Welcome to our dedicated page for Orange County Bancorp news (Ticker: OBT), a resource for investors and traders seeking the latest updates and insights on Orange County Bancorp stock.
Orange County Bancorp, Inc. (NASDAQ: OBT) is a distinguished financial institution with over 125 years of commitment to the financial strength and security of New York's Hudson Valley region. The company operates through its wholly-owned subsidiaries, Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. (HVIA). As a community-focused bank, Orange Bank & Trust Company offers a comprehensive range of financial products and services, including personal and business banking, commercial lending, and wealth management services.
Recently, the bank has shown substantial growth and resilience. It has been added to the Russell 2000 Index, an acknowledgment of its significant contribution to the local economy and its robust financial performance. The company's net income for various quarters in 2023 and 2024 exceeded expectations, underscoring its solid financial footing and operational efficiency.
Orange Bank & Trust Company boasts a diverse portfolio of services catering to individuals, small businesses, municipalities, and non-profits. It is renowned for its quick decision-making capabilities, thanks to its local ownership and independence. The bank's wealth management segment, managed by HVIA, provides critical investment advisory services, contributing to the company's diversified income stream.
The company has continuously invested in human resources, evidenced by the recent appointment of Jacob Rahiman as Chief Human Resources Officer to support its growing workforce. Additionally, the bank's strategic use of brokered deposits and FHLB borrowings has allowed it to effectively manage liquidity and support ongoing growth.
Recent Achievements:
- Appointed Jacob Rahiman as Chief Human Resources Officer, reflecting its commitment to enhancing its workforce.
- Achieved a record net income of $29.5 million for the year ended December 31, 2023, a 21% increase from the previous year.
- Continued strong quarterly performance with net income reaching $9.3 million for Q1 2024, a 187.6% increase from Q1 2023.
- Added to the Russell 2000 Index, highlighting its growth and importance in the small-cap market.
Current Projects and Financial Condition:
The bank is highly capitalized with total assets nearing $2.5 billion, demonstrating its financial strength. It operates from multiple locations across New York, including Middletown, Newburgh, and Bronx counties, to name a few. The bank's strong financial performance is driven by a combination of increased net interest income, effective cost management, and strategic growth initiatives. With a focus on core deposits and strategic loan origination, the bank continues to maintain a healthy net interest margin and robust loan portfolio.
Given its strategic focus and strong management team, Orange County Bancorp, Inc. is well-positioned to continue its growth trajectory and maintain its status as a premier financial institution in the Hudson Valley region.
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.
On May 16, 2024, Orange County Bancorp, the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, declared a $0.23 cash dividend per share of common stock.
The dividend is scheduled for payment on June 14, 2024, to shareholders recorded by June 4, 2024.
Orange County Bancorp, Inc. reported a record net income of $9.3 million for the first quarter of 2024, a 187.6% increase from the same period in 2023. Total deposits grew by 5.4%, reaching $2.2 billion. Trust and investment advisory income rose by 21.6% to $2.9 million. Book value per share increased by 1.9% to $29.81.
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