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Sep 30, 2022
Orange County Bancorp Q3 2022 Earnings Report
Achieved record results driven by net interest income increase.
Key Takeaways
Orange County Bancorp reported a record third quarter with net income reaching $7.9 million, a 40.8% increase compared to Q3 2021. This growth was primarily driven by increased net interest income, resulting from strong loan growth and yield increases. Total assets grew by 10.5% to $2.4 billion, and total loans increased by 19.8% to $1.5 billion.
Net income for Q3 2022 reached a quarterly record $7.9 million, an increase of $2.3 million, or 40.8%, from net income of $5.6 million for Q3 2021.
Total assets increased $225.8 million, or 10.5%, to $2.4 billion at September 30, 2022 from $2.1 billion at December 31, 2021.
Total loans grew $256.3 million, or 19.8%, to $1.5 billion at September 30, 2022 from $1.3 billion at December 31, 2021.
Net interest margin for Q3 2022 rose 54 basis points, or 17.1%, to 3.70% from 3.16% for Q3 2021.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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