Credit Losses and Charge-offs - The allowance for credit losses at the end of 2025 was $8.353 million, a decrease of $186,000 or 2.2% from $8.539 million at the end of 2024[112]. - Total charge-offs for 2025 were $3.686 million, down from $4.726 million in 2024, reflecting a decrease of 22%[112]. - Net charge-offs decreased by $462,000 or 19.3% to $1.936 million for the year ended December 31, 2025, compared to $2.398 million for 2024[114]. - The allowance for credit losses to non-performing loans at the end of 2025 was 225.76%, up from 206.56% in 2024[112]. - The allowance for credit losses to total loans outstanding at the end of 2025 was 0.87%, slightly down from 0.88% in 2024[112]. - The net charge-offs to average loans outstanding during 2025 was 0.20%, compared to 0.24% in 2024[112]. - The total recoveries for 2025 were $1.750 million, compared to $2.328 million in 2024[112]. Investment Portfolio - The investment portfolio had a fair value of $162.2 million as of December 31, 2025, primarily consisting of U.S. Government securities and corporate bonds[117]. - The weighted average yield of investment securities at December 31, 2025, was calculated without tax equivalent adjustments, reflecting the income divided by amortized cost[124]. - The investment committee meets at least three times annually to review the portfolio's performance and quality, ensuring alignment with the investment policy[118]. Deposits and Liquidity - Total deposits as of December 31, 2025, amounted to $1.10 billion, with uninsured deposits estimated at $310.0 million[128]. - The average balance of non-interest-bearing demand accounts was $236.4 million, representing 22.16% of total deposits[131]. - The uninsured deposits coverage ratio was 236.4% as of December 31, 2025, indicating strong liquidity[132]. - The average rate paid on certificates of deposit was 3.89% in 2025, compared to 4.58% in 2024[131]. - The company plans to retain a significant portion of $335.8 million in certificates of deposit maturing in 2026[134]. Management and Employees - Rhinebeck Asset Management had approximately $243.0 million in assets under management and generated non-interest income of $1.5 million in 2025[136]. - The company recorded a total of 158 full-time employees and seven part-time employees as of December 31, 2025[144]. - The average tenure of employees is seven years and six months, with a workforce composition of approximately 57% female and 43% male[145]. - Rhinebeck Bank appointed Matthew J. Smith as CEO in October 2025, with over a decade of experience in financial services[146]. - Kevin Nihill became CFO in July 2024, previously serving as CFO of St. Mary's Bank since 2021[148]. Capital and Regulatory Compliance - As of December 31, 2025, Rhinebeck Bank exceeded all capital requirements, classified as "well capitalized" with a total risk-based capital ratio of 10% or greater[169][174]. - The bank is subject to comprehensive regulation by the NYSDFS and FDIC, requiring periodic examinations and reports on financial condition[152][161]. - Rhinebeck Bank must maintain a common equity Tier 1 capital ratio of at least 4.5%, Tier 1 capital of 6%, and total capital of 8% to meet regulatory standards[164]. - The bank's investment activities are limited to certain types of debt and equity securities, with a maximum permissible investment of 100% of Tier 1 capital[171]. - Regulatory relief legislation allows for a community bank leverage ratio of 9%, but management has opted not to utilize this option[166][168]. - The bank's regulatory framework includes strict guidelines for safety and soundness, addressing internal controls, credit underwriting, and asset quality[170]. - Any loans to executive officers or directors must be made on terms not more favorable than those offered to non-executive customers[160]. - The FDIC has the authority to take prompt corrective action if the bank does not meet minimum capital requirements, with various capital categories defined[173][175]. Deposit Insurance and Compliance - The Bank's deposit accounts are insured by the FDIC's DIF, generally up to a maximum of $250,000 per depositor per account ownership category[178]. - The FDIC's risk-based assessment system for deposit insurance currently ranges from 2.5 to 32 basis points of each institution's total assets less tangible capital[180]. - The Bank's latest FDIC CRA rating was "Satisfactory," indicating compliance with community credit needs[189]. - Rhinebeck Bank complied with all applicable Part 363 requirements in 2024 and 2025, with new thresholds for independent audits increasing from $1 billion to $5 billion effective January 1, 2026[186]. - The Federal Reserve Board requires bank holding companies to maintain minimum consolidated capital requirements, which are not applicable to those with less than $3.0 billion in consolidated assets[193]. - The Federal Reserve Board may disapprove any purchase or redemption of equity securities if it constitutes an unsafe practice or violates regulations, particularly if it exceeds 10% of the holding company's consolidated net worth[194]. - The Bank must implement a compliance program to detect and prevent money laundering and terrorist financing as mandated by the BSA and USA PATRIOT Act[182]. - The final rule on brokered deposits took effect on April 1, 2021, with full compliance required by January 1, 2022, potentially impacting the Bank's deposit premiums and capital management[185]. - The Bank is required to disclose its privacy policy to customers and provide an opt-out option for sharing non-public personal information[187]. - The Bank's cybersecurity program must ensure the confidentiality, integrity, and availability of information systems, with heightened governance requirements established in November 2023[188]. Corporate Governance and Structure - Rhinebeck Bancorp, MHC is unlikely to waive dividends from Rhinebeck Bancorp, Inc. due to Federal Reserve Board restrictions, which may not be in the best financial interests of public stockholders[197]. - Rhinebeck Bancorp, MHC adopted a Plan of Conversion on February 10, 2026, proposing to convert to a fully public stock holding company, pending approvals from NYSDFS and the Federal Reserve Board[198]. - Any acquisition of control over Rhinebeck Bancorp, Inc. requires prior approval from the Federal Reserve Board, with control defined as owning 25% or more of voting securities[199]. - Rhinebeck Bancorp, MHC and Rhinebeck Bancorp, Inc. must obtain NYSDFS approval before acquiring 10% or more of another banking institution's voting stock[200]. - Rhinebeck Bancorp, Inc.'s common stock is registered with the SEC and is subject to various regulations under the Securities Exchange Act of 1934[201]. - The Sarbanes-Oxley Act of 2002 mandates corporate responsibility and compliance measures for Rhinebeck Bancorp, Inc. to ensure accurate corporate disclosures[202]. - As of December 31, 2025, Rhinebeck Bank had no capital loss carryovers, and no dividends had been paid by Rhinebeck Bank[207]. - New York State imposes a statutory tax rate of 6.5% for general business taxpayers, increasing to 7.25% for those with business income over $5 million[208]. - Rhinebeck Bancorp is required to file annual reports and pay franchise taxes to the State of Maryland as a Maryland business corporation[209]. - The financial statements for Rhinebeck Bancorp are included in the annual report on Form 10-K, starting on page F-1[210].

Core Viewpoint - Rhinebeck Bancorp, Inc. has announced a Plan of Conversion and Reorganization to transition from a mutual holding company structure to a stock holding company structure [1] Group 1: Company Structure Changes - The Board of Trustees of Rhinebeck Bancorp, MHC has adopted a plan for a "second step" conversion [1] - The MHC was initially formed during the reorganization of Rhinebeck Bank into a mutual holding company structure and the related initial public offering in 2019 [1] - Currently, the MHC owns approximately 57% of the outstanding shares of common stock of Rhinebeck Bancorp, Inc. [1]

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 ...

Core Viewpoint - Rhinebeck Bancorp, Inc. reported a net income of $2.3 million for Q4 2025, showing a decrease from $2.7 million in Q3 2025 and a significant improvement from a net loss of $2.7 million in Q4 2024 [1] Financial Performance - The diluted earnings per share for Q4 2025 were $0.21, down from $0.25 in Q3 2025, but an improvement from a diluted loss per share of $0.25 in Q4 2024 [1]

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]