MIDDLETOWN – Orange County Bancorp, Inc, parent of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc. announced record net income of $2.8 million, or $0.63 per share, for the three months ended June 30, 2019, compared to $2.2 million, or $0.50 per share, for the three months ended March 31, 2019 and $1.5 million, or $0.39 per share, for the same period the prior year.
Net income for the three months ended June 30, 2019 reflects nonrecurring items including a charge related to securities sales and reserve recovery on unfunded loan commitments with a net impact of $109,000 or $0.02 per share.
- Net Income increased 27% over previous quarter to $2.80 mil
- Average Loans up 24.8% year over year to $798.1 mil
- Average Demand Deposits up 24.7% year over year to $277.5 mil
- Total Assets grew 15.3% versus the same period last year to $1.21 bil
- Tangible Book Value Per Share of $24.12 up 17% from the same period last year
“I am extremely pleased with the record results Orange County Bancorp has achieved for the second quarter”, said Michael Gilfeather, President and Chief Executive Officer. “These earnings are not the result of any single factor, but rather represent contributions from all segments of the organization across our business lines and geographic footprint. Loans and deposits, the bank’s core operations, continue to show significant, but measured growth, without pursuing higher risk loans or higher cost deposits. Our ongoing investments into Rockland and Westchester counties continue to significantly contribute to our profitable growth, and we are pleased to report the exploration of new markets for expansion will remain a key initiative within the Company’s strategy. Our Trust and Asset Management businesses also performed well, leading to a meaningful increase in fee and non-interest related income. And our newest initiative, Private Banking, continues to grow, helping both clients and the Company better leverage the capabilities of our organization.
These results reflect the impact of the strategic plan we put in place several years ago, but would not have been possible had we not identified and built upon Orange’s core competencies. None of those is more important than knowing our clients and delivering the highest quality solutions and services. I thank our clients for their trust, our employees for their hard work, and our shareholders for their continued patience and support.”
Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago and has grown through conservative banking practices, innovation and commitment to its community and business cliental to more than $1 billion in Total Assets. In recent years, Orange Bank & Trust Company has added branches in Rockland and Westchester Counties. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit orangebanktrust.com or hviaonline.com.