Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

Core Viewpoint - Orange County Bancorp, Inc. reported a net income of $8.7 million for Q1 2025, reflecting a 6.3% decrease from $9.3 million in Q1 2024, primarily due to a one-time recovery in the previous year, despite growth in net interest income and noninterest income [2][4][10]. Financial Performance - Net income for Q1 2025 was $8.7 million, down $586 thousand from Q1 2024 [10]. - Net interest income increased by $2.0 million, or 9.4%, to $23.6 million compared to $21.6 million in the same period last year [11]. - Non-interest income rose by $670 thousand, or 18.2%, to $4.4 million for Q1 2025 [15]. - Total loans grew by $38.5 million, or 2.1%, reaching $1.9 billion at March 31, 2025 [21]. - Total deposits increased by $128.3 million, or 6.0%, to $2.3 billion at March 31, 2025 [22]. Asset Quality and Provision for Credit Losses - Provision for credit losses was $202 thousand for Q1 2025, compared to a net credit of $1.6 million in Q1 2024 [14]. - Non-performing loans amounted to $6.2 million, or 0.33% of total loans, stable compared to the previous quarter [30]. Capital and Book Value - Book value per share increased by $1.34, or 8.2%, to $17.69 at March 31, 2025 [3]. - Stockholders' equity rose by $15.8 million, or 8.5%, to $201.3 million at March 31, 2025 [24]. - The Bank maintained capital ratios above regulatory standards, with a Tier 1 capital-to-average-assets ratio of 10.41% [25]. Wealth Management Division - Wealth Management Division assets under management totaled $1.7 billion, down from $1.8 billion at December 31, 2024 [27]. - Trust and investment advisory income increased by $553 thousand, or 19.2%, to $3.4 million for Q1 2025 [9]. Market Conditions and Strategic Outlook - The quarter was characterized by market volatility and uncertainty, impacting economic growth expectations [4]. - The Bank continues to identify long-term investment opportunities for clients despite the challenging market environment [5].