Orange National Reports $264,508 in Earnings
Orange National bank, which opened two years ago in Orange, posted third-quarter earnings of $264,508, a 39.1% increase from $190,101 for last year’s third quarter. Earnings for the first nine-months jumped 17.3% to $656,385 from $559,517 for the same period last year.
The bank said Monday that because of the increased earnings, directors have voted a 3-for-2 stock split, effective for shareholders of record on Oct. 15.
Orange National’s total loans as of Sept. 30 increased 20.8% to nearly $54.4 million from nearly $45 million while deposits rose 19.1% to $80 million from $67.1 million.
Total assets for the bank reached $87.9 million, a 17.7% increase from the $74.6 million reported a year earlier. Orange National’s capital-to-asset ratio, which federal regulators use as a measure of a bank’s soundness, was 7.5% on Sept. 30. A minimum ratio of 6% is required by federal regulators.
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