Orange County Bancorp, Inc. - OBT STOCK NEWS

Orange County Bancorp (OBT) reported Q3 2024 net income of $3.2 million ($0.57 per share), down from $9.0 million ($1.61 per share) in Q3 2023. The decline was primarily due to a significant $7.2 million provision for credit losses, mainly attributed to a problematic office space loan. Despite challenges, net interest income increased 2.1% to $23.0 million, and total deposits grew 5.0% to $2.1 billion. The company's loan portfolio expanded 2.8% to $1.8 billion, while trust and investment advisory income rose 20.1% to $3.1 million.

Orange County Bancorp, Inc. (NASDAQ:OBT), parent company of Orange Bank & Trust Co., has appointed Jonathan Schiller, RPh, MBA, to its Board of Directors, effective October 1, 2024. Schiller, an entrepreneur with extensive senior leadership experience, is the founder, President, and CEO of Hospicom Inc., a medical education and consulting company serving Fortune 100 pharmaceutical and biotechnology firms.

Schiller's background includes founding the Society of Academic Medicine and Strategically Speaking Inc. He holds a BS in Pharmacy from St. John's University and an MBA from Columbia University Business School. Michael Gilfeather, Company President and CEO, praised Schiller's proven business leadership and unique scientific and analytic experience, expressing confidence in his contribution to overseeing the future affairs of the Company and the Bank.

Orange Bank & Trust Company, a 132-year-old financial institution in New York's Hudson Valley, has expanded its Private Banking Division with the appointment of Keith Blackman as AVP and Private Banking Officer in Goshen. Blackman brings over 20 years of experience in Private Banking, having worked at notable institutions such as Independence Community Bank, Signature Bank, TD Bank, and J.P. Morgan Chase Bank. His most recent role was Associate Relationship Manager at Key Private Bank.

The Private Banking Division, part of Orange Wealth Management, focuses on simplifying clients' finances, banking, investments, and estate planning needs. This strategic hire underscores the bank's commitment to enhancing its specialized services and maintaining strong client relationships.

Orange County Bancorp, Inc. (NASDAQ:OBT), the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, has declared a cash dividend of $0.23 per share of its common stock. The dividend was announced by the Board of Directors on August 15, 2024, and will be paid on September 16, 2024 to shareholders of record as of September 4, 2024. This decision demonstrates the company's commitment to providing returns to its shareholders and may indicate confidence in its financial stability and future prospects.

Orange County Bancorp (Nasdaq: OBT) reported Q2 2024 net income of $8.2 million, or $1.46 per share, down from $9.1 million in Q2 2023. Key highlights include:

- Net interest income increased 6.7% to $24.1 million
- Net interest margin grew 29 basis points to 4.10%
- Total deposits rose 7.9% to $2.2 billion
- Book value per share increased 7.1% to $31.35
- Trust and investment advisory income rose 15.9% to $3.0 million

The decrease in earnings was primarily due to increases in provision for credit losses and non-interest expenses. The bank reported strong deposit growth and improved net interest margin, while reducing high-cost borrowings.

Orange Bank & Trust Company (Nasdaq: OBT) has announced the appointment of Cynthia Hand, Esq. as Vice President and Trust Officer in their Goshen location. Hand joins the Bank's Trust Services Division, bringing expertise in trusts and estate planning. She previously worked at J&G Law LLP in the Wills, Trust and Estates Department. Hand holds a Juris Doctor from Quinnipiac University School of Law and a Bachelor's degree in political science from Muhlenberg College.

Michael Gilfeather, President and CEO of Orange Bank & Trust, expressed enthusiasm about Hand's addition to the team, highlighting her skills and community involvement. The Trust Services Division, part of Orange Wealth Management, collaborates with legal counsel, accountants, and investment managers to create comprehensive plans for clients.

Orange Bank & Trust Company announced the retirement of Michael Coulter as Chief Lending Officer (CLO) effective July 1, 2024. Coulter, who has been instrumental in the bank's loan growth, will continue part-time as a Strategic Lending Relationship Officer focusing on client relationships and business development in the Mid-Hudson Valley. Coulter joined the bank in 2017 and played a significant role in its nearly $1 billion loan portfolio growth. Greg Sousa, currently EVP Deputy CLO, will assume the CLO role. Sousa, who joined the bank in 2015, has progressively taken on more responsibilities, playing a key role in the bank's development in Orange, Rockland, and Westchester markets.

Paula Fidanza, owner of C'est La Vie Spa & Salon and partner at Fidanza Family Properties, was awarded the 2024 WGW Inspiring Leader Award by Orange Bank & Trust Company and Hudson Valley Investment Advisors.

Presented at The Barn at Villa Venezia on June 4, the award recognizes Fidanza's contributions to the business community, especially in empowering women leaders. The event, part of the 'Women Guiding Women' initiative, featured a panel discussion on wealth, health, and business.

Fidanza's entrepreneurial journey, inspired by her Italian immigrant family, includes ventures in property, entertainment, and food service management across Hudson Valley and Ocean City, Maryland.

Orange Bank & Trust Company has promoted Anthony Pili to the newly created role of Chief Innovation Officer, aiming to enhance the bank's technological advancements in the financial sector. Pili, who joined the bank in 2018 and has held various leadership roles, has been instrumental in fostering a culture of innovation. Under his guidance as Director of Cash Management, the bank has become a technology leader in digital banking and payments, helping streamline finances and reduce costs for businesses, non-profits, and municipalities in New York. The promotion follows the appointment of Redwan Ahmed as Chief Information Officer earlier this year. Orange Bank & Trust, with $2.5 billion in assets and over 220 employees, continues to be a significant player in New York's finance sector.