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 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.