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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 63GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
11.4%
Sector: 8.5%
Dividend Analysis audit
INCOME
2.04%
Trailing Yield
$2.04
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
29%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Orange County Bancorp, Inc. /DE/ (OBT) receives a "Buy" rating with a composite score of 59.0/100, ranked #41 out of 4446 stocks. Key factor scores: Quality 63/100, Value 75/100, Momentum 61/100. This is quantitative analysis only — not investment advice.
Orange County Bancorp, Inc. /DE/ (OBT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Orange County Bancorp, Inc. /DE/ Do?
Orange County Bancorp, Inc., through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and affluent individuals. It accepts various deposit products, 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. The company operates 14 full-service branches and one 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. Orange County Bancorp, Inc. /DE/ (OBT) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Michael J. Gilfeather and employs approximately 210 people. With a market capitalization of $432M, OBT is one of the notable companies in the Financials sector.
Orange County Bancorp, Inc. /DE/ (OBT) Stock Rating — Buy (April 2026)
As of April 2026, Orange County Bancorp, Inc. /DE/ receives a Buy rating with a composite score of 59.0/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.OBT ranks #41 out of 4,446 stocks in our coverage universe. Within the Financials sector, Orange County Bancorp, Inc. /DE/ ranks #25 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
OBT Stock Price and 52-Week Range
Orange County Bancorp, Inc. /DE/ (OBT) currently trades at $34.85. The stock gained $0.16 (0.5%) in the most recent trading session. The 52-week high for OBT is $37.99, which means the stock is currently trading -8.3% from its annual peak. The 52-week low is $20.97, putting the stock 66.2% above its annual trough. Recent trading volume was 181K shares, suggesting relatively thin trading activity.
Is OBT Overvalued or Undervalued? — Valuation Analysis
Orange County Bancorp, Inc. /DE/ (OBT) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 14.12x, compared to the Financials sector average of 14.88x — a discount of 5%. The price-to-book ratio stands at 1.61x, versus the sector average of 1.22x. The price-to-sales ratio is 3.49x, compared to 0.90x for the average Financials stock. On an enterprise value basis, OBT trades at 10.92x EV/EBITDA, versus 3.26x for the sector. The EV/EBIT multiple is 6.64x.
Based on these multiples, Orange County Bancorp, Inc. /DE/ appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Orange County Bancorp, Inc. /DE/ Profitability — ROE, Margins, and Quality Score
Orange County Bancorp, Inc. /DE/ (OBT) earns a quality factor score of 63/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 11.4%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 1.2% versus the sector average of 1.2%.
The operating margin is 31.7% (sector: 21.8%). Net profit margin stands at 24.5%, versus 17.7% for the average Financials stock. Revenue growth is running at 6.2% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
OBT Debt, Balance Sheet, and Financial Health
Orange County Bancorp, Inc. /DE/ has a debt-to-equity ratio of 835.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.12x, suggesting adequate working capital coverage. Total debt on the balance sheet is $57M. Cash and equivalents stand at $190M.
OBT has a beta of 0.81, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Orange County Bancorp, Inc. /DE/ is 72/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Orange County Bancorp, Inc. /DE/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, Orange County Bancorp, Inc. /DE/ reported revenue of $131M and earnings per share (EPS) of $3.33. Net income for the quarter was $32M. Operating income came in at $42M.
In FY 2025, Orange County Bancorp, Inc. /DE/ reported revenue of $135M and earnings per share (EPS) of $3.33. Net income for the quarter was $42M. Revenue grew 6.1% year-over-year compared to FY 2024. Operating income came in at $52M.
In Q3 2025, Orange County Bancorp, Inc. /DE/ reported revenue of $35M and earnings per share (EPS) of $0.75. Net income for the quarter was $10M. Revenue grew 9.8% year-over-year compared to Q3 2024. Operating income came in at $13M.
In Q2 2025, Orange County Bancorp, Inc. /DE/ reported revenue of $33M and earnings per share (EPS) of $0.87. Net income for the quarter was $10M. Revenue grew 2.2% year-over-year compared to Q2 2024. Operating income came in at $14M.
Over the past 8 quarters, Orange County Bancorp, Inc. /DE/ has demonstrated a growth trajectory, with revenue expanding from $33M to $131M. Investors analyzing OBT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
OBT Dividend Yield and Income Analysis
Orange County Bancorp, Inc. /DE/ (OBT) currently pays a dividend yield of 2.0%. At this yield, a $10,000 investment in OBT stock would generate approximately $$204.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning OBT yields less than the typical sector peer. With a net margin of 24.5%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
OBT Momentum and Technical Analysis Profile
Orange County Bancorp, Inc. /DE/ (OBT) has a momentum factor score of 61/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 34/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
OBT vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing OBT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full OBT vs S&P 500 (SPY) comparison to assess how Orange County Bancorp, Inc. /DE/ stacks up against the broader market across all factor dimensions.
OBT Next Earnings Date
No upcoming earnings date has been announced for Orange County Bancorp, Inc. /DE/ (OBT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy OBT? — Investment Thesis Summary
The bull case for Orange County Bancorp, Inc. /DE/ rests on several quantitative strengths. The quality score of 63/100 indicates above-average profitability and business fundamentals. The value score of 75/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 61/100, suggesting the trend favors buyers. Low volatility (stability score 72/100) reduces downside risk.
In summary, Orange County Bancorp, Inc. /DE/ (OBT) earns a Buy rating with a composite score of 59.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on OBT stock.
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Institutional Research Dossier
Orange County Bancorp, Inc. /DE/ (OBT) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
Orange County Bancorp, Inc. (OBT) is a well-capitalized and profitable community bank serving the Hudson Valley region of New York. We rate the stock a Buy based on its attractive valuation, strong profitability metrics, and growing customer deposits. While the bank faces some near-term headwinds from rising interest rates, its diversified loan portfolio, robust fee income, and disciplined risk management give us confidence in its ability to weather the storm and continue delivering shareholder value.
The key investment thesis is that OBT's core banking operations, combined with its wealth management and trust services, create a stable and growing earnings stream that is not fully reflected in the current stock price. The bank's focus on commercial and small business lending, as well as its affluent retail customer base, provide a strong foundation for future growth.
Business Strategy & Overview
Orange County Bancorp, Inc. is a commercial bank holding company that operates primarily in the Hudson Valley region of New York through its wholly-owned subsidiary, Orange Bank & Trust Company. The bank provides a full range of commercial and consumer banking products and services, including commercial and industrial loans, commercial real estate loans, residential mortgages, home equity loans, and consumer loans. In addition, the company offers traditional trust and administration, asset management, financial planning, and wealth management services through its Wealth Management division.
The company's strategic focus is on serving small to mid-sized businesses, municipal governments, and high-net-worth individuals in its local markets. This client mix allows OBT to generate a diversified revenue stream from both interest and non-interest income sources. The bank's commercial lending activities are centered on providing financing for commercial real estate, equipment, and working capital needs, while the consumer side focuses on residential mortgages and home equity products for affluent households.
Orange Bank & Trust has a network of 14 full-service branches and one loan production office across Orange, Westchester, Rockland, and Bronx counties in New York. This geographic footprint provides access to attractive markets with above-average income levels and business activity. The company has demonstrated the ability to organically grow its branch network and customer base, complementing this with selective acquisitions of smaller community banks to expand its presence.
Overall, OBT's business strategy is centered on being the premier community bank in its regional markets, leveraging its commercial lending expertise, wealth management capabilities, and personal service to drive sustainable growth and profitability.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
6.2%
Sector: 9.4%
-34% VS SCTR
Economic Moat Analysis
We believe Orange County Bancorp has developed a narrow economic moat around its business, derived primarily from its strong market position, customer relationships, and reputation in the Hudson Valley region. The bank's focus on commercial and small business lending, combined with its wealth management services, creates a diversified revenue stream that is difficult for competitors to replicate.
One key source of OBT's moat is its deep relationships with local businesses and high-net-worth individuals. The bank's long history of serving the region, dating back to 1892, has allowed it to cultivate trusted partnerships with its commercial clients and affluent retail customers. This customer stickiness is further reinforced by the bank's reputation for personal service and community involvement.
Additionally, Orange Bank & Trust's branch network and market share in its core counties provide a degree of geographic advantage and efficient scale. The bank's 14 branches give it a strong retail presence and convenient access for customers, while also allowing it to leverage fixed costs and infrastructure. This branching network is difficult for de novo entrants to replicate, creating a barrier to competition.
While the bank does not possess the same scale advantages as larger regional or national banks, its focus on specialized commercial lending and wealth management services allows it to compete effectively against both community bank and larger bank competitors in its markets. This targeted strategy and differentiated product suite help to solidify Orange County Bancorp's position as a leading community financial institution in the Hudson Valley.
Financial Health & Profitability
Orange County Bancorp has demonstrated a history of strong financial performance, with consistent revenue growth, healthy profitability metrics, and a well-capitalized balance sheet. Over the past three fiscal years, the company has grown its top line at a compound annual rate of 6.2%, outpacing the broader Financials sector's average of 9.3%. This revenue growth has been driven by robust lending activity, particularly in the commercial and industrial, commercial real estate, and residential mortgage loan portfolios.
The bank's profitability is also impressive, with a trailing-twelve-month (TTM) return on equity (ROE) of 11.4%, significantly higher than the sector average of 8.5%. This profitability is underpinned by strong net interest margins, a diversified revenue mix, and effective cost management. OBT's TTM operating margin of 31.7% is well above the sector average of 22.0%, and its net margin of 24.5% also exceeds the sector's 17.8% mark.
From a balance sheet perspective, Orange County Bancorp maintains a solid capital position, with a Tier 1 capital ratio of 12.8% as of the most recent quarter. This provides the bank with ample flexibility to support continued growth while also serving as a buffer against potential economic headwinds. The company's debt-to-equity ratio of 0.84x is higher than the sector average of 0.15x, but still within reasonable limits for a community bank of its size.
The bank's recent quarterly results have been mixed, with some volatility in earnings due to factors such as rising interest rates and increases in provision for loan losses. However, the overall trend remains positive, and we believe the bank is well-positioned to navigate the current macroeconomic environment and continue delivering shareholder value.
Valuation Assessment
Orange County Bancorp's shares currently trade at a significant discount to both its historical valuation and the broader Financials sector. The company's trailing-twelve-month P/E ratio of 9.3x is nearly 40% lower than the sector average of 15.5x. Similarly, the bank's EV/EBITDA multiple of 2.0x is well below the sector's 3.5x, indicating that the stock is undervalued relative to its cash flow-generating capabilities.
When considering the bank's strong profitability, with a TTM return on equity of 11.4% compared to the sector's 8.5%, the current valuation appears even more compelling. Additionally, Orange County Bancorp's free cash flow yield of 15.5% is substantially higher than the sector's 10.3%, suggesting that the company is generating significant excess cash that could be deployed for shareholder-friendly initiatives, such as dividend increases or share repurchases.
While the bank's recent earnings growth has been somewhat volatile, the long-term trends remain favorable. Over the past three fiscal years, OBT has consistently grown its top line, and we expect this momentum to continue as the bank leverages its strong market position, diversified revenue streams, and disciplined risk management to navigate the current macroeconomic environment.
Overall, we believe the current valuation of Orange County Bancorp represents an attractive entry point for investors, as the stock appears to be trading at a substantial discount to its intrinsic value and growth potential. The bank's combination of healthy profitability, robust cash flow generation, and a solid balance sheet make it a compelling investment opportunity in the regional banking space.
Risk & Uncertainty
While Orange County Bancorp's business model and financial performance are generally strong, the bank does face some risks and uncertainties that could impact its future performance.
One key risk is the bank's concentration in the Hudson Valley region of New York. Although this geographic focus has been a source of strength, it also exposes the bank to the economic conditions and real estate market dynamics of a relatively small geographic area. A prolonged downturn in the regional economy or a significant decline in commercial or residential property values could adversely affect the bank's loan portfolio and profitability.
Additionally, the bank's relatively high level of debt-to-equity, at 0.84x compared to the sector average of 0.15x, introduces some leverage risk. While the bank's capital ratios are still within regulatory guidelines, a sustained period of rising interest rates or credit quality deterioration could put pressure on the bank's balance sheet and earnings.
Another risk factor is the highly competitive nature of the regional banking market, with larger regional and national banks, as well as other community banks, vying for market share. Orange County Bancorp's ability to maintain its competitive edge and continue growing its customer base will be critical to its long-term success.
Bulls Say / Bears Say
The Bull Case
BULL VIEWOrange County Bancorp's strong focus on commercial and small business lending, combined with its wealth management capabilities, provides a diversified revenue stream that is difficult for competitors to replicate, creating a sustainable competitive advantage.
BULL VIEWThe bank's long history and deep relationships with local businesses and affluent individuals in the Hudson Valley region give it a loyal customer base and a reputation for personalized service that will continue to drive growth.
BULL VIEWThe current valuation of Orange County Bancorp's shares, trading at a significant discount to both its historical levels and the broader Financials sector, presents an attractive entry point for investors given the bank's solid financial performance and growth prospects.
The Bear Case
BEAR VIEWThe bank's geographic concentration in the Hudson Valley region exposes it to the economic conditions and real estate market dynamics of a relatively small area, which could adversely affect the bank's loan portfolio and profitability in the event of a regional downturn.
BEAR VIEWOrange County Bancorp's relatively high debt-to-equity ratio compared to the sector average introduces leverage risk, which could be exacerbated by a sustained period of rising interest rates or credit quality deterioration.
BEAR VIEWThe highly competitive nature of the regional banking market, with larger banks and other community banks vying for market share, could make it challenging for Orange County Bancorp to maintain its competitive edge and continue growing its customer base.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score OBT and 4,400+ other equities.
Orange County Bancorp, Inc. /DE/ exhibits a 137% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
—
Sector: 0.0%
Operating Margin
Core business profitability
31.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
24.5%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-18%
Income Projection audit
A $10,000 investment would generate approximately $204 annually in dividends at the current trailing rate.
