Orange County Bancorp, Inc. /DE/ Debt Disclosure

Note 9 — Borrowings

On September 25, 2025, the Company completed a private placement of $25 million in aggregate principal amount of fixed-to-floating rate subordinated notes (“Subordinated Notes”) to certain qualified institutional buyers and accredited institutional investors. In conjunction with the issuance, the Company incurred costs of $467, which are amortized over the life of the borrowings on a level yield basis and are included in interest on subordinated notes on the Consolidated Statements of Income. Approximately $20 million of the proceeds was used to redeem the 2020 subordinated notes and the remaining unamortized costs were fully expensed at the time of redemption. At December 31, 2025, there were $24.6 million of Subordinated Notes outstanding, which is net of the unamortized issuance costs. The Subordinated Notes have a maturity date of September 30, 2035 and bear interest, payable semi- annually, at the rate of 6.5% per annum, until September 30, 2030. Commencing on that date, the interest rate applicable to the outstanding principal amount due will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate plus 320.5 basis points, payable quarterly until maturity. The Company may, at its option, beginning on September 30, 2030, but not prior thereto except upon the occurrence of certain events specified in the Subordinated Notes agreements, redeem the Subordinated Notes, in whole or in part, subject to obtaining any required regulatory approvals.