☒☐ |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Page(s)
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Independent Auditor’s Report
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1 - 2
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Financial Statements:
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Statements of Net Assets Available For Benefits
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3
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Statement of Changes in Net Assets Available For Benefits
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4
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Notes to Financial Statements
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5 – 17
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Supplemental Schedules:
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Schedule H, Line 4i – Schedule of Assets (Held At Year End)
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18
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ASSETS: | 2021 | 2020 | |
Investments, at fair value: | |||
Cash Equivalent |
270,326 |
196,261 |
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Collective Investment Funds
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20,945,909
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17,210,552
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Mutual Funds
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121,134
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518,192
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Common Stock - Orange County Bancorp, Inc.
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3,017,211
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2,084,090
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Total Investments
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24,354,580
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20,009,095
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Receivables: | |||
Notes Receivable from Participants
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273,237
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263,938
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Participant contributions
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0
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26,577
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Employer contribution
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200,000
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29,315
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Total Receivables
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473,237
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319,830
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TOTAL ASSETS |
24,827,817
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20,328,925
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NET ASSETS AVAILABLE FOR BENEFITS
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24,827,817
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20,328,925
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ADDITIONS | |||
Investment income:
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Net appreciation in fair value investments
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4,389,507
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Dividend and interest Income
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70,925
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Total
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4,460,432
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Interest income on notes receivable from participants
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13,494
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Contributions:
Participants
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1,087,130
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Rollovers
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27,791
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Employer
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1,148,757
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Total Contributions
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2,263,678
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TOTAL ADDITIONS
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6,737,604
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DEDUCTIONS
Benefits paid to participants
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2,205,496
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Administrative expenses
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33,215
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TOTAL DEDUCTIONS
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2,238,711
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NET INCREASE
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4,498,893
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NET ASSETS AVAILABLE FOR BENEFITS: BEGINNING OF YEAR
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20,328,924
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END OF YEAR
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24,827,817
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●
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Quoted prices for similar assets or liabilities in active markets;
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●
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Quoted prices for identical or similar assets or liabilities in inactive markets;
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Inputs other than quoted market prices that are observable for the asset or liability;
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●
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Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
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•
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The Mutual Funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the SEC. These funds are required to publish
their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
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•
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The Collective Investment Funds are valued at the NAV of the units held by the custodian at year end. Unit values are determined by dividing the funds’ net assets, which represent the unadjusted prices in
active markets of the underlying investments, by the number of units outstanding at the valuation date. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective investment
fund, the investment adviser reserves the right to temporarily delay withdrawal from the fund in order to ensure that securities liquidations will be carried out in an orderly business manner.
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•
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As of December 31, 2021, the common stock of Orange County Bancorp, Inc. is valued at the closing price reported on the active market on which the individual securities are traded.
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•
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As of December 31, 2020, the fair value of the Orange County Bancorp, Inc. common stock is based on an annual independent appraisal. This appraisal was prepared by a specialist and was based on a combination
of market and income valuation approaches. The appraiser took into account historical and projected cash flow and net earnings, weighted average cost of capital, market comparisons, and applicable discounts and premiums.
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Quoted Prices
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Significant
other
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Significant
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|||||
in Active
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Observable
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Unobservable
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Markets
(Level 1)
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Inputs
(Level 2)
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Inputs
(Level 3)
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Total
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Money Market Accounts
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$ 270,326
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$ —
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$ —
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$ 270,326
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Mutual Funds
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121,134
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—
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—
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121,134
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Collective Investment Funds
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—
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20,945,909
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—
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20,945,909
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Common Stock, Orange County
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Bancorp, Inc.
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3,017,211
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—
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—
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3,017,211
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Total Investments
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$ 3,408,671
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$ 20,945,909
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$ —
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$ 24,354,580
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Quoted Prices
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Significant
other
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Significant
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in Active
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Observable
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Unobservable
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Markets
(Level 1)
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Inputs
(Level 2)
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Inputs
(Level 3)
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Total
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Money Market Accounts
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$ 196,261
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$ —
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$ —
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$ 196,261
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Mutual Funds
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518,192
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—
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—
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518,192
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Collective Investment Funds
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—
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17,210,552
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—
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17,210,552
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Common Stock, Orange County Bancorp, Inc.
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—
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—
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2,084,090
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2,084,090
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Total Investments
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$ 714,453
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$ 17,210,552
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$ 2,084,090
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$ 20,009,095
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Fair Value of shares in ESOP
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Balance
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12/31/2020
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2,084,090
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Shares sold
Transfers out of Level 3
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various
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(370,186)
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(1,713,904)
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Balance Ending
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12/31/2021
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$ —
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Fidelity Institutional Money Market Funds
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130,302
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75,055 shares of Orange County Bancorp, Inc. Stock
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3,017,211
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49,049 units of Orange County Trust Co. Employee Stock Ownership Plan valued at $64.17 per unit
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3,147,513
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Fidelity Institutional Money Market Funds
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44,514
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86,837 shares of Orange County Bancorp, Inc. Stock
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2,084,090
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56,538 units of Orange County Trust Co. Employee Stock Ownership Plan valued at $37.65 per unit
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2,128,604
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2021 |
2020
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Number of Orange County Bancorp, Inc. shares
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75,055
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86,837
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Percentage of Orange County Bancorp, Inc. common
stock owned by the ESOP
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1.33%
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1.93%
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Cost basis of Orange County Bancorp, Inc. common stock owned by the ESOP
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1,204,122
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1,393,143
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Fair Value of Orange County Bancorp, Inc. common
stock owned by the ESOP
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3,017,211
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2,084,090
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EIN: 26-1135778
Plan Number 004
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(a)
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(b)
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(c)
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(d)
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(e)
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Identity of issue, borrow,
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Description of investment including maturity date,
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Current
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lessor, or similar party
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rate of interest, collateral, par or maturity value
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Cost **
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Value
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Fidelity Investments
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130,302 shares of Money Market Funds Treasury
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130,303
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American Beacon Intl Equity
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3,589 shares of a Mutual Fund
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64,954
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Templeton Foreign
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2,491 shares of a Mutual Fund
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17,563
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State St BK & TR US Government Fund CL G
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140,023 shares of a Mutual Fund
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140,023
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Baird Aggregate Bond Inst
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3,396 shares of a Mutual Fund
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38,617
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Stable Value FD Metlife GAC Series
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7,649 shares of a Common Collective Trust
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1,421,746
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SSGA S&P Midcap R Index fund Series A
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26,194 shares of a Common Collective Trust
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3,280,756
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SSGA S&P 500 Index Non-lending FD Series A
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46,104 shares of a Common Collective Trust
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4,611,271
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SSGA Russell 2000 Index FD Ser A
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6,326 shares of a Common Collective Trust
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495,229
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SSGA REIT Index Non Lending CLA
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8,576 shares of a Common Collective Trust
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694,633
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SSGA Treasury Inflation Protected SEC
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797 shares of a Common Collective Trust
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25,354
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SSGA Long Treas Index Ser Fd CL A
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22,508 shares of a Common Collective Trust
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492,125
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SSGA Passive Bd Market Index Fd CL A
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9,168 shares of a Common Collective Trust
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147,111
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SSGA Target Retirement 2050 NL SF CL A
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10,571 shares of a Common Collective Trust
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387,647
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SSGA Target Retirement 2045 NL SF CL A
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21,067 shares of a Common Collective Trust
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774,982
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SSGA Target Retirement 2040 NL SF CL A
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55,082 shares of a Common Collective Trust
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2,333,339
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SSGA Target Retirement 2035 NL SF CL A
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43,367 shares of a Common Collective Trust
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1,515,960
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SSGA Target Retirement 2030 NL SF CL A
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37,199 shares of a Common Collective Trust
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1,467,248
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SSGA Target Retirement 2025 NL SF CL A
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48,403 shares of a Common Collective Trust
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1,524,068
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SSGA Target Retirement 2020 NL SF CL A
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8,627 shares of a Common Collective Trust
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277,033
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SSGA Target Retirement Income NL SF CL A
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926 shares of a Common Collective Trust
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21,017
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SSGA Daily EAFE Index NL SF CL A
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13,062 shares of a Common Collective Trust
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349,719
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SSGA Target Retirement 2055 NL SF CL A
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12,707 shares of a Common Collective Trust
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366,586
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SSGA Target Retirement 2060 NL SF CL A
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10,997 shares of a Common Collective Trust
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215,412
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SSGA Target Retirement 2065 NL SF CL A
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1,738 shares of a Common Collective Trust
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23,912
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Wilmington Trust TR SM CP GWT
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1,566 shares of a Common Collective Trust
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19,470
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Wilmington Trust TR Small Cap Value
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938 shares of a Common Collective Trust
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15,902
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Wilmington Trust Large Cap Growth Fund
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18,860 shares of a Common Collective Trust
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376,260
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Wilmington Trust Large Cap Value Fund
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6,824 shares of a Common Collective Trust
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109,129
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*
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Orange County Bancorp, Inc.
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Orange County Bancorp, Inc. common stock, 75,055
shares at $40.20 per share
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3,017,211
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*
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Promissory Notes from Participants
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Various loans with varying maturities with interest
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273,237
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rates between 4.25% - 6.50%
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*
**
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Party in interest
All investments are participant directed; therefore, historical cost information is not required.
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24,627,817
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See accompanying report of independent registered public accounting firm.
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ORANGE COUNTY BANCORP, INC. EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
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Date: June 29, 2022
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By:
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/s/ Michael J. Gilfeather |
Michael J. Gilfeather
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President and Chief Executive Officer
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Exhibit Number
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Description
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