Orange National Bancorp’s Income Drops

ORANGE — Orange National Bancorp recorded net income of $470,000, or 24 cents a share, for the second quarter of 1996, down 26% from the $631,000, or 34 cents a share, for the same quarter last year. Net operating income for the first half declined 31% to $885,000, or 46 cents a share, from $1.3 million, or 69 cents a share, for the year-earlier period, which included a gain of $230,000 from an accounting change. Total assets rose 4% to $212.1 million from $203.1 million.