rose $467 thousand, or 2.1%, to $23.0 million,
versus $22.5 million during the same period last year. The increase
was driven primarily by a $1.7 million increase in interest and
fees on loans during the current period. For the nine months ended
September 30, 2024, net interest income reached $68.7 million,
representing an increase of $2.4 million, or 3.7%, over the first
nine months of 2023.
Total interest income rose $1.3 million, or
4.4%, to $31.4 million for the three months ended September 30,
2024, compared to $30.1 million for the three months ended
September 30, 2023. The increase reflected 6.9% growth in interest
and fees associated with loans, a 1.6% increase in interest income
from tax-exempt investment securities, and an 8.2% increase in
interest income related to fed funds interest and balances held at
correspondent banks. For the nine months ended September 30, 2024,
total interest income rose $8.8 million, or 10.2%, to $95.0 million
as compared to $86.2 million for the nine months ended September
30, 2023.
Total interest expense increased $870 thousand
during the third quarter of 2024, to $8.5 million, as compared to
$7.6 million in the third quarter of 2023. The increase represented
the combined effect of rising interest rates on customer deposits
and brokered deposits partially offset by a decrease in the cost
associated with borrowed funds utilized as alternate sources of
funding. Interest expense associated with savings and NOW accounts
totaled $5.4 million during the third quarter of 2024, as compared
to $3.5 million during the third quarter of 2023. Interest expense
associated with FHLB advances drawn and other borrowings during the
current quarter totaled $1.6 million, as compared to $1.9 million
during the third quarter of 2023. During the nine months ended
September 30, 2024, total interest expense rose $6.4 million, to
$26.3 million, as compared to $20.0 million for the same period
last year.
Provision for Credit Losses
As of January 1, 2023, the Company adopted the
current expected credit losses methodology (“CECL”) accounting
standard, which includes loans individually evaluated, as well as
loans evaluated on a pooled basis to assess the adequacy of the
allowance for credit losses. The Bank seeks to estimate lifetime
losses in its loan and investment portfolio by using expected
discounted cash flows and supplemental qualitative considerations,
including relevant economic considerations, portfolio
concentrations, and other external factors, as well as evaluating
investment securities held by the Bank.
The Company recognized a provision for credit
losses of $7.2 million for the three months ended September 30,
2024, as compared to $837 thousand for the three months ended
September 30, 2023. This increase was primarily driven by a $5.6
million reserve associated with a specific non-accrual commercial
loan as well as the impact of the methodology associated with
estimated lifetime losses and the increase in loans closed during
the quarter. The allowance for credit losses to total loans was
1.73% as of September 30, 2024 versus 1.44% as of December 31,
2023. For the nine months ended September 30, 2024, the provision
for credit losses totaled $7.8 million as compared to $7.4 million
for the nine months ended September 30, 2023. No reserves for
investment securities were recorded during 2024.
Non-Interest Income
Non-interest income rose $954 thousand, or
29.6%, to $4.2 million for the three months ended September 30,
2024, as compared to $3.2 million for the three months ended
September 30, 2023. This growth was related to continued increased
fee income within several of the Company’s fee income categories,
including investment advisory income, trust income, and service
charges on deposit accounts. For the nine months ended September
30, 2024, non-interest income increased approximately $2.0 million,
to $11.7 million, as compared to $9.7 million for the nine months
ended September 30, 2023.
Non-Interest Expense
Non-interest expense was $16.0 million for the
third quarter of 2024, reflecting an increase of $2.4 million, or
17.3%, as compared to $13.6 million for the same period in 2023.
The increase in non-interest expense for the current three-month
period reflected the Company’s continued commitment to growth. This
investment consists primarily of increases in compensation,
information technology, and deposit insurance costs, as well as
professional fees associated with certain corporate initiatives.
Our efficiency ratio increased to 58.8% for the three months ended
September 30, 2024, from 52.8% for the same period in 2023. For the
nine months ended September 30, 2024, our efficiency ratio
increased to 58.2% from 55.4% for the same period in 2023.
Non-interest expense for the nine months ended September 30, 2024
reached $46.7 million, reflecting a $4.7 million increase over
non-interest expense of $42.1 million for the nine months ended
September 30, 2023.
Income Tax Expense
Provision for income taxes for the three months
ended September 30, 2024 was $788 thousand, as compared to $2.3
million for the same period in 2023. The decrease was directly
related to lower income before income taxes. For the nine months
ended September 30, 2024, the provision for income taxes was $5.1
million, approximately the same as for the nine months ended
September 30, 2023. Our effective tax rate for the three-month
period ended September 30, 2024 was 19.7%, as compared to 20.0% for
the same period in 2023. Our effective tax rate for the nine-month
period ended September 30, 2024 was 19.9%, as compared to 19.3% for
the same period in 2023.
Financial Condition
Total consolidated assets increased $33.6
million, or 1.4%, to remain relatively level at $2.5 billion at
September 30, 2024 and December 31, 2023. The stability of the
balance sheet included loan growth and continued increases in
deposits and cash as well as paydowns of borrowings during the
current nine-month period.
Total cash and due from banks increased from
$147.4 million at December 31, 2023, to $160.9 million at
September 30, 2024, an increase of approximately $13.5 million, or
9.2%. This increase resulted primarily from increases in deposit
balances and slower loan growth which increased cash levels while
reducing short-term borrowings.
Total investment securities decreased $26.7
million, or 5.3%, from $504.5 million at December 31, 2023 to
$477.8 million at September 30, 2024. The decrease continues to be
driven primarily by investment maturities during the first nine
months of 2024.
Total loans increased $49.0 million, or 2.8%,
from $1.7 billion at December 31, 2023 to $1.8 billion at September
30, 2024. The increase was primarily driven by an increase of $75.2
million related to commercial real estate loans as well as a $4.7
million increase in consumer loans offset by decreases in all other
loan categories during 2024.
Total deposits increased $101.3 million, to $2.1
billion at September 30, 2024, from $2.0 billion at December 31,
2023. This increase was due primarily to $122.1 million of growth
in money market accounts, $37.4 million increase in interest
bearing demand accounts, and $30.1 million increase in savings
accounts. The increases in deposit accounts were offset by an $8.8
million decrease in noninterest-bearing demand accounts and a $79.6
million decrease in certificates of deposit, mainly associated with
brokered deposits utilized by the Bank for short term funding
purposes. Deposit composition at September 30, 2024 included 48.3%
in demand deposit accounts (including NOW accounts) as a percentage
of total deposits. Uninsured deposits, net of fully collateralized
municipal relationships, remain stable and represent approximately
39% of total deposits at September 30, 2024, as compared to 37% of
total deposits at December 31, 2023.
FHLBNY short-term borrowings decreased by $142.5
million, or 63.5%, to $82 million as of September 30, 2024, as
compared to $224.5 million at December 31, 2023. The decrease in
borrowings was driven by increased deposits which outpaced loan
growth during the first nine months of 2024 and allowed for
paydowns of borrowings while maintaining adequate levels of cash at
September 30, 2024. The decrease in borrowings reflects a strategic
decision to actively manage liquidity sources and take advantage of
opportunities to reduce funding costs.
Stockholders’ equity increased approximately
$27.7 million during the first nine months of 2024, reaching $193.1
million at September 30, 2024 from $165.4 million at December 31,
2023. The increase was due primarily to $20.7 million of net income
during the first nine months of 2024, partially reduced by
dividends and favorably impacted by a reduction of unrealized
losses of approximately $9.7 million, net of taxes, on the market
value of investment securities within the Company’s equity as
accumulated other comprehensive income (loss).
At September 30, 2024, the Bank maintained
capital ratios in excess of regulatory standards for well
capitalized institutions. The Bank’s Tier 1 capital to average
assets ratio was 10.06%, both common equity and Tier 1 capital to
risk weighted assets were 13.64%, and total capital to risk
weighted assets was 14.89%.
Wealth Management
At September 30, 2024, our Wealth Management
Division, which includes trust and investment advisory, totaled
$1.8 billion in assets under management or advisory, as compared to
$1.6 billion at December 31, 2023, a 13.4% increase. Trust and
investment advisory income for the quarter ended September 30, 2024
reached $3.1 million and represented an increase of 20.0%, or $521
thousand, as compared to $2.6 million for the quarter ended
September 30, 2023.
The breakdown of trust and investment advisory assets as of
September 30, 2024 and December 31, 2023, respectively, is as
follows:
| ORANGE
COUNTY BANCORP, INC. |
| SUMMARY OF
AUM/AUA |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands) |
| |
At September 30, 2024 |
|
At December 31, 2023 |
|
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Investment Assets Under Management & Advisory |
$ |
1,107,182 |
|
61.78 |
% |
|
$ |
909,384 |
|
57.56 |
% |
| Trust Asset
Under Administration & Management |
|
684,937 |
|
38.22 |
% |
|
|
670,515 |
|
42.44 |
% |
| Total |
$ |
1,792,119 |
|
100.00 |
% |
|
$ |
1,579,899 |
|
100.00 |
% |
| |
|
|
|
|
|
|
|
Loan Quality
At September 30, 2024, the Bank had total
non-performing loans of $11.2 million, or 0.62% of total loans.
Total non-accrual loans represented approximately $10.9 million of
loans as of September 30, 2024, compared to $4.4 million at
December 31, 2023. The increase in non-accrual loans was primarily
the result of one $10.7 million commercial real estate
participation which remains non-performing and in non-accrual
status at quarter end.
On October 25, 2024, the Bank filed a civil
complaint in the United States District Court for the District of
New Jersey against the lead lender, Valley National Bank, of the
non-performing commercial real estate loan participation noted
above. This action cites breach of contract and other claims
related to the participation agreement with the lead lender. The
lawsuit requests damages and demands repurchase by the lead lender
of the participated loan amount in accordance with the rights
available under the terms of the participation agreement.
Liquidity
Management believes the Bank has the necessary
liquidity to meet normal business needs. The Bank uses a variety of
resources to manage its liquidity position. These include short
term investments, cash from lending and investing activities,
core-deposit growth, and non-core funding sources, such as time
deposits exceeding $250,000, brokered deposits, FHLBNY advances,
and other borrowings. As of September 30, 2024, the Bank’s cash and
due from banks totaled $160.9 million. The Bank maintains an
investment portfolio of securities available for sale, comprised
mainly of US Government agency and treasury securities, Small
Business Administration loan pools, mortgage-backed securities, and
municipal bonds. Although the portfolio generates interest income
for the Bank, it also serves as an available source of liquidity
and funding. As of September 30, 2024, the Bank’s investment in
securities available for sale was $477.8 million, of which $24.2
million was not pledged as collateral and additional $45.5 million
with the Federal Reserve which is not specifically designated to
any borrowings. Additionally, as of September 30, 2024, the Bank’s
overnight advance line capacity at the Federal Home Loan Bank of
New York was $577.6 million, of which $76.0 million was used to
collateralize municipal deposits and $10.0 million was utilized for
long term advances. As of September 30, 2024, the Bank’s unused
borrowing capacity at the FHLBNY was $491.6 million. The Bank also
maintains additional borrowing capacity of $20 million with other
correspondent banks. Additional funding is available to the Bank
through the discount window lending by the Federal
Reserve. At September 30, 2024, the Bank was utilizing
$50 million of funding through the Bank Term Funding Program from
the Federal Reserve under a one-year facility.
The Bank also considers brokered deposits an
element of its deposit strategy. As of September 30, 2024, the Bank
had brokered deposit arrangements with various terms totaling
$107.3 million.
|
Non-GAAP Financial Measure Reconciliations |
|
|
|
|
The following table reconciles, as of the dates set forth below,
stockholders’ equity (on a GAAP basis) to tangible equity and total
assets (on a GAAP basis) to tangible assets and calculates our
tangible book value per share. |
| |
|
|
|
| |
September 30, 2024 |
|
December 31, 2023 |
| |
(Dollars in
thousands except for share data) |
|
Tangible Common Equity: |
|
|
|
|
Total stockholders’ equity |
$ |
193,094 |
|
|
$ |
165,376 |
|
|
Adjustments: |
|
|
|
|
Goodwill |
|
(5,359 |
) |
|
|
(5,359 |
) |
| Other
intangible assets |
|
(892 |
) |
|
|
(1,107 |
) |
|
Tangible common equity |
$ |
186,843 |
|
|
$ |
158,910 |
|
| Common
shares outstanding |
|
5,674,126 |
|
|
|
5,651,311 |
|
| Book value
per common share |
$ |
34.03 |
|
|
$ |
29.26 |
|
|
Tangible book value per common share |
$ |
32.93 |
|
|
$ |
28.12 |
|
| |
|
|
|
|
Tangible Assets |
|
|
|
| Total
assets |
$ |
2,519,099 |
|
|
$ |
2,485,468 |
|
|
Adjustments: |
|
|
|
|
Goodwill |
|
(5,359 |
) |
|
|
(5,359 |
) |
| Other
intangible assets |
|
(892 |
) |
|
|
(1,107 |
) |
|
Tangible assets |
$ |
2,512,848 |
|
|
$ |
2,479,002 |
|
|
Tangible common equity to tangible assets |
|
7.44 |
% |
|
|
6.41 |
% |
| |
|
|
|
About Orange County Bancorp,
Inc
Orange County Bancorp, Inc. is the parent
company of Orange Bank & Trust Company and Hudson Valley
Investment Advisors, Inc. Orange Bank & Trust Company is an
independent bank that began with the vision of 14 founders over 125
years ago. It has grown through innovation and an unwavering
commitment to its community and business clientele to approximately
$2.5 billion in total assets. Hudson Valley Investment Advisors,
Inc. is a Registered Investment Advisor in Goshen, NY. It was
founded in 1996 and acquired by the Company in 2012.
Forward Looking Statements
Certain statements contained herein are “forward
looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as “may,” “will,” “believe,” “expect,”
“estimate,” “anticipate,” “continue,” or similar terms or
variations on those terms, or the negative of those terms. Forward
looking statements are subject to numerous risks and uncertainties,
including, but not limited to, those related to the real estate and
economic environment, particularly in the market areas in which the
Company operates, competitive products and pricing, fiscal and
monetary policies of the U.S. Government, inflation, changes in
government regulations affecting financial institutions, including
regulatory fees and capital requirements, changes in prevailing
interest rates, increased levels of loan delinquencies, problem
assets and foreclosures, credit risk management, asset-liability
management, cybersecurity risks, geopolitical conflicts, public
health issues, the financial and securities markets and the
availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to
place undue reliance on any such forward looking statements, which
speak only as of the date made. The Company wishes to advise
readers that the factors listed above could affect the Company’s
financial performance and could cause the Company’s actual results
for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the results of any
revisions that may be made to any forward looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
For further information:Michael LeslerEVP &
Chief Financial Officermlesler@orangebanktrust.comPhone: (845)
341-5111
| ORANGE
COUNTY BANCORP, INC. |
| CONDENSED
CONSOLIDATED STATEMENTS OF CONDITION |
|
(UNAUDITED) |
|
|
(Dollar Amounts in thousands except per share data) |
| |
|
|
|
|
|
| |
|
|
September 30, 2024 |
|
December 31, 2023 |
| |
|
|
|
|
|
| |
|
ASSETS |
|
|
|
| |
|
|
|
|
|
|
Cash and due from banks |
$ |
160,872 |
|
|
$ |
147,383 |
|
|
Investment securities - available-for-sale |
|
469,532 |
|
|
|
489,948 |
|
|
(Amortized cost $529,161 at September 30, 2024 and $560,994 at
December 31, 2023) |
|
|
|
Restricted investment in bank stocks |
|
8,267 |
|
|
|
14,525 |
|
|
Loans |
|
1,796,094 |
|
|
|
1,747,062 |
|
|
Allowance for credit losses |
|
(31,023 |
) |
|
|
(25,182 |
) |
| |
Loans, net |
|
1,765,071 |
|
|
|
1,721,880 |
|
| |
|
|
|
|
|
|
Premises and equipment, net |
|
15,624 |
|
|
|
16,160 |
|
|
Accrued interest receivable |
|
10,007 |
|
|
|
5,934 |
|
|
Bank owned life insurance |
|
41,993 |
|
|
|
41,447 |
|
|
Goodwill |
|
5,359 |
|
|
|
5,359 |
|
|
Intangible assets |
|
892 |
|
|
|
1,107 |
|
|
Other assets |
|
41,482 |
|
|
|
41,725 |
|
| |
|
|
|
|
|
| |
|
TOTAL ASSETS |
$ |
2,519,099 |
|
|
$ |
2,485,468 |
|
| |
|
|
|
|
|
| |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
| |
|
|
|
|
|
|
Deposits: |
|
|
|
| |
Noninterest bearing |
$ |
690,419 |
|
|
$ |
699,203 |
|
| |
Interest bearing |
|
1,449,604 |
|
|
|
1,339,546 |
|
| |
|
Total
deposits |
|
2,140,023 |
|
|
|
2,038,749 |
|
| |
|
|
|
|
|
|
FHLB advances, short term |
|
82,000 |
|
|
|
224,500 |
|
|
FHLB advances, long term |
|
10,000 |
|
|
|
10,000 |
|
|
BTFP borrowing |
|
50,000 |
|
|
|
- |
|
|
Subordinated notes, net of issuance costs |
|
19,573 |
|
|
|
19,520 |
|
|
Accrued expenses and other liabilities |
|
24,409 |
|
|
|
27,323 |
|
| |
|
|
|
|
|
| |
|
TOTAL
LIABILITIES |
|
2,326,005 |
|
|
|
2,320,092 |
|
| |
|
|
|
|
|
| |
|
STOCKHOLDERS' EQUITY |
|
|
|
| |
|
|
|
|
|
|
Common stock, $0.50 par value; 15,000,000 shares authorized; |
|
|
|
| |
5,683,304 issued; 5,674,126 and 5,651,311 outstanding, |
|
|
|
| |
at September 30, 2024 and December 31, 2023, respectively |
|
2,842 |
|
|
|
2,842 |
|
|
Surplus |
|
120,874 |
|
|
|
120,392 |
|
|
Retained Earnings |
|
124,174 |
|
|
|
107,361 |
|
|
Accumulated other comprehensive income (loss), net of taxes |
|
(54,386 |
) |
|
|
(64,108 |
) |
|
Treasury stock, at cost; 9,178 and 31,993 shares at September
30, |
|
|
|
| |
2024 and December 31, 2023, respectively |
|
(410 |
) |
|
|
(1,111 |
) |
| |
|
TOTAL
STOCKHOLDERS' EQUITY |
|
193,094 |
|
|
|
165,376 |
|
| |
|
|
|
|
|
| |
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
2,519,099 |
|
|
$ |
2,485,468 |
|
| |
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands except per share data) |
| |
|
|
For Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
| |
Interest and fees on loans |
$ |
26,375 |
|
$ |
24,682 |
|
$ |
78,767 |
|
$ |
70,398 |
| |
Interest on investment securities: |
|
|
|
|
|
|
|
| |
|
Taxable |
|
2,645 |
|
|
3,150 |
|
|
8,976 |
|
|
9,570 |
| |
|
Tax exempt |
|
573 |
|
|
564 |
|
|
1,722 |
|
|
1,721 |
| |
Interest on Federal funds sold and other |
|
1,843 |
|
|
1,703 |
|
|
5,556 |
|
|
4,514 |
| |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL INTEREST INCOME |
|
31,436 |
|
|
30,099 |
|
|
95,021 |
|
|
86,203 |
| |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
| |
Savings and NOW accounts |
|
5,432 |
|
|
3,506 |
|
|
15,167 |
|
|
9,081 |
| |
Time deposits |
|
1,213 |
|
|
1,954 |
|
|
5,741 |
|
|
3,893 |
| |
FHLB advances and borrowings |
|
1,593 |
|
|
1,907 |
|
|
4,734 |
|
|
6,295 |
| |
Note payable |
|
- |
|
|
- |
|
|
- |
|
|
- |
| |
Subordinated notes |
|
230 |
|
|
231 |
|
|
691 |
|
|
692 |
| |
|
TOTAL INTEREST EXPENSE |
|
8,468 |
|
|
7,598 |
|
|
26,333 |
|
|
19,961 |
| |
|
|
|
|
|
|
|
|
|
| |
|
NET INTEREST INCOME |
|
22,968 |
|
|
22,501 |
|
|
68,688 |
|
|
66,242 |
| |
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
7,191 |
|
|
837 |
|
|
7,761 |
|
|
7,406 |
| |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
| |
|
PROVISION FOR CREDIT LOSSES |
|
15,777 |
|
|
21,664 |
|
|
60,927 |
|
|
58,836 |
| |
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
| |
Service charges on deposit accounts |
|
270 |
|
|
210 |
|
|
737 |
|
|
588 |
| |
Trust income |
|
1,379 |
|
|
1,266 |
|
|
4,000 |
|
|
3,707 |
| |
Investment advisory income |
|
1,741 |
|
|
1,333 |
|
|
4,966 |
|
|
3,819 |
| |
Investment securities gains(losses) |
|
- |
|
|
- |
|
|
- |
|
|
107 |
| |
Earnings on bank owned life insurance |
|
39 |
|
|
243 |
|
|
551 |
|
|
725 |
| |
Other |
|
745 |
|
|
168 |
|
|
1,413 |
|
|
730 |
| |
|
TOTAL NONINTEREST INCOME |
|
4,174 |
|
|
3,220 |
|
|
11,667 |
|
|
9,676 |
| |
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
| |
Salaries |
|
6,687 |
|
|
6,135 |
|
|
20,298 |
|
|
18,606 |
| |
Employee benefits |
|
2,269 |
|
|
1,752 |
|
|
6,695 |
|
|
5,359 |
| |
Occupancy expense |
|
1,222 |
|
|
1,180 |
|
|
3,547 |
|
|
3,614 |
| |
Professional fees |
|
1,557 |
|
|
799 |
|
|
4,330 |
|
|
3,512 |
| |
Directors' fees and expenses |
|
584 |
|
|
295 |
|
|
781 |
|
|
682 |
| |
Computer software expense |
|
1,526 |
|
|
1,233 |
|
|
4,191 |
|
|
3,714 |
| |
FDIC assessment |
|
210 |
|
|
463 |
|
|
978 |
|
|
1,023 |
| |
Advertising expenses |
|
364 |
|
|
364 |
|
|
1,166 |
|
|
1,074 |
| |
Advisor expenses related to trust income |
|
30 |
|
|
30 |
|
|
95 |
|
|
89 |
| |
Telephone expenses |
|
190 |
|
|
184 |
|
|
565 |
|
|
534 |
| |
Intangible amortization |
|
71 |
|
|
71 |
|
|
214 |
|
|
214 |
| |
Other |
|
1,237 |
|
|
1,084 |
|
|
3,884 |
|
|
3,644 |
| |
|
TOTAL NONINTEREST EXPENSE |
|
15,947 |
|
|
13,590 |
|
|
46,744 |
|
|
42,065 |
| |
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
4,004 |
|
|
11,294 |
|
|
25,850 |
|
|
26,447 |
| |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
788 |
|
|
2,256 |
|
|
5,131 |
|
|
5,093 |
| |
|
NET INCOME |
$ |
3,216 |
|
$ |
9,038 |
|
$ |
20,719 |
|
$ |
21,354 |
| |
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
$ |
0.57 |
|
$ |
1.61 |
|
$ |
3.67 |
|
$ |
3.79 |
| |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
5,653,904 |
|
|
5,629,642 |
|
|
5,643,591 |
|
|
5,628,036 |
| |
|
|
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| NET INTEREST
MARGIN ANALYSIS |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
| |
2024 |
|
2023 |
| |
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable (net of PPP) |
$ |
1,759,989 |
|
|
$ |
26,372 |
|
|
5.94 |
% |
|
$ |
1,697,745 |
|
|
$ |
24,677 |
|
5.77 |
% |
| PPP
Loans |
|
186 |
|
|
|
3 |
|
|
6.40 |
% |
|
|
996 |
|
|
|
5 |
|
1.99 |
% |
| Investment
securities |
|
463,347 |
|
|
|
3,252 |
|
|
2.78 |
% |
|
|
495,803 |
|
|
|
3,466 |
|
2.77 |
% |
| Due from
banks |
|
160,563 |
|
|
|
1,843 |
|
|
4.55 |
% |
|
|
154,335 |
|
|
|
1,703 |
|
4.38 |
% |
| Other |
|
7,601 |
|
|
|
(34 |
) |
|
-1.77 |
% |
|
|
10,299 |
|
|
|
248 |
|
9.55 |
% |
| Total
interest earning assets |
|
2,391,686 |
|
|
|
31,436 |
|
|
5.21 |
% |
|
|
2,359,178 |
|
|
|
30,099 |
|
5.06 |
% |
| Non-interest
earning assets |
|
94,476 |
|
|
|
|
|
|
|
96,894 |
|
|
|
|
|
|
Total assets |
$ |
2,486,162 |
|
|
|
|
|
|
$ |
2,456,072 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
370,442 |
|
|
$ |
425 |
|
|
0.46 |
% |
|
$ |
334,658 |
|
|
$ |
332 |
|
0.39 |
% |
| Money market
accounts |
|
695,516 |
|
|
|
4,083 |
|
|
2.33 |
% |
|
|
632,300 |
|
|
|
2,551 |
|
1.60 |
% |
| Savings
accounts |
|
256,934 |
|
|
|
924 |
|
|
1.43 |
% |
|
|
242,627 |
|
|
|
623 |
|
1.02 |
% |
| Certificates
of deposit |
|
116,817 |
|
|
|
1,213 |
|
|
4.12 |
% |
|
|
176,369 |
|
|
|
1,954 |
|
4.40 |
% |
|
Total interest-bearing deposits |
|
1,439,709 |
|
|
|
6,645 |
|
|
1.83 |
% |
|
|
1,385,954 |
|
|
|
5,460 |
|
1.56 |
% |
| FHLB
Advances and other borrowings |
|
127,197 |
|
|
|
1,593 |
|
|
4.97 |
% |
|
|
140,560 |
|
|
|
1,907 |
|
5.38 |
% |
| Subordinated
notes |
|
19,561 |
|
|
|
230 |
|
|
4.66 |
% |
|
|
19,490 |
|
|
|
231 |
|
4.70 |
% |
|
Total interest bearing liabilities |
|
1,586,467 |
|
|
|
8,468 |
|
|
2.12 |
% |
|
|
1,546,004 |
|
|
|
7,598 |
|
1.95 |
% |
| Non-interest
bearing demand accounts |
|
688,138 |
|
|
|
|
|
|
|
736,313 |
|
|
|
|
|
| Other
non-interest bearing liabilities |
|
25,947 |
|
|
|
|
|
|
|
23,279 |
|
|
|
|
|
|
Total liabilities |
|
2,300,552 |
|
|
|
|
|
|
|
2,305,596 |
|
|
|
|
|
|
Total shareholders' equity |
|
185,610 |
|
|
|
|
|
|
|
150,476 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
2,486,162 |
|
|
|
|
|
|
$ |
2,456,072 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
|
|
$ |
22,968 |
|
|
|
|
|
|
$ |
22,501 |
|
|
| Interest
rate spread 1 |
|
|
|
|
3.10 |
% |
|
|
|
|
|
3.11 |
% |
| Net interest
margin 2 |
|
|
|
|
3.81 |
% |
|
|
|
|
|
3.78 |
% |
| Average
interest earning assets to interest-bearing liabilities |
|
150.8 |
% |
|
|
|
|
|
|
152.6 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
| 1 The Interest
rate spread is the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities |
| 2 Net interest
margin is the annualized net interest income divided by average
interest-earning assets |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| NET INTEREST
MARGIN ANALYSIS |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, |
| |
2024 |
|
2023 |
| |
Average Balance |
|
Interest |
|
Average Rate |
|
Average Balance |
|
Interest |
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable (net of PPP) |
$ |
1,742,193 |
|
|
$ |
78,761 |
|
6.02 |
% |
|
$ |
1,668,967 |
|
|
$ |
70,374 |
|
5.64 |
% |
| PPP
Loans |
|
197 |
|
|
|
6 |
|
4.06 |
% |
|
|
1,440 |
|
|
|
24 |
|
2.23 |
% |
| Investment
securities |
|
470,701 |
|
|
|
10,048 |
|
2.84 |
% |
|
|
514,011 |
|
|
|
10,575 |
|
2.75 |
% |
| Due from
banks |
|
156,899 |
|
|
|
5,556 |
|
4.72 |
% |
|
|
139,539 |
|
|
|
4,514 |
|
4.33 |
% |
| Other |
|
7,945 |
|
|
|
650 |
|
10.90 |
% |
|
|
11,268 |
|
|
|
716 |
|
8.50 |
% |
| Total
interest earning assets |
|
2,377,935 |
|
|
|
95,021 |
|
5.32 |
% |
|
|
2,335,225 |
|
|
|
86,203 |
|
4.94 |
% |
| Non-interest
earning assets |
|
96,047 |
|
|
|
|
|
|
|
95,597 |
|
|
|
|
|
|
Total assets |
$ |
2,473,982 |
|
|
|
|
|
|
$ |
2,430,822 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
375,124 |
|
|
$ |
1,348 |
|
0.48 |
% |
|
$ |
336,801 |
|
|
$ |
875 |
|
0.35 |
% |
| Money market
accounts |
|
660,795 |
|
|
|
11,233 |
|
2.26 |
% |
|
|
623,039 |
|
|
|
6,471 |
|
1.39 |
% |
| Savings
accounts |
|
249,013 |
|
|
|
2,586 |
|
1.38 |
% |
|
|
251,588 |
|
|
|
1,735 |
|
0.92 |
% |
| Certificates
of deposit |
|
170,079 |
|
|
|
5,741 |
|
4.50 |
% |
|
|
147,750 |
|
|
|
3,893 |
|
3.52 |
% |
|
Total interest-bearing deposits |
|
1,455,011 |
|
|
|
20,908 |
|
1.91 |
% |
|
|
1,359,178 |
|
|
|
12,974 |
|
1.28 |
% |
| FHLB
Advances and other borrowings |
|
123,880 |
|
|
|
4,734 |
|
5.09 |
% |
|
|
164,434 |
|
|
|
6,295 |
|
5.12 |
% |
| Subordinated
notes |
|
19,544 |
|
|
|
691 |
|
4.71 |
% |
|
|
19,472 |
|
|
|
692 |
|
4.75 |
% |
|
Total interest bearing liabilities |
|
1,598,435 |
|
|
|
26,333 |
|
2.19 |
% |
|
|
1,543,084 |
|
|
|
19,961 |
|
1.73 |
% |
| Non-interest
bearing demand accounts |
|
674,727 |
|
|
|
|
|
|
|
717,067 |
|
|
|
|
|
| Other
non-interest bearing liabilities |
|
26,701 |
|
|
|
|
|
|
|
22,988 |
|
|
|
|
|
|
Total liabilities |
|
2,299,863 |
|
|
|
|
|
|
|
2,283,139 |
|
|
|
|
|
|
Total shareholders' equity |
|
174,119 |
|
|
|
|
|
|
|
147,683 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
2,473,982 |
|
|
|
|
|
|
$ |
2,430,822 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
|
|
$ |
68,688 |
|
|
|
|
|
$ |
66,242 |
|
|
| Interest
rate spread 1 |
|
|
|
|
3.13 |
% |
|
|
|
|
|
3.21 |
% |
| Net interest
margin 2 |
|
|
|
|
3.85 |
% |
|
|
|
|
|
3.79 |
% |
| Average
interest earning assets to interest-bearing liabilities |
|
148.8 |
% |
|
|
|
|
|
|
151.3 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
| 1 The Interest
rate spread is the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities |
| 2 Net interest
margin is the annualized net interest income divided by average
interest-earning assets |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| SELECTED
RATIOS AND OTHER DATA |
|
(UNAUDITED) |
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
Return on average assets (1) |
0.52 |
% |
|
1.47 |
% |
|
1.12 |
% |
|
1.17 |
% |
| Return on
average equity (1) |
6.93 |
% |
|
24.03 |
% |
|
15.87 |
% |
|
19.28 |
% |
| Interest
rate spread (2) |
3.10 |
% |
|
3.11 |
% |
|
3.13 |
% |
|
3.21 |
% |
| Net interest
margin (3) |
3.81 |
% |
|
3.78 |
% |
|
3.85 |
% |
|
3.79 |
% |
| Dividend
payout ratio (4) |
40.44 |
% |
|
14.33 |
% |
|
18.79 |
% |
|
18.18 |
% |
| Non-interest
income to average total assets |
0.67 |
% |
|
0.52 |
% |
|
0.63 |
% |
|
0.53 |
% |
| Non-interest
expenses to average total assets |
2.57 |
% |
|
2.21 |
% |
|
2.52 |
% |
|
2.31 |
% |
| Average
interest-earning assets to average interest-bearing
liabilities |
150.76 |
% |
|
152.60 |
% |
|
148.77 |
% |
|
151.33 |
% |
| |
|
|
|
|
|
|
|
| |
At |
|
At |
|
|
|
|
| |
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
Non-performing assets to total assets |
0.44 |
% |
|
0.18 |
% |
|
|
|
|
|
Non-performing loans to total loans |
0.62 |
% |
|
0.25 |
% |
|
|
|
|
| Allowance
for credit losses to non-performing loans |
277.76 |
% |
|
568.83 |
% |
|
|
|
|
| Allowance
for credit losses to total loans |
1.73 |
% |
|
1.44 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Capital Ratios (5): |
|
|
|
|
|
|
|
| Total
capital (to risk-weighted assets) |
14.89 |
% |
|
14.16 |
% |
|
|
|
|
| Tier 1
capital (to risk-weighted assets) |
13.64 |
% |
|
12.91 |
% |
|
|
|
|
| Common
equity tier 1 capital (to risk-weighted assets) |
13.64 |
% |
|
12.91 |
% |
|
|
|
|
| Tier 1
capital (to average assets) |
10.06 |
% |
|
9.42 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
(1) Annualized for the three and nine month periods ended
September 30, 2024 and 2023, respectively. |
|
(2) Represents the difference between the weighted-average
yield on interest-earning assets and the weighted-average cost of
interest-bearing liabilities for the periods. |
|
(3) The net interest margin represents net interest income as
a percent of average interest-earning assets for the periods. |
|
(4) The dividend payout ratio represents dividends paid per
share divided by net income per share. |
|
(5) Ratios are for the Bank only. |
|
|
| ORANGE
COUNTY BANCORP, INC. |
| SELECTED
OPERATING DATA |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands except per share data) |
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Interest income |
$ |
31,436 |
|
$ |
30,099 |
|
$ |
95,021 |
|
$ |
86,203 |
| Interest
expense |
|
8,468 |
|
|
7,598 |
|
|
26,333 |
|
|
19,961 |
| Net interest
income |
|
22,968 |
|
|
22,501 |
|
|
68,688 |
|
|
66,242 |
| Provision
for credit losses |
|
7,191 |
|
|
837 |
|
|
7,761 |
|
|
7,406 |
| Net interest
income after provision for credit losses |
|
15,777 |
|
|
21,664 |
|
|
60,927 |
|
|
58,836 |
| Noninterest
income |
|
4,174 |
|
|
3,220 |
|
|
11,667 |
|
|
9,676 |
| Noninterest
expenses |
|
15,947 |
|
|
13,590 |
|
|
46,744 |
|
|
42,065 |
| Income
before income taxes |
|
4,004 |
|
|
11,294 |
|
|
25,850 |
|
|
26,447 |
| Provision
for income taxes |
|
788 |
|
|
2,256 |
|
|
5,131 |
|
|
5,093 |
| Net
income |
$ |
3,216 |
|
$ |
9,038 |
|
$ |
20,719 |
|
$ |
21,354 |
| |
|
|
|
|
|
|
|
| Basic and
diluted earnings per share |
$ |
0.57 |
|
$ |
1.61 |
|
$ |
3.67 |
|
$ |
3.79 |
| Weighted
average common shares outstanding |
|
5,653,904 |
|
|
5,629,642 |
|
|
5,643,591 |
|
|
5,628,036 |
| |
|
|
|
|
|
|
|
| |
At |
|
At |
|
|
|
|
| |
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
| Book value
per share |
$ |
34.03 |
|
$ |
29.26 |
|
|
|
|
| Net tangible
book value per share (1) |
$ |
32.93 |
|
$ |
28.12 |
|
|
|
|
| Outstanding
common shares |
|
5,674,126 |
|
|
5,651,311 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
(1) Net tangible book value
represents the amount of total tangible assets reduced by our total
liabilities. Tangible assets are calculated by reducing total
assets, as defined by GAAP, by $5,359 in goodwill and $892, and
$1,107 in other intangible assets for September 30, 2024 and
December 31, 2023, respectively. |
| |
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| LOAN
COMPOSITION |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands) |
| |
At September 30, 2024 |
|
At December 31, 2023 |
| |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Commercial and industrial (a) |
$ |
251,484 |
|
14.00 |
% |
|
$ |
273,562 |
|
15.66 |
% |
| Commercial
real estate |
|
1,334,580 |
|
74.30 |
% |
|
|
1,259,356 |
|
72.08 |
% |
| Commercial
real estate construction |
|
78,227 |
|
4.36 |
% |
|
|
85,725 |
|
4.91 |
% |
| Residential
real estate |
|
74,462 |
|
4.15 |
% |
|
|
78,321 |
|
4.48 |
% |
| Home
equity |
|
16,064 |
|
0.89 |
% |
|
|
13,546 |
|
0.78 |
% |
|
Consumer |
|
41,277 |
|
2.30 |
% |
|
|
36,552 |
|
2.09 |
% |
| Total
loans |
|
1,796,094 |
|
100.00 |
% |
|
|
1,747,062 |
|
100.00 |
% |
| Allowance
for loan losses |
|
31,023 |
|
|
|
|
25,182 |
|
|
| Total loans,
net |
$ |
1,765,071 |
|
|
|
$ |
1,721,880 |
|
|
| |
|
|
|
|
|
|
|
| (a) -
Includes PPP loans of: |
$ |
181 |
|
|
|
$ |
215 |
|
|
| |
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
| DEPOSITS BY
ACCOUNT TYPE |
|
(UNAUDITED) |
|
(Dollar Amounts in thousands) |
| |
At September 30, 2024 |
|
At December 31, 2023 |
| |
Amount |
|
Percent |
|
Average Rate |
|
Amount |
|
Percent |
|
Average Rate |
|
Noninterest-bearing demand accounts |
$ |
690,419 |
|
32.26 |
% |
|
0.00 |
% |
|
$ |
699,203 |
|
34.30 |
% |
|
0.00 |
% |
| Interest
bearing demand accounts |
|
342,306 |
|
16.00 |
% |
|
0.49 |
% |
|
|
304,892 |
|
14.95 |
% |
|
0.49 |
% |
| Money market
accounts |
|
707,065 |
|
33.04 |
% |
|
2.27 |
% |
|
|
584,976 |
|
28.69 |
% |
|
2.04 |
% |
| Savings
accounts |
|
258,302 |
|
12.07 |
% |
|
1.39 |
% |
|
|
228,161 |
|
11.19 |
% |
|
1.19 |
% |
| Certificates
of Deposit |
|
141,931 |
|
6.63 |
% |
|
4.06 |
% |
|
|
221,517 |
|
10.87 |
% |
|
4.57 |
% |
| Total |
$ |
2,140,023 |
|
100.00 |
% |
|
1.27 |
% |
|
$ |
2,038,749 |
|
100.00 |
% |
|
1.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| ORANGE
COUNTY BANCORP, INC. |
|
NON-PERFORMING ASSETS |
|
(UNAUDITED) |
|
|
(Dollar Amounts in thousands) |
| |
|
|
|
| |
September 30, 2024 |
|
December 31, 2023 |
| |
|
|
|
| Non-accrual
loans: |
|
|
|
|
Commercial and industrial |
$ |
199 |
|
|
$ |
556 |
|
| Commercial
real estate |
|
10,725 |
|
|
|
2,692 |
|
| Commercial
real estate construction |
|
- |
|
|
|
- |
|
| Residential
real estate |
|
8 |
|
|
|
1,179 |
|
| Home
equity |
|
- |
|
|
|
- |
|
|
Consumer |
|
- |
|
|
|
- |
|
|
Total non-accrual loans |
|
10,932 |
|
|
|
4,427 |
|
| Accruing
loans 90 days or more past due: |
|
|
|
| Commercial
and industrial |
|
237 |
|
|
|
- |
|
| Commercial
real estate |
|
- |
|
|
|
- |
|
| Commercial
real estate construction |
|
- |
|
|
|
- |
|
| Residential
real estate |
|
- |
|
|
|
- |
|
| Home
equity |
|
- |
|
|
|
- |
|
|
Consumer |
|
- |
|
|
|
- |
|
|
Total loans 90 days or more past due |
|
237 |
|
|
|
- |
|
| Total
non-performing loans |
|
11,169 |
|
|
|
4,427 |
|
| Other real
estate owned |
|
- |
|
|
|
- |
|
| Other
non-performing assets |
|
- |
|
|
|
- |
|
| Total
non-performing assets |
$ |
11,169 |
|
|
$ |
4,427 |
|
| |
|
|
|
| Ratios: |
|
|
|
| Total
non-performing loans to total loans |
|
0.62 |
% |
|
|
0.25 |
% |
| Total
non-performing loans to total assets |
|
0.44 |
% |
|
|
0.18 |
% |
| Total
non-performing assets to total assets |
|
0.44 |
% |
|
|
0.18 |
% |
| |
|
|
|
|
Notes: |
|
|
|
| 1 - Includes
non-accruing TDRs: |
$ |
- |
|
|
$ |
2,391 |
|
| |
|
|
|
Orange County Bancorp (NASDAQ:OBT)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Orange County Bancorp (NASDAQ:OBT)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
