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Mar 31, 2024
Orange County Bancorp Q1 2024 Earnings Report
Reported record earnings for the first quarter of 2024, driven by net interest income growth, managed operating expenses, and a reduction in provision for credit losses.
Key Takeaways
Orange County Bancorp reported a significant increase in net income for Q1 2024, with net income reaching $9.3 million, a 187.6% increase compared to Q1 2023. The increase was driven by growth in net interest income, managed operating expenses, and a reduction in expense related to provision for credit losses.
Net income increased by 187.6% to $9.3 million compared to the same quarter last year.
Total deposits grew by $110.7 million, reaching $2.2 billion.
Net interest margin decreased slightly to 3.64%.
Trust and investment advisory income rose by 21.6% to $2.9 million.
Revenue by Segment
Forward Guidance
The bank is optimistic about reducing interest rates later in the year and assumes a conservative posture to benefit the bank regardless of the rate environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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