- Net income for Q3 2022 reached a quarterly record $7.9 million, an increase of $2.3 million, or 40.8%, from net income of $5.6 million for Q3 2021, driven primarily by increased net interest income during the quarter
- Total assets increased $225.8 million, or 10.5%, to $2.4 billion at September 30, 2022 from $2.1 billion at December 31, 2021
- Total loans grew $256.3 million, or 19.8%, to $1.5 billion at September 30, 2022 from $1.3 billion at December 31, 2021
- Total deposits reached $2.2 billion at September 30, 2022, as compared to $1.9 billion at December 31, 2021, an increase of $273.2 million, or 14.3%
- Provision for loan losses of $2.1 million for Q3 2022 grew from $1.0 million during Q3 2021 due primarily to continued strong loan growth
- Net interest margin for Q3 2022 rose 54 basis points, or 17.1%, to 3.70% from 3.16% for Q3 2021
- Annualized return on average assets of 1.32% for the three months ended September 30, 2022 increased 25 basis points, or 23.4%, versus the same period in 2021
- Annualized return on average equity of 20.71% for the three months ended September 30, 2022 increased 726 basis points, or 54%, versus the same period in 2021
- Trust and asset advisory business revenue of $2.3 million for the three months ended September 30, 2022 fell $150 thousand, or 6%, from $2.4 million versus the same period in 2021
Orange County Bancorp, Inc. Announces Record Third Quarter Results
Oct 26, 2022
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