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Orange County Bancorp Inc (OBT-2.43%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's financial performance, including a total asset increase to $2.5 billion, driven primarily by a $67.8 million increase in net loans. Total deposits also rose by $114.6 million to $2.2 billion.
Net income for the year was $27.9 million, a decrease from $29.5 million in the previous year, attributed to higher noninterest expenses and increased provisions for credit losses.
The company's net interest income increased by $3.4 million to $91.8 million, with a net interest margin of 3.83%, up from 3.78% the previous year.
Noninterest income rose by 19% to $16.0 million, driven by higher investment advisory and trust income.
The provision for credit losses totaled $7.7 million, reflecting adjustments for nonaccrual loans and the impact of the economic environment.
Orange County Bancorp's wealth management segment reported $1.8 billion in assets under management, with income from this segment increasing by 18.5% to $12.2 million.
The company continues to focus on expanding its market presence in the Lower Hudson Valley and New York metropolitan area, with plans to open a second branch in Bronx County in 2025.
Orange County Bancorp remains well-capitalized under regulatory guidelines, with stockholders' equity increasing to $185.5 million.
The filing also addresses the company's risk factors, including economic conditions, interest rate fluctuations, and competition in the banking sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Orange County Bancorp Inc annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.