A beneficiary of last year's economic upsweep among business borrowers, Orange National Bank posted annual net income of $756,000 for 1984, a 21% increase from the $621,000 in profits reported for the previous year.
Bank officials said the resurgance of business borrowing combined with increased revenue from loan fees and interest income to boost Orange National's performance.
And although the 5-year-old bank reported a 34% decline in fourth-quarter profits, to $196,206 from $296,506 posted for the same period in 1983, officials said the 1983 figure included an investment tax credit of $198,000. Without that tax credit, earnings would have been about $98,000 and the 1984 fourth-quarter profit would have represented a 201% increase.
Orange National said its deposits at the end of 1984 were up 49% year to year to $77.8 million; loans were up 31% to $449.1 million, and the bank ended the year with assets of $84.6 million, an increase of 46%. The bank's primary-capital-to-assets ratio on Dec. 31 was 7.7%. State and federal regulators require a minimum 6% ratio of otherwise financially healthy community banks.