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. declared a cash dividend of $0.23 per share on February 16, 2023. This dividend will be paid on March 15, 2023, to shareholders who are on record by March 3, 2023. The company, which operates as the parent of Orange Bank & Trust Company and Hudson Valley Investment Advisors, boasts over $2.0 billion in total assets, a milestone achieved through long-term commitment and innovation in banking.
Orange County Bancorp, Inc. (OBT) reported a record net income of $9.1 million for Q4 2022, marking a 65% increase from Q4 2021 due to rising interest income. The annual net income reached $24.4 million, a 14.4% increase year-over-year. Total assets grew by 6.8% to $2.3 billion, with total loans increasing 21.5% to $1.6 billion. Deposits rose by 3.1% to $2.0 billion. The net interest margin improved by 32.9% to 4.12% in Q4. However, book value per share decreased 24.5% to $24.48 due to rising interest rates affecting market values.
Orange County Bancorp (NASDAQ:OBT) announced the retirement of CFO Robert Peacock, effective March 15, 2023. He will be succeeded by Michael Lesler, currently SVP Chief Accounting Officer. Lesler, who joined the bank in 2021, brings over 20 years of banking experience, including prior roles at BCB Bank and Clifton Savings Bank. The transition aligns with the bank's leadership succession plan aimed at ensuring a smooth leadership change and continued strategic direction.
Orange Bank & Trust Company is relocating its Goshen Office to a historic building at 54 West Main Street, Goshen, NY. The move is part of the Bank's expansion strategy due to increased client demand and will feature a larger space, updated design, and enhanced facilities. A sneak peek event on November 29 showcased the renovation plans, attended by local officials. Renovations are expected to complete in Q1 2023. The Bank, a subsidiary of Orange County Bancorp, Inc. (Nasdaq: OBT), has over $2 billion in assets and a commitment to community engagement.
Orange County Bancorp declared a cash dividend of $0.23 per share, payable on December 15, 2022, to shareholders recorded by December 2, 2022. As the parent company of Orange Bank & Trust and Hudson Valley Investment Advisors, it operates over $2.0 billion in total assets. This dividend reflects the company's ongoing commitment to returning income to shareholders while maintaining its robust growth strategy.
Orange County Bancorp (Nasdaq: OBT) reported record net income of $7.9 million for Q3 2022, a 40.8% increase from $5.6 million in Q3 2021. Total assets increased by $225.8 million (10.5%) to $2.4 billion, while total deposits rose $273.2 million (14.3%) to $2.2 billion. Net interest income surged $5.5 million (34.9%) to $21.4 million. Despite strong growth, book value per share declined by 25.6% due to rising market interest rates impacting the investment portfolio.
Orange County Bancorp (NASDAQ: OBT) appointed Marianna R. Kennedy to its Board of Directors effective October 1, 2022. Michael Gilfeather, CEO, expressed confidence in her extensive financial expertise. Kennedy, a partner at Drake Loeb PLLC, specializes in business transactions and represents regional businesses in various financial matters. She brings a wealth of experience from her roles on multiple boards, including the SUNY Orange Foundation. Orange County Bancorp manages over $2 billion in assets and has a strong commitment to community growth.
Orange County Bancorp declared a $0.20 cash dividend per share on August 18, 2022. The dividend is set to be paid on September 15, 2022 to shareholders recorded by September 2, 2022. This action reflects the company's commitment to shareholder returns and financial stability. With total assets exceeding $2 billion, Orange County Bancorp continues to support its community and offers investment advisory services through its subsidiary, Hudson Valley Investment Advisors, Inc.
Orange County Bancorp (Nasdaq: OBT) reported Q2 2022 net income of $2.1 million ($0.38/share), a 59.4% decline from $5.2 million in Q2 2021. This drop is attributed to a significant increase in the provision for loan losses to $5.5 million from $809 thousand last year, due to impaired syndicated loans. Despite this, total assets rose 11.7% to $2.4 billion, fueled by a 15.1% increase in deposits and 13.9% growth in loans. Net interest income grew 19.7%, demonstrating strong loan demand amidst a challenging rate environment.
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