Orange National Bancorp, the parent company of...

Orange National Bancorp, the parent company of Orange National Bank in Orange, posted net income of $300,187 for the third quarter, down 19% from last year’s third-quarter earnings of $372,274. Quarterly revenue rose 20% to $4.2 million this year from $3.5 million last year. For the first nine months, the company reported record net income of $1 million, a 14% increase over $881,000 in earnings for the same period last year. Revenue for the period rose 27% to $12.2 million this year from $9.6 million last year. Orange National’s assets at the end of September grew 10% to $160 million from $146 million a year earlier. Wayne F. Miller, the company’s president, attributed the lower quarterly earnings to the bank’s decision to add $225,000 to its loan loss reserve, primarily to cover possible future losses in its business leasing operation.