•
|
Net Income for Q3 2021 increased $2.6 million, or 91.4%, to a record $5.6 million versus Q3 2020
|
•
|
Return on average assets for Q3 2021 rose 35 basis points year-over-year to 1.07%
|
•
|
Return on common equityfor Q3 2021 rose 6.8%, or 126%, year-over-year to 12.2%
|
•
|
Average Loans (net of PPP) for Q3 2021 increased 17.0% year-over-year, to $1.2 billion
|
•
|
Provision for loan losses of $1.0 million for Q3 2021 declined 17% year-over-year due to stabilizing credit trends
|
•
|
Average Demand Deposits for Q3 2021 grew 36.7% year-over-year to $663.8 million
|
•
|
Total Assets grew $510.3 million, or 30.6%, from year-end 2020 to $2.2 billion at September 30, 2021
|
•
|
Trust and asset advisory business revenue increased 16.7% year-over-year, to $2.4 million, for Q3 2021
|
•
|
Book Value per Share of $32.04 at September 30, 2021 increased $1.83, or 6.1% from December 31, 2020
|
•
|
Tangible Book Value per Share of $30.78 at September 30, 2021 increased $2.21, or 7.7% from December 31, 2020
|
ORANGE COUNTY BANCORP, INC.
| ||||||||
SUMMARY OF LOAN PORTFOLIO SEGMENTS AND DEFERMENTS
| ||||||||
(UNAUDITED)
| ||||||||
(Dollar Amounts in thousands)
| ||||||||
Total Deferments as of September 30, 2021
| ||||||||
Industry Classification
|
September 30, 2021
Balance
| Loan Count |
% of Total Loans
|
Outstanding Balance
|
Loan Count
|
Deferred %
| ||
Real Estate and Rental Leasing
|
$ 558,393
|
495
|
43.3%
|
$ -
|
-
|
0.0%
| ||
Healthcare and Social Assistance
|
109,863
|
597
|
8.5%
|
-
|
-
|
0.0%
| ||
Construction
|
74,826
|
104
|
5.8%
|
-
|
-
|
0.0%
| ||
Retail Trade
|
44,206
|
78
|
3.4%
|
-
|
-
|
0.0%
| ||
Management of Companies/Enterprise
|
33,725
|
16
|
2.6%
|
-
|
-
|
0.0%
| ||
Wholesale Trade
|
31,921
|
72
|
2.5%
|
-
|
-
|
0.0%
| ||
Manufacturing
|
46,457
|
104
|
3.6%
|
-
|
-
|
0.0%
| ||
Hotel / Motel
|
26,882
|
9
|
2.1%
|
-
|
-
|
0.0%
| ||
Professional, Scientific, and Technical Services
|
17,814
|
169
|
1.4%
|
49
|
2
|
0.3%
| ||
Finance and Insurance
|
20,835
|
67
|
1.6%
|
-
|
-
|
0.0%
| ||
Contractors
|
14,703
|
103
|
1.1%
|
-
|
-
|
0.0%
| ||
Educational Services & Child Care
|
11,749
|
30
|
0.9%
|
-
|
-
|
0.0%
| ||
Administrative and Management
|
14,318
|
84
|
1.1%
|
-
|
-
|
0.0%
| ||
Food Service
|
17,339
|
34
|
1.3%
|
-
|
-
|
0.0%
| ||
Art, Entertainment, and Recreation
|
19,971
|
11
|
1.5%
|
-
|
-
|
0.0%
| ||
Transportation and Warehousing
|
9,687
|
34
|
0.8%
|
-
|
-
|
0.0%
| ||
Residential Real Estate & Other
|
171,751
|
1,404
|
13.3%
|
-
|
-
|
0.0%
| ||
PPP Loans
|
66,510
|
223
|
5.2%
|
-
|
-
|
0.0%
| ||
Total system loan balances
|
$ 1,290,950
|
3,634
|
100.0%
|
$ 49
|
2
|
0.0%
| ||
Net deferred & unapplied
|
(3,372)
| |||||||
Total loans
|
1,287,578
| |||||||
Total Deferments as of September 30, 2021
| ||||||||
Loan Portfolio Category
|
September 30, 2021
Balance
|
Loan Count
|
% of Total Loans
|
Outstanding Balance
|
Loan Count
|
Deferred %
| ||
CRE:
| ||||||||
Multifamily
|
$ 166,501
|
90
|
12.9%
|
$ -
|
-
|
0.00%
| ||
Non-owner occupied
|
476,581
|
396
|
36.9%
|
-
|
-
|
0.00%
| ||
Owner occupied
|
198,121
|
185
|
15.3%
|
-
|
-
|
0.00%
| ||
Construction, development, land
|
57,347
|
35
|
4.4%
|
-
|
-
|
0.00%
| ||
C&I
|
233,952
|
1,203
|
18.1%
|
49
|
2
|
0.02%
| ||
PPP Loans
|
66,510
|
223
|
5.2%
|
-
|
-
|
0.00%
| ||
Consumer:
| ||||||||
Residential
|
70,805
|
521
|
5.5%
|
-
|
-
|
0.00%
| ||
Non-residential
|
21,133
|
981
|
1.6%
|
-
|
-
|
0.00%
| ||
Total system loan balances
|
$ 1,290,950
|
3,634
|
100.0%
|
$ 49
|
2
|
0.00%
| ||
Net deferred & unapplied
|
(3,372)
| |||||||
Total loans
|
1,287,578
| |||||||
Non-GAAP Financial Measure Reconciliation
| |||||||
The following table reconciles, as of the dates set forth below, stockholders' equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
| |||||||
September 30, 2021
|
December 31, 2020
| ||||||
(Dollars in thousands except for share data)
| |||||||
Tangible Common Equity:
| |||||||
Total stockholders' equity
|
$ 180,603
|
$ 135,423
| |||||
Adjustments:
| |||||||
Goodwill
|
(5,359)
|
(5,359)
| |||||
Other intangible assets
|
(1,749)
|
(1,963)
| |||||
Tangible common equity
|
$ 173,495
|
$ 128,101
| |||||
Common shares outstanding
|
5,637,376
|
4,483,102
| |||||
Book value per common share
|
$ 32.04
|
$ 30.21
| |||||
Tangible book value per common share
|
$ 30.78
|
$ 28.57
| |||||
Tangible Assets
| |||||||
Total assets
|
$ 2,175,229
|
$ 1,664,936
| |||||
Adjustments:
| |||||||
Goodwill
|
(5,359)
|
(5,359)
| |||||
Other intangible assets
|
(1,749)
|
(1,963)
| |||||
Tangible assets
|
$ 2,168,121
|
$ 1,657,614
| |||||
Tangible common equity to tangible assets
|
8.00%
|
7.73%
|
ORANGE COUNTY BANCORP, INC.
| |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
| |||||||||||
(UNAUDITED)
| |||||||||||
(Dollar Amounts in thousands except per share data)
| |||||||||||
September 30, 2021
|
December 31, 2020
| ||||||||||
ASSETS
| |||||||||||
Cash and due from banks
|
$ 390,071
|
$ 121,232
| |||||||||
Investment securities - available-for-sale
|
422,092
|
330,105
| |||||||||
Restricted investment in bank stocks
|
2,217
|
1,449
| |||||||||
Loans
|
1,287,578
|
1,152,738
| |||||||||
Allowance for loan losses
|
(18,041)
|
(16,172)
| |||||||||
Loans, net
|
1,269,537
|
1,136,566
| |||||||||
Net Premises and equipment
|
14,382
|
14,017
| |||||||||
Accrued interest receivable
|
6,913
|
6,295
| |||||||||
Bank owned life insurance
|
39,273
|
28,520
| |||||||||
Goodwill
|
5,359
|
5,359
| |||||||||
Intangible assets
|
1,749
|
1,963
| |||||||||
Other assets
|
23,636
|
19,430
| |||||||||
TOTAL ASSETS
|
$ 2,175,229
|
$ 1,664,936
| |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
| |||||||||||
Deposits:
| |||||||||||
Noninterest bearing
|
$ 714,707
|
$ 521,093
| |||||||||
Interest bearing
|
1,237,201
|
968,201
| |||||||||
Total deposits
|
1,951,908
|
1,489,294
| |||||||||
Note payable
|
3,000
|
3,000
| |||||||||
Subordinated notes, net of issuance costs
|
19,375
|
19,323
| |||||||||
Accrued expenses and other liabilities
|
20,343
|
17,896
| |||||||||
TOTAL LIABILITIES
|
1,994,626
|
1,529,513
| |||||||||
STOCKHOLDERS' EQUITY
| |||||||||||
Common stock, $0.50 par value; 15,000,000 shares authorized;
| |||||||||||
5,683,304 and 4,533,304 issued; 5,637,376 and 4,483,102 outstanding,
| |||||||||||
at September 30, 2021 and December 31, 2020, respectively
|
2,842
|
2,266
| |||||||||
Surplus
|
119,740
|
85,111
| |||||||||
Retained Earnings
|
60,570
|
47,683
| |||||||||
Accumulated other comprehensive income (loss), net of taxes
|
(1,220)
|
1,819
| |||||||||
Treasury stock, at cost; 45,928 and 50,202 shares at September 30,
| |||||||||||
2021 and December 31, 2020, respectively
|
(1,329)
|
(1,456)
| |||||||||
TOTAL STOCKHOLDERS' EQUITY
|
180,603
|
135,423
| |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ 2,175,229
|
$ 1,664,936
| |||||||||
ORANGE COUNTY BANCORP, INC.
| ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| ||||||||||||||
(UNAUDITED)
| ||||||||||||||
(Dollar Amounts in thousands except per share data)
| ||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||
INTEREST INCOME
| ||||||||||||||
Interest and fees on loans
|
$ 15,104
|
$ 12,191
|
$ 42,364
|
$ 34,636
| ||||||||||
Interest on investment securities:
| ||||||||||||||
Taxable
|
1,213
|
1,102
|
3,497
|
3,661
| ||||||||||
Tax exempt
|
417
|
297
|
1,189
|
656
| ||||||||||
Interest on Federal funds sold and other
|
126
|
46
|
230
|
254
| ||||||||||
TOTAL INTEREST INCOME
|
16,860
|
13,636
|
47,280
|
39,207
| ||||||||||
INTEREST EXPENSE
| ||||||||||||||
Savings and NOW accounts
|
591
|
868
|
1,801
|
2,674
| ||||||||||
Time deposits
|
117
|
227
|
412
|
762
| ||||||||||
FHLB advances
|
-
|
--
|
-
|
10
| ||||||||||
Note payable
|
42
|
42
|
126
|
126
| ||||||||||
Subordinated notes
|
230
|
17
|
689
|
17
| ||||||||||
TOTAL INTEREST EXPENSE
|
980
|
1,154
|
3,028
|
3,589
| ||||||||||
NET INTEREST INCOME
|
15,880
|
12,482
|
44,252
|
35,618
| ||||||||||
Provision for loan losses
|
1,008
|
1,215
|
1,883
|
3,725
| ||||||||||
NET INTEREST INCOME AFTER
| ||||||||||||||
PROVISION FOR LOAN LOSSES
|
14,872
|
11,267
|
42,369
|
31,893
| ||||||||||
NONINTEREST INCOME
| ||||||||||||||
Service charges on deposit accounts
|
166
|
155
|
499
|
480
| ||||||||||
Trust income
|
1,230
|
1,001
|
3,537
|
2,958
| ||||||||||
Investment advisory income
|
1,176
|
1,061
|
3,588
|
2,960
| ||||||||||
Investment securities gains(losses)
|
-
|
218
|
-
|
804
| ||||||||||
Earnings on bank owned life insurance
|
209
|
173
|
554
|
520
| ||||||||||
Other
|
247
|
237
|
770
|
671
| ||||||||||
TOTAL NONINTEREST INCOME
|
3,028
|
2,845
|
8,948
|
8,393
| ||||||||||
NONINTEREST EXPENSE
| ||||||||||||||
Salaries
|
4,970
|
4,508
|
14,243
|
13,327
| ||||||||||
Employee benefits
|
958
|
988
|
2,960
|
3,242
| ||||||||||
Occupancy expense
|
1,024
|
938
|
2,956
|
2,810
| ||||||||||
Professional fees
|
880
|
882
|
2,810
|
2,457
| ||||||||||
Directors' fees and expenses
|
251
|
268
|
745
|
837
| ||||||||||
Computer software expense
|
1,120
|
986
|
3,209
|
2,700
| ||||||||||
FDIC assessment
|
333
|
243
|
889
|
609
| ||||||||||
Advertising expenses
|
297
|
277
|
865
|
928
| ||||||||||
Advisor expenses related to trust income
|
134
|
95
|
395
|
338
| ||||||||||
Telephone expenses
|
150
|
144
|
420
|
413
| ||||||||||
Intangible amortization
|
71
|
71
|
214
|
214
| ||||||||||
Other
|
752
|
1,089
|
1,951
|
2,109
| ||||||||||
TOTAL NONINTEREST EXPENSE
|
10,940
|
10,489
|
31,657
|
29,984
| ||||||||||
Income before income taxes
|
6,960
|
3,623
|
19,660
|
10,302
| ||||||||||
Provision for income taxes
|
1,384
|
710
|
3,866
|
2,033
| ||||||||||
NET INCOME
|
$ 5,576
|
$ 2,913
|
$ 15,794
|
$ 8,269
| ||||||||||
Basic and diluted earnings per share
|
$ 1.06
|
$ 0.65
|
$ 3.33
|
$ 1.83
| ||||||||||
Weighted average shares outstanding
|
5,249,876
|
4,514,345
|
4,743,348
|
4,512,382
| ||||||||||
ORANGE COUNTY BANCORP, INC.
| |||||||||||
NET INTEREST MARGIN ANALYSIS
| |||||||||||
(UNAUDITED)
| |||||||||||
(Dollar Amounts in thousands)
| |||||||||||
Three Months Ended September 30,
| |||||||||||
2021
|
2020
| ||||||||||
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
| ||||||
Assets:
| |||||||||||
Loans Receivable (net of PPP)
|
$ 1,154,748
|
$ 13,306
|
4.57%
|
$ 987,109
|
$ 11,565
|
4.66%
| |||||
PPP Loans
|
119,463
|
1,798
|
5.97%
|
67,879
|
626
|
3.67%
| |||||
Investment securities
|
393,938
|
1,607
|
1.62%
|
313,101
|
1,382
|
1.76%
| |||||
Due from banks
|
320,692
|
126
|
0.16%
|
172,160
|
46
|
0.11%
| |||||
Other
|
2,038
|
23
|
4.48%
|
1,446
|
18
|
4.87%
| |||||
Total interest earning assets
|
1,990,879
|
16,860
|
3.36%
|
1,541,695
|
13,636
|
3.52%
| |||||
Non-interest earning assets
|
88,228
|
76,059
| |||||||||
Total assets
|
$ 2,079,107
|
$ 1,617,754
| |||||||||
Liabilities and equity:
| |||||||||||
Interest-bearing demand accounts
|
$ 296,463
|
$ 82
|
0.11%
|
$ 214,793
|
$ 111
|
0.21%
| |||||
Money market accounts
|
627,289
|
451
|
0.29%
|
464,021
|
692
|
0.59%
| |||||
Savings accounts
|
183,867
|
59
|
0.13%
|
128,487
|
65
|
0.20%
| |||||
Certificates of deposit
|
84,580
|
117
|
0.55%
|
91,071
|
227
|
0.99%
| |||||
Total interest-bearing deposits
|
1,192,199
|
709
|
0.24%
|
898,372
|
1,095
|
0.48%
| |||||
FHLB Advances and other borrowings
|
3
|
0
|
0.26%
|
-
|
-
|
0.00%
| |||||
Note payable
|
3,000
|
42
|
5.55%
|
3,000
|
42
|
5.57%
| |||||
Subordinated notes
|
19,348
|
230
|
4.72%
|
-
|
17
|
0.00%
| |||||
Total interest bearing liabilities
|
1,214,550
|
981
|
0.32%
|
901,372
|
1,154
|
0.51%
| |||||
Non-interest bearing demand accounts
|
663,799
|
485,481
| |||||||||
Other non-interest bearing liabilities
|
18,273
|
16,147
| |||||||||
Total liabilities
|
1,896,622
|
1,403,000
| |||||||||
Total shareholders' equity
|
182,485
|
214,755
| |||||||||
Total liabilities and shareholders' equity
|
$ 2,079,107
|
$ 1,617,755
| |||||||||
Net interest income
|
$ 15,879
|
$ 12,482
| |||||||||
Interest rate spread 1 |
3.04%
|
3.01%
| |||||||||
Net interest margin 2 |
3.16%
|
3.22%
| |||||||||
Average interest earning assets to interest-bearing liabilities
|
163.9%
|
171.0%
| |||||||||
Notes:
| |||||||||||
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
| |||||||||||
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
| |||||||||||
ORANGE COUNTY BANCORP, INC.
| |||||||||||
NET INTEREST MARGIN ANALYSIS
| |||||||||||
(UNAUDITED)
| |||||||||||
(Dollar Amounts in thousands)
| |||||||||||
Nine Months Ended September 30,
| |||||||||||
2021
|
2020
| ||||||||||
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
| ||||||
Assets:
| |||||||||||
Loans Receivable (net of PPP)
|
$ 1,133,713
|
$ 38,192
|
4.50%
|
$ 959,102
|
$ 33,569
|
4.68%
| |||||
PPP Loans
|
107,040
|
4,172
|
5.21%
|
33,939
|
1,067
|
4.20%
| |||||
Investment securities
|
365,669
|
4,621
|
1.69%
|
282,918
|
4,265
|
2.01%
| |||||
Due from banks
|
256,640
|
231
|
0.12%
|
121,299
|
254
|
0.28%
| |||||
Other
|
1,780
|
65
|
4.88%
|
1,361
|
51
|
5.05%
| |||||
Total interest earning assets
|
1,864,842
|
47,281
|
3.39%
|
1,398,619
|
39,206
|
3.74%
| |||||
Non-interest earning assets
|
83,740
|
74,332
| |||||||||
Total assets
|
$ 1,948,582
|
$ 1,472,951
| |||||||||
Liabilities and equity:
| |||||||||||
Interest-bearing demand accounts
|
$ 278,670
|
$ 247
|
0.12%
|
$ 206,594
|
$ 316
|
0.20%
| |||||
Money market accounts
|
583,535
|
1,389
|
0.32%
|
433,957
|
2,148
|
0.66%
| |||||
Savings accounts
|
171,449
|
164
|
0.13%
|
126,286
|
210
|
0.22%
| |||||
Certificates of deposit
|
87,948
|
412
|
0.63%
|
89,638
|
762
|
1.14%
| |||||
Total interest-bearing deposits
|
1,121,602
|
2,212
|
0.26%
|
856,475
|
3,436
|
0.54%
| |||||
FHLB Advances and other borrowings
|
1
|
0
|
0.33%
|
773
|
10
|
1.77%
| |||||
Note payable
|
3,000
|
126
|
5.62%
|
3,000
|
126
|
5.61%
| |||||
Subordinated notes
|
19,668
|
690
|
4.69%
|
-
|
17
|
0.00%
| |||||
Total interest bearing liabilities
|
1,144,271
|
3,028
|
0.35%
|
860,248
|
3,589
|
0.56%
| |||||
Non-interest bearing demand accounts
|
615,090
|
429,391
| |||||||||
Other non-interest bearing liabilities
|
18,295
|
16,407
| |||||||||
Total liabilities
|
1,777,656
|
1,306,046
| |||||||||
Total shareholders' equity
|
170,926
|
166,905
| |||||||||
Total liabilities and shareholders' equity
|
$ 1,948,582
|
$ 1,472,951
| |||||||||
Net interest income
|
$ 44,253
|
$ 35,617
| |||||||||
Interest rate spread 1 |
3.04%
|
3.19%
| |||||||||
Net interest margin 2 |
3.17%
|
3.40%
| |||||||||
Average interest earning assets to interest-bearing liabilities
|
163.0%
|
162.6%
| |||||||||
Notes:
| |||||||||||
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
| |||||||||||
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
| |||||||||||
ORANGE COUNTY BANCORP, INC.
| |||||||||||||||
SELECTED RATIOS AND OTHER DATA
| |||||||||||||||
(UNAUDITED)
| |||||||||||||||
Three Months Ended
September 30, (1)
|
Nine Months Ended
September 30, (1)
| ||||||||||||||
2021
|
2020
|
2021
|
2020
| ||||||||||||
Performance Ratios:
| |||||||||||||||
Return on average assets
|
1.07%
|
0.72%
|
1.62%
|
1.12%
| |||||||||||
Return on average equity
|
12.22%
|
5.43%
|
18.48%
|
9.91%
| |||||||||||
Interest rate spread (2)
|
3.04%
|
3.01%
|
3.04%
|
3.19%
| |||||||||||
Net interest margin (3)
|
3.16%
|
3.22%
|
3.17%
|
3.40%
| |||||||||||
Efficiency ratio (4)
|
57.86%
|
68.43%
|
59.51%
|
68.13%
| |||||||||||
Dividend payout ratio (5)
|
18.83%
|
30.99%
|
12.01%
|
21.83%
| |||||||||||
Non-interest income to average total assets
|
0.58%
|
0.70%
|
0.92%
|
1.14%
| |||||||||||
Non-interest expenses to average total assets
|
2.10%
|
2.02%
|
3.25%
|
3.08%
| |||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
163.92%
|
171.04%
|
162.97%
|
162.58%
| |||||||||||
Average equity to average total assets
|
8.78%
|
13.27%
|
8.77%
|
11.33%
| |||||||||||
Net (charge-offs) recoveries to average outstanding loans during the period
|
0.00%
|
0.07%
|
0.00%
|
0.07%
| |||||||||||
At
|
At
| ||||||||||||||
September 30, 2021
|
December 31, 2021
| ||||||||||||||
Asset Quality Ratios:
| |||||||||||||||
Non-performing assets to total assets
|
0.14%
|
0.15%
| |||||||||||||
Non-performing loans to total loans
|
0.24%
|
0.22%
| |||||||||||||
Allowance for loan losses to non-performing loans
|
582.34%
|
641.24%
| |||||||||||||
Allowance for loan losses to total loans
|
1.40%
|
1.40%
| |||||||||||||
Capital Ratios:(6)
| |||||||||||||||
Total capital (to risk-weighted assets)
|
14.45%
|
13.49%
| |||||||||||||
Tier 1 capital (to risk-weighted assets)
|
13.20%
|
12.24%
| |||||||||||||
Common equity tier 1 capital (to risk-weighted assets)
|
13.20%
|
12.24%
| |||||||||||||
Tier 1 capital (to average assets)
|
8.27%
|
8.16%
| |||||||||||||
Notes:
| |||||||||||||||
(1)
|
Annualized for the three and nine month periods ended September 30, 2021 and 2020, respectively.
| ||||||||||||||
(2)
|
Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
| ||||||||||||||
(3)
|
The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
| ||||||||||||||
(4)
|
The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
| ||||||||||||||
(5)
|
The dividend payout ratio represents dividends paid per share divided by net income per share.
| ||||||||||||||
(6)
|
Ratios are for the Bank only.
| ||||||||||||||
ORANGE COUNTY BANCORP, INC.
| ||||||||||||||
SELECTED OPERATING DATA
| ||||||||||||||
(UNAUDITED)
| ||||||||||||||
(Dollar Amounts in thousands except per share data)
| ||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||
Interest income
|
$ 16,860
|
$ 13,636
|
$ 47,280
|
$ 39,207
| ||||||||||
Interest expense
|
980
|
1,154
|
3,028
|
3,589
| ||||||||||
Net interest income
|
15,880
|
12,482
|
44,252
|
35,618
| ||||||||||
Provision for loan losses
|
1,008
|
1,215
|
1,883
|
3,725
| ||||||||||
Net interest income after provision for loan losses
|
14,872
|
11,267
|
42,369
|
31,893
| ||||||||||
Noninterest income
|
3,028
|
2,845
|
8,948
|
8,393
| ||||||||||
Noninterest expenses
|
10,940
|
10,489
|
31,657
|
29,984
| ||||||||||
Income before income taxes
|
6,960
|
3,623
|
19,660
|
10,302
| ||||||||||
Provision for income taxes
|
1,384
|
710
|
3,866
|
2,033
| ||||||||||
Net income
|
$ 5,576
|
$ 2,913
|
$ 15,794
|
$ 8,269
| ||||||||||
Basic and diluted earnings per share
|
$ 1.06
|
$ 0.65
|
$ 3.33
|
$ 1.83
| ||||||||||
Weighted average common shares outstanding
|
5,249,876
|
4,514,345
|
4,743,348
|
4,512,382
| ||||||||||
At
|
At
| |||||||||||||
September 30, 2021
|
December 31, 2020
| |||||||||||||
Book value per share
|
$ 32.04
|
$ 30.21
| ||||||||||||
Net tangible book value per share (1)
|
$ 30.78
|
$ 28.57
| ||||||||||||
Outstanding common shares
|
5,637,376
|
4,483,102
| ||||||||||||
Notes:
| ||||||||||||||
(1) Net tangible book value represents the amount of your total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $1,749, and $1,963 in other intangible assets for September 30, 2021 and December 31, 2020, respectively.
|
ORANGE COUNTY BANCORP, INC.
| ||||||||||||||
LOAN COMPOSITION
| ||||||||||||||
(UNAUDITED)
| ||||||||||||||
(Dollar Amounts in thousands)
| ||||||||||||||
At September 30, 2021
|
At December 31, 2020
| |||||||||||||
Amount
|
Percent
|
Amount
|
Percent
| |||||||||||
Commercial and industrial (a)
|
$ 298,995
|
23.22%
|
$ 299,049
|
25.94%
| ||||||||||
Commercial real estate
|
840,204
|
65.25%
|
698,130
|
60.56%
| ||||||||||
Commercial real estate construction
|
50,587
|
3.93%
|
63,544
|
5.51%
| ||||||||||
Residential real estate
|
63,674
|
4.95%
|
57,941
|
5.03%
| ||||||||||
Home equity
|
13,175
|
1.02%
|
13,960
|
1.21%
| ||||||||||
Consumer
|
20,943
|
1.63%
|
20,114
|
1.74%
| ||||||||||
Total loans
|
1,287,578
|
100.00%
|
1,152,738
|
100.00%
| ||||||||||
Allowance for loan losses
|
18,041
|
16,172
| ||||||||||||
Total loans, net
|
$ 1,269,537
|
$ 1,136,566
| ||||||||||||
(a) - Inlcudes PPP loans of:
|
$ 66,510
|
$ 68,974
|
ORANGE COUNTY BANCORP, INC.
| ||||||||||||||||||
DEPOSITS BY ACCOUNT TYPE
| ||||||||||||||||||
(UNAUDITED)
| ||||||||||||||||||
(Dollar Amounts in thousands)
| ||||||||||||||||||
At September 30, 2021
|
At December 31, 2020
| |||||||||||||||||
Amount
|
Percent
|
Average Rate
|
Amount
|
Percent
|
Average Rate
| |||||||||||||
Noninterest-bearing demand accounts
|
$ 714,707
|
36.62%
|
0.00%
|
$ 521,093
|
34.99%
|
0.00%
| ||||||||||||
Interest bearing demand accounts
|
331,207
|
16.97%
|
0.10%
|
236,951
|
15.91%
|
0.15%
| ||||||||||||
Money market accounts
|
645,125
|
33.05%
|
0.27%
|
483,044
|
32.43%
|
0.36%
| ||||||||||||
Savings accounts
|
178,311
|
9.14%
|
0.12%
|
157,007
|
10.54%
|
0.12%
| ||||||||||||
Certificates of Deposit
|
82,558
|
4.23%
|
0.49%
|
91,199
|
6.12%
|
0.75%
| ||||||||||||
Total
|
$ 1,951,908
|
100.00%
|
0.14%
|
$ 1,489,294
|
100.00%
|
0.20%
| ||||||||||||
ORANGE COUNTY BANCORP, INC.
| |||||||||||
NON-PERFORMING ASSETS
| |||||||||||
(UNAUDITED)
| |||||||||||
(Dollar Amounts in thousands)
| |||||||||||
September 30, 2021
|
December 31, 2020
| ||||||||||
Non-accrual loans:
| |||||||||||
Commercial and industrial
|
$ 750
|
$ -
| |||||||||
Commercial real estate
|
1,064
|
1,345
| |||||||||
Commercial real estate construction
|
-
|
-
| |||||||||
Residential real estate
|
578
|
657
| |||||||||
Home equity
|
50
|
-
| |||||||||
Consumer
|
-
|
-
| |||||||||
Total non-accrual loans 1 |
2,442
|
2,002
| |||||||||
Accruing loans 90 days or more past due:
| |||||||||||
Commercial and industrial
|
215
|
457
| |||||||||
Commercial real estate
|
-
|
-
| |||||||||
Commercial real estate construction
|
-
|
-
| |||||||||
Residential real estate
|
28
|
2
| |||||||||
Home equity
|
-
|
-
| |||||||||
Consumer
|
413
|
61
| |||||||||
Total loans 90 days or more past due
|
656
|
520
| |||||||||
Total non-performing loans
|
3,098
|
2,522
| |||||||||
Other real estate owned
|
-
|
-
| |||||||||
Other non-performing assets
|
-
|
-
| |||||||||
Total non-performing assets
|
$ 3,098
|
$ 2,522
| |||||||||
Ratios:
| |||||||||||
Total non-performing loans to total loans
|
0.24%
|
0.22%
| |||||||||
Total non-performing loans to total assets
|
0.14%
|
0.15%
| |||||||||
Total non-performing assets to total assets
|
0.14%
|
0.15%
| |||||||||
Notes:
| |||||||||||
1 - Includes non-accruing TDRs:
|
$ 697
|
$ 959
| |||||||||
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Disclaimer
Orange County Bancorp Inc. published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 19:23:02 UTC.