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Mar 31, 2023
Orange County Bancorp Q1 2023 Earnings Report
Net income decreased due to a $5 million loss related to subordinated debt of Signature Bank, but net interest income increased.
Key Takeaways
Orange County Bancorp reported a net income of $3.2 million, or $0.57 per share, for Q1 2023, compared to $5.3 million, or $0.95 per share, for Q1 2022. The decrease in earnings was primarily due to a $5 million loss related to Signature Bank's subordinated debt. However, net interest income increased by $4.8 million, or 29.4%, to $21.1 million.
Net Interest Income increased $4.8 million, or 29.4%, to $21.1 million.
Total Assets grew $167.0 million, or 7.3%, to $2.5 billion.
Loans grew $93.9 million, or 6.0%, to $1.7 billion.
Total Deposits rose by $51.5 million, or 2.6%, to $2.0 billion.
Revenue by Segment
Forward Guidance
Orange County Bancorp anticipates that loan and deposit growth will remain challenged as the Federal Reserve continues to combat inflation with higher interest rates and restrictive liquidity policy. The Company is responding with strategies aimed at retaining and growing core deposits and believes its strong reputation and regional commitment will provide additional opportunities for deposit and lending growth and new relationships going forward.
Positive Outlook
- Strategies aimed at retaining and growing core deposits have already begun to yield benefits.
- Strong reputation and regional commitment will provide additional opportunities for deposit and lending growth and new relationships going forward.
- Focus on core deposits and relationship banking provides the strategy and foundation to continue building a high performing, stable, and reliable banking organization.
- Capital ratios exceed regulatory standards for well capitalized institutions.
- Commitment to identifying and pursuing opportunities to better serve existing clients and attract new ones, especially in times of turmoil.
Challenges Ahead
- Loan and deposit growth to remain challenged as the Fed continues to fight inflation with higher interest rates and restrictive liquidity policy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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