☒ |
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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Report of Independent Registered Public Accounting Firm
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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 – 15
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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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16
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Signature Page |
17 |
Consent of Independent Registered Public Accounting Firm | Exhibit 23.1 |
ASSETS
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2022
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2021
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Investments, at fair value:
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|||
Cash Equivalents
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$ 142,357
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$ 270,326
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Collective Investment Funds
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19,068,307
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20,945,909
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Mutual Funds
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166,533
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121,384
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Orange County Bancorp, Inc. Stock Fund
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3,920,690
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3,017,211
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Total Investments
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23,297,887
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24,354,830
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Receivables:
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Notes Receivable from Participants
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251,886
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273,237
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Participant contributions
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44,637
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—
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Employer contribution
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31,119
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200,000
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Total Receivables
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327,642
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473,237
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TOTAL ASSETS
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23,625,529
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24,827,817
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NET ASSETS AVAILABLE FOR BENEFITS
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$ 23,625,529
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$ 24,827,817
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ADDITIONS
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Investment income(loss):
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Net depreciation in fair value investments
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$ (2,916,233)
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Dividend and interest Income
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73,616
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(2,842,617)
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Interest income on notes receivable from participants
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11,215
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Contributions:
Participants
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1,240,050
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Rollovers
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118,210
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Employer
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1,008,478
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Total Contributions
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2,366,738
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TOTAL ADDITIONS (REDUCTIONS)
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(464,664)
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DEDUCTIONS
Benefits paid to participants
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702,358
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Administrative expenses
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35,266
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TOTAL DEDUCTIONS
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737,624
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NET DECREASE
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(1,202,288)
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NET ASSETS AVAILABLE FOR BENEFITS: BEGINNING OF YEAR
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24,827,817
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END OF YEAR
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$ 23,625,529
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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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●
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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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The Orange County Bancorp, Inc. Stock Fund is a unitized stock fund. The fund consists of both Orange County Bancorp, Inc. common stock and a short-term cash component that provides liquidity for daily
trading. Orange County Bancorp, Inc. common stock is valued at the quoted market price from a national securities exchange and the short-term cash investment is valued at cost, which approximates fair value.
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Quoted Prices
in Active
Markets
(Level 1)
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Significant
other
Observable
Inputs
(Level 2)
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Significant
other
Observable
Inputs
(Level 3)
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Total
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Money Market Accounts
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$142,357
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$ —
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$ —
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$142,357
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Mutual Funds
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166,533
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—
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—
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166,533
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Collective Investment Funds
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—
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19,068,307
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—
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19,068,307
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Orange County Bancorp, Inc. Stock Fund
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3,920,690
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—
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—
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3,920,690
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Total Investments
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$4,229,580
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$ 19,068,307
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$ —
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$23,297,887
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Quoted Prices
in Active
Markets
(Level 1)
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Significant
other
Observable
Inputs
(Level 2)
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Significant
other
Observable
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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Orange County Bancorp, Inc. Stock Fund
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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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Unitized Employer Stock Fund, December 31, 2022
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Fidelity Institutional Money Market Funds
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$177,475
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80,361 shares of Orange County Bancorp, Inc. Stock
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3,743,215
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52,732 units of Orange County Trust Co. Employee Stock Ownership Plan valued at $74.35 per unit
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$3,920,690
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Unitized Employer Stock Fund, December 31, 2021
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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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2022
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2021
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Number of Orange County Bancorp, Inc. shares
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80,361
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75,055
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Percentage of Orange County Bancorp, Inc. common
stock owned by the ESOP
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1.43%
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1.33%
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Cost basis of Orange County Bancorp, Inc. common stock owned by the ESOP
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1,781,352
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1,204,122
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Fair Value of Orange County Bancorp, Inc. common
stock owned by the ESOP
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3,743,215
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3,017,211
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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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Wilmington Collective Intl Stk Fund CL 11
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5,636 shares of a Mutual Fund
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56,180
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$ 56,138
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State St BK & TR US Government Fund CL G
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142,357 shares of a Mutual Fund
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142,357
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142,357
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Baird Aggregate Bond Inst
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11,500 shares of a Mutual Fund
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115,480
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110,395
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Stable Value FD Metlife GAC Series
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9,432 shares of a Common Collective Trust
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1,731,312
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1,796,527
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SSGA S&P Midcap R Index fund Series A
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29,849 shares of a Common Collective Trust
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3,045,064
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3,248,735
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SSGA S&P 500 Index Non-lending FD Series A
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52,912 shares of a Common Collective Trust
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4,225,522
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4,333,419
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SSGA Russell 2000 Index FD Ser A
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9,919 shares of a Common Collective Trust
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630,942
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618,081
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SSGA REIT Index Non Lending CLA
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6,449 shares of a Common Collective Trust
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480,748
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386,546
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SSGA Treasury Inflation Protected SEC
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1,097 shares of a Common Collective Trust
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33,497
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30,702
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SSGA Long Treas Index Ser Fd CL A
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13,113 shares of a Common Collective Trust
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271,334
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201,788
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SSGA Passive Bd Market Index Fd CL A
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4,504 shares of a Common Collective Trust
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65,328
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62,780
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SSGA Target Retirement 2050 NL SF CL A
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14,877 shares of a Common Collective Trust
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407,289
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441,676
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SSGA Target Retirement 2045 NL SF CL A
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21,647 shares of a Common Collective Trust
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557,310
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647,420
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SSGA Target Retirement 2040 NL SF CL A
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29,856 shares of a Common Collective Trust
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1,089,253
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1,033,032
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SSGA Target Retirement 2035 NL SF CL A
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48,104 shares of a Common Collective Trust
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1,187,238
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1,382,036
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SSGA Target Retirement 2030 NL SF CL A
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36,951 shares of a Common Collective Trust
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1,052,626
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1,210,286
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SSGA Target Retirement 2025 NL SF CL A
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50,024 shares of a Common Collective Trust
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1,281,367
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1,341,799
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SSGA Target Retirement 2020 NL SF CL A
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8,214 shares of a Common Collective Trust
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204,132
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231,724
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SSGA Target Retirement Income NL SF CL A
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1,648 shares of a Common Collective Trust
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35,754
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33,296
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SSGA Daily EAFE Index NL SF CL A
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17,339 shares of a Common Collective Trust
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417,172
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398,449
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SSGA Target Retirement 2055 NL SF CL A
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15,519 shares of a Common Collective Trust
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396,641
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362,454
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SSGA Target Retirement 2060 NL SF CL A
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12,469 shares of a Common Collective Trust
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191,057
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197,717
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SSGA Target Retirement 2065 GLOBAL CL A
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4,479 shares of a Common Collective Trust
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53,173
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49,866
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Wilmington Trust TR SM CP GWT
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2,385 shares of a Common Collective Trust
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27,768
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18,893
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Wilmington Trust TR Small Cap Value
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1,802 shares of a Common Collective Trust
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26,451
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26,186
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Wilmington Trust Large Cap Growth Fund
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42,197 shares of a Common Collective Trust
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623,375
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571,781
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Wilmington Trust Large Cap Value Fund
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28,503 shares of a Common Collective Trust
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413,810
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442,944
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SSGA Balance Funds
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5 shares of Common Collective Trust
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170
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170
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Orange County Bancorp, Inc. stock fund
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Orange County Bancorp, Inc. common stock, 80,361
shares
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2,037,239
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3,920,690
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Promissory Notes from Participants
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Various loans with varying maturities with interest
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251,886
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*
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rates between 4.25% - 6.50%
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-
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*
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Party in interest
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$ 23,549,773
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ORANGE COUNTY BANCORP, INC. 401(k) PLAN (FORMERLY KNOWN AS EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN)
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Date: June 29, 2023
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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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