|
|
|
|
(State or Other Jurisdiction)
|
(Commission File No.)
|
(I.R.S. Employer
|
|
of Incorporation)
|
Identification No.)
|
||
|
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock, par value $0.50
|
OBT
|
The Nasdaq Stock Market, LLC
|
ORANGE COUNTY BANCORP, INC.
|
||
DATE: July 31, 2024
|
By:
|
/s/ Michael Lesler |
Michael Lesler
|
||
Executive Vice President and Chief Financial Officer
|
||
•
|
Net Interest Income increased $1.5 million, or 6.7%, to $24.1 million for the quarter ended June 30, 2024 from $22.6 million for the quarter ended
June 30, 2023
|
•
|
Net Interest Margin grew 29 basis points, or 7.6%, to 4.10% for the quarter ended June 30, 2024, as compared to 3.81% for the quarter ended June 30,
2023
|
•
|
Total Deposits rose $160.5 million, or 7.9%, to $2.2 billion at June 30, 2024 from $2.0 billion at year-end 2023
|
•
|
Book value per share increased $2.09, or 7.1%, to $31.35 at June 30, 2024 from $29.26 at December 31, 2023
|
•
|
Trust and investment advisory income rose 15.9%, to approximately $3.0 million for the quarter ended June 30, 2024, from $2.6 million for Q2 2023
|
ORANGE COUNTY BANCORP, INC.
|
|||||||||||
SUMMARY OF AUM/AUA
|
|||||||||||
(UNAUDITED)
|
|||||||||||
(Dollar Amounts in thousands)
|
|||||||||||
At June 30, 2024
|
At December 31, 2023
|
||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
||||||||
Investment Assets Under Management & Advisory
|
$ 1,041,266
|
60.71%
|
$ 909,384
|
57.56%
|
|||||||
Trust Asset Under Administration & Management
|
673,791
|
39.29%
|
670,515
|
42.44%
|
|||||||
Total
|
$ 1,715,057
|
100.00%
|
$ 1,579,899
|
100.00%
|
|||||||
Non-GAAP Financial Measure Reconciliations
|
|||||||
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a
GAAP basis) to tangible assets and calculates our tangible book value per share.
|
|||||||
June 30, 2024
|
December 31, 2023
|
||||||
(Dollars in thousands except for share data)
|
|||||||
Tangible Common Equity:
|
|||||||
Total stockholders’ equity
|
$ 177,544
|
$ 165,376
|
|||||
Adjustments:
|
|||||||
Goodwill
|
(5,359)
|
(5,359)
|
|||||
Other intangible assets
|
(964)
|
(1,107)
|
|||||
Tangible common equity
|
$ 171,221
|
$ 158,910
|
|||||
Common shares outstanding
|
5,663,671
|
5,651,311
|
|||||
Book value per common share
|
$ 31.35
|
$ 29.26
|
|||||
Tangible book value per common share
|
$ 30.23
|
$ 28.12
|
|||||
Tangible Assets
|
|||||||
Total assets
|
$ 2,481,157
|
$ 2,485,468
|
|||||
Adjustments:
|
|||||||
Goodwill
|
(5,359)
|
(5,359)
|
|||||
Other intangible assets
|
(964)
|
(1,107)
|
|||||
Tangible assets
|
$ 2,474,834
|
$ 2,479,002
|
|||||
Tangible common equity to tangible assets
|
6.92%
|
6.41%
|
ORANGE COUNTY BANCORP, INC.
|
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
|
|||||||||||
(UNAUDITED)
|
|||||||||||
(Dollar Amounts in thousands except per share data)
|
|||||||||||
June 30, 2024
|
December 31, 2023
|
||||||||||
ASSETS
|
|||||||||||
Cash and due from banks
|
$ 189,680
|
$ 147,383
|
|||||||||
Investment securities - available-for-sale
|
463,052
|
489,948
|
|||||||||
(Amortized cost $538,899 at June 30, 2024 and $560,994 at December 31, 2023)
|
|||||||||||
Restricted investment in bank stocks
|
4,595
|
14,525
|
|||||||||
Loans
|
1,733,833
|
1,747,062
|
|||||||||
Allowance for credit losses
|
(27,815)
|
(25,182)
|
|||||||||
Loans, net
|
1,706,018
|
1,721,880
|
|||||||||
Premises and equipment, net
|
15,733
|
16,160
|
|||||||||
Accrued interest receivable
|
9,616
|
5,934
|
|||||||||
Bank owned life insurance
|
41,954
|
41,447
|
|||||||||
Goodwill
|
5,359
|
5,359
|
|||||||||
Intangible assets
|
964
|
1,107
|
|||||||||
Other assets
|
44,186
|
41,725
|
|||||||||
TOTAL ASSETS
|
$ 2,481,157
|
$ 2,485,468
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||
Deposits:
|
|||||||||||
Noninterest bearing
|
$ 681,232
|
$ 699,203
|
|||||||||
Interest bearing
|
1,518,049
|
1,339,546
|
|||||||||
Total deposits
|
2,199,281
|
2,038,749
|
|||||||||
FHLB advances, short term
|
—
|
224,500
|
|||||||||
FHLB advances, long term
|
10,000
|
10,000
|
|||||||||
BTFP borrowing
|
50,000
|
—
|
|||||||||
Subordinated notes, net of issuance costs
|
19,555
|
19,520
|
|||||||||
Accrued expenses and other liabilities
|
24,777
|
27,323
|
|||||||||
TOTAL LIABILITIES
|
2,303,613
|
2,320,092
|
|||||||||
STOCKHOLDERS' EQUITY
|
|||||||||||
Common stock, $0.50 par value; 15,000,000 shares authorized;
|
|||||||||||
5,683,304 issued; 5,663,671 and 5,651,311 outstanding,
|
|||||||||||
at June 30, 2024 and December 31, 2023, respectively
|
2,842
|
2,842
|
|||||||||
Surplus
|
120,602
|
120,392
|
|||||||||
Retained Earnings
|
122,262
|
107,361
|
|||||||||
Accumulated other comprehensive income (loss), net of taxes
|
(67,433)
|
(64,108)
|
|||||||||
Treasury stock, at cost; 19,633 and 31,993 shares at June 30,
|
|||||||||||
2024 and December 31, 2023, respectively
|
(729)
|
(1,111)
|
|||||||||
TOTAL STOCKHOLDERS' EQUITY
|
177,544
|
165,376
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ 2,481,157
|
$ 2,485,468
|
|||||||||
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
(UNAUDITED)
|
||||||||||||||
(Dollar Amounts in thousands except per share data)
|
||||||||||||||
For Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||
INTEREST INCOME
|
||||||||||||||
Interest and fees on loans
|
$ 26,778
|
$ 23,879
|
$ 52,392
|
$ 45,716
|
||||||||||
Interest on investment securities:
|
||||||||||||||
Taxable
|
3,105
|
3,348
|
6,331
|
6,420
|
||||||||||
Tax exempt
|
581
|
560
|
1,149
|
1,157
|
||||||||||
Interest on Federal funds sold and other
|
2,048
|
1,953
|
3,713
|
2,811
|
||||||||||
TOTAL INTEREST INCOME
|
32,512
|
29,740
|
63,585
|
56,104
|
||||||||||
INTEREST EXPENSE
|
||||||||||||||
Savings and NOW accounts
|
5,158
|
3,145
|
9,735
|
5,575
|
||||||||||
Time deposits
|
2,114
|
1,479
|
4,528
|
1,939
|
||||||||||
FHLB advances and borrowings
|
890
|
2,283
|
3,141
|
4,388
|
||||||||||
Note payable
|
—
|
—
|
—
|
—
|
||||||||||
Subordinated notes
|
231
|
231
|
461
|
461
|
||||||||||
TOTAL INTEREST EXPENSE
|
8,393
|
7,138
|
17,865
|
12,363
|
||||||||||
NET INTEREST INCOME
|
24,119
|
22,602
|
45,720
|
43,741
|
||||||||||
Provision for credit losses
|
2,210
|
214
|
570
|
6,569
|
||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||
PROVISION FOR CREDIT LOSSES
|
21,909
|
22,388
|
45,150
|
37,172
|
||||||||||
NONINTEREST INCOME
|
||||||||||||||
Service charges on deposit accounts
|
232
|
205
|
467
|
378
|
||||||||||
Trust income
|
1,309
|
1,265
|
2,621
|
2,441
|
||||||||||
Investment advisory income
|
1,650
|
1,289
|
3,225
|
2,486
|
||||||||||
Investment securities gains(losses)
|
—
|
—
|
—
|
107
|
||||||||||
Earnings on bank owned life insurance
|
270
|
244
|
512
|
482
|
||||||||||
Other
|
346
|
283
|
668
|
562
|
||||||||||
TOTAL NONINTEREST INCOME
|
3,807
|
3,286
|
7,493
|
6,456
|
||||||||||
NONINTEREST EXPENSE
|
||||||||||||||
Salaries
|
6,873
|
6,217
|
13,611
|
12,471
|
||||||||||
Employee benefits
|
2,304
|
1,740
|
4,426
|
3,607
|
||||||||||
Occupancy expense
|
1,164
|
1,180
|
2,325
|
2,434
|
||||||||||
Professional fees
|
1,337
|
1,666
|
2,773
|
2,713
|
||||||||||
Directors' fees and expenses
|
(125)
|
157
|
197
|
387
|
||||||||||
Computer software expense
|
1,430
|
1,258
|
2,665
|
2,481
|
||||||||||
FDIC assessment
|
350
|
230
|
768
|
560
|
||||||||||
Advertising expenses
|
438
|
434
|
802
|
710
|
||||||||||
Advisor expenses related to trust income
|
32
|
30
|
65
|
59
|
||||||||||
Telephone expenses
|
188
|
182
|
375
|
350
|
||||||||||
Intangible amortization
|
71
|
71
|
143
|
143
|
||||||||||
Other
|
1,425
|
1,282
|
2,647
|
2,560
|
||||||||||
TOTAL NONINTEREST EXPENSE
|
15,487
|
14,447
|
30,797
|
28,475
|
||||||||||
Income before income taxes
|
10,229
|
11,227
|
21,846
|
15,153
|
||||||||||
Provision for income taxes
|
2,016
|
2,141
|
4,343
|
2,837
|
||||||||||
NET INCOME
|
$ 8,213
|
$ 9,086
|
$ 17,503
|
$ 12,316
|
||||||||||
Basic and diluted earnings per share
|
$ 1.46
|
$ 1.61
|
$ 3.10
|
$ 2.19
|
||||||||||
Weighted average shares outstanding
|
5,641,434
|
5,629,030
|
5,638,185
|
5,627,354
|
ORANGE COUNTY BANCORP, INC.
|
|||||||||||
NET INTEREST MARGIN ANALYSIS
|
|||||||||||
(UNAUDITED)
|
|||||||||||
(Dollar Amounts in thousands)
|
|||||||||||
Three Months Ended June 30,
|
|||||||||||
2024
|
2023
|
||||||||||
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
|
||||||
Assets:
|
|||||||||||
Loans Receivable (net of PPP)
|
$ 1,728,195
|
$ 26,778
|
6.21%
|
$ 1,689,054
|
$ 23,871
|
5.67%
|
|||||
PPP Loans
|
197
|
—
|
0.00%
|
1,619
|
8
|
1.97%
|
|||||
Investment securities
|
467,308
|
3,364
|
2.89%
|
515,852
|
3,542
|
2.75%
|
|||||
Due from banks
|
160,498
|
2,048
|
5.12%
|
161,611
|
1,953
|
4.85%
|
|||||
Other
|
5,343
|
322
|
24.17%
|
11,867
|
366
|
12.37%
|
|||||
Total interest earning assets
|
2,361,541
|
32,512
|
5.52%
|
2,380,002
|
29,740
|
5.01%
|
|||||
Non-interest earning assets
|
99,032
|
94,298
|
|||||||||
Total assets
|
$ 2,460,573
|
$ 2,474,300
|
|||||||||
Liabilities and equity:
|
|||||||||||
Interest-bearing demand accounts
|
$ 394,697
|
$ 485
|
0.49%
|
$ 354,372
|
$ 301
|
0.34%
|
|||||
Money market accounts
|
666,460
|
3,796
|
2.28%
|
630,559
|
2,247
|
1.43%
|
|||||
Savings accounts
|
254,188
|
877
|
1.38%
|
254,335
|
597
|
0.94%
|
|||||
Certificates of deposit
|
184,363
|
2,114
|
4.60%
|
170,442
|
1,479
|
3.48%
|
|||||
Total interest-bearing deposits
|
1,499,708
|
7,272
|
1.94%
|
1,409,709
|
4,625
|
1.32%
|
|||||
FHLB Advances and other borrowings
|
76,923
|
890
|
4.64%
|
175,220
|
2,283
|
5.23%
|
|||||
Note payable
|
—
|
—
|
0.00%
|
—
|
—
|
0.00%
|
|||||
Subordinated notes
|
19,544
|
231
|
4.74%
|
19,472
|
231
|
4.75%
|
|||||
Total interest bearing liabilities
|
1,596,175
|
8,393
|
2.11%
|
1,604,401
|
7,138
|
1.78%
|
|||||
Non-interest bearing demand accounts
|
667,455
|
700,923
|
|||||||||
Other non-interest bearing liabilities
|
25,717
|
20,590
|
|||||||||
Total liabilities
|
2,289,347
|
2,325,913
|
|||||||||
Total shareholders' equity
|
171,226
|
148,387
|
|||||||||
Total liabilities and shareholders' equity
|
$ 2,460,573
|
$ 2,474,300
|
|||||||||
Net interest income
|
$ 24,119
|
$ 22,602
|
|||||||||
Interest rate spread 1
|
3.41%
|
3.23%
|
|||||||||
Net interest margin 2
|
4.10%
|
3.81%
|
|||||||||
Average interest earning assets to interest-bearing liabilities
|
148.0%
|
148.3%
|
|||||||||
Notes:
|
|||||||||||
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average
interest-bearing liabilities
|
|||||||||||
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
|
ORANGE COUNTY BANCORP, INC.
|
|||||||||||
NET INTEREST MARGIN ANALYSIS
|
|||||||||||
(UNAUDITED)
|
|||||||||||
(Dollar Amounts in thousands)
|
|||||||||||
Six Months Ended June 30,
|
|||||||||||
2024
|
2023
|
||||||||||
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
|
||||||
Assets:
|
|||||||||||
Loans Receivable (net of PPP)
|
$ 1,733,197
|
$ 52,389
|
6.06%
|
$ 1,654,339
|
$ 45,696
|
5.57%
|
|||||
PPP Loans
|
203
|
3
|
2.96%
|
1,666
|
20
|
2.41%
|
|||||
Investment securities
|
474,419
|
6,796
|
2.87%
|
523,266
|
7,109
|
2.74%
|
|||||
Due from banks
|
155,047
|
3,713
|
4.80%
|
132,019
|
2,811
|
4.29%
|
|||||
Other
|
8,119
|
684
|
16.90%
|
11,760
|
468
|
8.03%
|
|||||
Total interest earning assets
|
2,370,985
|
63,585
|
5.38%
|
2,323,050
|
56,104
|
4.87%
|
|||||
Non-interest earning assets
|
96,839
|
94,937
|
|||||||||
Total assets
|
$ 2,467,824
|
$ 2,417,987
|
|||||||||
Liabilities and equity:
|
|||||||||||
Interest-bearing demand accounts
|
$ 377,492
|
$ 922
|
0.49%
|
$ 337,890
|
$ 543
|
0.32%
|
|||||
Money market accounts
|
643,244
|
7,151
|
2.23%
|
618,332
|
3,920
|
1.28%
|
|||||
Savings accounts
|
245,009
|
1,662
|
1.36%
|
256,143
|
1,112
|
0.88%
|
|||||
Certificates of deposit
|
197,003
|
4,528
|
4.61%
|
133,203
|
1,939
|
2.94%
|
|||||
Total interest-bearing deposits
|
1,462,748
|
14,263
|
1.96%
|
1,345,568
|
7,514
|
1.13%
|
|||||
FHLB Advances and other borrowings
|
122,203
|
3,141
|
5.15%
|
176,569
|
4,388
|
5.01%
|
|||||
Note payable
|
—
|
—
|
0.00%
|
—
|
—
|
0.00%
|
|||||
Subordinated notes
|
19,535
|
461
|
4.73%
|
19,463
|
461
|
4.78%
|
|||||
Total interest bearing liabilities
|
1,604,486
|
17,865
|
2.23%
|
1,541,600
|
12,363
|
1.62%
|
|||||
Non-interest bearing demand accounts
|
667,947
|
707,284
|
|||||||||
Other non-interest bearing liabilities
|
27,081
|
22,840
|
|||||||||
Total liabilities
|
2,299,514
|
2,271,724
|
|||||||||
Total shareholders' equity
|
168,310
|
146,263
|
|||||||||
Total liabilities and shareholders' equity
|
$ 2,467,824
|
$ 2,417,987
|
|||||||||
Net interest income
|
$ 45,720
|
$ 43,741
|
|||||||||
Interest rate spread 1
|
3.15%
|
3.25%
|
|||||||||
Net interest margin 2
|
3.87%
|
3.80%
|
|||||||||
Average interest earning assets to interest-bearing liabilities
|
147.8%
|
150.7%
|
|||||||||
Notes:
|
|||||||||||
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average
interest-bearing liabilities
|
|||||||||||
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
|
ORANGE COUNTY BANCORP, INC.
|
|||||||||||||||
SELECTED RATIOS AND OTHER DATA
|
|||||||||||||||
(UNAUDITED)
|
|||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2024
|
2023
|
2024
|
2023
|
||||||||||||
Performance Ratios:
|
|||||||||||||||
Return on average assets (1)
|
1.34%
|
1.47%
|
1.42%
|
1.02%
|
|||||||||||
Return on average equity (1)
|
19.19%
|
24.49%
|
20.80%
|
16.84%
|
|||||||||||
Interest rate spread (2)
|
3.41%
|
3.23%
|
3.15%
|
3.25%
|
|||||||||||
Net interest margin (3)
|
4.10%
|
3.81%
|
3.87%
|
3.80%
|
|||||||||||
Dividend payout ratio (4)
|
15.80%
|
14.25%
|
14.82%
|
21.02%
|
|||||||||||
Non-interest income to average total assets
|
0.62%
|
0.53%
|
0.61%
|
0.53%
|
|||||||||||
Non-interest expenses to average total assets
|
2.52%
|
2.34%
|
2.50%
|
2.36%
|
|||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
147.95%
|
148.34%
|
147.77%
|
150.69%
|
|||||||||||
Asset Quality Ratios:
|
|||||||||||||||
Non-performing assets to total assets
|
0.64%
|
0.22%
|
|||||||||||||
Non-performing loans to total loans
|
0.92%
|
0.32%
|
|||||||||||||
Allowance for credit losses to non-performing loans
|
173.95%
|
460.06%
|
|||||||||||||
Allowance for credit losses to total loans
|
1.60%
|
1.45%
|
|||||||||||||
Capital Ratios (5):
|
|||||||||||||||
Total capital (to risk-weighted assets)
|
15.09%
|
13.47%
|
|||||||||||||
Tier 1 capital (to risk-weighted assets)
|
13.84%
|
12.22%
|
|||||||||||||
Common equity tier 1 capital (to risk-weighted assets)
|
13.84%
|
12.22%
|
|||||||||||||
Tier 1 capital (to average assets)
|
10.04%
|
8.86%
|
|||||||||||||
Notes:
|
|||||||||||||||
(1)
|
Annualized for the three and six month periods ended June 30, 2024 and 2023, respectively.
|
||||||||||||||
(2)
|
Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing
liabilities for the periods.
|
||||||||||||||
(3)
|
The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
|
||||||||||||||
(4)
|
The dividend payout ratio represents dividends paid per share divided by net income per share.
|
||||||||||||||
(5)
|
Ratios are for the Bank only.
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||
SELECTED OPERATING DATA
|
||||||||||||||
(UNAUDITED)
|
||||||||||||||
(Dollar Amounts in thousands except per share data)
|
||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||
Interest income
|
$ 32,512
|
$ 29,740
|
$ 63,585
|
$ 56,104
|
||||||||||
Interest expense
|
8,393
|
7,138
|
17,865
|
12,363
|
||||||||||
Net interest income
|
24,119
|
22,602
|
45,720
|
43,741
|
||||||||||
Provision for credit losses
|
2,210
|
214
|
570
|
6,569
|
||||||||||
Net interest income after provision for credit losses
|
21,909
|
22,388
|
45,150
|
37,172
|
||||||||||
Noninterest income
|
3,807
|
3,286
|
7,493
|
6,456
|
||||||||||
Noninterest expenses
|
15,487
|
14,447
|
30,797
|
28,475
|
||||||||||
Income before income taxes
|
10,229
|
11,227
|
21,846
|
15,153
|
||||||||||
Provision for income taxes
|
2,016
|
2,141
|
4,343
|
2,837
|
||||||||||
Net income
|
$ 8,213
|
$ 9,086
|
$ 17,503
|
$ 12,316
|
||||||||||
Basic and diluted earnings per share
|
$ 1.46
|
$ 1.61
|
$ 3.10
|
$ 2.19
|
||||||||||
Weighted average common shares outstanding
|
5,641,434
|
5,629,030
|
5,638,185
|
5,627,354
|
||||||||||
At
|
At
|
|||||||||||||
June 30, 2024
|
December 31, 2023
|
|||||||||||||
Book value per share
|
$ 31.35
|
$ 29.26
|
||||||||||||
Net tangible book value per share (1)
|
$ 30.23
|
$ 28.12
|
||||||||||||
Outstanding common shares
|
5,663,671
|
5,651,311
|
||||||||||||
Notes:
|
||||||||||||||
(1) Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by
reducing total assets, as defined by GAAP, by $5,359 in goodwill and $964, and $1,107 in other intangible assets for June 30, 2024 and December 31, 2023, respectively.
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||
LOAN COMPOSITION
|
||||||||||||||
(UNAUDITED)
|
||||||||||||||
(Dollar Amounts in thousands)
|
||||||||||||||
At June 30, 2024
|
At December 31, 2023
|
|||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||
Commercial and industrial (a)
|
$ 261,050
|
15.06%
|
$ 273,562
|
15.66%
|
||||||||||
Commercial real estate
|
1,258,160
|
72.57%
|
1,259,356
|
72.08%
|
||||||||||
Commercial real estate construction
|
85,720
|
4.94%
|
85,725
|
4.91%
|
||||||||||
Residential real estate
|
81,554
|
4.70%
|
78,321
|
4.48%
|
||||||||||
Home equity
|
14,255
|
0.82%
|
13,546
|
0.78%
|
||||||||||
Consumer
|
33,094
|
1.91%
|
36,552
|
2.09%
|
||||||||||
Total loans
|
1,733,833
|
100.00%
|
1,747,062
|
100.00%
|
||||||||||
Allowance for loan losses
|
27,815
|
25,182
|
||||||||||||
Total loans, net
|
$ 1,706,018
|
$ 1,721,880
|
||||||||||||
(a) - Includes PPP loans of:
|
$ 193
|
$ 215
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||||
DEPOSITS BY ACCOUNT TYPE
|
||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||
(Dollar Amounts in thousands)
|
||||||||||||||||||
At June 30, 2024
|
At December 31, 2023
|
|||||||||||||||||
Amount
|
Percent
|
Average Rate
|
Amount
|
Percent
|
Average Rate
|
|||||||||||||
Noninterest-bearing demand accounts
|
$ 681,232
|
30.98%
|
0.00%
|
$ 699,203
|
34.30%
|
0.00%
|
||||||||||||
Interest bearing demand accounts
|
418,074
|
19.01%
|
0.51%
|
304,892
|
14.95%
|
0.49%
|
||||||||||||
Money market accounts
|
684,160
|
31.11%
|
2.31%
|
584,976
|
28.69%
|
2.04%
|
||||||||||||
Savings accounts
|
258,056
|
11.73%
|
1.34%
|
228,161
|
11.19%
|
1.19%
|
||||||||||||
Certificates of Deposit
|
157,759
|
7.17%
|
4.38%
|
221,517
|
10.87%
|
4.57%
|
||||||||||||
Total
|
$ 2,199,281
|
100.00%
|
1.29%
|
$ 2,038,749
|
100.00%
|
1.29%
|
||||||||||||
|
|||||||||||
ORANGE COUNTY BANCORP, INC.
NON-PERFORMING ASSETS
|
|||||||||||
(UNAUDITED)
|
|||||||||||
(Dollar Amounts in thousands)
|
|||||||||||
June 30, 2024
|
December 31, 2023
|
||||||||||
Non-accrual loans:
|
|||||||||||
Commercial and industrial
|
$ 295
|
$ 556
|
|||||||||
Commercial real estate
|
14,957
|
2,692
|
|||||||||
Commercial real estate construction
|
—
|
—
|
|||||||||
Residential real estate
|
588
|
1,179
|
|||||||||
Home equity
|
—
|
—
|
|||||||||
Consumer
|
—
|
—
|
|||||||||
Total non-accrual loans
|
15,840
|
4,427
|
|||||||||
Accruing loans 90 days or more past due:
|
|||||||||||
Commercial and industrial
|
150
|
—
|
|||||||||
Commercial real estate
|
—
|
—
|
|||||||||
Commercial real estate construction
|
—
|
—
|
|||||||||
Residential real estate
|
—
|
—
|
|||||||||
Home equity
|
—
|
—
|
|||||||||
Consumer
|
—
|
—
|
|||||||||
Total loans 90 days or more past due
|
150
|
—
|
|||||||||
Total non-performing loans
|
15,990
|
4,427
|
|||||||||
Other real estate owned
|
—
|
—
|
|||||||||
Other non-performing assets
|
—
|
—
|
|||||||||
Total non-performing assets
|
$ 15,990
|
$ 4,427
|
|||||||||
Ratios:
|
|||||||||||
Total non-performing loans to total loans
|
0.92%
|
0.25%
|
|||||||||
Total non-performing loans to total assets
|
0.64%
|
0.18%
|
|||||||||
Total non-performing assets to total assets
|
0.64%
|
0.18%
|
|||||||||
Notes:
|
|||||||||||
1 - Includes non-accruing TDRs:
|
$ —
|
$ 2,391
|
TM3WS;$\79'A99E6Q^"QU"E6PT:M"EA(TU&E*4XU)
MRER*<5*;H4N93E;VCDHPY+S_ -,6BOR&_P""&O[;(_;H_P""<_P3^(.N:T-8
M^*GPTL/^%&_&>2602:E+X\^'%AIUE;Z_JA"QJ]]XX\'77A7QS=S01K:?;_$5
M[:P!&M)88?UX9@H+,0JJ"S,QP% &223P !R2> *_'LRP&(RO,,;EN+CRXG X
MFMA:RL[.=&I*#E&Z3<)VYZDEK%V;2G!WA.-[QG%Q>J9_.=_P=+?#C0?&G_!
M)WQQXMU2SM9M6^$/QB^#7C?PU=RD)=6=_K?BE?AC?K:N()'D%SHWC_4%N+7S
M;>*18TNGD>2RAAD_GP_X,_\ Q/X@M/V\/VC_ 9;/(/"NO\ [(^L>)]9C"3F
M)O$'A'XR?"/2O#+O(KBV21-.\;>+5C26-YY%DE:W>..*Y67]!?\ @[1_;X\%
M:;\)/A[_ ,$^_ NOV6K?$/Q=XNT+XM_&RST]K>\'A#P/X7@OW\#>&=9EW,+'
M6_%_B>[MO%,%E%C4K+1_"%M<7RVVG^)--.H]A_P:/?L9>*OAK\#?CI^V7XXT
M>[TA?V@M3T'X>_".&_@MXIM1^'7PZN]6N?$_B^T8-)=C2?$_C;4AH-G'<+9/
M++\/KK4$@NM/O]+O7_9LNE+*?!;-?[2CR_VSF,_[)HUFXRJPK5+Y;>2ZA\/>&;*]NK.TC2WMHI+_6]:U&ZMM+T/3(GN+F:6[FT^POO
MXT?&7_!SA_P5-_:^^(\OPO\ V!_V9/"WA&_U:SF.@>&?!?P^\3_M(_&>&)+X
M6\WB"ZO9[:#P?'IMJEYIB7,EU\+AI>DSR2S:CJMS;W$"VW4?\'B]]XBD_:$_
M8OTVYFOF\)VGP:^)-]HEO(I_LV+Q%J/C?2+?Q1-:-M -]/INF>$$U!0[%;>W
MTPE5# O^L'_!IMX/^"FG?\$Z_%7C3P1::'-\8?$GQT\:Z5\;-7C%O+XG@ET*
MTT8^ O#U[,:
M8EWT_"I.IP[XE4*:YZU;(J,:5*.M2HW@<^A:$=Y>_4A%V5DYQ3UDKKC)\F;\
M'U9>[3IYG)SJ/2$%]9RR7O2VC[L)/5[1D]DS_7/K\5?^"^_[#9_;B_X)T?%3
M1O#>C#5/B]\"P?CW\(Q"LIU"[U?P/IU\WB_PO9K#<6QNY?&'P_NO$VCZ?ILY
MGM+CQ*?#MX]M)=:=92P_M52, P*L RL"K*PR&!&""#P01P0>"*_(\KS'$Y1F
M."S/"2Y<3@,31Q-)Z\KE2FI
)Q=;$9@Y/$1KRH.E>53VB]FJ="G./(_=BG.
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MB_L"TEDDC@@OM:%A97%U)':07$ERZQ'?(O$W$<(9-B\!FE+* KN>&^\KQ
M##=>';>"TB\9ZAJ5K_*M_P &T/[& _:G_P""C_A+XC>)-(74/AG^R5I2_'+Q
M#)=6\%Q87/C^VO!I?P
Document and Entity Information |
Jul. 31, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2024 |
Entity File Number | 021-322130 |
Entity Registrant Name | Orange County Bancorp, Inc. /DE/ |
Entity Central Index Key | 0001754226 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 26-1135778 |
Entity Address, Address Line One | 212 Dolson Avenue |
Entity Address, City or Town | Middletown |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10940 |
City Area Code | 845 |
Local Phone Number | 341-5000 |
Title of 12(b) Security | Common Stock, par value $0.50 |
Trading Symbol | OBT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
M3)EF=PT)P&@E.F]+5%6UMQ;$N&O!6NT1LUP
M]OEMC O9V@6V^;W3N45?O0 DNP?NZ7=XB@D\T!U)FKB>[SD)T&4NUGO8#Y\I
M]1$3E'P"/^GCQ/'\=YD"$6O=; 0S7#(PY+// .M P'Z ?_E%XYR!]B9X
M;8FN=_\X.&JP'>D$7,-OGU=5/+H(6)0:=5P4O,<\[U&U ,KI*X3\J_$?UKK<
ME%Z34'(T=CGRW0]*Q[ ]#(D[J3 P,AIZ.*\/JQ&YKY*F,.:U8NY=KQA!
M]085.D0HJK2(B[NP>.P@("^N$K20C!W%Y?0RTKPMJK,EIHLX77RBY"E_."7+
MQR"%'\Z-2F$1:93.B\VE8D@U $*8#="!$"&B9C
MPEG$=(BHM0$/0*4D890DOCL9]7!$[__Y(T%C_N.M"< :
MY^3S3-7_>Q2$TVVVU3
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M*61!,Q3!U)A6F8S!3]8$Q6!:FA\C%,';<%-54XMXB(+AJ0)FL7''VY0
M#&$*EL&TO/7#),1+*@:X3M6G).\# LIP@JVS;5,2H@C%/IG##3^OL$VAQM
M=S4,4[!9'SZZB31OZ7X:H:46KZ9D"@K;0]8:0UZ-E\AT/"0*ELGE?7M3+8M>
ME*^**4@6T\&,QG 8#V/N2)V*(E@:XSY*0VBQ\=)^,89VPB$S15!LF_V"_(;P
MQLD;VD!.IBR8?+H'FZ(6C9U^'\S:0J(F= _L9#)\+#T =3(_Y'U@G^(-9V
M8<>@Z+'W5A(0^>\=.^Q4*>EA6((J[\6V64$N-642=UZ<[WSYXAL8],UC %DS
M]G5Z]Y2)IK:=M]L]H <6CZ:N&)JRE?[#A[HU;3]\J%O;,,J$8['9DS=H5%.5
M""A;.V9.K+ &H!:AM/'&5A":1:S']H#TD6)A=ZY3'F%:@-Z
MT'.1UV21Y^$(R5SF'8V_#]T'FGV9I_#BBG;(/%;SC1?A:!0&^:")9.\2D$L<
M+G&XQ#G=FO>E5M;L@#3>791MJ2F)$I>:LS"Q2 #Y^"#A0I-G+%=R"\]8KEV'
M)PVXF&J,F#)$:16-59AB/C7^U,/7\B=X3Q.WJXQOKTG0U7RK-:*P[H=:+2QK
MOM,:<5KW,W&!RP7NWL-WHK32RIB*4^70XO2M_"Y_RB/['J8IZBNY< HA63IX
M?7,0D+/T?^$^+7!.AAC^'V&,G ">P?N%1O"3(1K#[\-^C'#0AV_^:Q)@I$H"
M4B1%H]^$/U0!13@>8S?QGK#_(AX=YIR-ZF(CA14VLE715BNPT<$-MSL\!N+'
M 3EH#BS4]P8#'&%R;*"'DV>, _IVGBNOEBZ8"M<-,]C11%OCJH%E@MWIP'W[L ,$*Y^L]W.'8Z^/@X2[
M/TTA5Q;$2"9,9$&OV#CVA(2)*7'MQRC!FI:@*CL=L6T?=C11VZ?+)*NKBTJ.
M.9DT1=9-P[_N_$2UYV.%O%BQV:0>HLB*#T*FN"HG,S? 8[$N$C#A)&"585
M]-UF<[4/.Q(Y3'RJFO,B#.+)"$=<;3:Y1K!U-K]SF]0EF?(S($IV.8!"*%X<5CY/$POA'C$X6""LA1_D!^$ J!#U*0_HS#
M3(EM=S#TP2C,2,3C41I.4 HSF?H36;.H$'N >![?Q'F3R6Q10,XX(M&D*"NT
MI!^'@(*H+=RA0.024K23
UO\%Y>MSX]9T [P381H#G]00/6[VCYG*8&ULU5Q=4]LX%'W?F?T/WO0Y,4DH71AHAZ70R91"!MC9CY<=Q582
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M];$YQU-WGHSSQS1R=0[EZO0/Y.J\>\H&UL4$L! A0#% @ >X7_6#A>D_@%!@ _$ !0
M ( !+HH &]B="TR,#(T,#&UL4$L%!@ % 4 0@$ &60
$ $!
end