Orange County Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. Total assets increased to $2.52 billion, up $33.6 million (1.4%) from $2.49 billion at the end of 2023. Loans, net rose by $43.2 million (2.5%) to $1.77 billion, while total deposits grew by $101.3 million (5.0%) to $2.14 billion.
For the third quarter of 2024, net interest income was $22.97 million, a slight increase of $467,000 (2.1%) from $22.50 million in Q3 2023. Interest income for the quarter rose to $31.44 million, up $1.34 million (4.4%) year-over-year. However, the provision for credit losses surged to $7.19 million, a significant increase of $6.35 million (759.1%) from $837,000 in the same quarter of 2023, primarily due to a significant charge-off related to a commercial real estate loan.
Net income for Q3 2024 was $3.22 million, a decrease of $5.82 million (64.4%) from $9.04 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $20.72 million, down $0.63 million (3.0%) from $21.35 million in the same period last year. The decline in profitability was attributed to increased provisions for credit losses and higher noninterest expenses, which rose by $2.36 million (17.3%) to $15.95 million in Q3 2024.
Noninterest income also saw growth, reaching $4.17 million in Q3 2024, an increase of $954,000 (29.6%) from $3.22 million in Q3 2023. The wealth management division contributed significantly, with revenues increasing by 20.1% to $3.12 million for the quarter.
The company’s stockholders’ equity increased by $27.72 million (16.8%) to $193.09 million as of September 30, 2024, primarily driven by a rise in retained earnings. The allowance for credit losses rose to $31.02 million, reflecting a proactive approach to managing credit risk amid changing market conditions.
Overall, while Orange County Bancorp experienced growth in assets and deposits, challenges in profitability and increased credit loss provisions highlighted the need for continued vigilance in credit quality management.
About Orange County Bancorp, Inc. /DE/
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