Dear Friends,
Rapidly increasing interest rates have created challenges in the economy. Last spring this resulted in several high profile bank failures and broader speculation about the health of the banking industry. Our response, as always, was to answer directly and with candor – that our bank has a winning strategy, is prudently managed and financially strong.
With the passing of over 6 months, I thought it would be instructive to revisit and highlight the confidence behind our answer. In the second quarter of this year, we announced record earnings driven by continued but cautious loan and deposit growth. Orange Bank remains well- capitalized, with capital in excess of those required by regulations.
We announced another strong quarter where again we saw double digit income growth, as well as significant growth in loans and deposits. In addition to highlighting some of the headline numbers below, please find a copy of our Q3 press release in the link below for even further detail.
- Net Income increased $1.2 million, or 15.1%, to $9.0 million for the quarter ended September 30, 2023 from $7.9 million for the quarter ended September 30, 2022
- Total Loans grew $138.3 million, or 8.8%, to $1.7 billion at September 30, 2023 from $1.6 billion at December 31, 2022
- Total Deposits rose $130.6 million, or 6.6%, to $2.1 billion at September 30, 2023 from $1.9 billion at year-end 2022
We are very pleased, but unsurprised by these results. They represent a culmination of years of very deliberate investment in products, services, an expanded regional branch network, and, most of all, outstanding personnel and deep, mutually beneficial client relationships. Our plan was purposeful and strategic, requiring us to hire and retain the best professionals in the region. Together, these have led Orange Bank to become one of the most respected and financially sound banks in the Greater New York region.
I want to thank our clients for their loyalty, trust and business and our employees for their dedication and commitment to make Orange Bank the “go to” business institution in our market.
Sincerely
Mike Gilfeather
President and CEO
