Operating cash flow has consistently exceeded net income with an average OCF/NI ratio of 1.15 over the last four quarters, but the bank's strategic shift is evident as it has been a net seller of $123.7M in investment securities over the past ten quarters to build a $334.9M cash buffer.
Orange County Bancorp, Inc. (OBT) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 36.57M | 43.85M | 34.6M | 44.5M | 30.48M | 20.32M | 11.34M | 13.73M | 11.96M | 8.41M | 9.39M | 7.02M | 8.02M | 8.48M | 8.56M | 6.88M |
| Operating CF Growth % | 472.91% | 26.72% | -22.24% | 45.98% | 50.01% | 79.13% | -17.4% | 14.8% | 42.25% | -10.47% | 33.89% | -12.53% | -5.37% | -1.01% | 24.51% | - |
| Net Income | 49.86M | 41.61M | 27.88M | 29.48M | 24.36M | 21.29M | 11.68M | 11.48M | 7.55M | 2.35M | 3.64M | -160K | 6.2M | 6.51M | 7.78M | 7.6M |
| Depreciation & Amortization | 932K | 1.83M | 1.95M | 1.97M | 1.69M | 1.66M | 1.56M | 1.48M | 1.4M | 1.47M | 1.01M | 902K | 895K | 1M | 655.67K | 546.44K |
| Deferred Taxes | 0 | 240K | 69K | 103K | -958K | -403K | -260K | -426K | -190K | 3.22M | -1.29M | -1.16M | -137K | 0 | 0 | 0 |
| Other Non-Cash Items | -2.75M | 1.52M | 5.81M | 5.07M | 6.71M | -1.86M | 3.39M | 2.71M | 3.84M | 3.46M | 3.18M | 5.13M | -765K | -1.79M | 130.8K | 627.21K |
| Working Capital Changes | -268K | -2.5M | -2.86M | 7.01M | -1.99M | -910K | -5.59M | -2M | -865K | -2.27M | 2.72M | 2.21M | 1.68M | 2.76M | -3.39K | -1.9M |
| Cash from Investing | -13.51M | -74.15M | -29.42M | -144.92M | -434.11M | -291.31M | -330.96M | -150.51M | -133.01M | -57.71M | -82.82M | -97.96M | -43.85M | -24.72M | -27.66M | -56.67M |
| Purchase of Investments | -5.02M | -22.63M | -5.42M | -6.84M | -211.75M | -258.23M | -218.81M | -99.36M | -33.71M | -146.65M | -57.43M | -102.11M | 0 | 0 | 0 | -114.69M |
| Sale/Maturity of Investments | 23.64M | 68.65M | 45.76M | 49.12M | 66.28M | 113.88M | 147.81M | 103.09M | 69.55M | 124.43M | 74.74M | 112.67M | 0 | 0 | 0 | 71.3M |
| Net Investment Activity | 18.62M | 46.01M | 40.34M | 42.28M | -145.47M | -144.34M | -71.01M | 3.73M | 35.85M | -22.23M | 17.31M | 10.56M | 0 | 0 | 0 | -43.39M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 375K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -30.87M | -117.65M | -68.03M | -183.66M | -287.1M | -145.01M | -259.26M | -152.39M | -167.8M | -33.94M | -99.62M | -107.31M | -43.57M | -24.28M | -26.04M | -12.15M |
| Cash from Financing | 121.98M | 84.2M | -2.23M | 161.72M | 183.53M | 455.93M | 415.74M | 143.51M | 109.2M | 52.18M | 85.17M | 97.02M | 35.06M | 15.24M | 17.52M | 55.47M |
| Dividends Paid | -7.22M | -7.1M | -5.33M | -5.19M | -4.67M | -4.03M | -3.58M | -3.59M | -3.26M | -3.23M | -3.22M | -3.22M | -3.21M | -2.31M | -3.73M | -2.83M |
| Share Repurchases | 0 | -158K | -518K | -447K | -308K | -379K | -1.16M | -467K | -186K | -54K | -37K | -349K | 0 | -319K | -19.34K | -153.71K |
| Stock Issued | -171K | 43.39M | 0 | 0 | 0 | 35.25M | 0 | 0 | 16.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -171K | 43.23M | -518K | -447K | -308K | 34.87M | -1.16M | -467K | 16.24M | -54K | -37K | -349K | 0 | -319K | -19.34K | -153.71K |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | 1000K | 1000K | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | -46K | -44K | -41K | -1000K | -1000K |
| Other Financing | 152.32M | 157.01M | 114.61M | 64.36M | 60M | 425.09M | 406.16M | 178.12M | 80.78M | 120.52M | 73.48M | 100.64M | 38.32M | 17.91M | 34.07M | 62.76M |
| Net Change in Cash | 145.04M | 53.9M | 2.95M | 61.3M | -220.1M | 184.95M | 96.12M | 6.74M | -11.85M | 2.88M | 11.75M | 6.07M | -767K | -1M | 11.29M | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -296 | 12.87M | 0 |
| Cash at Beginning | - | 150.33M | 147.38M | 86.08M | 306.18M | 121.23M | 25.11M | 18.37M | 30.22M | 27.34M | 15.59M | 9.52M | 10.29M | 11.29M | 0 | 0 |
| Cash at End | - | 204.23M | 150.33M | 147.38M | 86.08M | 306.18M | 121.23M | 25.11M | 18.37M | 30.22M | 27.34M | 15.59M | 9.52M | 10.29M | 11.29M | 0 |
| Interest Paid | 19.64M | 30.54M | 36.92M | 27.53M | 6.12M | 4.03M | 4.62M | 4.84M | 2.72M | 0 | 4.19M | 4.16M | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 7.83M | 10.36M | 10.11M | 7.82M | 7.25M | 3.71M | 3.02M | 2.88M | 460K | 0 | 665K | 665K | 0 | 0 | 0 | 0 |
| Free Cash Flow | 35.88M | 41.33M | 32.87M | 40.96M | 28.94M | 18.36M | 10.65M | 11.88M | 10.53M | 6.86M | 8.89M | 5.8M | 7.74M | 8.04M | 6.94M | 5.74M |
| FCF Growth % | - | 25.74% | -19.75% | 41.56% | 57.61% | 72.37% | -10.33% | 12.8% | 53.56% | -22.86% | 53.17% | -25.02% | -3.69% | 15.8% | 20.82% | - |
Quick answers to the most common questions about buying OBT stock.
Orange County Bancorp, Inc. (OBT) generated $43.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Orange County Bancorp, Inc. (OBT) generated $41.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Orange County Bancorp, Inc. (OBT) spent $2.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Orange County Bancorp, Inc. (OBT) returned $7.1M to shareholders via cash dividends and spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Fee income collapse and provision volatility
Metrics are mathematically derived from official filings.
Strong Earnings Retention Supports Capital Build
Operating cash flow has consistently exceeded net income in recent quarters, with an OCF/NI ratio averaging 1.15 over the last four periods, suggesting the bank is generating tangible capital from its core operations to support balance sheet growth.
The sustained positive gap between operating cash flow and net income, particularly the 3.01x ratio in 2025Q3, indicates strong cash conversion of earnings, which is a positive signal for organic capital generation. This pattern suggests the bank's profitability is translating into real cash that can be retained to bolster regulatory capital buffers without relying on external issuance.
Securities Portfolio Managed for Liquidity
The bank has been a consistent net seller of investment securities, with cumulative sales of $123.7M over the past ten quarters against purchases of $69.4M, indicating a strategic shift toward liquidity generation rather than portfolio expansion.
The persistent pattern of sales exceeding purchases, especially the large $32.5M sale in 2025Q2, suggests the bank is actively managing its securities portfolio to generate cash, possibly to fund loan growth or meet liquidity needs. This activity appears to be a deliberate strategy rather than forced selling, as it has been sustained over multiple quarters.
Loan Growth Funded by Deposit and Liquidity Flows
Loan loss provisions have been volatile, ranging from a $7.2M charge in 2024Q3 to a $1.6M benefit in 2025Q4, indicating the bank's credit quality experience has been uneven despite the overall growth trajectory.
The swings in loan loss provisions suggest the bank is experiencing episodic credit events rather than a smooth, predictable loss cycle. The large provision in 2024Q3 followed by a benefit in 2025Q4 indicates potential reserve adjustments that may not reflect the underlying loan book's true risk profile, warranting closer examination of asset quality trends.
Dividend Growth Outpaces Earnings Expansion
Quarterly dividends have increased from $1.3M in early 2024 to $2.4M in recent quarters, representing an 85% increase that appears to be growing faster than the underlying earnings trajectory.
The acceleration in dividend payments suggests management is confident in the sustainability of the current earnings power, but the pace of increase relative to net income growth warrants monitoring. The bank has maintained this higher dividend level for four consecutive quarters, indicating it may be viewed as a new baseline rather than a temporary increase.
Provision Volatility Masks Credit Cycle Position
The provision for loan losses has swung from a $7.2M charge in 2024Q3 to a $1.0M benefit in 2026Q2, creating significant volatility in reported earnings that obscures the underlying credit quality trajectory.
This extreme volatility in provision expense suggests the bank may be experiencing lumpy credit events or making significant reserve adjustments that don't align with a smooth loss experience. The recent benefit in 2026Q2 could indicate reserve releases, but without corresponding charge-off data, it's difficult to assess whether this reflects genuine improvement or accounting adjustments.
Cash Flow Statement Hides Key Risk Factors
The cash flow statement does not capture the dramatic collapse in non-interest income from $7.3M to $407K, which represents a fundamental shift in revenue composition that could impact future cash generation capacity.
While operating cash flow appears healthy, the underlying revenue mix has deteriorated significantly with fee income now representing less than 2% of total revenue. This structural change isn't visible in the cash flow metrics but could pressure future earnings if NII growth stalls. Additionally, the volatile provision swings suggest potential asset quality issues that may not be fully reflected in current cash flow generation.