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Dec 31, 2023
Orange County Bancorp Q4 2023 Earnings Report
Net income decreased due to increased interest expense and investment in growth.
Key Takeaways
Orange County Bancorp reported a net income of $8.1 million, or $1.44 per basic and diluted share, for the fourth quarter of 2023, compared to $9.1 million, or $1.61 per basic and diluted share, for the fourth quarter of 2022. The decrease was primarily due to increased interest expense associated with the rising rate environment during 2023.
Net income for the fourth quarter of 2023 was $8.1 million, a decrease of $948 thousand, or 10.5%, from net income of $9.1 million for the fourth quarter of 2022.
Net interest income fell $676 thousand, or 3.0%, to $22.2 million, versus $22.8 million during the same period last year.
Non-interest income rose $662 thousand, or 21.5%, to $3.7 million.
Non-interest expense was $14.7 million, reflecting an increase of $1.4 million, or 10.1%.
Revenue by Segment
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