Net interest income growth has accelerated to 13.1% year-over-year in 2026Q2, but this is offset by a collapse in non-interest income to just 1.4% of total revenue, indicating a dangerous loss of fee-based earnings diversification.
Orange County Bancorp, Inc. (OBT) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 114.58M | 104.06M | 91.77M | 88.39M | 78.09M | 60.46M | 48.74M | 43.28M | 35.91M | 30.26M | 25.84M | 21.08M | 0 | 0 | 0 | -3.26M |
| NII Growth % | 64.98% | 13.39% | 3.82% | 13.19% | 29.15% | 24.05% | 12.61% | 20.52% | 18.66% | 17.13% | 22.59% | - | - | - | 100% | - |
| Net Interest Margin % | 4.19% | 3.91% | 3.66% | 3.56% | 3.41% | 2.82% | 2.93% | 3.52% | 3.37% | 3.15% | 2.84% | 2.56% | 0% | 0% | 0% | -0.51% |
| Interest Income | 140.5M | 134.98M | 127.23M | 117.77M | 84.22M | 64.43M | 53.46M | 48.3M | 38.7M | 33.13M | 29.76M | 25.23M | 0 | 0 | 0 | 0 |
| Interest Expense | 25.91M | 30.93M | 35.46M | 29.38M | 6.13M | 3.97M | 4.72M | 4.84M | 2.79M | 2.87M | 3.92M | 4.16M | 0 | 0 | 0 | 3.26M |
| Loan Loss Provision | 1.35M | 7.75M | 7.71M | 7.87M | 9.52M | 2.43M | 5.41M | 2.19M | 2.46M | 1.78M | 1.79M | 5.88M | 0 | 0 | 0 | 27.59M |
| Non-Interest Income | 10.47M | 23.15M | 15.86M | 13.3M | 11.78M | 11.57M | 10.97M | 9.26M | 9.18M | 9.23M | 8.53M | 8.46M | 28.4M | 26.57M | 25.34M | 30.85M |
| Non-Interest Income % | 8.37% | 18.2% | 14.74% | 13.08% | 13.11% | 16.06% | 18.37% | 17.63% | 20.35% | 23.38% | 24.81% | 28.65% | 100% | 100% | 100% | 111.83% |
| Total Net Revenue | 125.05M | 127.2M | 107.63M | 101.69M | 89.87M | 72.03M | 59.71M | 52.55M | 45.09M | 39.5M | 34.36M | 29.54M | 28.4M | 26.57M | 25.34M | 27.59M |
| Revenue Growth % | 2.95% | 18.19% | 5.84% | 13.15% | 24.77% | 20.64% | 13.63% | 16.54% | 14.15% | 14.95% | 16.33% | 4.02% | 6.88% | 4.85% | -8.15% | - |
| Non-Interest Expense | 68.22M | 67.9M | 65.1M | 56.67M | 50.08M | 42.92M | 39.78M | 36.12M | 33.44M | 31.22M | 28.21M | 25.57M | 20.65M | 16.09M | 15.25M | 3.42M |
| Efficiency Ratio | 54.55% | 53.38% | 60.49% | 55.73% | 55.72% | 59.59% | 66.62% | 68.73% | 74.17% | 79.03% | 82.1% | 86.55% | 72.71% | 60.54% | 60.17% | 12.41% |
| Operating Income | 55.49M | 51.56M | 34.82M | 37.15M | 30.28M | 26.68M | 14.52M | 14.41M | 9.18M | 6.5M | 4.36M | -1.91M | 10.95M | 10.48M | 10.53M | 9.85M |
| Operating Margin % | 44.37% | 40.53% | 32.35% | 36.53% | 33.69% | 37.04% | 24.32% | 27.42% | 20.36% | 16.46% | 12.68% | -6.47% | 38.57% | 39.46% | 41.56% | 35.71% |
| Operating Income Growth % | - | 48.07% | -6.27% | 22.7% | 13.49% | 83.75% | 0.76% | 56.96% | 41.17% | 49.22% | 328.05% | -117.45% | 4.48% | -0.46% | 6.88% | - |
| Pretax Income | 57.07M | 51.56M | 34.82M | 37.15M | 30.28M | 26.68M | 14.52M | 14.41M | 9.18M | 6.5M | 4.36M | -1.91M | 7.75M | 8.12M | 10.09M | 9.85M |
| Pretax Margin % | 45.63% | 40.53% | 32.35% | 36.53% | 33.69% | 37.04% | 24.32% | 27.42% | 20.36% | 16.46% | 12.68% | -6.47% | 27.29% | 30.56% | 39.83% | 35.71% |
| Income Tax | 7.21M | 9.94M | 6.93M | 7.67M | 5.91M | 5.39M | 2.84M | 2.93M | 1.63M | 4.15M | 721K | -1.75M | 1.55M | 1.61M | 2.31M | 2.25M |
| Effective Tax Rate % | 12.63% | 19.28% | 19.92% | 20.65% | 19.53% | 20.2% | 19.56% | 20.32% | 17.73% | 63.85% | 16.54% | 91.63% | 20.04% | 19.83% | 22.92% | 22.86% |
| 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 |
| Net Margin % | 39.87% | 32.71% | 25.91% | 28.99% | 27.11% | 29.55% | 19.56% | 21.85% | 16.75% | 5.95% | 10.58% | -0.54% | 21.82% | 24.5% | 30.7% | 27.55% |
| Net Income Growth % | 37.17% | 49.25% | -5.41% | 21% | 14.45% | 82.27% | 1.72% | 52.03% | 221.22% | -35.36% | 2373.13% | -102.58% | -4.79% | -16.33% | 2.35% | - |
| Net Income (Continuing) | 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 |
| EPS (Diluted) | 3.73 | 3.33 | 2.47 | 2.62 | 2.17 | 2.14 | 1.30 | 1.28 | 0.94 | 0.30 | 0.93 | -0.04 | 1.58 | 1.66 | 1.98 | 1.93 |
| EPS Growth % | 23.51% | 34.82% | -5.73% | 20.74% | 1.4% | 64.62% | 1.56% | 36.17% | 213.33% | -67.74% | 2373.84% | -102.59% | -4.82% | -16.16% | 2.59% | - |
| EPS (Basic) | - | 3.33 | 2.47 | 2.62 | 2.17 | 2.14 | 1.30 | 1.28 | 0.94 | 0.30 | 0.93 | -0.04 | 1.58 | 1.66 | 1.98 | 1.93 |
| Diluted Shares Outstanding | 13.38M | 12.51M | 11.3M | 11.26M | 11.24M | 9.94M | 9.02M | 8.97M | 8.07M | 7.83M | 3.91M | 3.91M | 3.91M | 3.92M | 3.93M | 3.93M |
Quick answers to the most common questions about buying OBT stock.
For fiscal year 2025, Orange County Bancorp, Inc. (OBT) reported total revenue of $127.2M. This represents a 361.1% increase compared to $27.6M in 2011.
Orange County Bancorp, Inc. (OBT) is profitable, generating $41.6M in net income for the fiscal year ending 2025 with a net profit margin of 32.7%.
Orange County Bancorp, Inc. (OBT) reported an operating income of $51.6M, resulting in an operating profit margin of 40.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Orange County Bancorp, Inc. (OBT) generated $119.5M in gross profit for the year, representing a gross profit margin of 93.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fee income volatility and provision swings
Metrics are mathematically derived from official filings.
NII Growth Accelerates on Rate Tailwinds
Net interest income growth has accelerated significantly, reaching 13.1% year-over-year in 2026Q2, driven by a combination of loan volume expansion and favorable rate dynamics, as reported in the company's recent financial statements.
The acceleration from low-single-digit NII growth in early 2024 to double-digit growth in recent quarters suggests the bank is successfully repricing its asset base in the current rate environment. This trajectory implies that the balance sheet is well-positioned to benefit from higher rates, though the sustainability of this pace will depend on loan demand and deposit cost management.
NIM Expansion Drives Core Profitability
The net interest margin has expanded from 0.9% to 1.0% over the past year, indicating improved asset-liability management and a more favorable spread environment, according to the company's quarterly disclosures.
The NIM expansion, while modest in absolute terms, is a critical driver of the bank's earnings power and appears to be a key factor behind the accelerating NII growth. This trend suggests the bank is effectively managing its funding costs relative to asset yields, though the margin level remains below some regional peers, warranting further investigation into its deposit mix and pricing strategy.
Provision Volatility Masks Underlying Credit Quality
Provision expense has been highly volatile, swinging from a $7.2M charge in 2024Q3 to a $1.0M benefit in 2026Q2, making it difficult to assess the true underlying credit cycle trajectory based on reported figures.
The erratic provision pattern, including a significant $202K charge in 2025Q1 followed by a large $3.9M charge in 2025Q3, suggests management may be adjusting reserves based on specific portfolio events rather than a smooth, forward-looking credit cycle view. This volatility obscures the bank's core pre-provision earnings power and introduces noise into the net income trend.
Fee Income Decline Erodes Revenue Diversification
Non-interest income has collapsed from $7.3M in 2025Q2 to just $407K in 2026Q2, representing a dramatic shift in revenue composition and reducing the bank's fee-based earnings buffer, as shown in the income statement data.
The near-elimination of fee income in recent quarters is a significant negative development, as it removes a key source of non-rate-sensitive revenue and increases the bank's reliance on net interest income. This shift appears to be driven by the absence of large, non-recurring items that boosted fees in prior periods, and investors should monitor whether the bank can rebuild this revenue stream.
2025Q3 Marks a Turning Point in Earnings Power
The third quarter of 2025 represents a clear inflection point, with EPS surging 167.9% year-over-year as NII growth accelerated and provision costs, while elevated, were absorbed by a much stronger pre-provision revenue base.
This quarter appears to be the moment where the bank's strategic positioning in the rate cycle began to translate into material earnings growth. The combination of accelerating NII and a more efficient operating model (efficiency ratio improving to 49.9%) created a powerful earnings tailwind that has continued into 2026, suggesting the bank has entered a new phase of its earnings cycle.
Fee Collapse Threatens Earnings Sustainability
The dramatic decline in non-interest income to just 1.4% of total revenue in 2026Q2, down from over 20% a year earlier, raises serious questions about the sustainability of the bank's current earnings trajectory if NII growth were to stall.
The bank's earnings model has become almost entirely dependent on net interest income, which creates significant vulnerability to rate cuts or deposit cost pressures. With fee income providing virtually no buffer, any deceleration in NII growth would flow directly to the bottom line, and the current valuation may not adequately reflect this increased earnings concentration risk.