Orange National Bank Reports Lower Earnings

The elimination of its investment tax credits under the 1986 federal tax law continued to depress earnings at Orange National Bank, which reported that net income for the second quarter dropped 5.3% to $244,036 from the year-earlier $257,679. For the first six months, the bank’s net earnings fell 6.8% to $461,675 from $495,213.

The bank’s assets, however, jumped 18.3% to $123 million at the end of June from $104 million at the same time last year. Deposits at the end of the period rose 19.5% to $114 million from $95.4 million a year earlier, while total loans grew 16.7% to $77 million from $66 million.