Earnings ·
Orange County Bancorp reports record Q3 net income of $12.5 million, or $0.93 per share
OBTOrange County Bancorp, Inc.
Orange County Bancorp reported third-quarter net income of $12.5 million, a 24.6% increase from the prior year period, driven by higher net interest income and reduced provision for credit losses. Earnings per share rose to $0.93 from $0.75, while the net interest margin expanded 19 basis points to 4.45%. Total deposits grew $56 million to $2.4 billion, and total loans reached $2.0 billion. The company also announced a strategic reduction in its home equity loan portfolio. Orange County Bancorp operates as a bank holding company providing commercial banking and wealth management services.