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Jun 30, 2022
Orange County Bancorp Q2 2022 Earnings Report
Net income decreased due to an increased provision for loan losses.
Key Takeaways
Orange County Bancorp reported a net income of $2.1 million, or $0.38 per basic and diluted share, for the three months ended June 30, 2022. This represents a decrease compared to the net income of $5.2 million, or $1.16 per basic and diluted share, for the same period in 2021. The decrease was primarily due to a $4.7 million increase in the provision for loan losses resulting from two impaired loan relationships within the syndicated loan portfolio.
Total assets increased by $250 million, or 11.7%, reaching $2.4 billion as of June 30, 2022.
Total loans grew by $180 million, or 13.9%, reaching $1.5 billion as of June 30, 2022.
Total deposits reached $2.2 billion as of June 30, 2022, representing an increase of $289 million, or 15.1%.
Net income for Q2 2022 was $2.1 million, a decrease of $3.1 million, or 59.4%, from net income of $5.2 million for Q2 2021, due to an increase in the provision for loan losses
Revenue by Segment
Forward Guidance
Company focused on disciplined growth, risk management, and talent retention.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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