- Quarterly Net Income increased 12.4% over prior quarter to $3.2 million
- Average Loans up 31.7% year-over-year to $841.9 million
- Average Demand Deposits up 38.5% year-over-year to $308.2 million
- Total Assets up 16.3% versus same period last year to $1.24 billion
- Tangible Book Value per Share of $24.80 up 22% from same period last year
MIDDLETOWN – Orange County Bancorp, Inc. (the “Company” – OTCQX: OCBI), parent of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (HVIA), today announced record net income of $3.2 million, or $0.71 per share, for the three months ended September 30, 2019. This compares with net income of $2.8 million, or $0.63 per share, for the three months ended June 30, 2019 and $2.0 million, or $0.51 per share, for the three months ended September 30, 2018. Net income for the nine-month period ended September 30, 2019 increased $3.3 million to $8.2 million, or $1.84 per share, compared to $4.9 million, or $1.39 per share, for the nine months ended September 30, 2018.
“I am very pleased to report another period of record results for the third quarter and year-to-date”, said Michael Gilfeather, President and Chief Executive Officer. “The earnings are the result of meaningful contributions from all business lines across our geographic footprint. Loans and deposits, the Bank’s core operations, continue to expand, even as the Bank maintains a conservative risk profile and low funding costs. Our ongoing investments in Rockland and Westchester counties remain key to this growth and our continued success. These counties now represent 41% of the Bank’s loans and 45% of the Bank’s deposits at September 30, 2019.”
Total deposit growth was primarily in non-interest-bearing commercial demand deposits (“DDA”) and NOW accounts; demonstrating a strong market response to our integrated, company-wide focus on business relationships. DDA and NOW balances were 46.7% of total deposits at September 30, 2019. The Bank’s investment in state-of the art cash management services has expanded our product depth and is expected to contribute to continued account growth and customer retention.
Our Trust and Asset Management businesses also performed well, significantly increasing fee and non-interest related income. Our newest business service, Private Banking, continues to grow, helping clients and the Company better leverage the capabilities across our organization,” said Gilfeather. “Our record earnings are primarily a result of building on our firm’s core competencies – anticipating our customers’ needs and delivering the highest quality products, solutions, and services, with a particular focus on business customers in our expanded geographic footprint. Aside from record earnings, this strategy has led to an increase in tangible book value per share from $20.38 at the end of September 2018, to $24.80 at end of September 2019, a 21.8% increase. Results like these don’t happen without the trust of our clients, the hard work and dedication of our employees, and ongoing support from our shareholders. Thank you on behalf of myself and the Board.”