Orange County Bancorp Amends Executive Retirement Plan; BBSI Reports Strong 2024 Financials

Orange County Bancorp’s affiliate, Orange Bank & Trust Company, has amended the Participation Agreement for executive Michael Gilfeather under the bank’s Performance‐Based Supplemental Executive Retirement Plan. The amendment, effective February 20, 2025, revises key provisions of the agreement. Notably, the changes remove the final sentence of Section 3(a) and adjust the financial performance criteria by increasing the required total assets threshold from $1 billion to $2.5 billion. In addition, the performance‐based contribution has been increased from $60,000 to $260,000 for the fiscal year ending December 31, 2023. The board’s Compensation Committee approved these modifications, which will support the bank’s efforts to align executive benefits with evolving financial metrics.

In an attached exhibit, Barrett Business Services, Inc. (NASDAQ: BBSI) reported robust financial results for the fourth quarter and full year 2024. The company recorded a 10% rise in fourth quarter revenues to $304.8 million, with net income increasing 15% to $16.8 million. Over the full year, revenues grew 7% to $1.14 billion, while net income expanded by 5% to $53.0 million. The report detailed key performance improvements, including growth in gross billings, increased average worksite employees, and enhanced capital allocation through stock repurchases and dividends. BBSI also provided its guidance for 2025, expecting continued growth in gross billings and positive operational performance.

Both disclosures reflect a broader trend of aligning executive compensation with performance metrics and signal confidence in the financial outlook going forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Orange County Bancorp’s 8K filing here.

About Orange County Bancorp

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.