secwatch.observer — SEC 8-K summary
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Issuer:     Orange County Bancorp, Inc. /DE/ (OBT)
CIK:        0001754226
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0000943374-24-000443
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000443/0000943374-24-000443-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000443/form8k.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000443

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