FOR IMMEDIATE RELEASE

Orange County Bancorp, Inc. Announces Record Earnings for 2021:

MIDDLETOWN, N.Y., January 26, 2022 – Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $5.5 million, or $0.97 per basic and diluted share, for the three months ended December 31, 2021. This compares with net income of $3.4 million, or $0.76 per basic and diluted share, for the three months ended December 31, 2020. For the year ended December 31, 2021, net income increased by $9.6 million, or 82.1%, over the prior year, to $21.3 million, or $4.28 per basic and diluted share. This compares with net income of $11.7 million, or $2.59 per basic and diluted share, for the year ended December 31, 2020.

“Over the past several years Orange County Bancorp has strategically positioned itself as the premier business bank in the region,” said Orange County Bancorp President & CEO, Michael Gilfeather.  “We recognized early on that the decentralized banking model employed by many of our competitors left small and midsized businesses in the communities we serve without a true banking partner. We have sought to fill that void and I am pleased to announce our record results for the quarter and year just ended demonstrate the success of our strategy. Net income of  $21.3 million in 2021 represents an increase of $9.6 million, or approximately 82%, for the year.

Key to delivering on our superior value proposition to business clients were contributions from all parts of the bank. I am also pleased to report that every business segment shared in our growth, with the Bank’s loan portfolio increasing more than 12%, to $1.3 billion, and our deposit base increasing more than 28%, to $1.9 billion.

Our loan growth was, in fact, even stronger than the headline number suggests, as a substantial portion of PPP (Paycheck Protection Program) loans originated over the past 18 months were forgiven this year. At year end, these loans totaled just $38.1 million, down from a high of $123.9 million in April 2021.  As I’ve mentioned previously, this was a program we were very proud of to have championed on behalf of our clients and, as it turned out, served as a critical life line for many.  After almost two years of loan deferrals related to the impact of the COVID pandemic, we finished 2021 with no loan deferrals within our portfolio.

To ensure our strict underwriting and risk management standards kept pace with our growth, we upgraded  our data and accounting systems during the year. We completed this project in the 4^th quarter and it came in at approximately $725 thousand, well below our nearly $900 thousand cost estimate.

Early last year we also launched our Wealth Management initiative, integrating the expertise of our Private Banking, Trust and Investment Advisory Service businesses to create a comprehensive offering for clients with complex business or financial and estate planning needs.  In keeping with our strategic business focus, we have tailored Wealth Management to serve our new and existing business relationships. The results to date have been very encouraging, with revenues growing approximately 18% for the year to $9.6 million.

As we have gained experience and confidence partnering with local business communities through our expansion efforts, we have developed a better understanding of where and how to effectively grow the Bank.  In July, we opened a branch in the Bronx, which in its short history has performed well above expectations.  We also opened a branch in Nanuet in November, positioning us to better serve Rockland County and, given its proximity to New Jersey, gaining visibility into Bergen County.  We are very excited about the prospects for these branches and continue to evaluate other areas for potential expansion.

To bolster implementation of our growth strategy, we launched and announced a successful completion of an initial public offering of common stock in early Q3 2021. The transaction was upsized due to strong institutional demand and culminated in the sale of 1.15 million shares at a price of $33.50 per share, for gross proceeds of approximately $38.5 million. Our shares now trade on the NASDAQ Capital Market under the symbol “OBT”. In addition to providing growth capital, the transaction also raises the Company’s visibility with investors, enhancing liquidity and shareholder diversification and, if necessary, offering more efficient access to capital in the future. We believe these factors and others have helped unlock value in our stock since the offering.

The success we enjoyed in 2021 was the result of years of planning and investment in facilities, technology, and personnel. None of it, however, would have been possible without the commitment and effort of every employee of the Bank. The foundation for responsibly growing our business remains strong, and I am confident our team will continue to deliver exceptional service to our clients and the communities we serve. This, in turn, should create additional opportunities to grow the Bank and generate even stronger results for our shareholders. I am incredibly fortunate to be surrounded by such a team and thank them for their hard work.”

Fourth Quarter and Full-Year 2021 Financial Review

Net Income

Net income for the fourth quarter of 2021 was $5.5 million, an increase of approximately $2.1 million, or 61.8%, over net income of $3.4 million for the fourth quarter of 2020. Net income for the twelve months ended December 31, 2021 was $21.3 million, an increase of $9.6 million, or 82.1%, over net income of $11.7 million for the prior year. Growth for the fourth quarter and full year 2021 continued to be driven primarily by increases in net interest income and non-interest income and a decrease in the provision for loan losses, partially offset by increases in non-interest expense and provision for income taxes.

Net Interest Income

For the three months ended December 31, 2021, net interest income increased by $3.1 million, or 23.7%, to $16.2 million versus the same period last year. For the twelve months ended December 31, 2021, net interest income increased by $11.7 million, or 24.0%, to $60.5 million as compared to the same period last year.

Total interest income increased $2.9 million, or 25.7%, to $17.1 million and $10.9 million, or 20.4%, to $64.4 million for the three and twelve months ended December 31, 2021, respectively, versus the corresponding periods last year. The increase in interest income was primarily due to loan growth and fees associated with PPP loan forgiveness.

Total interest expense decreased $192 thousand in the fourth quarter of 2021, to $940 thousand, as compared to $1.1 million in the fourth quarter of 2020, and decreased $754 thousand for the twelve months ended December 31, 2021, to $4.0 million from $4.7 million for the twelve months ended December 31, 2020.  The decrease resulted from a reduction in deposit interest expense partially offset by an increase in interest expense due to subordinated debt issued in Q3 2020.  Lower interest expense on deposits, even with 26% average year-over-year growth, was consistent with reduction of the Fed Funds rate in the first quarter of 2020 in response to the COVID-19 pandemic and continued low rates within the Bank’s market. 

Provision for Loan Losses

The Company recognized provisions for loan losses of $545 thousand and $2.4 million for the three and twelve months ended December 31, 2021, respectively, compared to $1.7 million and $5.4 million for the three and twelve months ended December 31, 2020. The lower provisions reflected continued improvements in credit metrics as well as a reduction in loan deferrals during Q4 2021. The allowance for loan losses to total loans was 1.36% as of December 31, 2021 and 1.40% as of December 31, 2020. Excluding PPP loans, the ratios were 1.41% and 1.49% as of the same dates, respectively.

Non-Interest Income

Non-interest income was $3.2 million for Q4 2021, and represented a $124 thousand increase from $3.0 million for the same period in 2020. Non-interest income rose approximately $679 thousand, to $12.1 million, for the twelve months ended December 31, 2021 as compared to approximately $11.4 million for the same period in 2020. The growth continues to be supported by the increased success of the Bank’s trust operations and HVIA asset management activities.

Non-Interest Expense

Non-interest expense was $11.8 million and $10.2 million for the fourth quarters of 2021 and 2020, respectively, reflecting an increase of approximately $1.6 million, or 14.6%, while non-interest expense of $43.5 million for the twelve months ended December 31, 2021, rose $3.3 million, or 8.2%, versus $40.2 million for the same period in 2020. The increase in non-interest expense for the three and twelve month periods was due to our continued investment in growth. This investment consisted primarily of increases in salaries, information technology, professional fees, and deposit insurance costs, the latter due to significant growth in deposit balances. Our efficiency ratio improved to 60.95% for the three months ended December 31, 2021, from 63.45% for the same period in 2020, and to 59.89% for the twelve months ended December 31, 2021, from 66.87% for the twelve months ended December 31, 2020.

Income Tax Expense

Our provision for income taxes for the three months ended December 31, 2021 was $1.5 million, compared to $806 thousand for the same period in 2020. The provision for income taxes for the twelve months ended December 31, 2021 was $5.4 million, compared to $2.8 million for the same period in 2020. The increase for both periods was due to the increase in income before income taxes. Our effective tax rate for the three and twelve month periods ended December 31, 2021 was 21.7% and 20.2%, respectively, versus 19.1% and 19.6%, respectively, for the same periods in 2020.

Financial Condition

Total consolidated assets increased $476.1 million, or 28.6%, from $1.7 billion at December 31, 2020 to $2.1 billion at December 31, 2021. The increase was driven by growth in loans, cash, and investment securities during the year ended 2021.

Total cash and due from banks increased from $121.2 million at December 31, 2020 to $306.2 million at December 31, 2021, an increase of approximately $185.0 million, or 152.6%.  This increase resulted primarily from increases in deposit balances driven by seasonal increases in municipal deposits, continued success attracting business account assets, and government efforts to increase liquidity in the economy.

Total investment securities rose $134.7 million, or 40.9%, from $330.1 million at December 31, 2020 to $464.8 million at December 31, 2021.  The increase was due to a $117.1 million increase in agency mortgage backed securities, an $15.6 million increase in municipal securities, and a $9.5 million increase in corporate subordinated debt securities, partially offset by an unrealized loss of approximately $7 million in U.S. government securities since December 31, 2020.

Total loans increased $138.7 million, or 12.0%, from $1.15 billion at December 31, 2020 to $1.29 billion at December 31, 2021.  The increase was primarily due to $154.6 million of commercial real estate loan growth in 2021.  PPP loans declined by $30.9 million to $38.1 million at December 31, 2021 from $69.0 million at December 31, 2020. The majority of the remaining balance of PPP loans is subject to forgiveness.

Total deposits rose $425.1 million, to $1.9 billion, at December 31, 2021, from $1.5 billion at December 31, 2020. This increase continues to be driven primarily by continued success in business account development and PPP loan proceeds combined with municipal deposit growth as well as the government efforts to increase liquidity in the economy.

Stockholders’ equity increased $47.4 million, to $182.8 million, at December 31, 2021 from $135.4 million at December 31, 2020. This increase was primarily due to a $34.7 million increase in surplus reflecting net proceeds from our public offering of common stock in August, 2021. In addition, retained earnings rose $17.3 million during the twelve months of 2021 as a result of net income, partially offset by a $5.3 million decline in AOCI due to changes in the market value of investment securities held for sale.

At December 31, 2021, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 8.15%, both common equity and Tier 1 capital to risk weighted assets were 12.52%, and total capital to risk weighted assets was 13.77%.  These ratios reflect a contribution of $17.5 million of capital at the Bank level representing roughly half of the net proceeds from the Company’s public offering of common stock.

Loan Quality

At December 31, 2021, the Bank had total non-accrual loans of $4.6 million, or 0.35% of total loans, which included $3.5 million of Troubled Debt Restructured Loans (“TDRs”). The latter represents 0.28% of total loans, and was $2.6 million greater than year end 2020 as a result of a single, mortgage-secured loan that was placed on non-accrual during the quarter. Accruing loans delinquent greater than 30 days were $4.6 million as of December 31, 2021, as compared to $1.8 million at December 31, 2020.

Non-GAAP Financial Measure Reconciliation
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
					December 31, 2021		December 31, 2020
					(Dollars in thousands except for share data)
Tangible Common Equity:
Total stockholders’ equity					$                    182,836		$                  135,423
Adjustments:
Goodwill					(5,359)		(5,359)
Other intangible assets					(1,678)		(1,963)
Tangible common equity					$                    175,799		$                  128,101
Common shares outstanding					5,637,376		4,483,102
Book value per common share					$                        32.43		$                     30.21
Tangible book value per common share					$                        31.18		$                     28.57
Tangible Assets
Total assets					$                  2,142,583		$               1,664,936
Adjustments:
Goodwill					(5,359)		(5,359)
Other intangible assets					(1,678)		(1,963)
Tangible assets					$                  2,135,546		$               1,657,614
Tangible common equity to tangible assets					8.23%		7.73%

Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. Further, given its ongoing and dynamic nature, it is difficult to predict what the continuing effects of the COVID-19 pandemic will have on our business and results of operations. The pandemic and related local and national economic disruption may, among other effects, continue to result in a material adverse change for the demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch disruptions, unavailability of personnel and increased cybersecurity risks as employees work remotely.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information:

Robert L. Peacock

SEVP Chief Financial Officer

rpeacock@orangebanktrust.com

Phone: (845) 341-5005

ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Dollar Amounts in thousands except per share data)
									December 31, 2021		December 31, 2020
		ASSETS
Cash and due from banks									$                    306,179		$                    121,232
Investment securities - available-for-sale									464,797		330,105
Restricted investment in bank stocks									2,217		1,449
Loans									1,291,428		1,152,738
Allowance for loan losses									(17,661)		(16,172)
	Loans, net								1,273,767		1,136,566
Net Premises and equipment									14,601		14,017
Accrued interest receivable									6,643		6,295
Bank owned life insurance									39,513		28,520
Goodwill									5,359		5,359
Intangible assets									1,678		1,963
Other assets									27,829		19,430
		TOTAL ASSETS							$                 2,142,583		$                 1,664,936
		LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
	Noninterest bearing								$                    701,645		$                    521,093
	Interest bearing								1,212,739		968,201
		Total deposits							1,914,384		1,489,294
Note payable									3,000		3,000
Subordinated notes, net of issuance costs									19,376		19,323
Accrued expenses and other liabilities									22,987		17,896
		TOTAL LIABILITIES							1,959,747		1,529,513
		STOCKHOLDERS' EQUITY
Common stock, $0.50 par value; 15,000,000 shares authorized;
	5,683,304 and 4,533,304 issued; 5,637,376 and 4,483,102 outstanding,
	at December 31, 2021 and December 31, 2020, respectively								2,842		2,266
Surplus									119,825		85,111
Retained Earnings									64,941		47,683
Accumulated other comprehensive income (loss), net of taxes									(3,443)		1,819
Treasury stock, at cost; 45,928 and 50,202 shares at December 31,
	2021 and December 31, 2020, respectively								(1,329)		(1,456)
		TOTAL STOCKHOLDERS' EQUITY							182,836		135,423
		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY							$                 2,142,583		$                 1,664,936

ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
								Three Months Ended December 31,				Twelve Months Ended December 31,
								2021		2020		2021		2020
INTEREST INCOME
	Interest and fees on loans							$                   15,160		$                   12,885		$                   57,524		$                   47,522
	Interest on investment securities:
		Taxable						1,404		991		4,901		4,651
		Tax exempt						443		338		1,632		994
	Interest on Federal funds sold and other							142		40		372		294
		TOTAL INTEREST INCOME						17,149		14,254		64,429		53,461
INTEREST EXPENSE
	Savings and NOW accounts							569		715		2,370		3,389
	Time deposits							99		155		511		917
	FHLB advances							—		—		—		10
	Note payable							42		34		168		160
	Subordinated notes							230		228		919		246
		TOTAL INTEREST EXPENSE						940		1,132		3,968		4,722
		NET INTEREST INCOME						16,209		13,122		60,461		48,739
Provision for loan losses								545		1,688		2,428		5,413
		NET INTEREST INCOME AFTER
			PROVISION FOR LOAN LOSSES					15,664		11,434		58,033		43,326
NONINTEREST INCOME
	Service charges on deposit accounts							139		201		638		682
	Trust income							1,251		1,116		4,788		4,074
	Investment advisory income							1,266		1,145		4,853		4,105
	Investment securities gains(losses)							—		—		—		804
	Earnings on bank owned life insurance							240		182		793		702
	Other							258		386		1,030		1,056
		TOTAL NONINTEREST INCOME						3,154		3,030		12,102		11,423
NONINTEREST EXPENSE
	Salaries							5,026		4,461		19,710		17,788
	Employee benefits							767		921		3,257		4,163
	Occupancy expense							1,102		934		4,058		3,744
	Professional fees							839		861		3,649		3,318
	Directors' fees and expenses							296		251		1,041		1,088
	Computer software expense							1,959		1,338		5,168		4,038
	FDIC assessment							309		302		1,198		910
	Advertising expenses							355		262		1,220		1,191
	Advisor expenses related to trust income							138		118		533		455
	Telephone expenses							136		140		556		552
	Intangible amortization							71		71		286		286
	Other							803		589		2,782		2,698
		TOTAL NONINTEREST EXPENSE						11,801		10,248		43,458		40,231
	Income before income taxes							7,017		4,216		26,677		14,518
Provision for income taxes								1,524		806		5,390		2,839
		NET INCOME						$                     5,493		$                     3,410		$                   21,287		$                   11,679
Basic and diluted earnings per share								$                       0.97		$                       0.76		$                       4.28		$                       2.59
Weighted average shares outstanding								5,637,376		4,502,037		4,968,692		4,508,508

ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)
	Twelve Months Ended December 31,
	2021						2020
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets:
Loans Receivable (net of PPP)	$   1,162,536		$ 52,418		4.51%		$ 963,388		$ 45,479		4.72%
PPP Loans	87,438		5,106		5.84%		59,155		2,034		3.44%
Investment securities	382,391		6,444		1.69%		295,303		5,575		1.89%
Due from banks	282,804		373		0.13%		132,840		294		0.22%
Other	1,978		89		4.50%		1,405		70		4.98%
Total interest earning assets	1,917,147		64,430		3.36%		1,452,091		53,452		3.68%
Non-interest earning assets	84,465						74,803
Total assets	$   2,001,612						$       1,526,894
Liabilities and equity:
Interest-bearing demand accounts	$      286,112		$      333		0.12%		$ 214,012		$      414		0.19%
Money market accounts	613,865		1,805		0.29%		480,149		2,709		0.56%
Savings accounts	178,551		231		0.13%		137,906		266		0.19%
Certificates of deposit	86,516		511		0.59%		90,232		917		1.02%
Total interest-bearing deposits	1,165,044		2,880		0.25%		922,299		4,306		0.47%
FHLB Advances and other borrowings	—		—		—		579		10		1.77%
Note payable	3,000		168		5.60%		3,000		160		5.33%
Subordinated notes	19,517		919		4.71%		5,082		229		4.51%
Total interest bearing liabilities	1,187,561		3,967		0.33%		930,960		4,705		0.51%
Non-interest bearing demand accounts	639,791						449,454
Other non-interest bearing liabilities	18,829						16,968
Total liabilities	1,846,181						1,397,382
Total shareholders' equity	155,431						129,513
Total liabilities and shareholders' equity	$   2,001,612						$        1,526,895
Net interest income			$ 60,463						$ 48,747
Interest rate spread 1					3.03%						3.18%
Net interest margin 2					3.15%						3.36%
Average interest earning assets to interest-bearing liabilities	161.4%						156.0%
Notes:
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
2 Net interest margin is the annualized net interest income divided by average interest-earning assets

ORANGE COUNTY BANCORP, INC.
SELECTED RATIOS AND OTHER DATA
(UNAUDITED)
								Three Months Ended December 31, (1)				Twelve Months Ended December 31, (1)
								2021		2020		2021		2020
Performance Ratios:
Return on average assets								1.02%		0.81%		1.06%		0.76%
Return on average equity								12.08%		10.23%		13.70%		9.02%
Interest rate spread (2)								2.98%		3.08%		3.03%		3.18%
Net interest margin (3)								3.10%		3.24%		3.15%		3.36%
Efficiency ratio (4)								60.95%		63.45%		59.89%		66.87%
Dividend payout ratio (5)								20.53%		26.40%		18.67%		30.88%
Non-interest income to average total assets								0.58%		0.72%		0.60%		0.75%
Non-interest expenses to average total assets								2.19%		2.43%		2.17%		2.63%
Average interest-earning assets to average interest-bearing liabilities								166.65%		157.00%		161.44%		155.98%
Average equity to average total assets								8.43%		7.90%		7.77%		8.48%
Net charge-offs to average outstanding loans during the period								0.07%		0.04%		0.08%		0.15%
								At		At
								December 31, 2021		December 31, 2020
Asset Quality Ratios:
Non-performing assets to total assets								0.28%		0.15%
Non-performing loans to total loans								0.46%		0.22%
Allowance for loan losses to non-performing loans								296.67%		641.24%
Allowance for loan losses to total loans								1.36%		1.40%
Capital Ratios:(6)
Total capital (to risk-weighted assets)								13.77%		13.49%
Tier 1 capital (to risk-weighted assets)								12.52%		12.24%
Common equity tier 1 capital (to risk-weighted assets)								12.52%		12.24%
Tier 1 capital (to average assets)								8.15%		8.16%
Notes:
(1)			Annualized for the three and twelve month periods ended December 31, 2021 and 2020, respectively.
(2)			Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
(3)			The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
(4)			The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
(5)			The dividend payout ratio represents dividends paid per share divided by net income per share.
(6)			Ratios are for the Bank only.

ORANGE COUNTY BANCORP, INC.
SELECTED OPERATING DATA
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
								Three Months Ended December 31,				Twelve Months Ended December 31,
								2021		2020		2021		2020
Interest income								$                     17,149		$                     14,254		$                     64,429		$                     53,461
Interest expense								940		1,132		3,968		4,722
Net interest income								16,209		13,122		60,461		48,739
Provision for loan losses								545		1,688		2,428		5,413
Net interest income after provision for loan losses								15,664		11,434		58,033		43,326
Noninterest income								3,154		3,030		12,102		11,423
Noninterest expenses								11,801		10,248		43,458		40,231
Income before income taxes								7,017		4,216		26,677		14,518
Provision for income taxes								1,524		806		5,390		2,839
Net income								$                       5,493		$                       3,410		$                     21,287		$                     11,679
Basic and diluted earnings per share								$                         0.97		$                         0.76		$                         4.28		$                         2.59
Weighted average common shares outstanding								5,637,376		4,502,037		4,968,692		4,508,508
								At		At
								December 31, 2021		December 31, 2020
Book value per share								$                       32.43		$                       30.21
Net tangible book value per share (1)								$                       31.18		$                       28.57
Outstanding common shares								5,637,376		4,483,102
Notes:
(1)      Net tangible book value represents the amount of your total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $1,678, and $1,963 in other intangible assets for December 30, 2021 and December 31, 2020, respectively.

ORANGE COUNTY BANCORP, INC.
LOAN COMPOSITION
(UNAUDITED)
(Dollar Amounts in thousands)
								At December 31, 2021				At December 31, 2020
								Amount		Percent		Amount		Percent
Commercial and industrial (a)								$                    268,508		20.79%		$                    299,049		25.94%
Commercial real estate								852,707		66.03%		698,130		60.56%
Commercial real estate construction								72,250		5.59%		63,544		5.51%
Residential real estate								65,248		5.05%		57,941		5.03%
Home equity								13,638		1.06%		13,960		1.21%
Consumer								19,077		1.48%		20,114		1.75%
Total loans								1,291,428		100.00%		1,152,738		100.00%
Allowance for loan losses								17,661				16,172
Total loans, net								$                 1,273,767				$                 1,136,566
(a) - Inlcudes PPP loans of:								$                     38,114				$                     68,974

ORANGE COUNTY BANCORP, INC.
DEPOSITS BY ACCOUNT TYPE
(UNAUDITED)
(Dollar Amounts in thousands)
								At December 31, 2021						At December 31, 2020
								Amount		Percent		Average Rate		Amount		Percent		Average Rate
Noninterest-bearing demand accounts								$      701,645		36.65%		0.00%		$      521,093		34.99%		0.00%
Interest bearing demand accounts								301,596		15.75%		0.11%		236,951		15.91%		0.15%
Money market accounts								615,111		32.13%		0.26%		483,044		32.44%		0.36%
Savings accounts								213,592		11.16%		0.14%		157,007		10.54%		0.12%
Certificates of Deposit								82,440		4.31%		0.46%		91,199		6.12%		0.75%
Total								$    1,914,384		100.00%		0.14%		$    1,489,294		100.00%		0.20%

ORANGE COUNTY BANCORP, INC.
NON-PERFORMING ASSETS
(UNAUDITED)
	(Dollar Amounts in thousands)
									December 31, 2021		December 31, 2020
Non-accrual loans:
Commercial and industrial									$                            —		$                            —
Commercial real estate									3,928		1,345
Commercial real estate construction									—		—
Residential real estate									578		657
Home equity									50		—
Consumer									4		—
Total non-accrual loans 1									4,560		2,002
Accruing loans 90 days or more past due:
Commercial and industrial									720		457
Commercial real estate									465		—
Commercial real estate construction									—		—
Residential real estate									—		2
Home equity									—		—
Consumer									208		61
Total loans 90 days or more past due									1,393		520
Total non-performing loans									5,953		2,522
Other real estate owned									—		—
Other non-performing assets									—		—
Total non-performing assets									$                       5,953		$                       2,522
Ratios:
Total non-performing loans to total loans									0.46%		0.22%
Total non-performing loans to total assets									0.28%		0.15%
Total non-performing assets to total assets									0.28%		0.15%
Notes:
1 - Includes non-accruing TDRs:									$                       3,570		$                          959