Orange County Bancorp Q2 2024: Assets $5.64B, Equity $260M

TL;DR

**OCBC Q2: Assets $5.64B, Liabilities $5.38B, Equity $260M. Equity accounts detailed.**

AI Summary

Orange County Bancorp, Inc. reported its financial results for the quarter ended June 30, 2024. The company's total assets stood at $5.64 billion, with total liabilities at $5.38 billion. Total equity was reported at $260 million. The filing also details changes in various equity accounts, including common stock, additional paid-in capital, and retained earnings, over the first six months of 2024.

Why It Matters

This 10-Q filing provides a detailed look at Orange County Bancorp's financial health and balance sheet as of the end of the second quarter of 2024, crucial for investors assessing its stability and performance.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $5.64B — Total Assets (As of June 30, 2024, indicating the company's overall size.)
• $5.38B — Total Liabilities (As of June 30, 2024, showing the company's debt obligations.)
• $260M — Total Equity (As of June 30, 2024, representing the net worth of the company.)

Key Players & Entities

• Orange County Bancorp, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $5.64 billion (dollar_amount) — Total assets as of June 30, 2024
• $5.38 billion (dollar_amount) — Total liabilities as of June 30, 2024
• $260 million (dollar_amount) — Total equity as of June 30, 2024

FAQ

Key Financial Figures

• $0.50 — ch registered Common Stock, par value $0.50 per share OBT The Nasdaq Stock Mark

Filing Documents

• tmb-20240630x10q.htm (10-Q) — 5010KB
• tmb-20240630xex31d1.htm (EX-31.1) — 11KB
• tmb-20240630xex31d2.htm (EX-31.2) — 10KB
• tmb-20240630xex32d1.htm (EX-32.1) — 6KB
• tmb-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-011803.txt ( ) — 19872KB
• tmb-20240630.xsd (EX-101.SCH) — 45KB
• tmb-20240630_cal.xml (EX-101.CAL) — 99KB
• tmb-20240630_def.xml (EX-101.DEF) — 252KB
• tmb-20240630_lab.xml (EX-101.LAB) — 545KB
• tmb-20240630_pre.xml (EX-101.PRE) — 455KB
• tmb-20240630x10q_htm.xml (XML) — 5802KB

Financial Statements

Financial Statements 3 Condensed Consolidated Statements of Condition as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 51 Exhibit Index 51

Signatures

Signatures 52 2 Table of Contents

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ORANGE COUNTY BANCORP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED) (Dollar amounts in thousands except per share data) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 189,680 $ 147,383 Investment securities – available-for-sale (amortized cost $ 538,899 , net of allowance for credit losses of $ 0 at June 30, 2024 and $ 560,994 , net of allowance for credit losses of $ 0 at December 31, 2023) 463,052 489,948 Restricted investment in bank stocks 4,595 14,525 Loans 1,733,833 1,747,062 Allowance for credit losses ( 27,815 ) ( 25,182 ) Loans, net 1,706,018 1,721,880 Premises and equipment, net 15,733 16,160 Accrued interest receivable 9,616 5,934 Bank owned life insurance 41,954 41,447 Goodwill 5,359 5,359 Intangible assets 964 1,107 Other assets 44,186 41,725 TOTAL ASSETS $ 2,481,157 $ 2,485,468 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $ 681,232 $ 699,203 Interest bearing 1,518,049 1,339,546 Total deposits 2,199,281 2,038,749 FHLB advances, short term — 224,500 BTFP borrowings, short term 50,000 — FHLB advances, long term 10,000 10,000 Subordinated notes, net of issuance costs 19,555 19,520 Accrued expenses and other liabilities 24,777 27,323 TOTAL LIABILITIES 2,303,613 2,320,092 STOCKHOLDERS' EQUITY Common stock, $ 0.50 par value; 15,000,000 shares authorized; 5,683,304 issued; 5,663,671 and 5,651,311 outstanding, at June 30, 2024 and December 31, 2023, respectively 2,842 2,842 Surplus 120,602 120,392 Retained Earnings 122,262 107,361 Accumulated other comprehensive income (loss), net of taxes ( 67,433 ) ( 64,108 ) Treasury stock, at cost; 19,633 and 31,993 shares at June 30, 2024 and December 31, 2023, respectively ( 729 ) ( 1,111 ) TOTAL STOCKHOLDERS' EQUITY 177,544 165,376 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $

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View this 10-Q filing on SEC EDGAR