Q4 net income falls 11.8% YoY to $7.2M; full-year EPS $2.47 vs $2.62

Orange County Bancorp, Inc. /DE/

2024-FY EPS reported $2.47

Q4 net income $7.2M ($0.63 diluted EPS) vs $8.1M ($0.72) prior year; FY net income $27.9M ($2.47) vs $29.5M ($2.62).
Non-interest expense rose 25.4% to $18.5M in Q4, partly due to a fraudulent incident at a branch and non-performing loan charges.
Net interest income grew 3.8% for FY to $91.8M; net interest margin expanded 5bp to 3.83%.
Trust & investment advisory income up 16.7% in Q4 to $3.3M; wealth AUM grew 12.9% to $1.78B.
Non-performing loans increased to $6.3M (0.35% of total loans) from $4.4M, driven by one CRE participation loan.

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