# Orange County Bancorp (OBT.US)

Canonical: https://gigainvestors.com/s/OBT

Analysis as of: 2026-10-15T06:36:33.746Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.73 per share; close as of 2026-10-15.

Estimated value: low $22.75 per share, central $28.44 per share, high $37.92 per share. Buy at or below the central value $28.44 per share. Valuation as of 2026-10-15T06:36:33.746Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.48×

Chart: Net income; fiscal year observations.

- FY2016: $3.6M

- FY2017: $2.4M

- FY2018: $7.6M

- FY2019: $11M

- FY2020: $12M

- FY2021: $21M

- FY2022: $24M

- FY2023: $29M

- FY2024: $28M

- FY2025: $42M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 11.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.3%

- Cost / income, median: 57.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 4.3%

- FY2017: 2.8%

- FY2018: 7.5%

- FY2019: 10.0%

- FY2020: 9.1%

- FY2021: 12.1%

- FY2022: 18.5%

- FY2023: 18.6%

- FY2024: 15.5%

- FY2025: 14.9%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 3.3%

- Book return interval: 10 years

- Starting book value per share: $22.03

- Ending book value per share: $22.26

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 1.0%

- FY2017: 2.9%

- FY2018: -38.6%

- FY2019: 4.0%

- FY2020: 14.7%

- FY2021: 27.4%

- FY2022: -31.6%

- FY2023: 24.7%

- FY2024: 15.8%

- FY2025: 43.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 12.3%

- Diluted shares, 5-year annual growth: 6.8%

- Share growth excluding flagged crisis recapitalisations: 12.3%

- Five-year share growth excluding flagged crisis recapitalisations: 6.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.02×

- Book value created per share: $0.23

- Earnings retained per share after dividends and buybacks: $12.21

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 204

- FY2019: 230

- FY2020: 230

- FY2021: 254

- FY2022: 287

- FY2023: 288

- FY2024: 289

- FY2025: 320

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 3

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.9% a year forever · net income +49.2%

Story as of 2026-10-16T09:59:18.514Z; price observation 2026-10-15.

The price assumes profits grow 6.9% a year forever

### Net income · FY2025

net income +49.2%; source https://www.sec.gov/Archives/edgar/data/1754226/000110465926028308/obt-20251231x10k.htm; observed 2026-03-16.

- FY2016: $3.6M 

- FY2017: $2.4M 

- FY2018: $7.6M 

- FY2019: $11M 

- FY2020: $12M 

- FY2021: $21M 

- FY2022: $24M 

- FY2023: $29M 

- FY2024: $28M 

- FY2025: $42M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 127.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1754226/000110465926028308/obt-20251231x10k.htm#000110465926028308 (filed 2026-03-16); FY2025: revenue 127204000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OBT.US: Orange County Bancorp, Inc., a bank holding company, through its subsidiaries, provides commercial and consumer banking products and services. The company operates in Business Banking, Private Banking, and Trust & Wealth Management segments. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company also offers commercial real estate loans, commercial and industrial loans, commercial real estate construction loans, residential real estate loans, home equity loans, and consumer loans. In addition, it provides traditional trust and administration, asset management, financial planning, and wealth management services; and financial products, including checking, savings, money market accounts, certificates of deposit, and treasury management services. The company offers its products to small businesses, middle-market enterprises, local municipal governments, and individuals, as well as operate full-service branches and loan production office in Orange, Westchester, Rockland, and Bronx counties in New York. Orange County Bancorp, Inc. was founded in 1892 and is headquartered in Middletown, New York.

### Why customers stay

It earns 11.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 10-year return on tangible equity observations [[2016,0.043339927071665195],[2017,0.02828134586004884],[2018,0.07503527214196291],[2019,0.1003101655672535],[2020,0.09117024847581205],[2021,0.12108715066638605],[2022,0.18542930426906773],[2023,0.18550122710968472],[2024,0.15546609720603732],[2025,0.14943800050274716]]; median 0.11069865811681978. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 158000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2016,3219000],[2017,3225000],[2018,3264000],[2019,3587000],[2020,3585000],[2021,4029000],[2022,4669000],[2023,5191000],[2024,5325000],[2025,7099000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1754226/000110465926028308/obt-20251231x10k.htm (filed 2026-03-16); FY2025: cash repurchases 158000 USD.

### Are managers owners

Insiders own 8.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OBT.US SharesStats.PercentInsiders = 8.190999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price assumes profits grow 6.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Price 36.73; FX 1; original perpetual distributable cash 1.1376828426179477; discount 0.1; growth 0.06902578702374224. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $23.05 per share

- 2016-11: $23.03 per share

- 2016-12: $23.26 per share

- 2017-01: $23.10 per share

- 2017-02: $23.10 per share

- 2017-03: $23.75 per share

- 2017-04: $23.38 per share

- 2017-05: $23.61 per share

- 2017-06: $23.20 per share

- 2017-07: $23.45 per share

- 2017-08: $24.35 per share

- 2017-09: $27.03 per share

- 2017-10: $25.88 per share

- 2017-11: $27.50 per share

- 2017-12: $28.03 per share

- 2018-01: $27.90 per share

- 2018-02: $13.95 per share

- 2018-03: $14.00 per share

- 2018-04: $14.13 per share

- 2018-05: $16.50 per share

- 2018-06: $16.00 per share

- 2018-07: $14.54 per share

- 2018-08: $14.56 per share

- 2018-09: $14.50 per share

- 2018-10: $12.38 per share

- 2018-11: $12.46 per share

- 2018-12: $13.50 per share

- 2019-01: $14.00 per share

- 2019-02: $13.25 per share

- 2019-03: $13.63 per share

- 2019-04: $13.50 per share

- 2019-05: $13.50 per share

- 2019-06: $13.26 per share

- 2019-07: $13.50 per share

- 2019-08: $13.63 per share

- 2019-09: $13.89 per share

- 2019-10: $14.26 per share

- 2019-11: $14.50 per share

- 2019-12: $14.70 per share

- 2020-01: $15.30 per share

- 2020-02: $14.88 per share

- 2020-03: $12.50 per share

- 2020-04: $12.50 per share

- 2020-05: $12.53 per share

- 2020-06: $11.88 per share

- 2020-07: $11.78 per share

- 2020-08: $11.78 per share

- 2020-09: $11.88 per share

- 2020-10: $11.45 per share

- 2020-11: $13.00 per share

- 2020-12: $13.63 per share

- 2021-01: $14.00 per share

- 2021-02: $14.50 per share

- 2021-03: $15.38 per share

- 2021-04: $15.75 per share

- 2021-05: $16.50 per share

- 2021-06: $17.00 per share

- 2021-07: $16.80 per share

- 2021-08: $17.37 per share

- 2021-09: $17.57 per share

- 2021-10: $19.56 per share

- 2021-11: $18.45 per share

- 2021-12: $20.10 per share

- 2022-01: $20.50 per share

- 2022-02: $20.48 per share

- 2022-03: $20.01 per share

- 2022-04: $19.73 per share

- 2022-05: $19.00 per share

- 2022-06: $18.99 per share

- 2022-07: $16.81 per share

- 2022-08: $16.71 per share

- 2022-09: $19.25 per share

- 2022-10: $22.17 per share

- 2022-11: $23.68 per share

- 2022-12: $23.29 per share

- 2023-01: $23.85 per share

- 2023-02: $27.13 per share

- 2023-03: $22.00 per share

- 2023-04: $18.16 per share

- 2023-05: $16.05 per share

- 2023-06: $18.50 per share

- 2023-07: $22.52 per share

- 2023-08: $23.25 per share

- 2023-09: $21.59 per share

- 2023-10: $22.05 per share

- 2023-11: $23.91 per share

- 2023-12: $30.12 per share

- 2024-01: $24.27 per share

- 2024-02: $22.99 per share

- 2024-03: $23.00 per share

- 2024-04: $21.61 per share

- 2024-05: $24.52 per share

- 2024-06: $26.44 per share

- 2024-07: $31.10 per share

- 2024-08: $28.73 per share

- 2024-09: $30.16 per share

- 2024-10: $26.46 per share

- 2024-11: $29.82 per share

- 2024-12: $27.79 per share

- 2025-01: $25.87 per share

- 2025-02: $25.55 per share

- 2025-03: $23.39 per share

- 2025-04: $23.73 per share

- 2025-05: $25.57 per share

- 2025-06: $25.84 per share

- 2025-07: $24.99 per share

- 2025-08: $26.68 per share

- 2025-09: $25.21 per share

- 2025-10: $24.45 per share

- 2025-11: $27.11 per share

- 2025-12: $28.55 per share

- 2026-01: $30.82 per share

- 2026-02: $33.21 per share

- 2026-03: $31.98 per share

- 2026-04: $34.10 per share

- 2026-05: $34.12 per share

- 2026-06: $36.78 per share

- 2026-07: $38.25 per share

- 2026-08: $37.95 per share

- 2026-09: $36.95 per share

- 2026-10: $37.30 per share

## Annual estimated value (USD per share)

- FY2016: low $10.45 per share, central $12.13 per share, high $14.47 per share

- FY2017: low $9.77 per share, central $11.26 per share, high $13.30 per share

- FY2018: low $6.03 per share, central $7.00 per share, high $8.34 per share

- FY2019: low $6.30 per share, central $7.36 per share, high $8.86 per share

- FY2020: low $6.97 per share, central $8.20 per share, high $9.94 per share

- FY2021: low $8.68 per share, central $10.21 per share, high $12.38 per share

- FY2022: low $5.16 per share, central $6.17 per share, high $7.68 per share

- FY2023: low $6.93 per share, central $8.55 per share, high $11.15 per share

- FY2024: low $11.34 per share, central $14.18 per share, high $18.90 per share

- FY2025: low $22.57 per share, central $28.22 per share, high $37.62 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1754226/000110465926028308/obt-20251231x10k.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.