Liquidity management remains active, highlighted by a $32.5 million sale of investment securities in 2025Q2 and a consistent quarterly dividend payout of approximately $2.4 million.
| 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 | 49.24M | 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 % | 160.04% | 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 | 44.19M | 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 | 1.84M | 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 | 1.26M | 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 | 548K | -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 | -43.31M | -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 | -23.5M | -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 | 68.03M | 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 | 44.53M | 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 | -85.26M | -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 | 87.44M | 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 | -8.03M | -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 | -125K | -158K | -518K | -447K | -308K | -379K | -1.16M | -467K | -186K | -54K | -37K | -349K | 0 | -319K | -19.34K | -153.71K |
| Stock Issued | 43.39M | 43.39M | 0 | 0 | 0 | 35.25M | 0 | 0 | 16.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 43.26M | 43.23M | -518K | -447K | -308K | 34.87M | -1.16M | -467K | 16.24M | -54K | -37K | -349K | 0 | -319K | -19.34K | -153.71K |
| Debt Issuance (Net) | 500K | -1000K | -1000K | 1000K | 1000K | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | -46K | -44K | -41K | -1000K | -1000K |
| Other Financing | 68.03M | 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 | 93.36M | 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 | 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 | 0 |
| Cash at End | 257.54M | 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 | 29.43M | 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 | 10.47M | 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 | 46.66M | 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 % | 32.49% | 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% | - |
CRE concentration and provisioning
According to OBT's reported financial statements, the bank consistently retains a significant portion of its $11.3 million in 2026Q1 net income, maintaining a capital base that appears sufficient to support ongoing expansion into the Bronx and Westchester markets without immediate reliance on external equity financing.
The bank's ability to generate positive net income while maintaining a modest dividend payout suggests a disciplined approach to capital retention. This internal capital generation is critical for funding the high-touch advisory model, as it allows the firm to absorb the costs of geographic expansion while keeping leverage ratios low.
As indicated by quarterly cash flow data, OBT frequently rotates its investment securities portfolio, with a notable $32.5 million in sales during 2025Q2, suggesting that management actively utilizes the securities book as a primary liquidity buffer to manage fluctuations in loan demand and deposit volatility.
The recurring pattern of purchasing and selling investment securities implies that the bank maintains a highly liquid portfolio to offset potential funding gaps. Investors should monitor whether these sales are driven by opportunistic yield capture or a necessity to fund loan growth in a tightening liquidity environment.
Based on the provided cash flow figures, OBT has maintained a consistent dividend payout of approximately $2.4 million per quarter through early 2026, while share buybacks remain minimal, indicating a strategic preference for preserving capital to support the bank's long-term commercial lending and wealth management growth initiatives.
The stability of dividend payments relative to net income suggests a conservative capital return philosophy that prioritizes balance sheet strength over aggressive shareholder distributions. This approach appears prudent given the bank's geographic concentration and the inherent risks associated with its commercial real estate lending portfolio.
As evidenced by the bank's historical filings, the provision for credit losses has fluctuated significantly, reaching a peak of $7.2 million in 2024Q3 before dropping to zero in 2026Q1, which complicates the assessment of core cash flow generation and underlying credit quality trends.
The lack of a consistent provisioning pattern may suggest a reactive approach to credit risk that can distort quarterly cash flow metrics. Analysts should investigate whether the recent zero-provision quarter reflects a genuine improvement in asset quality or a temporary pause in building reserves against potential CRE-related losses.
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.