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ORANGE Bank & Trust COMPANY Where the brightest bankers live . Orange County Bancorp , Inc. Announces Record Third Quarter 2021 Results October 25 , 2021 Orange County Bancorp , Inc. Announces Record Third Quarter 2021 Results • Net Income for Q3 2021 increased $ 2.6 million , or 91.4 % , to a record $ 5.6 million versus Q3 2020 • Return on average assets for Q3 2021 rose 35 basis points year - over - year to 1.07 % • Return on common equity for Q3 2021 rose 6.8 % , or 126 % , year - over - year to 12.2 % • Average Loans ( net of PPP ) for Q3 2021 increased 17.0 % year - over - year , to $ 1.2 billion • Provision for loan losses of $ 1.0 million for Q3 2021 declined 17 % year - over - year due to stabilizing credit trends Average Demand Deposits for Q3 2021 grew 36.7 % year - over - year to $ 663.8 million • • Total Assets grew $ 510.3 million , or 30.6 % , from year - end 2020 to $ 2.2 billion at September 30 , 2021 • Trust and asset advisory business revenue increased 16.7 % year - over - year , to $ 2.4 million , for Q3 2021 • Book Value per Share of $ 32.04 at September 30 , 2021 increased $ 1.83 , or 6.1 % from December 31 , 2020 . Tangible Book Value per Share of $ 30.78 at September 30 , 2021 increased $ 2.21 , or 7.7 % from December 31 , 2020 MIDDLETOWN , NY / ACCESSWIRE / October 25 , 2021 / Orange County Bancorp , Inc. ( the " Company " ) ( Nasdaq : OBT ) , parent company of Orange Bank & Trust Co. ( the " Bank " ) and Hudson Valley Investment Advisors , Inc. ( " HVIA " ) , today announced net income of $ 5.6 million , or $ 1.06 per basic and diluted share , for the three months ended September 30 , 2021. This compares with net income of $ 2.9 million , or $ 0.65 per basic and diluted share , for the three months ended September 30 , 2020. For the first nine months of 2021 , net income increased by $ 7.5 million , or 91.0 % , over the prior year period , to $ 15.8 million , or $ 3.33 per basic and diluted share . This compares with net income of $ 8.3 million , or $ 1.83 per basic and diluted share , for the first nine months of 2020 . " I am pleased to announce the strategic emphasis we have placed on business clients the past several years has again resulted in record quarterly earnings , " said Orange County Bancorp President & CEO , Michael Gilfeather . " For Q3 2021 , net income grew over 91 % , to $ 5.6 million , compared with the same quarter last year , continuing our recent string of record results . The Bank also enjoyed significant growth across other key business segments , " Gilfeather continued , " including notable increases in core loans and deposits . This , again , is the result of our focus on business banking , as targeted geographic expansion has enabled us to develop close client relationships and respond to local economic conditions quickly and effectively . Improved customer and market familiarity has enabled us to reduce underwriting risk , more actively identify and pursue lending opportunities , and more efficiently manage our loan portfolio , enhancing our reputation as a valued partner in the business community . This contributed to a 17 % year - over - year increase in average loans and , as we've earned an increasing portion of our client's business , nearly 37 % year - over - year growth in Demand Deposits during the quarter . To leverage and bolster implementation of our successful growth strategy , in early Q3 we launched and announced completion of our initial public offering of common stock . The transaction was upsized due to strong institutional demand and culminated in the sale of 1.15 million shares of our common stock at a price per share of $ 33.50 , for gross proceeds of approximately $ 38.5 million . Our shares now trade on the NASDAQ Capital Market under the symbol " OBT " . The listing obligates us to meet enhanced financial disclosure , liquidity and corporate governance requirements , increasing transparency and making our shares accessible to a broader group of investors . Our objective is improved shareholder diversification , capital access , and trading liquidity . Success of the transaction , which attracted a number of new investors , involved contributions from every part of our organization and I couldn't be more proud of their efforts . The Company's Wealth Management initiative , which launched earlier this year , also enjoyed strong growth during the quarter . Orange Wealth Management is a platform that provides comprehensive wealth management services through the Company's Private Banking and Trust Services Division and Hudson Valley Investment Advisors ( HVIA ) subsidiary . Revenues grew $ 344 thousand or 16.7 % , to $ 2.4 million , for the third quarter 2021 verses the same quarter last year , and are up 20.4 % for the nine months ended September 30 , 2021 compared to the same period in 2020. Assets under management ( AUM ) ended Q3 at $ 1.26 billion , up $ 19.4 million for the current quarter and $ 67.8 million for the first nine months of 2021 . In keeping with our ongoing expansion efforts , the Bank opened a new branch in the Bronx in early July with a seasoned and well respected team in the local business community . Senior Vice President and Senior Commercial Loan Officer , Anthony Mormile , is leading this effort and we are very encouraged by the results to date . We are also on track to open a branch in Nanuet later this year , further strengthen our presence in Rockland County which , given its proximity to New Jersey , could serve as an entry point into Bergen County . In keeping with our broader growth strategy , we will remain disciplined with any future branch initiatives . Finally , the growth we have experienced the past several years necessitated an upgrade to our data and accounting systems , which we expect to complete in November 2021. Doing so requires early termination of a vendor contract for a one - time charge of approximately $ 900,000 , which we expect to book in Q4 . We believe this conversion will provide the Bank the functionality , support and flexibility to more effectively manage our existing