Welcome to our dedicated page for Orange Cnty Bancorp news (Ticker: OBT), a resource for investors and traders seeking the latest updates and insights on Orange Cnty Bancorp stock.
Orange County Bancorp, Inc. (Nasdaq: OBT) is a bank holding company and the parent of Orange Bank & Trust Company and Orange Investment Advisors, Inc. This news page aggregates company announcements, earnings releases, capital markets updates, and other disclosures that Orange County Bancorp, Inc. distributes through press releases and SEC-related communications.
Recent news items include quarterly earnings releases detailing net income, net interest income, non-interest income, loan and deposit growth, and efficiency metrics for Orange County Bancorp, Inc. The company also issues press releases when its board declares cash dividends on common stock, specifying dividend amounts along with record and payment dates. These dividend announcements are typically accompanied by Form 8-K filings that formally document the events.
Investors can also find news related to capital-raising activities, such as the launch and pricing of underwritten public offerings of common stock under a shelf registration statement on Form S-3, as well as follow-on actions like the exercise of underwriters’ overallotment options. Additional news coverage includes the company’s issuance of subordinated notes in private placements to qualified institutional buyers and related disclosures about intended uses of proceeds.
Other notable items on this page may include rebranding announcements for the wealth management subsidiary, Orange Investment Advisors, Inc., and rating agency press releases discussing credit ratings assigned to Orange County Bancorp, Inc. and Orange Bank & Trust Company. Together, these updates provide a view into the company’s financial performance, capital strategy, wealth management initiatives, and external credit assessments. Users interested in OBT news can review this feed to monitor the company’s reported results, dividend actions, financing transactions, and corporate developments over time.
Orange County Bancorp, Inc. declared a cash dividend of $0.23 per share on February 16, 2023. This dividend will be paid on March 15, 2023, to shareholders who are on record by March 3, 2023. The company, which operates as the parent of Orange Bank & Trust Company and Hudson Valley Investment Advisors, boasts over $2.0 billion in total assets, a milestone achieved through long-term commitment and innovation in banking.
Orange County Bancorp, Inc. (OBT) reported a record net income of $9.1 million for Q4 2022, marking a 65% increase from Q4 2021 due to rising interest income. The annual net income reached $24.4 million, a 14.4% increase year-over-year. Total assets grew by 6.8% to $2.3 billion, with total loans increasing 21.5% to $1.6 billion. Deposits rose by 3.1% to $2.0 billion. The net interest margin improved by 32.9% to 4.12% in Q4. However, book value per share decreased 24.5% to $24.48 due to rising interest rates affecting market values.
Orange County Bancorp (NASDAQ:OBT) announced the retirement of CFO Robert Peacock, effective March 15, 2023. He will be succeeded by Michael Lesler, currently SVP Chief Accounting Officer. Lesler, who joined the bank in 2021, brings over 20 years of banking experience, including prior roles at BCB Bank and Clifton Savings Bank. The transition aligns with the bank's leadership succession plan aimed at ensuring a smooth leadership change and continued strategic direction.
Orange Bank & Trust Company is relocating its Goshen Office to a historic building at 54 West Main Street, Goshen, NY. The move is part of the Bank's expansion strategy due to increased client demand and will feature a larger space, updated design, and enhanced facilities. A sneak peek event on November 29 showcased the renovation plans, attended by local officials. Renovations are expected to complete in Q1 2023. The Bank, a subsidiary of Orange County Bancorp, Inc. (Nasdaq: OBT), has over $2 billion in assets and a commitment to community engagement.
Orange County Bancorp declared a cash dividend of $0.23 per share, payable on December 15, 2022, to shareholders recorded by December 2, 2022. As the parent company of Orange Bank & Trust and Hudson Valley Investment Advisors, it operates over $2.0 billion in total assets. This dividend reflects the company's ongoing commitment to returning income to shareholders while maintaining its robust growth strategy.
Orange County Bancorp (Nasdaq: OBT) reported record net income of $7.9 million for Q3 2022, a 40.8% increase from $5.6 million in Q3 2021. Total assets increased by $225.8 million (10.5%) to $2.4 billion, while total deposits rose $273.2 million (14.3%) to $2.2 billion. Net interest income surged $5.5 million (34.9%) to $21.4 million. Despite strong growth, book value per share declined by 25.6% due to rising market interest rates impacting the investment portfolio.
Orange County Bancorp (NASDAQ: OBT) appointed Marianna R. Kennedy to its Board of Directors effective October 1, 2022. Michael Gilfeather, CEO, expressed confidence in her extensive financial expertise. Kennedy, a partner at Drake Loeb PLLC, specializes in business transactions and represents regional businesses in various financial matters. She brings a wealth of experience from her roles on multiple boards, including the SUNY Orange Foundation. Orange County Bancorp manages over $2 billion in assets and has a strong commitment to community growth.
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Orange County Bancorp declared a $0.20 cash dividend per share on August 18, 2022. The dividend is set to be paid on September 15, 2022 to shareholders recorded by September 2, 2022. This action reflects the company's commitment to shareholder returns and financial stability. With total assets exceeding $2 billion, Orange County Bancorp continues to support its community and offers investment advisory services through its subsidiary, Hudson Valley Investment Advisors, Inc.
Orange County Bancorp (Nasdaq: OBT) reported Q2 2022 net income of $2.1 million ($0.38/share), a 59.4% decline from $5.2 million in Q2 2021. This drop is attributed to a significant increase in the provision for loan losses to $5.5 million from $809 thousand last year, due to impaired syndicated loans. Despite this, total assets rose 11.7% to $2.4 billion, fueled by a 15.1% increase in deposits and 13.9% growth in loans. Net interest income grew 19.7%, demonstrating strong loan demand amidst a challenging rate environment.