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Orange County Bancorp, Inc. reports developments for a community bank holding company with two main businesses: Orange Bank & Trust Company and Orange Investment Advisors. Company news commonly covers quarterly and annual earnings, net interest income and margin, loan and deposit trends, credit-loss provisions, book value, cash dividends, and capital actions.
Updates also address the wealth management business, including investment advisory branding, portfolio management staffing, trust and investment advisory income, and third-party debt and deposit ratings for the holding company and bank subsidiary.
Orange County Bancorp (NASDAQ:OBT) reported a significant increase in net income for 2021, rising by $9.6 million (82.1%) to a record $21.3 million, equivalent to $4.28 per share. Q4 net income also grew by 61.8% year-over-year, reaching $5.5 million. The company's total assets surged 28.6% to $2.1 billion, with average loans increasing 20% to $1.2 billion. Additionally, the successful IPO raised $38.5 million for further growth and visibility. Key growth was evident across all business segments, including a 17.9% revenue increase from trust and asset advisory services.
Orange County Bancorp (NASDAQ:OBT) announced the appointment of Kevin J. Keane to its Board of Directors, effective January 21, 2022. Keane, Managing Partner of PKF O'Connor Davies, brings extensive experience and leadership that align with the bank's expansion strategy into Westchester County. His proven track record of business growth and commitment to community involvement is expected to enhance the board's oversight. The bank has seen significant growth over 125 years, currently holding over $2.0 billion in assets.
Orange County Bancorp (Nasdaq: OBT) announces the hiring of Michael Lesler as SVP, Controller and Chief Accounting Officer. Lesler brings over 20 years of banking experience, including roles at BCB Bank and Clifton Savings Bank. His appointment aims to strengthen the bank's senior management team amidst ongoing growth. The company, founded over 125 years ago, has assets exceeding $2 billion and has expanded its branches in recent years.
Orange Bank & Trust Company has opened a new full-service banking office in Nanuet, Rockland County. Located at 374 South Middletown Road, the branch aims to serve local businesses, non-profits, and municipalities. CEO Michael Gilfeather expressed that this expansion aligns with the bank's regional growth strategy. The branch will operate Monday to Friday, offering a variety of services, including cash management and commercial loans. The bank has a history of over 125 years and currently holds more than $2 billion in total assets.
Orange County Bancorp, Inc. (NASDAQ:OBT) announced a cash dividend of 20¢ per share, set to be paid on December 15, 2021. Shareholders of record by December 3, 2021 will be eligible for this dividend. The company has over $2.0 billion in total assets and continues to uphold a commitment to its community and clientele. This dividend reflects the Board's strategy to return value to shareholders while ensuring ongoing business support and growth.
Orange County Bancorp reported record net income of $5.6 million for Q3 2021, a 91.4% increase year-over-year. Return on assets reached 1.07%, up 35 basis points, while return on common equity rose 126% to 12.2%. Average loans increased 17% to $1.2 billion, and average demand deposits grew 36.7% to $663.8 million. Total assets expanded by 30.6% to $2.2 billion. The bank's wealth management revenue surged 16.7% to $2.4 million. However, it anticipates a one-time charge of $900,000 for systems upgrades due to early vendor contract terminations.
Orange County Bancorp, Inc. (NASDAQ:OBT) announced a cash dividend of 20¢ per share on August 20, 2021. This dividend will be paid on September 15, 2021 to shareholders on record as of September 3, 2021. The bank, with over $2.0 billion in total assets, has a strong commitment to its community and clients, showcasing its long-standing stability since its inception over 125 years ago.
Orange County Bancorp reported a record net income of $5.2 million for Q2 2021, up 80.4% from Q2 2020. The return on average assets improved to 1.05% and return on common equity surged to 15.0%. Average loans increased 22.3% year-over-year, reaching $1.1 billion. Deposits also grew 37.4% to $627.8 million. The company successfully completed an IPO, raising $38.5 million through the sale of 1.15 million shares at $33.50 each. The assets climbed to $2.1 billion, reflecting a 23.3% increase since year-end 2020.
Orange County Bancorp (Nasdaq: OBT) announced the closing of its initial public offering, selling 1,150,000 shares at $33.50 each, raising approximately $38.5 million in gross proceeds. With deductions, net proceeds are expected to be around $35.2 million. This follows the SEC's effective registration statement from August 4, 2021. The company operates Orange Bank & Trust Company and Hudson Valley Investment Advisors, boasting over $2 billion in total assets.
Orange County Bancorp announced its successful listing on the NASDAQ Capital Market under the ticker symbol OBT. This significant milestone highlights the company's commitment to growth and enhances trading liquidity and investor visibility. Following the listing, the company also priced its initial public offering, planning to use proceeds for operational growth and potential acquisitions. CEO Michael Gilfeather emphasized the achievement as a testament to the team's efforts amid challenges, marking a pivotal moment in the company's history.