Detailed financial statements for Orange County Bancorp, Inc. (OBT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Orange County Bancorp, Inc., a bank holding company, through its subsidiaries, provides commercial and consumer banking products and services. The company operates in Business Banking, Private Banking, and Trust & Wealth Management segments. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.
Analysis Summary
Orange County Bancorp, Inc. reported revenue of $158.1M in the most recent fiscal year, growing at a 5-year CAGR of 19.7%. Net income reached $41.6M, with a 28.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 79.0%, operating margin 34.0%, net margin 31.5%. Free cash flow grew at 31.2% CAGR over 5 years.
At the current price of $38.20, OBT trades at a P/E of 10.65 and an ROE of 16.44%. Market capitalisation stands at $512M.
Balance sheet quality for OBT: current ratio of 0.2, net cash position of $328.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $41.3M represents 99% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.3M | $42.4M | $47.9M | $57.6M | $64.4M | $76.0M | $96.0M | $131.1M | $143.1M | $158.1M |
| Cost of Revenue | $5.7M | $4.6M | $5.3M | $7.0M | $10.1M | $6.4M | $15.7M | $37.2M | $43.2M | $38.7M |
| Gross Profit | $32.6M | $37.7M | $42.6M | $50.5M | $54.3M | $69.6M | $80.4M | $93.8M | $99.9M | $119.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $18.2M | $19.6M | $21.1M | $23.2M | $25.1M | $26.4M | $32.2M | $36.7M | $40.3M | $43.1M |
| Operating Expenses | $28.2M | $31.2M | $33.4M | $36.1M | $39.8M | $42.9M | $50.1M | $56.7M | $65.1M | $67.9M |
| Operating Income | $4.4M | $6.5M | $9.2M | $14.4M | $14.5M | $26.7M | $30.3M | $37.1M | $34.8M | $51.6M |
| EBITDA | $5.4M | $8.0M | $10.6M | $15.9M | $16.1M | $28.3M | $32.0M | $39.1M | $36.8M | $53.1M |
| Interest Expense | $3.9M | $2.9M | $2.8M | $4.8M | $4.7M | $4.0M | $6.1M | $29.4M | $35.5M | $30.9M |
| Pre-tax Income | $4.4M | $6.5M | $9.2M | $14.4M | $14.5M | $26.7M | $30.3M | $37.1M | $34.8M | $51.6M |
| Income Tax | $721000 | $4.2M | $1.6M | $2.9M | $2.8M | $5.4M | $5.9M | $7.7M | $6.9M | $9.9M |
| Net Income | $3.6M | $2.4M | $7.6M | $11.5M | $11.7M | $21.3M | $24.4M | $29.5M | $27.9M | $41.6M |
| EPS | $0.93 | $0.30 | $0.94 | $1.28 | $1.30 | $2.14 | $2.17 | $2.62 | $2.47 | $3.33 |
| EPS (Diluted) | $0.93 | $0.30 | $0.94 | $1.28 | $1.30 | $2.14 | $2.17 | $2.62 | $2.47 | $3.33 |
| Shares Outstanding (Diluted) | $3.9M | $7.8M | $8.1M | $9.0M | $9.0M | $9.9M | $11.2M | $11.3M | $11.3M | $12.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $41.3M | $40.0M | $34.4M | $35.0M |
| Gross Profit | $29.8M | $31.5M | $27.9M | $29.8M |
| Operating Income | $13.0M | $13.7M | $10.4M | $14.2M |
| EBITDA | $13.5M | $14.1M | $10.5M | $14.2M |
| Net Income | $10.0M | $12.4M | $11.3M | $13.7M |
| EPS | $0.75 | $0.93 | $0.85 | $1.02 |
| EPS (Diluted) | $0.75 | $0.93 | $0.85 | $1.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.3M | $30.2M | $18.4M | $25.1M | $121.2M | $306.2M | $86.1M | $147.4M | $150.3M | $204.2M |
| Short-term Investments | $279.3M | $297.7M | $255.5M | $254.9M | $330.1M | $464.8M | $533.5M | $489.9M | $443.8M | $158.3M |
| Receivables | $2.6M | $2.8M | $3.0M | $3.2M | $6.3M | $6.6M | $6.3M | $5.9M | $6.7M | $10.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $309.2M | $330.7M | $276.9M | $283.2M | $457.6M | $777.6M | $625.9M | $643.3M | $600.8M | $373.0M |
| Property, Plant & Equipment | $14.3M | $13.7M | $13.9M | $14.6M | $14.0M | $14.6M | $18.8M | $16.2M | $15.8M | $15.5M |
| Goodwill | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M | $5.4M |
| Intangible Assets | $3.1M | $2.8M | $2.5M | $2.2M | $2.0M | $1.7M | $1.4M | $1.1M | $821000 | $535000 |
| Total Assets | $909.7M | $960.7M | $1.06B | $1.23B | $1.66B | $2.14B | $2.29B | $2.49B | $2.51B | $2.66B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $25.0M | 0 | 0 | 0 | 0 | 0 | $131.5M | $224.5M | $113.5M | 0 |
| Total Current Liabilities | $754.2M | $822.6M | $917.8M | $1.10B | $1.51B | $1.94B | $2.13B | $2.26B | $2.27B | $2.31B |
| Long-term Debt | $63.2M | $23.1M | $38.6M | $8.0M | $22.3M | $22.4M | $19.4M | $29.5M | $29.6M | $34.6M |
| Total Liabilities | $817.3M | $869.4M | $956.3M | $1.11B | $1.53B | $1.96B | $2.15B | $2.32B | $2.32B | $2.38B |
| Retained Earnings | $26.6M | $26.7M | $31.0M | $39.6M | $47.7M | $64.9M | $84.6M | $107.4M | $129.9M | $164.4M |
| Total Equity | $92.4M | $91.3M | $108.5M | $122.1M | $135.4M | $182.8M | $138.1M | $165.4M | $185.5M | $284.4M |
| Total Debt | $88.2M | $23.1M | $38.6M | $8.0M | $22.3M | $22.4M | $150.9M | $254.0M | $143.1M | $34.6M |
| Net Debt | -$218.5M | -$304.8M | -$235.4M | -$272.0M | -$429.0M | -$748.6M | -$468.6M | -$383.3M | -$451.0M | -$328.0M |
| Working Capital | -$445.0M | -$491.9M | -$640.9M | -$816.3M | -$1.05B | -$1.16B | -$1.50B | -$1.62B | -$1.67B | -$1.94B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $189.9M | $204.2M | $257.5M | $334.9M |
| Total Assets | $2.64B | $2.66B | $2.71B | $2.80B |
| Total Liabilities | $2.37B | $2.38B | $2.41B | $2.49B |
| Total Equity | $270.1M | $284.4M | $291.7M | $306.6M |
| Total Debt | $57.0M | $34.6M | $34.6M | $34.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.6M | $2.4M | $7.6M | $11.5M | $11.7M | $21.3M | $24.4M | $29.5M | $27.9M | $41.6M |
| Depreciation & Amortization | $1.0M | $1.5M | $1.4M | $1.5M | $1.6M | $1.7M | $1.7M | $2.0M | $1.9M | $1.8M |
| Stock-based Compensation | $150000 | $191000 | $228000 | $490000 | $567000 | $544000 | $669000 | $871000 | $1.8M | $1.1M |
| Change in Working Capital | $2.7M | -$2.3M | -$865000 | -$2.0M | -$5.6M | -$910000 | -$2.0M | $7.0M | -$2.9M | -$2.5M |
| Operating Cash Flow | $9.4M | $8.4M | $12.0M | $13.7M | $11.3M | $20.3M | $30.5M | $44.5M | $34.6M | $43.8M |
| Capital Expenditure | -$504000 | -$1.6M | -$1.4M | -$1.9M | -$692000 | -$2.0M | -$1.5M | -$3.5M | -$1.7M | -$2.5M |
| Acquisitions | 0 | 0 | $375000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$37000 | -$54000 | -$186000 | -$467000 | -$1.2M | -$379000 | -$308000 | -$447000 | -$518000 | -$158000 |
| Dividends Paid | -$3.2M | -$3.2M | -$3.3M | -$3.6M | -$3.6M | -$4.0M | -$4.7M | -$5.2M | -$5.3M | -$7.1M |
| Free Cash Flow | $8.9M | $6.9M | $10.5M | $11.9M | $10.7M | $18.4M | $28.9M | $41.0M | $32.9M | $41.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $30.2M | $13.8M | $10.2M | $12.6M |
| Capital Expenditure | -$594000 | -$695000 | -$563000 | $563000 |
| Free Cash Flow | $29.6M | $13.1M | $9.7M | $13.1M |
| Dividends Paid | -$1.7M | -$2.4M | -$2.4M | -$2.4M |
| Stock-based Compensation | $91000 | $46000 | $1.2M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.6% | +13.0% | +20.2% | +11.9% | +18.0% | +26.3% | +36.5% | +9.2% | +10.5% | |
| Net Income Growth (YoY) | -35.4% | +221.2% | +52.0% | +1.7% | +82.3% | +14.5% | +21.0% | -5.4% | +49.2% | |
| EPS Growth (YoY) | -67.7% | +213.3% | +36.2% | +1.6% | +64.6% | +1.4% | +20.7% | -5.7% | +34.8% | |
| Shares Change (YoY) | +100.0% | +3.1% | +11.1% | +0.5% | +10.2% | +13.1% | +0.1% | +0.4% | +10.7% | |
| FCF Growth (YoY) | -22.9% | +53.6% | +12.8% | -10.3% | +72.4% | +57.6% | +41.6% | -19.8% | +25.7% | |
| Gross Margin | 85.1% | 89.0% | 89.0% | 87.8% | 84.3% | 91.6% | 83.7% | 71.6% | 69.8% | 75.5% |
| Operating Margin | 11.4% | 15.4% | 19.2% | 25.0% | 22.5% | 35.1% | 31.5% | 28.3% | 24.3% | 32.6% |
| EBITDA Margin | 14.0% | 18.8% | 22.1% | 27.6% | 25.0% | 37.3% | 33.3% | 29.8% | 25.7% | 33.6% |
| Net Margin | 9.5% | 5.5% | 15.8% | 19.9% | 18.1% | 28.0% | 25.4% | 22.5% | 19.5% | 26.3% |
| FCF Margin | 23.2% | 16.2% | 22.0% | 20.6% | 16.5% | 24.2% | 30.1% | 31.3% | 23.0% | 26.1% |
| Effective Tax Rate | 16.5% | 63.8% | 17.7% | 20.3% | 19.6% | 20.2% | 19.5% | 20.6% | 19.9% | 19.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.27 | $0.88 | $1.31 | $1.32 | $1.18 | $1.85 | $2.57 | $3.64 | $2.91 | $3.30 |
| Dividends Per Share | $0.82 | $0.41 | $0.40 | $0.40 | $0.40 | $0.41 | $0.42 | $0.46 | $0.47 | $0.57 |
| Shares Outstanding (Basic) | $3.9M | $7.8M | $8.1M | $9.0M | $9.0M | $9.9M | $11.2M | $11.3M | $11.3M | $12.5M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 16.44% |
| Return on Invested Capital | 12.45% |
| Return on Assets | 1.69% |
| Gross Margin | 79.01% |
| Operating Margin | 34.01% |
| Net Margin | 31.45% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 0.31 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.51 | 46.70 | 14.36 | 11.48 | 10.48 | 9.39 | 10.73 | 11.50 | 11.25 | 8.57 |
| P/B | 0.49 | 1.20 | 1.00 | 1.08 | 0.91 | 1.09 | 1.90 | 2.05 | 1.69 | 1.26 |
| P/S | 1.19 | 2.59 | 2.28 | 2.29 | 1.91 | 2.63 | 2.73 | 2.59 | 2.20 | 2.26 |
| Gross Margin | 85.1% | 89.0% | 89.0% | 87.8% | 84.3% | 91.6% | 83.7% | 71.6% | 69.8% | 75.5% |
| Operating Margin | 11.4% | 15.4% | 19.2% | 25.0% | 22.5% | 35.1% | 31.5% | 28.3% | 24.3% | 32.6% |
| Net Margin | 9.5% | 5.5% | 15.8% | 19.9% | 18.1% | 28.0% | 25.4% | 22.5% | 19.5% | 26.3% |
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Explore sector: Financial Services · Banks - Regional
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