Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2025 NEWS PROVIDED BY Rhinebeck Bancorp, Inc. Poughkeepsie, New York, January 29, 2026 /ACCESSWIRE/ Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per ...

POUGHKEEPSIE, NY / ACCESS Newswire / January 29, 2026 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per share were $0.21 for the fourth quarter of 2025, compared to earnings per share of $0.25 for the third quarter of 2025 and dilut ...

Core Viewpoint - Rhinebeck Bank announced the retirement of Louis Tumolo, Jr., DVM from its Board of Directors, marking the end of a significant tenure in the bank's history [1] Company Summary - Louis Tumolo, Jr. has been a member of the Rhinebeck Bank Board of Directors for over 42 years, which is the longest tenure in the institution's history [1] - Dr. Tumolo is a long-time resident of Rhinebeck, having lived there for more than 55 years, and is the owner of the Rhinebeck Animal Hospital [1]

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Financial Performance - Net income for the third quarter of 2025 was $2.7 million, compared to a net loss of $8.1 million for the third quarter of 2024, with diluted earnings per share of $0.25 [159] - Non-interest income surged by $11.9 million, or 119.4%, in the third quarter of 2025 compared to the same quarter in 2024 [159] - Net interest income increased by $2.4 million, or 24.5%, to $12.0 million for the three months ended September 30, 2025 [162] - Non-interest expense rose to $9.7 million for the third quarter of 2025, reflecting a $646,000, or 7.1%, increase compared to the same period in 2024 [173] - The provision for income taxes increased by $2.9 million to $648,000 for the three months ended September 30, 2025, compared to a benefit of $2.2 million for the same period in 2024 [175] Asset and Liability Management - Total assets increased by $60.2 million, or 4.8%, to $1.32 billion as of September 30, 2025, primarily due to a $66.0 million increase in cash and cash equivalents, which rose by 176.0% [148] - Total liabilities increased by $49.1 million, or 4.3%, to $1.18 billion at September 30, 2025, primarily due to the increase in total deposits [152] - Stockholders' equity rose by $11.2 million, or 9.2%, to $133.0 million at September 30, 2025, with a book value per share of $11.93 [157] - Total available sources of funds amounted to $707.8 million as of September 30, 2025, including $103.5 million in cash and cash equivalents and $326.7 million in remaining secured borrowing capacity [193] Loan and Deposit Growth - Deposits increased by $95.0 million, or 9.3%, to $1.12 billion at September 30, 2025, driven by a $49.8 million increase in money market accounts and a $43.7 million increase in certificates of deposit [153] - Net loans receivable increased by $5.9 million, or 0.6%, to $977.6 million, reflecting growth in commercial and residential real estate loans [151] Interest Income and Margin - The net interest margin expanded by 68 basis points to 3.93% compared to the same quarter in 2024, driven by higher yields on loans and securities [162] - Interest income rose by $1.8 million, or 11.0%, to $17.8 million for the three months ended September 30, 2025, with an average yield on interest-earning assets increasing by 42 basis points to 5.80% [164] - The interest rate spread improved to 3.27% in Q3 2025 from 2.50% in Q3 2024, indicating better profitability on interest-earning assets [178] Operational Changes - The Bank has partnered with Homestead Funding Corporation to originate residential mortgages, discontinuing direct mortgage origination [144] - The Bank plans to close its Middletown branch effective January 27, 2026, to enhance operational efficiency [145] Credit Losses and Provisions - The allowance for credit losses is based on expected lifetime credit losses, which may differ significantly from actual results due to macroeconomic conditions [147] - The provision for credit losses increased by $15,000, or 1.7%, to $904,000 for the quarter ended September 30, 2025, primarily due to higher loan balances [168] Cash Flow and Investments - Net cash provided by operating activities was $9.0 million for the nine months ended September 30, 2025, compared to $4.9 million for the same period in 2024, reflecting a significant increase [192] - Net cash provided by investing activities totaled $10.7 million in the first nine months of 2025, a decrease from $77.7 million in the prior-year period, primarily due to a $58.6 million sale of securities in 2024 [192] - Cash and cash equivalents increased by $66.0 million during the period to $103.5 million as of September 30, 2025, from a beginning balance of $37.5 million [192] Risk Management and Controls - The company is actively managing interest rate risk through strategies such as originating loans with adjustable rates and promoting core deposit products [185] - There were no changes in the company's internal controls over financial reporting during the quarter ended September 30, 2025, that materially affected internal control [197] - The company is not a party to any pending legal proceedings that would have a material effect on its financial condition, results of operations, or cash flows [199] Inflation Impact - The impact of inflation is reflected in the increased cost of operations, with changes in market interest rates having a greater impact on performance than inflation effects [195]

Financial Performance - Rhinebeck Bancorp reported net income of $2.7 million for Q3 2025, a significant recovery from a net loss of $8.1 million in Q3 2024, with earnings per share of $0.25 compared to a loss per share of $0.75 in the prior year[1]. - Net income for the nine months ended September 30, 2025, was $7,709,000, a significant recovery from a net loss of $5,966,000 in the same period of 2024[18]. - Return on average assets improved to 0.82% in Q3 2025 from -2.52% in Q3 2024, indicating a significant recovery[24]. - Return on average equity rose to 8.18% in Q3 2025 from -26.87% in Q3 2024, showcasing enhanced profitability[24]. - Basic earnings per share (GAAP) for the nine months ended September 30, 2025, was $0.71, compared to a loss of $0.55 in 2024[28]. Income and Revenue - Year-to-date net interest income increased by $7.0 million, or 25.6%, to $34.6 million for the first nine months of 2025, driven by higher yields on interest-earning assets and lower costs on interest-bearing liabilities[4]. - Total interest and dividend income for Q3 2025 was $17,759,000, an increase of 10.98% from $16,004,000 in Q3 2024[18]. - Net interest income for Q3 2025 reached $12,035,000, up 24.66% compared to $9,663,000 in Q3 2024[18]. - Net interest income increased to $34,564,000 for the nine months ended September 30, 2025, compared to $27,520,000 in 2024, representing a growth of 25.5%[22]. Asset and Liability Management - Total assets increased by $60.2 million, or 4.8%, to $1.32 billion as of September 30, 2025, with cash and cash equivalents rising by $66.0 million, or 176.0%[11]. - Total liabilities increased by $49.1 million, or 4.3%, to $1.18 billion, driven by a $95.0 million increase in deposits, primarily in interest-bearing accounts[13]. - Total assets increased to $1,316,009,000 as of September 30, 2025, compared to $1,255,765,000 at December 31, 2024, reflecting a growth of 4.79%[19]. - Total deposits rose to $1,115,828,000 as of September 30, 2025, up from $1,020,783,000 at December 31, 2024, marking an increase of 9.31%[19]. Credit Quality - The provision for credit losses for the first nine months of 2025 decreased by $263,000, or 18.5%, to $1.2 million, reflecting changes in the loan portfolio composition[6]. - Non-performing assets decreased by $389,000, or 9.4%, to $3.7 million at September 30, 2025, indicating improved asset quality[12]. - Non-performing loans as a percentage of total gross loans decreased to 0.38% in Q3 2025 from 0.49% in Q3 2024, indicating improved asset quality[24]. Equity and Capital - Stockholders' equity rose by $11.2 million, or 9.2%, to $133.0 million, supported by net income of $7.7 million and a decrease in accumulated other comprehensive loss[14]. - Tier 1 capital ratio increased to 13.08% in Q3 2025 from 12.04% in Q3 2024, reflecting a stronger capital position[24]. - Total shareholders' equity (book value) increased to $133,004,000 as of September 30, 2025, up from $122,667,000 in December 2024, representing an increase of 8.9%[29]. - Book value per common share rose to $11.93 in September 2025, compared to $11.06 in December 2024, reflecting a growth of 7.9%[29]. Operational Efficiency - The efficiency ratio improved to 69.61% in Q3 2025 from 77.83% in Q3 2024, reflecting better cost management[24]. - The average interest-earning assets to average interest-bearing liabilities ratio was 135.11% for Q3 2025, consistent with 135.00% in Q3 2024[20]. Strategic Focus - The company aims to focus on sustainable growth, deepening client relationships, and driving innovation while maintaining strong risk discipline[2].

Core Insights - Rhinebeck Bancorp, Inc. reported a net income of $2.7 million for Q3 2025, a significant recovery from a net loss of $8.1 million in Q3 2024 [1] - Earnings per share for Q3 2025 were $0.25, compared to a diluted loss per share of $0.75 for the same quarter in 2024 [1] Financial Performance - The company achieved a turnaround in financial performance, moving from a loss to profitability year-over-year [1] - The improvement in earnings per share indicates a positive shift in the company's financial health [1]

Group 1 - Rhinebeck Bancorp, Inc. has appointed Matthew J. Smith as President and Chief Executive Officer [1] - The appointment is effective from October 20, 2025 [1] - Rhinebeck Bancorp, Inc. is the holding company of Rhinebeck Bank [1]

Financial Performance - Net income for Q2 2025 was $2.7 million, compared to $975,000 for Q2 2024, with diluted earnings per share rising to $0.25 from $0.09[156] - Net interest income for Q2 2025 increased by $2.4 million, or 27.1%, to $11.5 million, with a net interest margin expanding by 93 basis points to 3.97%[158] - Non-interest income totaled $1.6 million for Q2 2025, a slight decrease of $4,000, or 0.2%, primarily due to a 28.8% decline in investment advisory income[167] - Non-interest expense rose to $9.7 million for Q2 2025, reflecting an increase of $760,000, or 8.5%, driven by higher salaries and employee benefits[169] - The provision for income taxes increased by $480,000, or 170.2%, totaling $762,000 for Q2 2025, corresponding to higher pre-tax income[171] Asset and Liability Management - Total assets increased by $18.5 million, or 1.5%, to $1.27 billion as of June 30, 2025, primarily due to a $52.1 million increase in cash and cash equivalents[146] - Net loans receivable decreased by $11.0 million, or 1.1%, to $960.8 million, reflecting a $40.0 million decrease in consumer loans[149] - Deposits increased by $50.0 million, or 4.9%, to $1.07 billion, with interest-bearing deposits rising by $48.7 million, or 6.2%[151] - Stockholders' equity increased by $7.1 million, or 5.8%, to $129.0 million, with a book value per share of $11.61[155] - FHLB advances declined by $43.2 million, or 61.9%, to $26.6 million, reflecting the use of excess liquidity[154] Interest Income and Expense - Interest and dividend income increased by $1.1 million, or 6.8%, while interest expense decreased by $1.4 million, or 20.7%[156] - Interest income increased by $1.1 million, or 6.8%, to $16.8 million for Q2 2025 compared to Q2 2024, driven by higher yields on loans and securities[160] - Interest expense decreased by $1.4 million, or 20.7%, to $5.3 million for Q2 2025, with the average cost of interest-bearing liabilities declining by 50 basis points to 2.45%[162] - The average yield on interest-earning assets rose by 50 basis points to 5.78%, while the average balance of interest-earning assets decreased by $33.3 million, or 2.8%, to $1.16 billion[160] Credit Losses and Provisions - The provision for credit losses decreased by $548,000, or 122.6%, in Q2 2025 compared to Q2 2024[156] - The provision for credit losses decreased by $548,000, or 122.6%, resulting in a credit of $101,000 for Q2 2025, attributed to lower loan balances and decreased net charge-offs[164] - Year-to-date, the provision for credit losses decreased by $278,000, or 52.5%, to $252,000 for the six months ended June 30, 2025[166] Liquidity and Cash Flow - Cash and cash equivalents increased by $52.1 million during the period to $89.6 million as of June 30, 2025, compared to a beginning balance of $37.5 million[189] - Net cash provided by operating activities was $6.7 million for the six months ended June 30, 2025, down from $8.5 million in the same period of 2024[189] - The bank had total available sources of funds amounting to $687,586 thousand, including cash and cash equivalents of $89,622 thousand and unencumbered securities of $58,412 thousand[190] - The bank's liquidity management strategy includes maintaining adequate liquid assets to meet both short-term and long-term liquidity needs[186] Taxation - The effective tax rate was 21.85% for Q2 2025, compared to 22.43% for Q2 2024[171] Economic Value - The bank's net economic value (EVE) at June 30, 2025, was $180,565 thousand, with a 400 basis point increase in interest rates resulting in a decrease of $31,233 thousand (17.3%) in EVE[185] Interest Rate Spread - The average interest rate spread increased to 3.23% for the first half of 2025, compared to 2.26% for the same period in 2024[45]

The increase in net income for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024 was primarily due to increases in net interest income and a decrease in the provision for credit losses, partially offset by an increase non-interest expense. The Company's return on average assets and return on average equity were 0.88% and 8.57% for the second quarter of 2025, respectively, as compared to 0.31% and 3.43% for the second quarter of 2024, respectively. The increase in net income for ...