Orange County Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Orange County Bancorp, Inc. (OBT) has filed its 2023 10-K report detailing its financial performance and position.</b>

AI Summary

Orange County Bancorp, Inc. /DE/ (OBT) filed a Annual Report (10-K) with the SEC on March 29, 2024. Orange County Bancorp, Inc. filed its 2023 Form 10-K on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is commercial banking. Key financial statement items include Treasury Stock, Retained Earnings, Common Stock, and Additional Paid-In Capital. The filing provides detailed financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Orange County Bancorp, Inc. /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Orange County Bancorp's financial health and operational results for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial data, including balance sheet items and historical comparisons, allows stakeholders to understand the company's financial stability, growth trends, and capital structure.

Risk Assessment

Risk Level: low — Orange County Bancorp, Inc. /DE/ shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate financial distress or significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Orange County Bancorp's financial performance and strategic positioning for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the period ending on this date.)
• 2024-03-29 — Filing Date (The date the 10-K was officially submitted.)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks.)
• 261135778 — IRS Number (Company's IRS identification number.)

Key Players & Entities

• Orange County Bancorp, Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year covered by the report.
• 2024-03-29 (date) — Filing date of the 10-K.
• DE (jurisdiction) — State of incorporation.
• NY (jurisdiction) — State of business address.
• MIDDLETOWN (location) — City of business address.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: 10-K Filing Date — Official submission date of the annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of the company's financial health and operations for the fiscal year.)

Treasury Stock

Represents shares of the company's own stock that it has repurchased from the open market. (Indicates a potential return of capital to shareholders or a strategy to manage share count.)

Retained Earnings

The cumulative amount of net income of the company that has not been distributed to shareholders as dividends. (Reflects the company's historical profitability and its ability to reinvest earnings back into the business.)

Key Financial Figures

• $0.50 — ch Registered Common Stock, Par Value $0.50 per Share OBT The Nasdaq Stock Mark
• $37.00 — he closing price of the common stock of $37.00 as of June 30, 2023 was $ 186.2 million
• $2.5 b — posits and stockholders' equity totaled $2.5 billion, $1.7 billion, $2.0 billion and $
• $1.7 b — ckholders' equity totaled $2.5 billion, $1.7 billion, $2.0 billion and $165.4 million,
• $2.0 billion — ity totaled $2.5 billion, $1.7 billion, $2.0 billion and $165.4 million, respectively. Orang
• $165.4 m — billion, $1.7 billion, $2.0 billion and $165.4 million, respectively. Orange Bank & Trus
• $1.6 billion — rust department and HVIA had a combined $1.6 billion in assets under management at December
• $16.0 million — e placement of its common stock raising $16.0 million in gross proceeds. In 2020, the Compan
• $20.0 million — ivate placement of subordinated debt of $20.0 million. In August 2021, the Company completed
• $38.5 million — on stock resulting in gross proceeds of $38.5 million. The Company listed its shares on the N
• $91,806 — 07,370 and a median household income of $91,806 as of the same date, the local economy
• $114,651 — arkets with median household incomes of $114,651 and $106,173, respectively and a combin
• $106,173 — edian household incomes of $114,651 and $106,173, respectively and a combined population
• $47,036 — unty. With a median household income of $47,036 estimated as of July 1, 2023, the Bronx
• $50 million — esses with annual revenues of less than $50 million), attorneys and other professionals, an

Filing Documents

• tmb-20231231x10k.htm (10-K) — 5254KB
• tmb-20231231xex10d15.htm (EX-10.15) — 99KB
• tmb-20231231xex21.htm (EX-21) — 4KB
• tmb-20231231xex23d1.htm (EX-23.1) — 4KB
• tmb-20231231xex31d1.htm (EX-31.1) — 10KB
• tmb-20231231xex31d2.htm (EX-31.2) — 10KB
• tmb-20231231xex32d1.htm (EX-32.1) — 6KB
• tmb-20231231xex32d2.htm (EX-32.2) — 7KB
• tmb-20231231xex97.htm (EX-97) — 35KB
• 0001558370-24-004354.txt (&nbsp;) — 23277KB
• tmb-20231231.xsd (EX-101.SCH) — 87KB
• tmb-20231231_cal.xml (EX-101.CAL) — 121KB
• tmb-20231231_def.xml (EX-101.DEF) — 468KB
• tmb-20231231_lab.xml (EX-101.LAB) — 920KB
• tmb-20231231_pre.xml (EX-101.PRE) — 816KB
• tmb-20231231x10k_htm.xml (XML) — 5870KB

Business

Item 1. Business 6

Risk Factors

Item 1A. Risk Factors 29

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 44

Cybersecurity

Item 1C. Cybersecurity 45

Properties

Item 2. Properties 46

Legal Proceedings

Item 3. Legal Proceedings 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47

Reserved

Item 6. Reserved 48

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 68

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 117

Controls and Procedures

Item 9A. Controls and Procedures 117

Other Information

Item 9B. Other Information 117

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 118

Executive Compensation

Item 11. Executive Compensation 118

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 119

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 119 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 119

Form10-K Summary

Item 16. Form10-K Summary 122 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "attribute," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The following factors, among others, could cause actual results to differ m

Business

Item 1. Business Overview Orange County Bancorp, Inc. (the "Company") is a bank holding company incorporated under Delaware law in 2007 and headquartered in Middletown, New York. Through its wholly owned subsidiaries, Orange Bank & Trust Company, a New York state-chartered trust company (the "Bank") and Hudson Valley Investment Advisors, Inc., a registered investment advisor ("HVIA"), the Company offers full- service commercial and consumer banking products and services and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments and individuals in the Lower Hudson Valley region, the New York metropolitan area and nearby markets in Connecticut and New Jersey. The Company's main office is located at 212 Dolson Avenue, Middletown, New York 10940. By combining the high-level personal service and relationship-based focus of a community bank with the extensive suite of financial products and services offered by our larger competitors, we believe we can capitalize on the substantial growth opportunities available in our market areas. We also offer a variety of deposit accounts to businesses and consumers, including checking accounts and a full line of municipal banking accounts. These activities, together with our 15 branch offices and one loan production office, generate a stable source of low-cost core deposits and a diverse loan portfolio with attractive risk-adjusted yields. As of December 31, 2023, the Company's assets, loans, deposits and stockholders' equity totaled $2.5 billion, $1.7 billion, $2.0 billion and $165.4 million, respectively. Orange Bank & Trust Company's trust department and HVIA had a combined $1.6 billion in assets under management at December 31, 2023. As a bank holding company, the Company is subject to the supervision of the Board of Governors of the Federal Reserve System (the "FRB"). We are required to file with the FRB reports and other information regarding our business operations

View Full Filing

View this 10-K filing on SEC EDGAR