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Dec 31, 2022
Orange County Bancorp Q4 2022 Earnings Report
Orange County Bancorp achieved record quarterly earnings due to increased net interest income.
Key Takeaways
Orange County Bancorp reported a record net income of $9.1 million for Q4 2022, a 65% increase compared to Q4 2021. The growth was primarily driven by increased interest income and strong loan growth. Total assets reached $2.3 billion, and total loans grew to $1.6 billion.
Net income for Q4 2022 reached a quarterly record $9.1 million, a $3.6 million, or 65.0% increase, over net income of $5.5 million in Q4 2021, due primarily to increased interest income
Net income for fiscal year 2022 reached a record $24.4 million, a $3.1 million, or 14.4% increase, over net income of $21.3 million in fiscal year 2021, also due primarily to increased interest income
Total assets increased $144.8 million, or 6.8%, to $2300000000 at December 31, 2022 from $2100000000 at December 31, 2021
Net interest margin for Q4 2022 rose 102 basis points, or 32.9%, to 4.12% from 3.10% for Q4 2021
Forward Guidance
Orange County Bancorp is positioned to manage current headwinds, originating high quality loans and expand market share. Higher interest rates may impact loan and deposit growth but also create a strong foundation for the coming year.
Positive Outlook
- The Bank remains focused on its deposit gathering and meeting our goals to expand market share and support our funding plans.
- Based on our strategic loan objectives, the Bank is well positioned to continue originating high quality loans further into the year and gather a larger share of our business clients’ funds on deposit.
- The Bank’s net interest margins for Q4 2022 grew 102 basis points, or 32.9%, to 4.12% versus 3.10% the prior year.
- Orange is well positioned to manage current headwinds.
- We are a high-performing business bank in a large market with significant upside opportunity focused on execution of our strategic initiatives.
Challenges Ahead
- Local economies aren’t immune to the widespread impact of current interest rate policy at the Federal Reserve.
- The Fed’s efforts to slow economic growth also involve the reduction of liquidity in the financial system, negatively impacting the industry’s deposit base.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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