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Jun 30, 2023
Orange County Bancorp Q2 2023 Earnings Report
Reported record results due to substantial increase in interest income resulting from growth in loan portfolio and increase in average yield of loan portfolio.
Key Takeaways
Orange County Bancorp, Inc. reported a record net income of $9.1 million for Q2 2023, a $7.0 million increase compared to Q2 2022. The increase was attributed to growth in net interest income and a decrease in provision for credit losses.
Net Income increased $7.0 million, or 330.6%, to $9.1 million for the quarter ended June 30, 2023 from $2.1 million for the quarter ended June 30, 2022
Total Assets grew $206.6 million, or 9.0%, to $2.5 billion at June 30, 2023 from $2.3 billion at year-end 2022
Total Loans grew $143.7 million, or 9.2%, to $1.7 billion at June 30, 2023 from $1.6 billion at December 31, 2022
Trust and investment advisory income rose 10%, to approximately $2.6 million for Q2 2023 from $2.3 million for Q2, 2022
Revenue by Segment
Forward Guidance
Orange County Bancorp remains cautious in light of recent industry volatility, the Fed’s ongoing inflation fighting efforts, and their potential impact on regional economic activity.
Positive Outlook
- Strong quarterly results further validate the robustness and flexibility of the business model.
- Orange Bank and Trust has a strong balance sheet.
- Demonstrated deposit gathering ability.
- Flexibility to adapt to challenging circumstances.
- Established foundation in business banking which should generate consistent income over time and an ability to transition the platform between stability and/or growth as market conditions permit.
Challenges Ahead
- Industry concerns remain, including deposit uncertainty.
- Potential regulatory responses to the recent bank failures.
- Recent industry volatility.
- The Fed’s ongoing inflation fighting efforts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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