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Sep 30, 2021
Orange County Bancorp Q3 2021 Earnings Report
Net income increased significantly due to growth in net interest income and a decrease in provision for loan losses.
Key Takeaways
Orange County Bancorp announced record third quarter earnings with net income increasing by 91.4% to $5.6 million, driven by strategic emphasis on business clients and significant growth in core loans and deposits.
Net Income for Q3 2021 increased $2.6 million, or 91.4%, to a record $5.6 million versus Q3 2020
Return on average assets for Q3 2021 rose 35 basis points year-over-year to 1.07%
Average Loans (net of PPP) for Q3 2021 increased 17.0% year-over-year, to $1.2 billion
Trust and asset advisory business revenue increased 16.7% year-over-year, to $2.4 million, for Q3 2021
Revenue by Segment
Forward Guidance
The company expects to book a one-time charge of approximately $900,000 in Q4 due to early termination of a vendor contract for data and accounting systems upgrade.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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