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Jun 30, 2021
Orange County Bancorp Q2 2021 Earnings Report
Reported record results driven by significant growth across all business facets and the completion of a successful NASDAQ IPO.
Key Takeaways
Orange County Bancorp announced record second quarter results with net income increasing by 80.4% to $5.2 million, driven by growth in assets and loans, and the successful completion of a NASDAQ IPO.
Net Income for Q2 2021 increased $2.3 million, or 80.4%, to a record $5.2 million versus Q2 2020
Return on average assets for Q2 2021 rose 28 basis points year-over-year to 1.05%
Return on common equity for Q2 2021 rose 603 basis points year-over-year to 15.0%
Average Demand Deposits for Q2 2021 grew 37.4% year-over-year to $627.8 million
Revenue by Segment
Forward Guidance
The Company did not provide specific forward guidance, but they discussed their expansion plans and excitement for future growth.
Positive Outlook
- Opened a new branch in the Bronx.
- Scheduled Nanuet branch opening later this year.
- Intend to remain disciplined and rigorous with branch initiatives.
- Outstanding transaction, ensuring future growth and viability for the Company.
- Wealth Management initiative enjoyed strong growth.
Challenges Ahead
- Difficult to predict the continuing effects of the COVID-19 pandemic.
- Pandemic may continue to result in a material adverse change for the demand for our products and services
- Pandemic may result in increased levels of loan delinquencies, problem assets and foreclosures
- Pandemic may cause branch disruptions, unavailability of personnel and increased cybersecurity risks as employees work remotely.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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