Orange National Bancorp Reports Rise in Net Income

Buoyed by increased business and construction loans, the parent company of Orange National Bank reported net income of $2.2 million, or $1.40 per share, for 1991.

The annual earnings for Orange National Bancorp soared nearly tenfold above its 1990 net income of $234,000, or 14 cents per share. Annual revenue rose slightly to $16.6 million last year from $16.5 million the previous year.

Wayne F. Miller, the company’s president and chief executive, said the Orange-based bank benefited from a one-time $900,000 reduction in deferred taxes, which was permitted by a new accounting standard. Without the adjustment, the bank would have posted $1.4 million in net income.

He also attributed the company’s improved results to increased bank lending in three fields: construction loans, commercial-industrial building loans and business loans backed by the U.S. Small Business Administration.

While lending activity increased, the company’s assets dropped 2% to $169.8 million at the end of December from $173.6 million a year earlier.

For the fourth quarter, the company earned $875,892, or $2.17 per share, contrasted with a fourth-quarter 1990 loss of $183,278, or 45 cents per share.