OBT record Q1 net income $9.3M ($1.65 EPS); deposits up 5.4%, FHLB borrowings slashed

Orange County Bancorp, Inc. /DE/

2024-Q1 EPS reported $1.65

Net income $9.3M vs $3.2M in Q1 2023; EPS $1.65 vs $0.57; includes $1.9M Signature Bank debt recovery.
Total deposits grew $110.7M to $2.2B; FHLB borrowings cut from $224.5M to $28M quarter-over-quarter.
Net interest margin 3.64% vs 3.78% in Q1 2023; loans relatively unchanged at $1.7B.
Non-interest income up 16.3% to $3.7M; trust & investment advisory income rose 21.6% to $2.9M.
Book value per share $29.81; tangible book $28.68; ACL to loans 1.47%; Tier 1 leverage 9.72%.

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