Orange County Bancorp, Inc. Announces Record 2019 Results

MIDDLETOWN, N.Y., Jan. 23, 2020 /PRNewswire/ -- 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 net income for the quarter and twelve month period ended December 31, 2019 of $2.9 million, or $0.65 per share, and $11.1 million, or $2.47 per share, respectively. These results compare favorably with $2.6 million, or $0.61 per share, and $7.6 million, or $1.87 per share for the three and twelve months ended December 31, 2018, respectively, and reflect record fourth quarter and full year results for the Company.

"I am pleased to report the momentum we have been experiencing as a result of multi-year investments in expansion and personnel continued into the fourth quarter, enabling us to post record Q4 and full year results," said Michael Gilfeather, President and Chief Executive Officer.  "I am extremely pleased with the performance of our team.  Our core businesses all turned in impressive growth, with loans and deposits up more than 25% and 35%, respectively, versus the prior year, while net interest margin improved 21 basis points to 3.90% for the full year period.  This effort was aided by state-of-the-art cash management resources, which have helped our team expand both the depth and efficiency of our product offering and is expected to continue to contribute to profitability, account growth, and customer retention going forward.

Our Trust and Advisory businesses also advanced, surpassing the $1 billion in mark in combined assets under management during the year, while our newest service, Private Banking, continues to grow, helping clients and the Company better leverage the services and capabilities of our platform.

Our record earnings are the result of continued focus on our core competencies – anticipating our customers' needs and delivering the highest quality products, services, and solutions. This has yielded particular success with business customers across our legacy and expanded geographic footprint, and contributed to our 47% increase in net income in 2019, to a record $11.1 million, and 12.6% increase in tangible book value. All this was while maintaining our rigorous lending standards and risk controls, insuring the success we achieved in 2019 can continue well into the new decade and beyond."

Income Statement Summary

Net interest income for the twelve months ended December 31, 2019 increased $7.5 million, or 21%, to $43.4 million compared with the same period last year. The increase is primarily the result of a $141.1 million, or 14.5%, increase in average interest earning assets, including a $166.4 million, or 25.6%, increase in average loans outstanding. Net interest margin for the twelve months ended December 31, 2019 was 3.90%, an increase of 21 basis points over the same period last year. The cost of interest-bearing deposits for the twelve months ended December 31, 2019 was 0.60%, compared to 0.35% for the twelve months ended December 31, 2018, an increase of 25 basis points. The Company continued to see strong growth in non-interest bearing demand accounts, with an increase of $67.6 million, or 29.5%, to $296.3 million in average non-interest bearing demand accounts for the twelve months ended December 31, 2019. The total cost of deposits for the twelve months ended December 31, 2019 was 0.43% compared to 0.26% for the twelve months ended December 31, 2018.

Net interest income for the three months ended December 31, 2019 rose $1.4 million, or 14.3%, to $11.3 million, versus the prior year. The increase is primarily the result of a $180.5 million, or 18.1%, increase in average interest earning assets and related $170.5 million, or 24.3%, increase in average loans outstanding. Net interest margin of 3.83% for the three months ended December 31, 2019 represents a 13 basis point, or 3.2%, decrease versus 3.96% for the same period last year.

The bank's provision for loan losses was $2.2 million for the twelve months ended December 31, 2019, compared to $2.5 million for the year ended December 31, 2018. Non-accrual loans, as a percent of total loans outstanding, was 0.17% as of December 31, 2019, a decrease of 0.07% versus the prior quarter and 0.08% for the same quarter last year. Loans classified as substandard or doubtful decreased $294 thousand, or 2.1%, to $14.0 million as of December 31, 2019, from $14.3 million for the period ended September 30, 2019, and decreased $1.3 million, or 8.4%, from $15.3 million for the period ended December 31, 2018.

Non-interest income increased $413 thousand, to $10.4 million, on a year-over-year basis, primarily due to increases in trust income and investment advisory fees of $366 thousand and $214 thousand, respectively. Non-interest income rose $213 thousand, to $2.7 million, for the three months ended December 31, 2019 compared to the three months ended December 31, 2018, primarily as a result of increases in trust income of $89 thousand and investment advisory fees of $114 thousand, respectively.

Non-interest expense rose $3.5 million, or 10.1%, to $37.8 million for the twelve months ended December 31, 2019, as a result of a $2.7 million increase in salaries and employee benefits associated with growth-related staffing. Non-interest expense for the twelve months ended December 31, 2019 was favorably impacted by the issuance of insurance credits by the Federal Deposit Insurance Corporation ("FDIC") to small institutions, resulting in lower FDIC insurance expense of $370 thousand for the twelve months ended December 31, 2019, versus $521 the prior year. Non-interest expense increased $242 thousand, to $9.8 million, for the three months ended December 31, 2019 compared to the three months ended September 30, 2019, and $1.1 million versus the three months ended December 31, 2018.

Total income before taxes increased $4.7 million, or 51.7%, to $13.9 million for the twelve months ended December 31, 2019, from $9.2 million for the twelve months ended December 31, 2018. The Company's effective income tax rates for the quarter and twelve months ended December 31, 2019 were 20.6% and 20.3%, respectively. These compare with effective tax rates of 20.4% and 13.4% for the quarters ended September 30, 2019 and December 31, 2018, respectively, and 17.7% for the twelve months ended December 31, 2018.

Balance Sheet Summary

Total balance sheet assets increased $163.0 million, or 15.3%, to $1.23 billion at December 31, 2019, from $1.06 billion at December 31, 2018.  This was primarily due to increases of $153.6 million, or 20.8%, in loans receivable and $6.7 million, or 36.7%, in cash and cash equivalents, partially offset by a $1.8 million, or 0.70%, decrease in investment securities. The increase in cash and cash equivalents is principally due to increases in deposits, while the $153.6 million increase in loans was the result of $393.1 million of new loan originations and $25.2 million in purchases, partially offset by $264.7 million of net amortization and repayments on our existing portfolio. For the quarter ended December 31, 2019, new loan originations totaled $84.2 million, there were no loan purchases and net amortization and repayments totaled $61.7 million.

Total liabilities increased $150.6 million, or 15.8%, to $1.11 billion for the twelve months ended December 31, 2019, from $956 million at December 31, 2018. This was largely due to a $178.1 million increase in total deposits partially offset by a $10 million reduction in FHLB advances. Total liabilities decreased $18.9 million from $1.13 billion at September 30, 2019, driven by anticipated seasonal reductions in municipal deposit balances.

Total deposits as of December 31, 2019 were $1.1 billion, an increase of $178.1 million, or 19.7%, from the prior year. Commercial deposits increased $111.4 million, or 28.2%, to $505.7 million, or 46.7%, of total deposits at December 31, 2019 compared to $394.4 million, or 43.6% of total deposits at December 31, 2018. Noninterest bearing deposits increased $95.0 million, or 39.5%, to $335.5 million during the twelve months ended December 31, 2019.

Total shareholders' equity increased $12.4 million, or 11.4%, to $120.9 million at December 31, 2019, from $108.5 million at December 31, 2018.  This increase is due to, a $7.8 million increase in retained earnings and a $4.4 million improvement in the market value of securities available for sale. 

At December 31, 2019, the Company's book value per common share and tangible book value per common share were $26.99 and $25.30, respectively, compared to $24.22 and $22.46, respectively, at December 31, 2018. This represents increases of 11.5% and 12.6%, respectively. At December 31, 2019, the Bank exceeded the "well capitalized" thresholds under applicable regulatory guidelines.

Asset Quality Summary

Non-performing loans decreased to $1.55 million or 0.25% of total loans as of December 31, 2019, from $2.04 million or 0.25% of total loans as of September 30, 2019.  Non-performing loans decreased $276 thousand, from $1.8 million or 0.26% of total loans as of December 31, 2018.

Loans classified as substandard or doubtful decreased $274 thousand, or 2.1%, to $14.0 million at December 31, 2019, from $14.3 million at September 30, 2019, and decreased $1.3 million, or 8.4%, from $15.3 million at December 31, 2018.  Watch rated loans increased $1.3 million, or 13.3%, to $11.2 million at December 31, 2019 from $9.9 million at September 30, 2019. Delinquencies increased to $8.2 million or 0.92% of total loans at December 31, 2019, from $3.9 million or 0.45% of total loans at September 30, 2019, and increased $1.5 million from $6.7 million or 0.90% of total loans at December 31, 2018. The increase in delinquencies is primarily attributable to a single relationship that was made current by the borrower subsequent to the year ended December 31, 2019.

At December 31, 2019, the Company's allowance for loan losses was 1.38% of total loans outstanding, a decrease from 1.42% at September 30, 2019 and from 1.44% at December 31, 2018.  Notwithstanding net loan growth during the year, continued improvement in historical loss rate assumptions and performance of the loan portfolio contributed to the reduction in this allowance ratio.        

About Orange County Bancorp, Inc.

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through conservative banking practices, ongoing innovation and an unwavering commitment to its community and business clientele to more than $1 billion in Total Assets. In recent years, Orange Bank & Trust Company has added branches in Rockland and Westchester Counties. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit orangebanktrust.com or hviaonline.com.

For further information:

Robert L. Peacock

EVP Chief Financial Officer

rpeacock@orangebanktrust.com 

Phone: (845) 341-5005

 

Orange County Bancorp, Inc.

Consolidated Statements of Condition (unaudited)

(dollar amounts in thousands except per share data)





























December 31,



December 31,













2019



2018







ASSETS































Cash and due from banks



$          25,112



$                     18,374



Investment securities - available-for-sale



254,915



255,536



Restricted investment in bank stocks



1,346



2,522



Loans





890,704



737,076



Allowance for loan losses



(12,275)



(10,663)





Loans, net





878,429



726,413





















Premises and equipment



14,599



13,934



Accrued interest receivable



3,202



3,008



Cash surrender value of bank-owned life insurance



27,818



27,128



Goodwill





5,359



5,359



Intangible assets





2,249



2,535



Other assets





14,878



10,064

























TOTAL ASSETS



$    1,227,907



$                1,064,873

























LIABILITIES AND STOCKHOLDERS' EQUITY





























Deposits:















Noninterest bearing



$       335,469



$                   240,432





Interest bearing



747,663



664,576







Total deposits



1,083,132



905,008





















FHLB advances





5,000



35,500



Note payable





3,000



3,057



Accrued expenses and other liabilities



15,834



12,768

























TOTAL LIABILITIES



1,106,966



956,333

























STOCKHOLDERS' EQUITY











Common stock, $0.50 par value; 15,000,000 shares authorized;













issued and outstanding, 4,509,292 shares and 4,481,521 shares ,respectively













at Dec. 31, 2019, 4,513,905 shares and 4,481,726 shares, respectively at













Dec 31, 1018





2,255



2,266



Surplus





84,926



85,496



Undivided profits





38,730



30,956



Accumulated other comprehensive loss, net of taxes



(4,044)



(8,986)



Treasury stock, at cost



(926)



(1,192)







TOTAL STOCKHOLDERS' EQUITY



120,941



108,540

























TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY



$    1,227,907



$                1,064,873





















Book value per share



$              26.99



$                       24.22



Tangible book value per share



$              25.30



$                       22.46





















 

Orange County Bancorp, Inc.



Consolidated Statements of Income (unaudited)



(dollar amounts in thousands except per share data)

























Twelve Months Ended

December 31,

























2019



2018



$ Change



% Change





INTEREST INCOME

































Interest and fees on loans













$               40,977



$         31,608



$         9,369



29.64%







Interest on investment securities:































Taxable















5,825



4,944



881



17.82%









Tax exempt















641



1,416



(775)



(54.73%)







Interest on Federal funds sold and other









853



731



122



16.69%















































TOTAL INTEREST INCOME









48,296



38,699



9,597



24.80%











































INTEREST EXPENSE

































Interest on savings and NOW accounts









3,291



1,488



1,803



121.17%







Interest on time deposits













1,221



873



348



39.86%







Interest on FHLB advances











147



241



(94)



(39.00%)







Interest on note payable













181



185



(4)



(2.16%)









TOTAL INTEREST EXPENSE









4,840



2,787



2,053



73.66%















































NET INTEREST INCOME











43,456



35,912



7,544



21.01%











































Provision for loan losses













2,195



2,465



(270)



(10.95%)















































NET INTEREST INCOME AFTER PROVISION









41,261



33,447



7,814



23.36%











































OTHER OPERATING INCOME































Service charges on deposit accounts









921



932



(11)



(1.18%)







Trust income















3,531



3,165



366



11.56%







Investment advisory income











4,545



4,332



213



4.92%







Investment securities gains











(219)



-



(219)



0.00%







Earnings on bank-owned life insurance









689



691



(2)



(0.29%)







Other















965



899



66



7.34%









TOTAL OTHER OPERATING INCOME









10,432



10,019



413



4.12%











































OTHER OPERATING EXPENSES































Salaries















17,065



15,058



2,007



13.33%







Employee benefits













4,208



3,534



674



19.07%







Occupancy expense













3,523



3,339



184



5.51%







Professional fees













2,571



2,658



(87)



(3.27%)







Directors' fees and expenses











1,108



984



124



12.60%







Computer software expense











3,079



2,777



302



10.88%







FDIC assessment













370



521



(151)



(28.98%)







Advertising expenses













1,177



990



187



18.89%







Advisor expenses related to trust income









900



842



58



6.89%







Telephone expenses













459



410



49



11.95%







Intangible amortization













286



286



-



0.00%







Other















3,023



2,887



136



4.71%









TOTAL OTHER OPERATING EXPENSES









37,769



34,286



3,483



10.16%













































Income before income taxes











13,924



9,180



4,744



51.68%











































Provision for income taxes













2,826



1,628



1,198



73.59%









NET INCOME













$               11,098



$           7,552



$         3,546



46.95%











































Earnings per share













$                   2.47



$             1.87



$           0.60















































Cash dividends declared per share











$                   0.80



$             0.81



$         (0.01)















































Weighted average shares outstanding









4,485,317



4,034,633



450,684













































 

Orange County Bancorp, Inc. and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)



























Three Months Ended December 31



2019



2018



Average

Balance



Interest



Average

Rate



Average

Balance



Interest



Average

Rate

Assets:























Loans Receivable

$             868,956



$      10,861



5.00%



$           700,584



$                 8,724



4.98%

Investment securities

256,817



1,604



2.50%



268,401



1,560



2.32%

Other interest-earning assets

53,475



217



1.62%



29,810



424



5.69%

Total interest earning assets

1,179,248



12,682



4.30%



998,795



10,708



4.29%

Non-interest earning assets

70,619











60,069









  Total assets

$          1,249,867











$        1,058,864

































Liabilities and equity:























NOW accounts

$             175,014



$             95



0.22%



$           155,744



$                      39



0.10%

Savings and money market accounts

511,880



928



0.73%



426,548



405



0.38%

Time deposits

90,310



302



1.34%



99,416



275



1.11%

Total interest-bearing deposits

777,204



1,325



0.68%



681,708



719



0.42%

FHLB Advances and other borrowings

5,669



56



3.95%



16,643



99



2.38%

Total interest bearing liabilities

782,873



1,381



0.71%



698,351



818



0.47%

Non-interest bearing deposits

333,107











245,817









Other non-interest bearing liabilities

14,428











14,138









  Total liabilities

1,130,408











958,306









  Total shareholders' equity

119,459











100,558









  Total liabilities and shareholders' equity

$          1,249,867











$        1,058,864

































Net interest income





$      11,301











$                 9,890





Interest rate spread 1









3.60%











3.82%

Net interest margin 2









3.83%











3.96%

Average interest earning assets to interest-

bearing liabilities

150.6%











143.0%

































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. and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)



























Twelve Months Ended December 31,



2019



2018



Average

Balance



Interest



Average

Rate



Average

Balance



Interest



Average

Rate

Assets:























Loans Receivable

$             817,495



$      40,977



5.01%



$           651,080



$               31,608



4.85%

Investment securities

257,454



6,466



2.51%



289,003



6,360



2.20%

Other interest-earning assets

40,677



853



2.10%



34,397



731



2.13%

Total interest earning assets

1,115,626



48,296



4.33%



974,480



38,699



3.97%

Non-interest earning assets

66,985











62,435









  Total assets

$          1,182,611











$        1,036,915

































Liabilities and equity:























NOW accounts

$             181,446



$           300



0.17%



$           153,531



$                    144



0.09%

Savings and money market accounts

472,832



2,991



0.63%



426,160



1,344



0.32%

Time deposits

92,878



1,221



1.31%



102,733



873



0.85%

Total interest-bearing deposits

747,156



4,512



0.60%



682,424



2,361



0.35%

FHLB Advances and other borrowings

11,534



328



2.84%



20,192



426



2.11%

Total interest bearing liabilities

758,690



4,840



0.64%



702,616



2,787



0.40%

Non-interest bearing deposits

296,360











228,795









Other non-interest bearing liabilities

13,538











13,175









  Total liabilities

1,068,588











944,586









  Total shareholders' equity

114,023











92,329









  Total liabilities and shareholders' equity

$          1,182,611











$        1,036,915

































Net interest income





$      43,456











$               35,912





Interest rate spread 1









3.69%











3.57%

Net interest margin 2









3.90%











3.69%

Average interest earning assets to interest-

bearing liabilities

147.0%











138.7%

































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 Financial Data (unaudited)



(Dollar Amounts in thousands except per share data)





For the Quarter Ended



Twelve Months Ended





December

31,

2019



September

30,

2019



June 

30,

2019



March 

31,

2019



December

31,

2018



December

31,

2019



December

31,

2018



Performance Ratios 1





























Return on average assets

0.98%



1.03%



0.98%



0.81%



0.98%



0.94%



0.73%



Return on average equity

10.17%



10.67%



10.06%



8.28%



10.31%



9.73%



8.18%



Interest rate spread

3.60%



3.76%



3.71%



3.81%



3.82%



3.69%



3.57%



Net interest margin

3.83%



3.98%



3.91%



3.97%



3.96%



3.90%



3.69%



Efficiency Ratio

70.09%



67.29%



68.68%



71.54%



70.43%



70.09%



74.65%

































Noninterest income to average assets

0.86%



0.90%



0.81%



0.80%



0.84%



0.83%



0.95%



Noninterest expense to average assets

3.14%



3.14%



3.11%



3.25%



3.19%



3.19%



3.24%



Average interest-earning assets to average

interest-bearing liabilities

150.63%



147.32%



142.87%



142.89%



140.40%



147.05%



138.69%



Average equity to average assets

9.56%



9.63%



9.72%



9.84%



9.50%



9.64%



8.90%



Dividend payout ratio

30.97%



28.36%



31.87%



40.31%



34.46%



32.33%



43.06%



































As of the Quarter Ended













December

31,

2019



September

30,

2019



June 

30,

2019



March 

31,

2019



December

31,

2018









































Loans to Deposits

82.23%



78.61%



76.80%



78.09%



81.44%











Noninterest bearing deposits to total

deposits

30.97%



30.12%



28.58%



27.79%



26.57%









































Share Data:





























Shares outstanding

4,480,368



4,467,747



4,481,122



4,490,047



4,481,726











Book value per common share

$    26.99



$      26.52



$    25.85



$      24.75



$    24.22











Tangible book value per common share 2

$    25.30



$      24.80



$    24.12



$      23.00



$    22.46









































Capital Ratios 3





























Tier 1 capital (to adjusted total assets)

9.39%



8.95%



9.23%



9.41%



9.67%











Common equity Teir 1 capital (to risk

weighted assets)

12.52%



12.16%



12.54%



13.01%



13.67%











Tier 1 capital (to risk-weighted assets)

12.52%



12.16%



12.54%



13.01%



13.67%











Total capital (to risk-weighted assets)

13.77%



13.41%



13.80%



14.27%



14.93%









































Notes:





























1   Performance ratios are annualized.





























2   Tangible book value per share is a non-GAAP measure and equals total shareholders' equity, less goodwill

and other intangible assets, divided by shares outstanding.











3   Represents Orange County Bank & Trust ratios

























 

Orange County Bancorp, Inc.

Condensed Financial Information (unaudited)

(Dollar Amounts in thousands except per share data)



















As of













Condensed Balance Sheets

December 31,

2019



September 30,

2019



June 30,

2019



March 31,

2019



December 31,

2018













































Cash and Cash Equivalents

$         25,112



$        65,667



$         80,884



$          48,994



$        18,374













Total Investment Securities

256,261



258,970



252,843



252,879



258,058













Loans, net

878,429



855,899



811,892



765,885



726,413













Other Assets

68,105



63,801



63,513



63,684



62,028













Total Assets

$     1,227,907



$    1,244,337



$     1,209,132



$      1,131,443



$    1,064,873













































Total Deposits

$     1,083,132



$    1,104,578



$     1,072,514



$        995,417



$      905,008













FHLB Advances & note payable

8,000



8,013



8,028



13,043



38,557













Other Liabilities

15,834



13,250



12,772



11,868



12,768













Total Liabilities

1,106,966



1,125,841



1,093,315



1,020,328



956,333













Total Shareholder Equity

120,941



118,496



115,818



111,115



108,540













Total Liabilities and Shareholders Equity

$     1,227,907



$    1,244,337



$     1,209,132



$      1,131,443



$    1,064,873















































Three Months Ended



Twelve Months Ended





Condensed Income Statements

December 31,

2019



September 30,

2019



June 30,

2019



March 31,

2019



December 31,

2018



December 31,

2019



December 31,

2018





































Interest Income

$         12,682



$        12,788



$         11,775



$          11,050



$        10,708



$           48,296



$      38,699





Interest Expense

1,381



1,353



1,205



902



818



4,840



2,787





Net Interest Income

11,301



11,435



10,569



10,149



9,890



43,456



35,913





Provision for Loan Loss

535



640



420



600



640



2,195



2,465





Noninterest Income

2,698



2,746



2,342



2,228



2,224



10,432



10,019





Noninterest Expense

9,812



9,570



8,960



9,007



8,455



37,769



34,286





Income before income tax expense

3,652



3,971



3,532



2,770



3,019



13,924



9,180





Income Tax Expense

753



810



719



543



404



2,826



1,628





Net income

$           2,899



$          3,161



$           2,812



$            2,227



$          2,614



$           11,098



$        7,552





































































          Earnings per Share

$            0.65



$            0.71



$            0.63



$             0.50



$           0.60



$            2.47



$            1.87



 



Orange County Bancorp, Inc.





Loan Portfolio (unaudited)





(dollar amounts in thousands)









































LOANS







December 31,



September 30,



June 30,



March 31,



December 31,



















2019



2019



2019



2019



2018





Commercial:



































































       Commercial & industrial



$     222,229



$     220,157



$     212,866



$      190,323



$    179,533





       CRE* owner occupied





133,355



121,707



123,708



123,446



122,592





       CRE non-owner occupied



256,639



251,765



220,681



207,234



193,529





       CRE multifamily







144,328



143,308



144,387



140,510



142,160





       CRE construction







55,808



56,939



46,726



38,100



28,946





          Total commerical







812,359



793,875



748,368



699,614



666,760









































Consumer:































       Residential real estate





52,478



49,519



48,340



45,982



47,064





       Home equity loans and lines



11,668



11,840



12,432



10,939



10,728





       Residential construction



13,937



13,276



14,960



16,344



12,381





       Other









2,436



1,846



1,586



2,006



2,040





          Total consumer







80,519



76,480



77,319



75,271



72,212





          TOTAL LOANS







892,878



870,355



825,687



774,885



738,972









































       Deferrals and in-process



(2,174)



(2,042)



(1,947)



2,457



(1,896)





       Allowance for loan losses



(12,275)



(12,345)



(11,847)



(11,457)



(10,663)





          Loans, net







$     878,429



$     855,968



$     811,892



$      765,885



$    726,413









































* CRE = Commercial Real Estate loans



















 



Orange County Bancorp, Inc.







Deposit Portfolio (unaudited)







(dollar amounts in thousands)



















































































DEPOSIT TREND







Dec 31,

2019



Sept 30,

2019



June 30,

2019



March 31,

2019



December 31,

2018











Demand Deposits







$     335,469



$     332,681



$     306,471



$      276,580



$    240,432











NOW









166,907



183,883



186,938



188,112



159,465











Money market accounts



369,507



365,501



356,072



312,885



294,497











Savings









122,592



132,110



129,852



122,119



111,936











Time









88,657



90,403



93,181



95,721



98,678

















































         Total Deposits







$   1,083,132



$  1,104,578



$  1,072,514



$      995,417



$    905,008



















































































DEPOSIT ONE YEAR GROWTH ANALYSIS























































Growth



















December 31,

2019



% of Total

Deposits



December 31,

2018



% of Total

Deposits



$

%









Demand Deposits







$     335,469



31.0%



$     240,432



26.6%



$      95,037

39.5%









NOW









166,907



15.4%



159,465



17.6%



$        7,442

4.7%









Money market accounts



369,507



34.1%



294,497



32.5%



$      75,010

25.5%









Savings









122,592



11.3%



111,936



12.4%



$      10,656

9.5%









Time









88,657



8.2%



98,678



10.9%



$     (10,021)

(10.2%)









         Total Deposits







$   1,083,132



100.0%



$     905,008



100.0%



$    178,124

19.7%















































Commercial







$     505,723



46.7%



$     394,373



43.6%



$    111,350

28.2%









Consumer







430,214



39.7%



394,793



43.6%



35,421

9.0%









Municipal









147,195



13.6%



115,842



12.8%



31,353

27.1%









Total Deposits







$   1,083,132



100.0%



$     905,008



100.0%



$    178,124

19.7%









































 



Orange County Bancorp, Inc.





Asset Quality Trends (unaudited)





(dollar amounts in thousands)









































ASSET QUALITY







December 31,



September 30,



June 30,



March 31,



December 31,



















2019



2019



2019



2019



2018





Non-performing loans:



























       Commercial & industrial





$           502



$           603



$             72



$           159



$            104





       Commercial real estate





959



1,348



1,419



1,419



1,419





       Consumer--residential real estate



88



91



94



95



204





       Consumer--home equity loans and lines



-



-



47



-



98





          TOTAL NON-PERFORMING LOANS ("NPLs")

$         1,549



$         2,042



$         1,631



$         1,673



$         1,825









































Delinquencies:



































































       30-59 days past due*







$         5,674



$         1,050



$           423



$         1,898



$         4,145





       60-89 days past due







360



352



85



47



681





       90+ days past due







683



576



185



125



104





       On non-accrual







1,461



1,951



1,537



1,578



1,727





          TOTAL PAST DUE LOANS



$         8,178



$         3,929



$         2,230



$         3,646



$         6,657









































Troubled debt restructurings:



























       On non-accrual (included in total NPLs above)

$           959



$         1,348



$         1,419



$         1,458



$         1,458





       On accrual







11,436



11,713



12,698



12,802



12,879





          TOTAL TROUBLED DEBT RESTRUCTURINGS

$       12,395



$       13,061



$       14,117



$       14,260



$       14,337









































ALLOWANCE FOR LOAN LOSSES



$       12,275



$       12,345



$       11,847



$       11,457



$       10,663









































Allowance for loan losses as a % of total loans



1.38%



1.42%



1.43%



1.48%



1.44%





Allowance for loan losses as a % of total NPLs



792.45%



604.55%



726.54%



684.87%



584.34%





Allowance for loan losses as a % of delinquent loans

150.10%



314.20%



531.28%



314.19%



160.20%





NPLs as a % of total loans





0.21%



0.28%



0.20%



0.22%



0.25%









































Net charge-offs (recoveries)





$           583



$           142



$             29



$          (193)



$             99





Net charge-offs (recoveries) to average outstanding loans during the period 1



0.07%



0.02%



0.00%



-0.03%



0.01%









































*



The increase in delinquencies is primarily attributable to a single relationship that was made current by the borrower subsequent to the year ended December 31, 2019.







































 

Cision View original content:http://www.prnewswire.com/news-releases/orange-county-bancorp-inc-announces-record-2019-results-300991745.html

SOURCE Orange County Bancorp, Inc.

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