Orange County Bancorp Q3 net income falls to $0.57/share, impacted by $5.6M loan loss reserve

Orange County Bancorp, Inc. /DE/

2024-Q3 EPS reported $3.67

Net income $3.2M ($0.57 per share) vs $9.0M ($1.61) YoY; provision for credit losses surged to $7.2M from $0.8M.
Provision included $5.6M reserve against a $10.7M commercial real estate participation loan; company filed suit against lead lender Valley National Bank.
Net interest income rose 2.1% to $23.0M; net interest margin narrowed to 3.81% from prior quarter's 4.10%.
Non-performing loans increased to $11.2M (0.62% of total loans) primarily due to a single non-accrual loan of $10.7M.
Wealth management AUM grew 13.4% to $1.8B; trust and advisory income up 20.1% to $3.1M.

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