Orange County Bancorp beats Q2 EPS estimates
Overview
Orange County Bancorp 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/Miss | Actual | Consensus Estimate |
Q2 EPS | Beat | $0.87 | $0.74 (3 Analysts) |
Q2 Net Income |
| $10.50 mln |
|
Q2 Net Interest Income |
| $25.10 mln |
|
Q2 Net Interest Margin |
| 4.1% |
|
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 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: ID:nGNXvxwxS
