Loading...
•
Jun 30, 2024
Orange County Bancorp Q2 2024 Earnings Report
Net income of $8.2 million, or $1.46 per basic and diluted share, was announced.
Key Takeaways
Orange County Bancorp reported a net income of $8.2 million, or $1.46 per share, for the second quarter of 2024. This compares to a net income of $9.1 million, or $1.61 per share, for the same period last year. The decrease in earnings per share was primarily due to increases in the provision for credit losses and non-interest expense, offset by increases in net interest income and non-interest income.
Net Interest Income increased by 6.7% to $24.1 million.
Net Interest Margin grew by 29 basis points to 4.10%.
Total Deposits rose by 7.9% to $2.2 billion.
Trust and investment advisory income rose 15.9% to $3.0 million.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance but highlighted their focused business strategy involving moderating loan growth for higher rates, growing core deposits, and replacing expensive borrowings with lower-cost funding.
Positive Outlook
- Intentional effort to moderate loan growth in favor of higher rates.
- Bank wide, multi-year effort to grow core deposits.
- Specific plan to replace expensive borrowings with lower cost funding.
- Increased yield on loan portfolio.
- Growth in low cost deposits.
Challenges Ahead
- Credit impairment charge on one of participation loans.
- Net increase in provision for credit losses.
- Uncertainty surrounding the Federal Reserve rate policy.
- Overall industry volatility.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...