Orange County Bancorp Inc., the parent company of Orange County Trust Co. and Hudson Valley Investment Advisors Inc., reported $1.4 million in earnings for the first half of 2016, an improvement from the same period last year.
There was also a 48 percent increase in loans outstanding, a 24 percent increase in deposits and a 19 percent increase in assets to more than $900 million.
A key component of the company’s strategy is the establishment of branches in new markets. The bank opened one branch in Rockland County and three in Westchester County over the past year, with plans to open at least one additional branch in 2016.
“Orange County is still our home,” said president and CEO Michael Gilfeather, “but the Hudson Valley is a meaningful market with its own unique characteristics, and we have to be a player throughout the region in order to succeed.”