Orange County Bancorp, Inc. Announces Fourth Quarter Earnings of $1.1 million and Full Year Earnings of $3.6 million; Declares Quarterly Dividend
MIDDLETOWN, N.Y., Feb. 17, 2017 – Orange County Bancorp, Inc. (the “Company” - OTCQB: OCBI) announced today fourth quarter net income of $1.1 million or $0.57 per share compared to a net loss of $182 thousand or $0.09 per share for the same quarter in 2015. The increase in quarterly net income was primarily due to higher net interest income and lower provision for loan losses.
For the year ended December 31, 2016, the Company earned net income of $3.6 million or $1.86 per share compared to a net loss of $160,000 or $0.08 per share for the same period in 2015. The increase in net income was primarily due to higher net interest income and lower provisions for loan losses offset by higher operating expenses due to our continued expansion into the Rockland and Westchester markets.
“Our strategy of deploying proven, talented teams in thriving markets is proving beneficial,” said Michael Gilfeather, President & CEO of the Company. “The markets in which we operate, especially Orange County, are flourishing so we will continue to leverage all our resources to provide best-in-class service to our growing customer base.”
A cash dividend in the amount of $0.41 per share on the common stock of the Company was declared at the February 17, 2017 meeting of the Board of Directors. The dividend is payable on March 21, 2017 to stockholders of record at the close of business on March 9, 2017.
Orange County Bancorp, Inc. owns all the capital stock of Orange Bank & Trust Company (OB&TC). OB&TC maintains fifteen full service branches in the New York counties of Orange County, Dutchess County, Rockland County and Westchester County. The Company is also the sole stockholder of Hudson Valley Investment Advisors, Inc., a Registered Investment Advisor located in Goshen, New York.
For More Information, call:845-341-5000
Contact: Candice Varetoni, Marketing Officer – 845-341-5043