Orange County Bancorp reports Q1 EPS 85c vs. 77c last year

Reports Q1 book value per share grew to $21.75, while tangible book value per share increased to $21.32. The bank’s Tier 1 capital-to-average-assets ratio was 12.80%. Reports Q1 net interest margin increased 45 basis points to 4.40%. Provision for credit losses reflected a net recovery of $436K, and net charge-offs for the quarter were 0.00%. “I am pleased to announce record first quarter financial results for the Bank led by growth of our low-cost deposit base and continued strength in our net interest margin,” said CEO Michael Gilfeather.