The business behind the dividend
| Measure | OBT | Median | Formula |
|---|---|---|---|
| Return on equity | 14.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $40.64m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $41.33m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 38.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 30.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 14.6% | 15.0% | 17.8% | 17.6% | 11.6% | 8.6% | 14.6% |
| Operating margin | 38.2% | 27.4% | 31.5% | 35.9% | 41.4% | 27.2% | 31.5% |
| Net margin | 30.8% | 21.9% | 25.0% | 28.9% | 33.0% | 21.8% | 25.0% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Orange County Bancorp pays out less than 311 of them. The median for that group is 30.6%, against this company’s 17.1%.
Closest on GAAP earnings
- Hills Bancorporation (HBIA) 16.9%
- Jefferson Capital Inc. / DE (JCAP) 17.4%
- UMB Financial (UMBF) 17.5%
- Wintrust Financial (WTFC) 17.5%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →