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.
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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