secwatch.observer — SEC 8-K summary
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Issuer:     Orange County Bancorp, Inc. /DE/ (OBT)
CIK:        0001754226
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000943374-24-000169
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000169/0000943374-24-000169-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000169/form8k_050124.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000169

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer