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Here are 1-3 brief analogies for Orange County Bancorp (OBT):

• Like a localized KeyCorp for New York's Hudson Valley and surrounding counties.
• A community-focused M&T Bank for the Orange and Westchester county regions of New York.

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• Deposit Services

  Offers various interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.

• Loan Services

  Provides commercial real estate loans, commercial and industrial loans, construction loans, residential real estate loans, home equity loans, and consumer loans.

• Trust and Wealth Management Services

  Delivers traditional trust and administration, asset management, financial planning, and wealth management services.

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1. Small and Middle-Market Businesses: These include various enterprises that utilize the company's commercial banking products and services, such as commercial real estate loans, commercial and industrial loans, and commercial real estate construction loans.
2. Local Municipal Governments: These are local governmental entities that also avail themselves of the company's commercial banking products and services.
3. Affluent Individuals: This segment utilizes consumer banking products and services, including residential real estate loans, home equity loans, and consumer loans, as well as trust and wealth management services.

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Michael Gilfeather President, Chief Executive Officer & Director

Mr. Gilfeather has served as President and Chief Executive Officer of Orange County Bancorp, Inc. and the Bank since April 2014, and as a Director since 2014, bringing over 35 years of experience to his role. Prior to joining Orange County Bancorp, he was Chief Administrative Officer at Hudson Valley Bank, where he oversaw the branch network, training and development, human resources, and the trust department. Before Hudson Valley Bank, Mr. Gilfeather spent 20 years with The Bank of New York, serving as the Senior Manager for all retail banking in Manhattan. He also serves as a director of Hudson Valley Investment Advisors, a wholly owned subsidiary of Orange County Bancorp, Inc.

Michael Lesler Executive Vice President, Chief Financial Officer

Mr. Lesler was appointed Senior Vice President and Chief Financial Officer in March 2023, and subsequently Executive Vice President and CFO in December 2023. He joined Orange County Bancorp in December 2021 as SVP, Controller and Chief Accounting Officer. Mr. Lesler has over 20 years of experience in the banking industry. His previous roles include Executive Vice President and Chief Operating Officer for BCB Bancorp, Inc. from 2018 to 2021, and the same position at Clifton Bancorp, Inc. from 2016 to 2018. He also served as Chief Financial Officer, and later President and Chief Executive Officer, at Bank of New Jersey for 11 years.

Michael Coulter Executive Vice President, Strategic Lending Relationship Executive

Mr. Coulter joined Orange Bank & Trust in April 2017 as Senior Vice President and Chief Lending Officer and was promoted to Executive Vice President and Chief Lending Officer in February 2019. He has over 35 years of experience in banking. Prior to joining Orange County Bancorp, Mr. Coulter served as Executive Vice President of Metropolitan Bank in Manhattan. He also held progressively more senior positions at BBVA Compass Bank, Sun National Bank, Citizens, and Key Bank.

David Dineen Executive Vice President, Managing Director of Wealth Management

Mr. Dineen serves as the Managing Director of Wealth Management, leading Orange Wealth Management, which combines the company's asset management division with its trust and private banking services. He was hired in February 2022 and has successfully overseen the bank's trust and private banking divisions. Mr. Dineen has over 30 years of experience in banking and wealth management.

Elizabeth Jones Executive Vice President, Chief Operating Officer

Ms. Jones joined Orange Bank & Trust in 2016 as 1st Vice President, Director of Branch and Deposit Operations. She was promoted to Director of Operations in 2021 and oversees all bank and loan operations, including compliance and facilities. Before joining Orange Bank & Trust, Ms. Jones spent 20 years at Sterling National Bank, where she held various roles, most recently as 1st Vice President, Sales and Service Administration.

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The key risks to Orange County Bancorp's (OBT) business primarily revolve around credit quality, profitability, and interest rate fluctuations.

1. Credit Risk from Increasing Non-Performing Loans: The company has experienced an increase in non-performing loans. As of September 30, 2025, total non-performing loans reached $12.2 million, or 0.63% of total loans, which is an increase from $6.3 million at December 31, 2024. This rise indicates ongoing payment disruptions across various loans and necessitates a modest increase in the allowance for credit losses.
2. Profit Margin Compression: Orange County Bancorp has seen its net profit margin decline, slipping to 28% from 33.7% in the previous year. Despite a strong five-year annual earnings growth rate, this compression in margins introduces a layer of caution for investors and suggests a challenge in maintaining consistent profitability and operating leverage, with recent results indicating slower projected growth compared to broader market benchmarks.
3. Interest Rate Policy Risks: The banking sector is inherently sensitive to changes in interest rates. Orange County Bancorp acknowledges the need for prudent underwriting standards due to uncertain interest rate policy risks. The company's CEO noted that while Federal Reserve guidance and a rate cut could exert downward pressure on rates, the team remains focused on managing through such conditions. This highlights the ongoing exposure to interest rate fluctuations and their potential impact on net interest income.

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The clear emerging threat to Orange County Bancorp is the ongoing digital transformation of the banking industry and the rise of digital-first financial technology (fintech) companies and neobanks.

Orange County Bancorp operates a traditional, branch-based model with 14 full-service branches. Digital-first competitors, including online-only banks, fintech lending platforms, and digital wealth management services, offer consumers and businesses increasingly convenient, lower-cost, and often higher-yield alternatives to traditional banking products. These digital disruptors leverage technology to provide seamless user experiences, faster loan approvals, and competitive rates on deposits and loans, often without the overhead of physical branches. This trend directly threatens OBT's ability to attract and retain customers for its deposit products, commercial and consumer loans, and wealth management services, particularly among younger demographics and those who prioritize digital convenience over in-person service.

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Addressable Markets for Orange County Bancorp's Main Products and Services

Commercial and Consumer Banking Products and Services

• Deposits:
  • Bronx County, New York: Approximately $17.4 billion
  • Orange County, New York: Approximately $10.8 billion
  • New York State Total Deposits: Exceed $3.4 trillion
• Loans:
  • New York State Commercial Real Estate (CRE) Exposure: $450 billion
  • New York State Total Mortgage Originations (2023): $85 billion
  • New York State Small Business Loans (under $1M, 2023): $18 billion
  • U.S. Retail Banking Market (including consumer loans, 2026): Valued at $0.91 trillion, projected to reach $1.11 trillion by 2031

Trust and Wealth Management Services

• New York Metropolitan Statistical Area (MSA): 720,000 high-net-worth individuals with $1 million or more in investable assets (as of 2011)
• Westchester and Fairfield County (Soundview Market): One firm, Morgan Stanley, manages over $30 billion in assets for clients
• Global Wealth Management Market Size (2024): Estimated at approximately USD 1636.83 billion, projected to grow to around USD 4893.17 billion by 2034
• North America Wealth Management Platform Market (2024): Valued at $7.5 billion

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Here are 3-5 expected drivers of future revenue growth for Orange County Bancorp (OBT) over the next 2-3 years:

1. Loan Growth: Orange County Bancorp has demonstrated strong loan portfolio expansion, with total loans increasing by 7.4% to $2.0 billion by December 31, 2025, from $1.8 billion at year-end 2024. This growth is driven by increased economic activity in the regions served by the bank and is expected to continue contributing significantly to future net interest income.
2. Net Interest Margin (NIM) Expansion/Stability: The company reported a notable improvement in its Net Interest Margin, which grew by 35 basis points to 4.18% for the full year 2025 and by 66 basis points to 4.44% for the fourth quarter of 2025, compared to the same periods in the prior year. Sustaining or further expanding this margin will directly enhance net interest income, a primary component of the bank's revenue.
3. Growth in Trust and Investment Advisory Income (Wealth Management): Trust and investment advisory income saw a substantial increase of 15.2% to $14.1 million for the year ended December 31, 2025. This growth is attributed to favorable equity market returns and strategic initiatives, such as the "private bank initiative," which has been successful in attracting new customers and assets. Continued focus on wealth management services and client acquisition is expected to drive non-interest income.
4. Deposit Growth: Total deposits increased by 7.3% to $2.3 billion at December 31, 2025, compared to $2.2 billion at the end of 2024. While deposits are a liability, sustained growth in deposits provides a stable funding base for loan origination and can help manage funding costs, thereby indirectly supporting revenue growth through net interest income.

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Share Issuance

• In June 2025, Orange County Bancorp completed an underwritten public offering of 1,720,430 shares of its common stock at $23.25 per share, generating approximately $40.0 million in gross proceeds before discounts and expenses.
• Concurrently, the underwriters exercised their overallotment option, resulting in the sale of an additional 258,064 shares of common stock at the same price, which brought approximately $5.7 million in additional expected proceeds.
• In August 2021, the company raised $30 million through an initial public offering (IPO), issuing 900,000 shares at a price range of $32.00-$35.00 per share.

Outbound Investments

• In January 2026, Orange Bank & Trust announced a strategic investment in lending operations within the Mid-Hudson Valley.
• The company plans to use net proceeds from its June 2025 public offering for general corporate purposes, which may include investments in Orange Bank & Trust Company to support continued growth, augment regulatory capital and liquidity, and potentially fund strategic acquisitions.