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CBO announces first quarter financials TOWN OF WALLKILL (May 5) - Community Bank of Orange, N.A. has reported a net loss of $(47,000), or $(0.02) per share for the three month period ending March 31, 2008. By comparison, the Bank’s net loss for the first quarter of fiscal 2007 was $(198,000), or $(0.09) per share. These results represent a reduced loss of $151,000 and $0.07 per share, respectively. In the first quarter of 2008 the Bank recognized an increase of $9,000 in interest income on loans, securities and fed funds sold, over the same period last year. Interest expense on deposits and borrowings increased $11,000 for the same period-to-period comparison. These changes resulted in a decrease of $2,000 in net interest income for the first quarter in 2008 over 2007, from $517,000 in 2007 to $515,000 in 2008. The Bank’s yield on interest-earning assets decreased 49 basis points to 6.57% in the first quarter of 2008 compared to the same period last year. The cost of interest-bearing liabilities decreased 33 basis points to 3.89% in the first quarter of 2008 from 4.22% for the first quarter of 2007. The decrease in yields on assets and costs on liabilities reflects the current decreasing rate environment that we are experiencing. The Bank increased the combined amount of its loan and investment portfolios by $1.8 million, or 3%, from December 31, 2007. The loan portfolio grew approximately $1.0 million, or 2%, from year-end 2007. The Bank had $64.1 million in total assets at the quarter’s end, a decrease of $1.3 million, or 2%, from $65.4 million at December 31, 2007. Earning assets totaled $62.6 million at March 31, 2008, compared to $63.5 million at December 31, 2007. Earning assets at March 31, 2008 consisted of $43.8 million in loans receivable, net of deferred fees and the allowance for loan losses of $700 thousand, $14.1 million in investment securities, including $0.4 million in restricted investments in bank stocks, and $4.0 million in federal funds sold. Commenting on the first quarter results, Anthony Ingrassia, the Bank’s Chairman and Chief Executive Officer, remarked, “We are encouraged by our first quarter’s results as we continue to move towards profitability, but remain aware that the current economic environment requires that the Bank work both smarter and harder. The Bank continues to offer competitive rates on both loans and deposits and to provide customized, personal service to the community.” Mr. Ingrassia further stated, “The Warwick office continues to provide quality banking services to that area with total deposits of $10.6 million as of March 31, 2008. Both our Middletown and Warwick locations provide 24 hour ATM service for the convenience of our customers.” The Bank, founded in 2002, is headquartered in Middletown, New York and is the first community bank chartered in Orange County, New York in over fifty years.
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Regional Economic Development and Government Links
The Chamber of Commerce of Orange County, Inc.: City of Beacon: City of Newburgh: City of Port Jervis: Council of Industry Dutchess County Economic Development Corporation: Dutchess County Government: Empire State Development: Greene County: Hudson Valley International Hudson Valley Materials Exchange Community Warehouse Hudson Valley World Trade Center Mid-Hudson Pattern for Progress: Mid-Hudson Regional Information Center: NYS Small Business Development Centers Orange County Government: Orange County Partnership: Orange County Citizens' Foundation Poughkeepsie Area Putnam Economic Development Corporation: Putnam County Government: Rockland Business Association Rockland Economic Development Corporation Sullivan County Government: Ulster County Development Corporation: Ulster County Government: Ulster County Workforce Development System Westchester County Government: |
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