Overview

* Orange County Bancorp ( OBT ) Q2 net income rises 27.4% yr/yr to $10.5 mln

* EPS for Q2 beats analyst expectations, per LSEG data

* Co completed $46 mln follow-on common stock offering, strengthening financial position

Result Drivers

* LOAN PORTFOLIO GROWTH - Co attributes strong Q2 financial performance to continued growth in loan portfolio, with total loans increasing $102.1 mln, or 5.6%, to $1.9 bln

* DEPOSIT GROWTH - Total deposits rose $123.4 mln, or 5.7%, to $2.3 bln, with organic sourcing enabling replacement of higher-cost brokered deposits

* WEALTH MANAGEMENT - Trust and investment advisory income rose 14.8% to $3.4 mln, contributing to non-interest income growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS Beat $0.87 $0.74 (3

Analysts

)

Q2 Net $10.50

Income mln

Q2 Net $25.10

Interest mln

Income

Q2 Net 4.1%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Orange County Bancorp Inc ( OBT ) is $30.00, about 12% above its July 29 closing price of $26.40

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)