Orange County Bancorp Q3 net income rises 25% to record
OBT•Orange County Bancorp said Q3 net income rose 25% year over year to a record $12.50 million, while EPS increased 24% to $0.93. Net interest margin expanded to 4.45% from 4.26% a year earlier.
1. Record quarterly earnings
Orange County Bancorp reported Q3 net income of $12.50 million, up 25% year over year to a record, and EPS of $0.93, up 24%. Net interest margin rose to 4.45% from 4.26% a year earlier.
2. Drivers and plans
The company attributed EPS growth to higher net interest income and a lower provision for credit losses, partly offset by lower noninterest income. It said loan and deposit growth, higher loan yields and lower average deposit costs contributed to the margin expansion. The company plans to exit residential loan exposure by year-end 2026 and expects to maintain its focus on growing low-cost core deposits.
