Commentary from: Timothy McCausland
Managing Director, Private Banking, with Orange Bank and Trust Company
Orange County Bancorp, Inc. announces first quarter 2019 earnings
MIDDLETOWN (May 13) - Orange County Bancorp, Inc. announced its unaudited financial results for the first quarter ended March 31, 2019.
The Company earned net income of $2.23 million or $0.50 per share for the quarter compared to net income of $1.37 million or $0.35 per share for the corresponding quarter in 2018.
On a year-over-year basis, Q1 net income rose $856 thousand or 62%, while earnings per share increased $0.15 or 42%. Per share results reflect the issuance of an additional 566,783 shares of stock through a private placement in October 2018.
Book value per share as of 3/31/19 was $24.76, an increase of $1.96 per share or 8.6% versus the same quarter last year, while tangible book value per share of $23.01 increased $2.28 per share or 11%.
The Company’s Hudson Valley Investment Advisors (HVIA) subsidiary saw Q1 revenues increase 4.1% on a year-over-year basis, while revenue for the Bank’s Trust department rose 4.6% for the same period.
The Company continues to experience strong growth in loans and deposits. On a year-over-year basis, total loans outstanding at the end of Q1 increased $162 million or 26%, while total deposits grew $108 million or 12%, ending the quarter at nearly $1 billion. The Company’s capital base grew $22 million or 24%, driven primarily by the combination of proceeds from a Q4 2018 private placement of common stock ($16 million) and retained earnings ($5 million). The equity to assets ratio increased from 8.8% to 9.8% on a year-over-year basis, with equity growth more than keeping pace with balance sheet growth.
“We are very pleased with the Company’s performance during the first 3 months of 2019,” said President and CEO, Michael Gilfeather. “Our results for the quarter reflect strong growth in earnings and of our balance sheet. We believe this coupled with the ongoing implementation of our strategic plan continue to position the Company as a leading financial institution in the markets we serve.”
HVEDC welcomes Michelle Rider to Advisory Board
POUGHKEEPSIE (May 7) – Hudson Valley Economic Development Corp. (HVEDC), which recently announced its intent to merge with the Westchester County Association (WCA), welcomed the addition of Michelle Rider, CPA, Esq. of Catania, Mahon, Milligram & Rider, PLLC, to its board of directors.
Rider joined Catania, Mahon, Milligram & Rider, PLLC, a law firm based in the Hudson Valley, as a partner in 2009. She currently practices in business and corporate law, health law and estate and succession planning. But before entering the realm of law, she worked as a certified public accountant, including experience in auditing mid-sized and large companies and nonprofit organizations. After graduating from law school, she began focusing on corporate law, commercial transactions and business succession planning.
“We are excited to welcome Michelle to our HVEDC advisory board,” said Mike Oates, President and CEO of HVEDC. “Michelle’s work in corporate law and health law make her well placed to lend her expertise through HVEDC to business owners about various legal issues they must consider and confront in their operations. Her background as a CPA makes her even more valuable, as that gives her another avenue through which she can better understand business owners and entrepreneurs.”
Rider prides herself on bringing a financial and business perspective to her legal representation, and her ability to provide a comprehensive advisory approach to all clients as they navigate their transactions and other legal issues.
“I’m looking forward to having the opportunity to serve on such a distinguished board and provide whatever value I can to the entrepreneurs of our region,” said Rider.
Local credit union seeking charter change
POUGHKEEPSIE (May 7) - Hudson Valley Federal Credit Union announced to its members that it will be seeking approval to change its Charter from Federal to a New York State charter. Originally chartered in 1963 to serve IBM Poughkeepsie employees, Hudson Valley currently serves Dutchess, Ulster, Orange and Putnam Counties. With a change to a New York State charter, the credit union would expand into Westchester, Rockland, Columbia, Greene, Albany, Rensselaer, Schenectady, and Saratoga Counties.
“We are taking this step to ensure the ability to grow and serve our members adequately and securely,” said President and CEO Mary Madden. “Becoming a New York State chartered credit union provides a unique opportunity for the credit union to prudently expand its membership and grow deposits and loans, while building upon the foundation of trust our members have always had in us.”
Madden assured members they will see no change to the competitive products and services they already use with Hudson Valley.
Members will receive ballots to vote on the conversion proposal, which they are encouraged to return by mail to the Tellers of Election as soon as possible. Deadline for receipt of all votes is May 16th. A Special Member Meeting to discuss the conversion will be held on Thursday, May 16th at 5:30 pm at the Ramada Inn in Fishkill. Further details are available at the credit union’s website – hvfcu.org.
Following member approval, the credit union will make a formal application to the New York State Department of Financial Services.
Meagher presents her new division's objectives and plans for collaboration
with Hudson Valley counties
Putnam County Business Council Leadership Breakfast targets growth disparity among Lower Hudson Valley Counties
CARMEL (April 29) – Putnam County Executive MaryEllen Odell and the Putnam Business Council, a county-wide advocacy group representing Putnam businesses, recently welcomed representatives from the New York City Department of City Planning at the Putnam County Leadership Breakfast on April 25th.
During her presentation, Carolyn Grossman Meagher of New York City Planning addressed several inequalities and the need for New York City to reach out to its neighboring communities to ensure that the entire Hudson Valley Region thrives.
Meagher is the Director of the new Regional Planning Division of New York City Planning. The Division was created with five objectives, which: connect with regional governments and planning officials, analyze, aggregate and disseminate regional data, instill regionalism in planning activities, cultivate opportunities for cross-border collaboration, and inform regional policy and capital priorities.
Odell said she was optimistic about this new Division.
“New York City has seen the most post-recession economic and job growth in our region, while areas outside of New York City saw slower wage growth,” Odell said. I am looking forward to working with New York City Planning for the benefit of the entire Hudson Valley.”
Jennifer Maher, Chairwoman of the Putnam County Business Council said, “This partnership will be immensely valuable since there is a significantly large base of Hudson Valley commuters that travel to jobs in New York City, as well as a smaller demographic that commutes from New York City to the Hudson Valley We are excited to bring more quality forums to the Putnam County Business community for 2019.”
Spencer Daniels Agency changes name
WOODSTOCK (April 21) - Spencer Daniels Agency Inc. is in the process of re-branding. The new name is "SDA Events".
SDA Events is a full-service Entertainment, Production & Rental Company serving the Hudson Valley / Tri State Area & National Events.
With Re-Branding comes a new Managing Director from Proctor & Gamble, Spencer Siegel. There is also a new Director of Entertainment & DJ's / MC's, Danny Mitro.
The differentiator is that SDA Events gives the WOW Factor to its clients with the latest technology and owning all of the services it offers. This ensures the level of quality and service for all SDA Events clients.
Local business owner nominated for two NY Emmy Awards
STORMVILLE (April 9) - Tom Langan, owner of Talex Media, received two nominations in the 62nd Annual New York Emmy Awards.
Langan is nominated for his camera work as part of the team that produced the program “Her Big Idea” for the NYC Life Channel, a division of NYC Media. The nominations are in the Human Interest: Program/Special and in the Technology categories. The Emmy® Awards, a coveted peer-recognition symbol of distinction in television, are awarded by the New York Chapter of the National Academy of Television Arts and Sciences to recognize artistic and technical excellence in the television art form.
“Although I’ve worked with multiple Emmy® Award winning productions in the past – these are my first nominations,” said Langan. “I am honored and proud to be nominated as part of the outstanding team that produced ‘Her Big Idea’ – a truly inspirational program.”
The 62nd Annual New York Emmy® Awards will be presented on Saturday, May 4, at The Marriott® Marquis ~ Times Square.
Langan has over 17 years of professional experience spanning all aspects of production.
L-R: Scott Meyers (SunCommon), Maxine Leu (holding the model),
Michael Asbill and Dan Mack (Orange County Citizens Foundation)
Art grant for community solar array project.
SUGAR LOAF (March 26) - SunCommon, in partnership with Orange County Citizens Foundation, announces the winner of its $3000 art grant award. Michael Asbill and Maxine Leu have been awarded the grant to install a new sculpture titled “Kurt and Arlette (Sky and Ground)” at the SunCommon community solar array on the Citizens Foundation’s Seligmann Homestead in Sugar Loaf.
The sculpture, consisting of two elements to represent Kurt and Arlette Seligmann, will encourage interacting with wildlife at the community solar array.
“Providing food and shelter for pollinators is an important issue for our area and why we decided to plant wildflowers in and around all of our community solar arrays," said General Manager of SunCommon, Jeff Irish. "We’re delighted to be giving this art grant for a sculpture that can continue to support that conversation.”
“The Citizens Foundation is very pleased that this project links the 19th and 20th century history of the property with the emerging future of sustainability in Orange County,” said Nancy Proyect of the Citizens Foundation, who is enthusiastic about the new sculpture at the property.
Michael Asbill and Maxine Leu noted their excitement at being chosen. Michael says, “What could be more inspiring than a neighborhood collective pooling resources to generate their own clean energy. We feel honored to contribute a public artwork that memorializes the remarkable couple for whom the property is named and to celebrate the truly unique ways that Kurt and Arlette Seligmann were connected to the land.”
SunCommon is a market-solution to climate change with a purpose beyond profit. As Vermont’s largest solar provider and a NYSERDA quality leader in the Hudson Valley and Capital Region of New York, we believe that everyone has the right to a healthy environment and brighter future – and renewable energy is where it starts.
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