Orange County Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 25, 2022 at 04:34 pm EDT
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Orange County Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 21.42 million compared to USD 15.88 million a year ago. Net income was USD 7.85 million compared to USD 5.58 million a year ago. Basic earnings per share from continuing operations was USD 1.4 compared to USD 1.06 a year ago.
For the nine months, net interest income was USD 55.26 million compared to USD 44.25 million a year ago. Net income was USD 15.29 million compared to USD 15.79 million a year ago. Basic earnings per share from continuing operations was USD 2.72 compared to USD 3.33 a year ago.
Orange County Bancorp, Inc. is a bank holding company. It operates through its subsidiaries, Orange Bank & Trust Company, a New York state-chartered trust company (the Bank) and Hudson Valley Investment Advisors, Inc., a registered investment advisor (HVIA). It offers commercial and consumer banking products and services and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments and individuals in the Lower Hudson Valley region, the New York metropolitan area and nearby markets in Connecticut and New Jersey. Its segments include Banking Business and Wealth Management Business. The Banking Business segment involves the delivery of loan and deposit products to its customers through the Bank. The Wealth Management Business Segment includes asset management and trust services to individuals and institutions through HVIA and the Bank, which provides trust and investment management fee income in its wealth management business segment.