Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

Highlights include: Net interest margin of 3.95% for the quarter ended March 31, 2025 increased 31 basis points, or 8.5%, versus 3.64% for the quarter ended March 31, 2024Total Deposits grew $128.3 million, or 6.0%, reaching $2.3 billion at March 31, 2025 as compared to $2.2 billion at December 31, 2024Total Loans of $1.9 billion at March 31, 2025 increased $38.5 million, or 2.1%, from $1.8 billion at December 31, 2024Net Income reached $8.7 million for the three months ended March 31, 2025 representing a decrease of $586 thousand, or 6.3%, as compared to $9.3 million for the three months ended March 31, 2024Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025 from $2.9 million for the quarter ended March 31, 2024Book value per share increased $1.34, or 8.2%, reaching $17.69 at March 31, 2025 as compared to $16.35 at December 31, 2024 MIDDLETOWN, N.Y., April 30, 2025 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $8.7 million, or $0.77 per basic and diluted share, for the quarter ended March 31, 2025. This represents a $586 thousand, or 6.3%, decrease in net income as compared to $9.3 million, or $0.82 per basic and diluted share, for the quarter ended March 31, 2024. The year-over-year comparison reflects a reduction in provision for credit losses on loans and increases in net interest income and total noninterest income in the most recent quarter, while the same period last year benefitted from a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt previously written off. The prior year’s gain had an approximately $.17 per share impact on first quarter earnings. Non-interest income for the quarter ended March 31, 2025 rose $670 thousand, or 18.2%, to $4.4 million, as compared to $3.7 million for the quarter ended March 31, 2024. Book value per share rose $1.34, or 8.2%, from $16.35 at December 31, 2024 to $17.69 at March 31, 2025. Tangible book value per share also increased $1.35, or 8.5%, from $15.80 at December 31, 2024 to $17.15 at March 31, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were the result of earnings growth during the quarter combined with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes during the first quarter of 2025. “2025 began with anticipation of a deregulatory, pro-business agenda from the incoming administration that would accelerate economic growth, but saw the quarter marked instead by uncertainty and market volatility stemming from government cost cutting and tariff policy,” said Orange Bank President and CEO, Michael Gilfeather. “Despite this unexpected shift, I am pleased to announce Orange Bank posted another excellent quarterly performance. For the three months ended March 31, 2025, the Company earned $8.7 million. This was a $586 thousand, or 6.3%, decrease versus the same quarter in 2024, but reflects solid growth in net interest income and noninterest income and a meaningful reduction in our provision for credit losses excluding a $1.9 million gain we realized last year as the result of recovery from the sale of Signature Bank subordinated debt previously written off. Excluding last year’s one-time gain, earnings for Q1 2025 would have exceeded Q1 2024. While we hope for the return of more stable, predictable markets, for the benefit of local economic activity and businesses, our clients continue to identify compelling long-term investment opportunities for us to finance. Total loans grew $38.5 million, or 2.1%, for the quarter, from $1.8 billion at December 31, 2024. As discussed in prior quarters, we continue to employ a conservative underwriting posture that guides the prioritization, sizing, and pricing of loans to ensure we thoughtfully manage risk while providing our clients with access to capital. The quarter also saw strong deposit growth; up $128.3 million, or 6.0%, to $2.3 billion at March 31, 2025 from $2.2 billion at December 31, 2024. Growth in deposits remains a priority for the Bank, and effective management of their costs has long been a strategic and differentiating strength of our organization. Our cost of deposits for the first quarter of 2025 was 1.29%, down compared to 1.34% for the first quarter of 2024. Also embedded in our operational results is solid expansion of net interest margin, which ended the quarter at 3.95%. This is a 31 basis points, or 8.5%, increase, over the same quarter last year, once again reflecting management of our overall process and drive to source appropriately priced deposits. Our Wealth Management division also continued its strong recent performance in the quarter. Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025, from $2.9 million for the quarter ended March 31, 2024. This division not only provides the Bank an important, diversified source of revenue, but also offers clients additional, value-added service that leads to stronger, longer-lasting business relationships. Though it’s difficult to predict when the current period of market volatility and uncertainty will subside, I remain confident in our team and Company’s ability to adapt and meet our clients’ needs. This is a testament to strategic initiatives and execution we’ve committed to the past several years and is only possible through the dedication of our employees, the continued trust of our clients, and the support of our stockholders. I thank you all.” First Quarter 2025 Financial Review Net Income Net income for the first quarter of 2025 was $8.7 million, a decrease of $586 thousand, or 6.3%, from net income of $9.3 million for the first quarter of 2024. This decrease was the result of a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt in the first quarter of 2024 offset by higher net interest income and noninterest income as well as a reduced provision for credit losses on loans during the first quarter of 2025 as compared to the first quarter of 2024. Net Interest Income For the three months ended March 31, 2025, net interest income rose $2.0 million, or 9.4%, to $23.6 million versus $21.6 million during the same period last year reflecting an increase in total interest income of $834 thousand and a decrease in total interest expense of $1.2 million mainly due to lower borrowing costs during the current period. Total interest income rose $834 thousand, or 2.7%, to $31.9 million for the three months ended March 31, 2025, compared to $31.1 million for the three months ended March 31, 2024. The increase reflected 6.6% growth in interest and fees associated with loans which was offset by decreases in interest income associated with investment securities, fed funds, and balances held at correspondent banks. Total interest expense decreased $1.2 million during the first quarter of 2025, to $8.3 million, as compared to $9.5 million in the first quarter of 2024. Interest expense from FHLB advances and borrowings during the current quarter totaled $931 thousand as compared to $2.3 million during the first quarter of 2024. The decrease primarily represented the effect of lower average balances and costs associated with FHLB borrowings. Interest expense associated with savings and NOW accounts totaled $4.9 million during the first quarter of 2025 as compared to $4.6 million during the first quarter of 2024. Interest expense related to brokered deposits totaled $2.1 million during the first quarter of 2025 as compared to $2.3 million during the first quarter of 2024. Provision for Credit Losses Provision for credit losses amounted to $202 thousand for the three months ended March 31, 2025 and a net credit of $1.6 million for the three months ended March 31, 2024. The increase in the provision for credit losses was primarily attributable to the investment recovery during 2024. The allowance for credit losses to total loans was 1.42% as of March 31, 2025 versus 1.44% as of December 31, 2024. No additional reserves for investment securities were recorded during 2025 or 2024, respectively. Non-Interest Income Non-interest income rose $670 thousand, or 18.2%, to $4.4 million for the three months ended March 31, 2025 as compared to $3.7 million for the three months ended March 31, 2024. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts. Non-Interest Expense Non-interest expense was $16.5 million for the first quarter of 2025, reflecting an increase of $1.2 million, or 7.7%, as compared to $15.3 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s investment in growth. This investment consists primarily of increases in compensation, occupancy, and information technology. Our efficiency ratio, which is a non-GAAP measurement, decreased to 58.9% for the three months ended March 31, 2025, from 60.5% for the same period in 2024. Income Tax Expense Provision for income taxes for the three months ended March 31, 2025 was $2.6 million, representing an increase of $257 thousand, or 11.0%, as compared to $2.3 million for the three months ended March 31, 2024. The amount was directly related to provisions associated with the Company’s earnings as well as the effect of certain tax adjustments for the quarter. Our effective tax rate for the three-month period ended March 31, 2025 was 22.9%, as compared to 20.0% for the same period in 2024. Financial Condition Total consolidated assets increased by $50.2 million, or 2.0%, and grew from $2.5 billion at December 31, 2024 to $2.6 billion at March 31, 2025. The increase reflected increases in cash and loans during the first quarter of 2025. Total cash and due from banks increased from $150.3 million at December 31, 2024, to $164.2 million at March 31, 2025, an increase of approximately $13.8 million, or 9.2%. This increase resulted mainly from higher levels of deposit balances. Total investment securities fell $4.2 million, or 0.9%, from $453.4 million at December 31, 2024 to $449.3 million at March 31, 2025. The decrease was driven primarily by investment securities maturities during the first three months of 2025. Total loans increased $38.5 million, or 2.1%, to $1.9 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The increase was due primarily to growth of $19.7 million in CRE loans, including additional growth of $16.7 million in CRE Construction loans as well as $4.9 million in commercial and industrial loans. Total deposits increased $128.3 million, to $2.3 billion at March 31, 2025 from approximately $2.2 billion at December 31, 2024. This increase was due primarily to $50.8 million of growth in interest bearing demand deposits; $24.3 million increase in money market accounts; $11.5 million growth in savings accounts; and $38.8 million increase in time deposits mainly associated with brokered deposits which the Bank utilized to increase cash balances and reduce borrowings during the first quarter. The increases in deposits also included a $2.9 million increase in noninterest-bearing demand deposit accounts during the quarter. Deposit composition at March 31, 2025 included 45.4% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 39% at March 31, 2025 and December 31, 2024, respectively. FHLBNY short-term borrowings were $20.5 million at March 31, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings was driven mainly by increased deposits which outpaced loan growth during the quarter and allowed for paydowns of borrowings while maintaining consistent levels of cash at March 31, 2025. Stockholders’ equity increased $15.8 million, or 8.5%, to $201.3 million at March 31, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of $8.7 million in net income and a decrease in unrealized losses of approximately $7.7 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes during the first quarter of 2025 offset by dividends of $1.5 million. At March 31, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 10.41%, both common equity and Tier 1 capital-to-risk-weighted-assets were 14.16%, and total-capital-to-risk-weighted-assets was 15.42%. Wealth Management At March 31, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.7 billion in assets under management or advisory as compared to $1.8 billion at December 31, 2024, reflecting a decrease of $43.0 million, or 2.4%. Trust and investment advisory income for the quarter ended March 31, 2025 totaled $3.4 million and represented an increase of 19.2%, or $553 thousand, as compared to $2.9 million for the quarter ended March 31, 2024. The breakdown of trust and investment advisory assets as of March 31, 2025 and December 31, 2024, respectively, is as follows: ORANGE COUNTY BANCORP, INC.SUMMARY OF AUM/AUA(UNAUDITED)(Dollar Amounts in thousands) At March 31, 2025 At December 31, 2024 Amount Percent Amount PercentInvestment Assets Under Management & Advisory$1,105,692 63.55% $1,105,143 61.99%Trust Asset Under Administration & Management 634,177 36.45% 677,723 38.01%Total$1,739,869 100.00% $1,782,866 100.00% Loan Quality At March 31, 2025, the Bank had total non-performing loans of $6.2 million, or 0.33% of total loans. Total non-accrual loans represented approximately $6.2 million of loans at March 31, 2025, compared to $6.3 million at December 31, 2024. Liquidity Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of March 31, 2025, the Bank’s cash and due from banks totaled $164.2 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of March 31, 2025, the Bank’s investment in securities available for sale was $443.8 million, of which $80.3 million was not pledged as collateral. Additionally, as of March 31, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $631.0 million, of which $96.4 million was used to collateralize municipal deposits and $10.0 million was utilized for overnight and long term FHLBNY advances. As of March 31, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $524.6 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At March 31, 2025, the Bank also held $91.0 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window. The Bank also considers brokered deposits as an element of its deposit strategy. As of March 31, 2025, the Bank had brokered deposit arrangements with various terms totaling $220.0 million. Non-GAAP Financial Measure ReconciliationsThe following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share. March 31, 2025 December 31, 2024 (Dollars in thousands except for share data)Tangible Common Equity: Total stockholders’ equity$201,324 $185,531 Adjustments: Goodwill (5,359) (5,359)Other intangible assets (750) (821)Tangible common equity$195,215 $179,351 Common shares outstanding 11,383,738 11,350,158 Book value per common share$17.69 $16.35 Tangible book value per common share$17.15 $15.80 Tangible Assets Total assets$2,560,128 $2,509,927 Adjustments: Goodwill (5,359) (5,359)Other intangible assets (750) (821)Tangible assets$2,554,019 $2,503,747 Tangible common equity to tangible assets 7.64% 7.16% NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025 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 innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012. Forward Looking Statements Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For further information:Michael LeslerEVP & Chief Financial Officermlesler@orangebanktrust.comPhone: (845) 341-5111 ORANGE COUNTY BANCORP, INC.CONDENSED CONSOLIDATED STATEMENTS OF CONDITION(UNAUDITED) (Dollar Amounts in thousands except per share data) March 31, 2025 December 31, 2024 ASSETS Cash and due from banks$164,173 $150,334 Investment securities - available-for-sale 443,797 443,775 (Amortized cost $509,906 at March 31, 2025 and $519,567 at December 31, 2024) Restricted investment in bank stocks 5,525 9,716 Loans 1,854,254 1,815,751 Allowance for credit losses (26,373) (26,077) Loans, net 1,827,881 1,789,674 Premises and equipment, net 15,904 15,808 Accrued interest receivable 11,002 6,680 Bank owned life insurance 42,516 42,257 Goodwill 5,359 5,359 Intangible assets 750 821 Other assets 43,221 45,503 TOTAL ASSETS$2,560,128 $2,509,927 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing$654,061 $651,135 Interest bearing 1,627,637 1,502,224 Total deposits 2,281,698 2,153,359 FHLB advances, short term 20,500 113,500 FHLB advances, long term 10,000 10,000 Subordinated notes, net of issuance costs 19,609 19,591 Accrued expenses and other liabilities 26,997 27,946 TOTAL LIABILITIES 2,358,804 2,324,396 STOCKHOLDERS' EQUITY Common stock, $0.25 par value; 30,000,000 shares authorized; 11,391,755 and 11,366,608 issued; 11,383,738 and 11,350,158 outstanding, at March 31, 2025 and December 31, 2024, respectively 2,848 2,842 Surplus 121,546 120,896 Retained Earnings 137,148 129,919 Accumulated other comprehensive income (loss), net of taxes (60,019) (67,751)Treasury stock, at cost; 8,017 and 16,450 shares at March 31, 2025 and December 31, 2024, respectively (199) (375) TOTAL STOCKHOLDERS' EQUITY 201,324 185,531 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,560,128 $2,509,927 ORANGE COUNTY BANCORP, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED)(Dollar Amounts in thousands except per share data) For Three Months Ended March 31, 2025 2024INTEREST INCOME Interest and fees on loans$27,314 $25,614 Interest on investment securities: Taxable 2,664 3,226 Tax exempt 576 568 Interest on Federal funds sold and other 1,353 1,665 TOTAL INTEREST INCOME 31,907 31,073 INTEREST EXPENSE Savings and NOW accounts 4,894 4,577 Time deposits 2,224 2,414 FHLB advances and borrowings 931 2,251 Subordinated notes 230 230 TOTAL INTEREST EXPENSE 8,279 9,472 NET INTEREST INCOME 23,628 21,601 Provision for credit losses 202 (1,640) NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 23,426 23,241 NONINTEREST INCOME Service charges on deposit accounts 290 235 Trust income 1,674 1,312 Investment advisory income 1,766 1,575 Earnings on bank owned life insurance 259 242 Other 367 322 TOTAL NONINTEREST INCOME 4,356 3,686 NONINTEREST EXPENSE Salaries 6,905 6,738 Employee benefits 2,450 2,122 Occupancy expense 1,277 1,161 Professional fees 1,347 1,436 Directors' fees and expenses 306 322 Computer software expense 1,982 1,235 FDIC assessment 330 418 Advertising expenses 389 364 Advisor expenses related to trust income 22 33 Telephone expenses 207 187 Intangible amortization 71 72 Other 1,208 1,222 TOTAL NONINTEREST EXPENSE 16,494 15,310 Income before income taxes 11,288 11,617 Provision for income taxes 2,584 2,327 NET INCOME$8,704 $9,290 Basic and diluted earnings per share$0.77 $0.82 Weighted average shares outstanding 11,331,884 11,269,874 ORANGE COUNTY BANCORP, INC.NET INTEREST MARGIN ANALYSIS(UNAUDITED)(Dollar Amounts in thousands) Three Months Ended March 31, 2025 2024 Average Balance Interest Average Rate Average Balance Interest Average RateAssets: Loans Receivable (net of PPP)$1,829,917 $27,311 6.05% $1,738,199 $25,611 5.91%PPP Loans 163 3 7.46% 209 3 5.76%Investment securities 441,776 3,123 2.87% 481,530 3,432 2.86%Due from banks 146,657 1,353 3.74% 149,596 1,665 4.46%Other 7,979 117 5.95% 10,894 362 13.33%Total interest earning assets 2,426,492 31,907 5.33% 2,380,428 31,073 5.24%Non-interest earning assets 101,960 94,647 Total assets$2,528,452 $2,475,075 Liabilities and equity: Interest-bearing demand accounts$357,057 $403 0.46% $360,287 $437 0.49%Money market accounts 685,827 3,634 2.15% 620,028 3,355 2.17%Savings accounts 269,019 857 1.29% 235,829 785 1.34%Certificates of deposit 222,992 2,224 4.04% 209,642 2,414 4.62%Total interest-bearing deposits 1,534,895 7,118 1.88% 1,425,786 6,991 1.97%FHLB Advances and other borrowings 85,011 931 4.44% 167,484 2,251 5.39%Subordinated notes 19,597 230 4.76% 19,526 230 4.72%Total interest bearing liabilities 1,639,503 8,279 2.05% 1,612,796 9,472 2.36%Non-interest bearing demand accounts 667,564 668,439 Other non-interest bearing liabilities 29,907 28,446 Total liabilities 2,336,974 2,309,681 Total shareholders' equity 191,478 165,394 Total liabilities and shareholders' equity$2,528,452 $2,475,075 Net interest income $23,628 $21,601 Interest rate spread1 3.28% 2.88%Net interest margin2 3.95% 3.64%Average interest earning assets to interest-bearing liabilities 148.0% 147.6% Notes: 1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities2Net interest margin is the annualized net interest income divided by average interest-earning assets ORANGE COUNTY BANCORP, INC.SELECTED RATIOS AND OTHER DATA(UNAUDITED) Three Months Ended March 31, 2025 2024Performance Ratios: Return on average assets (1)1.38% 1.50%Return on average equity (1)18.18% 22.47%Interest rate spread (2)3.28% 2.88%Net interest margin (3)3.95% 3.64%Dividend payout ratio (4)16.92% 13.95%Non-interest income to average total assets0.17% 0.15%Non-interest expenses to average total assets0.65% 0.62%Average interest-earning assets to average interest-bearing liabilities148.00% 147.60% At At March 31, 2025 March 31, 2024Asset Quality Ratios: Non-performing assets to total assets0.24% 0.24%Non-performing loans to total loans0.33% 0.33%Allowance for credit losses to non-performing loans425.03% 440.86%Allowance for credit losses to total loans1.42% 1.47% Capital Ratios (5): Total capital (to risk-weighted assets)15.42% 14.74%Tier 1 capital (to risk-weighted assets)14.16% 13.49%Common equity tier 1 capital (to risk-weighted assets)14.16% 13.49%Tier 1 capital (to average assets)10.41% 9.72% Notes: (1) Annualized for the three month periods ended March 31, 2025 and 2024, respectively.(2) Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.(3) The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.(4) The dividend payout ratio represents dividends paid per share divided by net income per share.(5) Ratios are for the Bank only. ORANGE COUNTY BANCORP, INC.SELECTED OPERATING DATA(UNAUDITED)(Dollar Amounts in thousands except per share data) Three Months Ended March 31, 2025 2024Interest income$31,907 $31,073 Interest expense 8,279 9,472 Net interest income 23,628 21,601 Provision for credit losses 202 (1,640)Net interest income after provision for credit losses 23,426 23,241 Noninterest income 4,356 3,686 Noninterest expenses 16,494 15,310 Income before income taxes 11,288 11,617 Provision for income taxes 2,584 2,327 Net income$8,704 $9,290 Basic and diluted earnings per share$0.77 $0.82 Weighted average common shares outstanding 11,331,884 11,269,874 At At March 31, 2025 December 31, 2024Book value per share$17.69 $16.35 Net tangible book value per share (1)$17.15 $15.80 Outstanding common shares 11,383,738 11,350,158 Notes: (1) Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $750, and $821 in other intangible assets for March 31, 2025 and December 31, 2024, respectively. ORANGE COUNTY BANCORP, INC.LOAN COMPOSITION(UNAUDITED)(Dollar Amounts in thousands) At March 31, 2025 At December 31, 2024 Amount Percent Amount PercentCommercial and industrial (a)$247,284 13.34% $242,390 13.35%Commercial real estate 1,381,719 74.52% 1,362,054 75.01%Commercial real estate construction 97,703 5.27% 80,993 4.46%Residential real estate 73,090 3.94% 74,973 4.13%Home equity 18,211 0.98% 17,365 0.96%Consumer 36,247 1.95% 37,976 2.09%Total loans 1,854,254 100.00% 1,815,751 100.00%Allowance for loan losses 26,373 26,077 Total loans, net$1,827,881 $1,789,674 (a) - Includes PPP loans of:$159 $170 ORANGE COUNTY BANCORP, INC.DEPOSITS BY ACCOUNT TYPE(UNAUDITED)(Dollar Amounts in thousands) At March 31, 2025 At December 31, 2024 Amount Percent Average Rate Amount Percent Average RateNoninterest-bearing demand accounts$654,061 28.66% 0.00% $651,135 30.24% 0.00%Interest bearing demand accounts 381,878 16.74% 0.48% 331,115 15.38% 0.42%Money market accounts 703,384 30.83% 2.14% 679,082 31.54% 2.15%Savings accounts 282,563 12.38% 1.23% 271,014 12.59% 1.25%Certificates of Deposit 259,812 11.39% 3.93% 221,013 10.26% 3.97%Total$2,281,698 100.00% 1.34% $2,153,359 100.00% 1.31% ORANGE COUNTY BANCORP, INC.NON-PERFORMING ASSETS(UNAUDITED) (Dollar Amounts in thousands) March 31, 2025 December 31, 2024 Non-accrual loans: Commercial and industrial$200 $293 Commercial real estate 6,000 6,000 Commercial real estate construction - - Residential real estate 5 6 Home equity - - Consumer - - Total non-accrual loans 6,205 6,299 Accruing loans 90 days or more past due: Commercial and industrial - - Commercial real estate - - Commercial real estate construction - - Residential real estate - - Home equity - - Consumer - - Total loans 90 days or more past due - - Total non-performing loans 6,205 6,299 Other real estate owned - - Other non-performing assets - - Total non-performing assets$6,205 $6,299 Ratios: Total non-performing loans to total loans 0.33% 0.35%Total non-performing loans to total assets 0.24% 0.25%Total non-performing assets to total assets 0.24% 0.25%Net-chargeoffs to total loans 0.00% 0.00%

Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

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