Orange County Bancorp Q2 EPS $1.46, down from $1.61; net income $8.2M

Orange County Bancorp, Inc. /DE/

2024-Q2 EPS reported $3.10

Q2 net income $8.2M, EPS $1.46, down 9.6% from $9.1M, $1.61 YoY.
Provision for credit losses surged to $2.2M from $214K due to one CRE participation loan impairment.
Net interest margin expanded 29 bps to 4.10%; net interest income up 6.7% to $24.1M.
Total deposits rose 7.9% to $2.2B from year-end; borrowings cut from $234.5M to $60M.
Non-accrual loans jumped to $15.8M from $4.4M at year-end, driven by one participation loan.

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