Financial Performance - Net income for Q1 2025 was $2.3 million, up from $1.1 million in Q1 2024, with diluted earnings per share increasing to $0.21[158] - Net interest income increased by $2.2 million, or 25.2%, to $11.0 million, with the net interest margin expanding by 89 basis points to 3.79%[159] - Interest income rose by $1.1 million, or 7.0%, to $16.6 million, driven by higher yields on loans and securities[160] - Non-interest income rose to $1.8 million in Q1 2025, an increase of $161,000, or 10.1%, driven by a $166,000 increase in other non-interest income[164] - Non-interest expense increased to $9.5 million in Q1 2025, reflecting a $631,000, or 7.1%, rise compared to Q1 2024, with significant increases in retail banking costs and marketing expenses[165] - The provision for income taxes increased by $318,000, or 99.1%, totaling $639,000 for Q1 2025, corresponding to higher pre-tax income[166] - The effective tax rate for Q1 2025 was 21.83%, slightly down from 22.26% in Q1 2024[166] Asset and Liability Management - Total assets remained stable at $1.26 billion as of March 31, 2025, with a minimal increase of $159,000 compared to December 31, 2024[148] - Total liabilities decreased by $4.0 million, or 0.4%, to $1.13 billion, primarily due to a reduction in FHLB advances[152] - Stockholders' equity increased by $4.1 million, or 3.4%, to $126.0 million, with the book value per share rising to $11.35[157] - Total stockholders' equity increased to $123,936,000 as of March 31, 2025, compared to $115,158,000 in the previous year[168] Loan and Deposit Activity - Net loans receivable increased by $4.7 million, or 0.5%, to $976.5 million, driven by growth in commercial and residential real estate loans[151] - Deposits increased by $13.5 million, or 1.3%, to $1.03 billion, with interest-bearing deposits rising by $13.6 million, or 1.7%[153] - Net charge-offs increased by $260,000, or 104.0%, from $250,000 in Q1 2024 to $510,000 in Q1 2025, primarily due to higher charge-offs in indirect automobile loans and commercial loans[163] Cash Flow and Liquidity - Net cash provided by operating activities was $4.3 million for Q1 2025, compared to a net cash used of $3.5 million in Q1 2024, reflecting a significant improvement[181] - Net cash provided by investing activities decreased to $13.0 million in Q1 2025 from $27.5 million in Q1 2024, primarily due to net loan growth of $5.1 million compared to a net reduction of $15.4 million in the prior year[181] - Cash and cash equivalents rose by $13.0 million, or 34.8%, to $50.5 million, primarily due to an increase in federal funds sold[149] - Cash and cash equivalents increased by $13.0 million during the quarter, reaching $50.5 million as of March 31, 2025, up from $37.5 million[181] - Total available sources of funds amounted to $649.16 million as of March 31, 2025, including cash, unencumbered securities, and various lines of credit[182] Interest Rate and Economic Sensitivity - The interest rate spread improved to 3.13% in Q1 2025 from 2.19% in Q1 2024, indicating better management of interest rate risk[168] - The net economic value (EVE) of the bank decreased by $36,568,000, or 20.5%, under a 400 basis point increase in interest rates, reflecting sensitivity to market changes[177] - The average interest-earning assets to average interest-bearing liabilities ratio improved to 134.00% in Q1 2025 from 131.88% in Q1 2024[168] Regulatory and Operational Matters - There were no changes in the Company's internal controls over financial reporting that materially affected the reporting during Q1 2025[186] - The Company is not currently involved in any legal proceedings that would materially affect its financial condition or operations[188] - The impact of inflation on operations is noted, with changes in market interest rates having a greater effect on performance than inflation itself[184]

[Rhinebeck Bancorp, Inc. Q1 2025 Earnings Report](index=1&type=section&id=Rhinebeck%20Bancorp%2C%20Inc.%20Reports%20Results%20for%20the%20Quarter%20Ended%20March%2031%2C%202025) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Rhinebeck Bancorp's Q1 2025 net income more than doubled to $2.3 million, reflecting improved margins from a late 2024 balance sheet restructuring Q1 2025 vs. Q1 2024 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $2.3 million | $1.1 million | +104.1% | | Diluted EPS | $0.21 | $0.10 | +110.0% | | Return on Average Assets (ROA) | 0.73% | 0.34% | +114.7% | | Return on Average Equity (ROE) | 7.49% | 3.92% | +91.1% | | Net Interest Margin | 3.79% | 2.90% | +89 bps | | Interest Rate Spread | 3.13% | 2.19% | +94 bps | - The CEO attributed the **strong performance** to a **balance sheet restructuring** executed in the second half of 2024, which capitalized on the interest rate environment to **improve margins and profitability**[3](index=3&type=chunk) [Income Statement Analysis](index=1&type=section&id=Income%20Statement%20Analysis) Net interest income grew 25.2% to $11.0 million in Q1 2025, offset by a 325.3% increase in credit loss provision and higher non-interest expenses - Net interest income increased by **$2.2 million** (25.2%) YoY, primarily due to a **94 basis point improvement** in the interest rate spread to **3.13%** and an **89 basis point increase** in net interest margin to **3.79%**[4](index=4&type=chunk)[5](index=5&type=chunk) - The provision for credit losses on loans rose by **$270,000** to **$353,000**, mainly due to increased loan production and a **$260,000 increase** in net charge-offs, particularly in indirect automobile and commercial loans[6](index=6&type=chunk) - Non-interest income increased by **$161,000** (10.1%), driven by a **$166,000 rise** in swap income, partially offset by a decline in investment advisory income[8](index=8&type=chunk) - Non-interest expense grew by **$631,000** (7.1%) to **$9.5 million**, with increases across salaries, marketing (up **65.3%** for new deposit product promotions), and other operational categories[9](index=9&type=chunk) [Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Analysis) Total assets remained stable at $1.26 billion, with loan growth in real estate, a $4.0 million decrease in liabilities, and a $4.1 million rise in stockholders' equity Balance Sheet Changes (Mar 31, 2025 vs. Dec 31, 2024) | Account | Mar 31, 2025 | Change from Dec 31, 2024 | Key Driver | | :--- | :--- | :--- | :--- | | Total Assets | $1.26 billion | +$159,000 | Stable | | Net Loans Receivable | $976.5 million | +$4.7 million | Growth in commercial/residential real estate, offset by decline in auto loans | | Total Liabilities | $1.13 billion | -$4.0 million | $15.9M reduction in borrowings | | Total Deposits | $1.03 billion | +$13.5 million | Growth in interest-bearing accounts | | Stockholders' Equity | $126.0 million | +$4.1 million | Net income and reduced AOCI loss | - The company is strategically reducing its exposure to indirect automobile loans, which declined by **$17.7 million** during the quarter[10](index=10&type=chunk) - Uninsured deposits constituted **27.8%** of total deposits, a slight increase from **26.9%** at the end of 2024[12](index=12&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality improved with non-performing assets decreasing 15.0% to $3.5 million and overdue loans declining to 1.38% Asset Quality Indicators | Metric | Mar 31, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-performing assets | $3.5 million | $4.1 million | -15.0% | | Past due loans to total loans | 1.38% | 1.71% | -33 bps | | Allowance for credit losses to non-performing loans | 239.35% | 206.56% | +32.79 p.p. | | Allowance for credit losses to total loans | 0.86% | 0.88% | -2 bps | - The decrease in past due loans was most notable in the indirect automobile loan portfolio, reflecting the positive impact of more conservative underwriting standards[11](index=11&type=chunk) [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) Unaudited financial statements confirm growth in net interest income and net income, stable assets, and improved net interest margin Consolidated Income Statement Highlights (Unaudited, in thousands) | Line Item | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net Interest Income | $11,037 | $8,812 | | Provision for Credit Losses | $353 | $83 | | Total Non-interest Income | $1,751 | $1,590 | | Total Non-interest Expense | $9,508 | $8,877 | | **Net Income** | **$2,288** | **$1,121** | Consolidated Balance Sheet Highlights (Unaudited, in thousands) | Line Item | Mar 31, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total Assets | $1,255,924 | $1,255,765 | | Loans Receivable, Net | $976,502 | $971,779 | | Total Deposits | $1,034,241 | $1,020,783 | | Total Liabilities | $1,129,949 | $1,133,932 | | **Total Stockholders' Equity** | **$125,975** | **$121,833** | Selected Ratios (Annualized) | Ratio | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Return on average assets | 0.73% | 0.34% | | Return on average equity | 7.49% | 3.92% | | Tier 1 leverage ratio (Bank only) | 10.17% | 10.28% | | Book value per common share | $11.35 | $10.32 | [Other Information](index=5&type=section&id=Other%20Information) This section includes corporate information, forward-looking statements disclaimer, and reconciliation of non-GAAP measures - Rhinebeck Bancorp, Inc. is the holding company for Rhinebeck Bank, which provides banking and financial services through thirteen branches and two representative offices in Dutchess, Ulster, Orange, and Albany counties in New York[14](index=14&type=chunk) - The report includes a forward-looking statements disclaimer, highlighting risks such as competitive pressures, interest rate changes, and economic conditions that could affect future results[15](index=15&type=chunk) Non-GAAP Reconciliation: Tangible Book Value Per Share | Metric | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Book value per common share (GAAP) | $11.35 | $10.98 | | Less: Goodwill and Intangibles per share | ($0.21) | ($0.22) | | **Tangible book value per common share (Non-GAAP)** | **$11.14** | **$10.76** |

Credit Losses and Charge-offs - The allowance for credit losses increased by $415,000, or 5.1%, primarily due to updates in prepayment assumptions and adjustments to qualitative and quantitative factors [111]. - The allowance for credit losses at the end of the period was $8,539,000, compared to $8,124,000 at the end of the previous year [111]. - Net charge-offs for the year ended December 31, 2024 totaled $2.4 million, compared to $2.1 million for the year ended 2023 [113]. - The allowance for credit losses to total loans outstanding at the end of the period was 0.88%, up from 0.81% in the previous year [111]. - The total charge-offs for the year were $4,726,000, compared to $4,475,000 in the previous year [111]. - The allowance for credit losses to non-performing loans at the end of the period was 206.56%, an increase from 194.31% in the previous year [111]. - The company had net recoveries of $2,328,000 for the year ended December 31, 2024, compared to $2,410,000 in the previous year [111]. Investment Portfolio - The investment portfolio had a fair value of $159.9 million as of December 31, 2024, primarily consisting of U.S. Government securities and corporate bonds [117]. - The weighted average yield of investment securities was calculated without tax equivalent adjustments, reflecting the income divided by amortized cost [124]. - The average yield on total securities was 2.98%, with U.S. Treasury securities yielding 3.57% [125]. - The aggregate fair value of FHLB common stock was $4.0 million as of December 31, 2024, based on its par value [122]. Deposits and Accounts - Total deposits as of December 31, 2024, amounted to $1.02 billion, with uninsured deposits estimated at $278.3 million [129]. - The average balance of non-interest-bearing demand accounts was $242.6 million, representing 23.45% of total deposits, while interest-bearing demand accounts averaged $124.1 million at a rate of 0.14% [132]. - Certificates of deposit totaled $339.1 million, with an average rate paid of 4.58%, up from 3.74% in 2023 [132]. - Uninsured deposits after exclusions accounted for 26.4% of total deposits, with a coverage ratio of 227.6% [133]. Employment and Workforce - The company had 157 full-time employees and 11 part-time employees as of December 31, 2024, with an average tenure of 7 years and 8 months [143]. - Approximately 61% of the workforce was female, indicating a commitment to diversity [144]. Regulatory Compliance and Capital Requirements - Rhinebeck Bank exceeded all capital requirements as of December 31, 2024 [169]. - The bank is classified as "well capitalized" with a total risk-based capital ratio of 10.0% or greater [176]. - Rhinebeck Bank is subject to comprehensive regulation by the NYSDFS and the FDIC, ensuring safety and soundness [155]. - The bank's capital standards require a common equity Tier 1 capital ratio of at least 4.5% [166]. - Regulatory relief legislation allows for a community bank leverage ratio of 9% for qualifying institutions [168]. - The bank must obtain regulatory approvals before entering into mergers or acquisitions [164]. - The bank's investment activities are limited to certain types of debt and equity securities [173]. - The bank's lending activities include a variety of mortgage and commercial loans [159]. - The FDIC has the authority to assess civil money penalties and issue cease and desist orders for regulatory violations [165]. - The bank's executive officers and directors are subject to specific regulations regarding loans and credit extensions [162]. - The bank is required to submit a capital restoration plan if classified as undercapitalized, with a guarantee from its holding company equal to the lesser of 5.0% of total assets or the amount necessary to achieve adequately capitalized status [177]. - Transactions with affiliates are limited to 10.0% of the bank's capital stock and surplus for any one affiliate, and 20.0% for all affiliates combined [178]. - Loans to insiders, including executive officers and directors, cannot exceed specified limits and must be made on terms substantially the same as those offered to unaffiliated persons [179]. Deposit Insurance and CRA Ratings - Deposit accounts are insured by the FDIC up to a maximum of $250,000 per depositor per account ownership category [180]. - The FDIC's risk-based assessment system for deposit insurance currently ranges from 2.5 to 32 basis points of total assets less tangible capital for banks with less than $10 billion in assets [182]. - The bank's latest CRA rating was "Needs to Improve," and new regulations will be applicable starting January 1, 2026 [193]. - The bank's most recent rating under New York's community reinvestment law was "Satisfactory" [194]. Holding Company and Dividend Policies - The bank holding company is not subject to holding company capital requirements unless advised by the Federal Reserve Board, as it has less than $3.0 billion in consolidated assets [198]. - A bank holding company must notify the Federal Reserve Board of any purchase or redemption of equity securities if it equals 10% or more of consolidated net worth [199]. - Rhinebeck Bancorp, Inc. may face restrictions on paying dividends due to Federal Reserve Board policies requiring dividends to be paid only from current earnings and consistent with capital needs [200]. - Rhinebeck Bancorp, MHC is unlikely to waive dividends from Rhinebeck Bancorp, Inc. due to Federal Reserve Board restrictions, which may affect public stockholders' interests [202]. - Rhinebeck Bancorp, Inc. raised significantly less capital than expected by selling only a minority of its shares to the public, impacting its ability to pay dividends [203]. - A potential future conversion of Rhinebeck Bancorp, MHC from mutual to capital stock form would require approval from the NYSDFS and the Federal Reserve Board [204]. - Any acquisition of control over Rhinebeck Bancorp, Inc. requires prior non-objection or approval from the Federal Reserve Board, with control defined as owning 25% or more of voting securities [205]. - Rhinebeck Bancorp, MHC and Rhinebeck Bancorp, Inc. must receive approval from NYSDFS before acquiring 10% or more of another banking institution's voting stock [206]. Taxation - Rhinebeck Bancorp, Inc. is subject to federal income taxation and reports income on an accrual basis, with a tax year ending December 31 [211]. - As of December 31, 2024, Rhinebeck Bank had no capital loss carryovers, indicating a stable financial position [212]. - The New York State statutory tax rate is currently 6.5% for general business taxpayers, increasing to 7.25% for those with business income over $5 million [214].

Financial Performance - Rhinebeck Bancorp reported a net loss of $2.7 million for Q4 2024, compared to a net income of $930,000 in Q4 2023, resulting in a diluted loss per share of $0.25[1] - For the year ended December 31, 2024, the net loss totaled $8.6 million, compared to a net income of $4.4 million for 2023, with a diluted loss per share of $0.80[1] - Net (loss) income for the year 2024 was $(8,620,000), compared to $4,395,000 in 2023, reflecting a significant decline[20] Income and Expenses - Net interest income for Q4 2024 increased by $1.4 million, or 14.8%, to $10.5 million compared to Q4 2023, while for the year, it increased by $266,000, or 0.7%, to $38.2 million[3] - Total interest and dividend income for Q4 2024 was $16,307,000, an increase of 4.6% from $15,584,000 in Q4 2023[20] - Net interest income after provision for credit losses for the year 2024 was $35,431,000, a decrease of 2.3% from $36,263,000 in 2023[20] - Non-interest (loss) income for Q4 2024 was $(2,512,000), compared to $1,400,000 in Q4 2023, indicating a decline of 279.0%[20] Credit Losses - The provision for credit losses increased by $1.2 million to $1.4 million for Q4 2024, and for the year, it rose by $1.1 million, or 64.5%, to $2.8 million[7] - Provision for credit losses increased significantly to $2,800,000 in 2024 from $1,702,000 in 2023, reflecting a rise of 64.5%[20] - The allowance for credit losses on loans as a percent of total gross loans was 0.88% for both 2024 and 2023, indicating stable asset quality[26] Assets and Liabilities - Total assets decreased by $57.4 million, or 4.4%, to $1.26 billion at December 31, 2024, with loans receivable down by $37.1 million, or 3.7%[13] - Total assets decreased to $1,255,765,000 in 2024 from $1,313,202,000 in 2023, a reduction of 4.4%[21] - Total liabilities decreased by $65.6 million, or 5.5%, to $1.13 billion at December 31, 2024, primarily due to a decrease in borrowings and deposits[15] - Total liabilities decreased to $1,133,932,000 in 2024 from $1,199,517,000 in 2023, a decline of 5.5%[21] Stockholders' Equity - Stockholders' equity increased by $8.1 million, or 7.2%, to $121.8 million at December 31, 2024, despite a net loss of $8.6 million[16] - Total stockholders' equity increased to $121,833,000 in 2024 from $113,685,000 in 2023, an increase of 7.2%[21] - The tangible book value per common share increased to $10.75 in 2024 from $10.04 in 2023, reflecting a growth of approximately 7.1%[31] Efficiency and Profitability - The efficiency ratio improved to 82.64% for the three months ended December 31, 2024, compared to 86.52% in the same period of 2023[26] - The return on average assets for the year ended December 31, 2024, was (0.67)%, down from 0.33% in 2023, reflecting a decline in asset efficiency[26] - The average yield on interest-earning assets improved by 55 basis points to 5.60% in Q4 2024, despite a 5.4% decrease in the average balance of these assets[4] - The net interest margin for Q4 2024 was 3.61%, an increase from 2.96% in Q4 2023, indicating improved profitability[22] Ratios - The average interest-earning assets to average interest-bearing liabilities ratio improved to 136.07% in Q4 2024 from 132.96% in Q4 2023[22] - The average interest-earning assets to average interest-bearing liabilities ratio was 133.68% for the year ended December 31, 2024, slightly down from 133.80% in 2023[26] - Basic earnings per share excluding securities loss restructure for the year ended December 31, 2024, was $0.38, compared to $0.41 in 2023[30] Overdue Accounts - The percentage of overdue account balances to total loans decreased to 1.71% as of December 31, 2024, down from 1.90% at the end of 2023[8]

Financial Performance - Rhinebeck Bancorp reported a net loss of $8.1 million for Q3 2024, compared to a net income of $0.1 million in Q3 2023, resulting in a loss per share of $0.75[2] - Year-to-date net loss for the first nine months of 2024 totaled $6.0 million, a significant decline from net income of $3.5 million in the same period last year[2] - The company reported a net loss of $8,062,000 for the three months ended September 30, 2024, compared to a net income of $1,236,000 for the same period in 2023, indicating a significant decline[16] - The return on average assets for the three months ended September 30, 2024, was (2.52)%, a decrease from 0.37% in the same period of 2023[20] Income and Expenses - Net interest income for Q3 2024 was $9.7 million, a slight increase of $41,000 or 0.4% compared to Q3 2023, while year-to-date net interest income decreased by $1.1 million or 3.8% to $27.7 million[3] - Non-interest (loss) income for Q3 2024 totaled $(10.0) million, a decrease of $11.7 million from $1.6 million in Q3 2023, primarily due to a $12.0 million loss on the sale of investment securities[6] - Non-interest expense for the three months ended September 30, 2024, was $9,081,000, compared to $8,815,000 for the same period in 2023, representing an increase of 3.0%[16] - The net interest income plus non-interest income (non-GAAP) for the three months ended September 30, 2024, was $11,667 thousand, up from $11,304 thousand in the same period of 2023[21] Assets and Liabilities - Total assets decreased by $47.1 million or 3.6% to $1.27 billion at September 30, 2024, with loans receivable down by $44.0 million or 4.4%[10] - Total liabilities decreased by $56.0 million or 4.7% to $1.14 billion at September 30, 2024, driven by a decrease in borrowings and escrow accounts[12] - Total assets decreased to $1,266,145,000 as of September 30, 2024, from $1,313,202,000 as of December 31, 2023, reflecting a reduction of approximately 3.6%[17] - Total liabilities decreased to $1,151,023 thousand in 2024 from $1,224,648 thousand in 2023, a decline of about 5.99%[18] Equity and Capital - Stockholders' equity increased by $9.0 million or 7.9% to $122.7 million at September 30, 2024, primarily due to a decrease in accumulated other comprehensive loss[13] - The company reported a total stockholders' equity of $119,363 thousand in 2024, up from $108,327 thousand in 2023, representing an increase of approximately 10.51%[18] - The total capital to risk-weighted assets ratio was 12.81% for the three months ended September 30, 2024, compared to 12.47% in the same period of 2023[20] Credit Quality - The provision for credit losses decreased by $21,000 or 2.3% to $889,000 for Q3 2024, reflecting a decrease in loan balances[4] - Non-performing assets increased by $584,000 or 13.9% to $4.8 million at September 30, 2024, with the percentage of overdue account balances to total loans decreasing to 1.62%[5] - The allowance for credit losses on loans as a percent of total gross loans was 0.84% for the three months ended September 30, 2024, consistent with 0.85% in the same period of 2023[20] - Non-performing loans as a percent of total gross loans were 0.50% for the three months ended September 30, 2024, compared to 0.48% in the same period of 2023[20] Interest and Yield - Total interest and dividend income for the three months ended September 30, 2024, was $16,040,000, an increase from $15,534,000 for the same period in 2023, representing a growth of 3.3%[16] - Net interest income after provision for credit losses was $8,810,000 for the three months ended September 30, 2024, compared to $8,748,000 for the same period in 2023, showing a slight increase of 0.7%[16] - The net interest margin for the three months ended September 30, 2024, was 3.26%, compared to 3.09% in the same period of 2023[20] - The average interest-earning assets to average interest-bearing liabilities ratio was 132.92% in 2024, slightly down from 134.08% in 2023[19] Other Financial Metrics - The efficiency ratio (non-GAAP) for the three months ended September 30, 2024, was 77.83%, slightly improved from 77.98% in the same period of 2023[21] - The tangible book value per common share (non-GAAP) was $10.85 as of September 30, 2024, compared to $9.41 in the same period of 2023[25] - The book value per common share increased to $11.06 as of September 30, 2024, from $9.63 in the same period of 2023[25]

Financial Performance - Net loss for the third quarter of 2024 was $8.1 million, compared to net income of $1.2 million for the third quarter of 2023, resulting in a diluted loss per share of $0.75[176]. - Non-interest income decreased by $11.7 million, or 709.2%, in the third quarter of 2024 compared to the same quarter in 2023[176]. - The company reported a $12.0 million pre-tax loss from the previously announced balance sheet restructuring for both the third quarter and nine months of 2024[178]. - Non-interest loss totaled $10.0 million for Q3 2024, a decrease of $11.7 million from the previous year, primarily due to a $12.0 million loss on the sale of investment securities[187]. - The income tax benefit for Q3 2024 was $2.2 million at a negative effective tax rate of 21.72%, reflecting a lower pre-tax income compared to the prior year[191]. Asset and Liability Management - Total assets decreased by $47.1 million, or 3.6%, to $1.27 billion at September 30, 2024, compared to $1.31 billion at December 31, 2023[164]. - Total liabilities decreased by $56.0 million, or 4.7%, to $1.14 billion at September 30, 2024, mainly due to a decrease in Federal Home Loan Bank advances of $68.3 million[170]. - Total available sources of funds amounted to $646.8 million as of September 30, 2024, including cash and cash equivalents of $46.4 million and unencumbered securities of $90.6 million[210]. - The estimated economic value of equity (EVE) would decrease by $34.375 million (22.2%) if interest rates increased by 400 basis points[204]. - The company maintains liquid assets to meet both short-term and long-term liquidity needs, adjusting levels as necessary to fund deposit outflows and loan commitments[205]. Loans and Deposits - Net loans receivable decreased by $44.0 million, or 4.4%, to $964.9 million at September 30, 2024, primarily due to a decrease in indirect automobile loans of $75.3 million, or 19.1%[167]. - Deposits increased by $15.7 million, or 1.5%, to $1.05 billion at September 30, 2024, with interest-bearing accounts increasing by $8.6 million, or 1.1%[171]. - Cash and cash equivalents increased by $24.3 million, or 109.6%, to $46.4 million at September 30, 2024, primarily due to an increase in deposits held at various banks[165]. - Net charge-offs decreased by $41,000 to $344,000 for Q3 2024, with overdue account balances to total loans decreasing to 1.62%[186]. Interest Income and Expense - Net interest income increased by $41,000, or 0.4%, to $9.7 million for Q3 2024 compared to Q3 2023, with a net interest margin of 3.26%[179]. - Interest income rose by $506,000, or 3.3%, to $16.0 million for Q3 2024, driven by a higher average yield of interest-earning assets at 5.39%[181]. - Interest expense increased by $465,000, or 7.9%, to $6.3 million for Q3 2024, with the average cost of interest-bearing liabilities rising to 2.88%[183]. - Interest income for the nine months ended September 30, 2024, increased by $2.4 million, or 5.3%, to $47.5 million compared to the same period in 2023[182]. Equity and Stockholder Information - Stockholders' equity increased by $9.0 million, or 7.9%, to $122.7 million at September 30, 2024, with a book value per share of $11.06[175]. - Total stockholders' equity increased from $108,327 million in September 2023 to $119,363 million in September 2024[195]. - The company has a stock repurchase plan authorized for up to 247,506 shares, with 47,506 shares remaining available for repurchase as of September 30, 2024[219]. Operational Efficiency - Non-interest expense for Q3 2024 was $9.1 million, an increase of $266,000, or 3.0%, mainly due to higher salaries and benefits[189]. - Non-interest expense for the first nine months of 2024 decreased by $402,000, or 1.5%, to $26.9 million, primarily due to reduced retail banking and lending expenses[190]. - The Asset/Liability Management Committee (ALCO) regularly reviews the company's asset/liability management process to mitigate interest rate risk[200]. - The company has not experienced any material changes in risk factors since the last annual report, maintaining a stable operational environment[218].

Financial Condition and Reporting - The press release regarding the financial condition was issued on September 27, 2024[2] - The report includes a cover page formatted in Inline XBRL[2] - The Chief Financial Officer, Kevin Nihill, signed the report on September 27, 2024[4] Company Classification and Trading - The company is classified as an emerging growth company under the Securities Act of 1933[1] - The registrant's common stock is traded on the NASDAQ Stock Market under the symbol RBKB[1] - The registrant's principal executive offices are located in Poughkeepsie, New York[1] Financial Performance and Developments - Rhinebeck Bancorp, Inc. announced a recent balance sheet restructuring related to its investment securities portfolio[3] - No specific financial performance metrics or user data were disclosed in the provided documents[3] - There is no mention of new products, technologies, market expansion, or acquisitions in the available information[3] Accounting Standards - The company has not elected to use the extended transition period for new financial accounting standards[1]

Financial Performance - Net income for the three months ended June 30, 2024, decreased by $456,000, or 31.9%, to $975,000, or $0.09 per diluted share, compared to $1.4 million, or $0.13 per diluted share, for the same period in 2023[146] - Net interest income decreased by $163,000, or 1.8%, to $9.1 million for the three months ended June 30, 2024[148] - Non-interest income totaled $1.5 million for Q2 2024, an increase of $156,000, or 11.5%, primarily due to a 61.5% increase in investment advisory income[156] - Non-interest expense decreased by $342,000, or 3.7%, to $8.9 million for Q2 2024, mainly due to a 25.6% decrease in professional fees[158] - Income taxes decreased by $108,000, or 27.7%, for Q2 2024 compared to Q2 2023, with an effective tax rate of 22.43%[160] Asset and Liability Management - Total assets decreased by $37.2 million, or 2.8%, to $1.28 billion at June 30, 2024, compared to $1.31 billion at December 31, 2023[136] - Total net loans receivable decreased by $26.5 million, or 2.6%, to $982.4 million at June 30, 2024, primarily due to a decrease in indirect automobile loans of $50.7 million, or 12.9%[138] - Deposits increased by $1.4 million, or 0.1%, to $1.032 billion at June 30, 2024, with interest-bearing accounts increasing by $10.5 million, or 1.3%[142] - Stockholders' equity increased by $2.5 million, or 2.2%, to $116.2 million at June 30, 2024, primarily due to net income of $2.1 million[145] - Advances from the Federal Home Loan Bank decreased by $48.3 million, or 37.7%, to $79.8 million at June 30, 2024[144] Interest Income and Expense - Interest income increased by $837,000, or 5.6%, to $15.8 million for Q2 2024 compared to Q2 2023, primarily due to the rising interest rate environment[149] - Interest expense rose by $1.0 million, or 17.7%, to $6.6 million for Q2 2024, with the average cost of interest-bearing liabilities increasing by 55 basis points to 2.95%[151] - The average yield of interest-earning assets increased by 54 basis points to 5.31% for Q2 2024, while the average balance of interest-earning assets decreased by $61.4 million, or 4.9%[149] - The net interest margin decreased by 9 basis points to 3.00% for the six months ended June 30, 2024[148] - The interest rate spread for the three months ended June 30, 2024, was 2.36% compared to 2.37% in 2023[163] Credit Losses - The provision for credit losses increased by $899,000, or 198.9%, for the three months ended June 30, 2024[146] - The provision for credit losses on loans increased by $899,000, or 198.9%, from a credit of $452,000 in Q2 2023 to an expense of $447,000 in Q2 2024[154] Cash Flow and Liquidity - Net cash provided by operating activities increased to $8.5 million for the six months ended June 30, 2024, compared to $4.4 million for the same period in 2023[175] - Cash inflow from a decrease in loans contributed $25.3 million to investing activities for the six months ended June 30, 2024, compared to $6.3 million in the prior year[175] - The net cash outflow from financing activities was $44.1 million for the six months ended June 30, 2024, primarily due to debt paydown[175] - The company maintains liquid assets to meet both short-term and long-term liquidity needs, adjusting levels as necessary[174] - The company has access to a preapproved secured line of credit with the FHLB totaling $637,912,000 as of June 30, 2024[176] Economic Value and Internal Controls - The estimated economic value of equity (EVE) decreased by 29.9% to $111,094,000 with a 400 basis point increase in interest rates[173] - There were no changes in the company's internal controls over financial reporting that materially affected the financial reporting during the quarter ended June 30, 2024[180]

Financial Performance - Net income for the three months ended March 31, 2024, increased by $323,000, or 40.5%, to $1.1 million, or $0.10 per diluted share, compared to $798,000, or $0.07 per diluted share for the same period in 2023[162] - Non-interest income totaled $1.5 million in Q1 2024, an increase of $130,000, or 9.4%, driven by a 23.3% increase in investment advisory income[168] - Non-interest expense decreased by $326,000, or 3.5%, to $8.9 million in Q1 2024, primarily due to a reduction in salaries and benefits[169] - Income taxes increased by $96,000, or 42.7%, in Q1 2024 compared to Q1 2023, with an effective tax rate of 22.26%[170] Asset and Liability Management - Total assets decreased by $14.4 million, or 1.1%, to $1.30 billion at March 31, 2024, compared to $1.31 billion at December 31, 2023[150] - Total net loans receivable decreased by $15.5 million, or 1.5%, to $993.3 million at March 31, 2024, primarily due to a $27.2 million decrease in indirect automobile loans[153] - Cash and cash equivalents increased by $8.5 million, or 38.6%, to $30.7 million at March 31, 2024, driven by an increase in customer deposits[151] - Deposits increased by $6.5 million, or 0.6%, to $1.04 billion at March 31, 2024, with interest-bearing accounts rising by $19.4 million, or 2.5%[157] - Total interest-earning assets decreased from $1,247.2 million in Q1 2023 to $1,224.2 million in Q1 2024, while total interest-bearing liabilities increased to $928.3 million[171] Credit Quality - The provision for credit losses decreased by $931,000, or 91.8%, indicating improved credit quality[162] - Provision for credit losses on loans decreased by $931,000, or 91.8%, from $1.0 million in Q1 2023 to $83,000 in Q1 2024, attributed to decreased loan production and improved economic conditions[166] - Net charge-offs decreased by $164,000 from $414,000 in Q1 2023 to $250,000 in Q1 2024, with overdue account balances to total loans decreasing to 1.84%[167] Interest Income and Expense - Net interest income decreased by $968,000, or 9.8%, to $8.9 million for the three months ended March 31, 2024[163] - Interest expense increased by $2.0 million, or 42.2%, from $4.7 million in Q1 2023 to $6.7 million in Q1 2024, with the average cost of interest-bearing liabilities rising to 2.92%[165] - The net interest margin decreased from 3.21% in Q1 2023 to 2.92% in Q1 2024, reflecting changes in interest rates and volumes[172] - The average yield on loans increased by 31 basis points, while the average yield on available-for-sale securities increased by 13 basis points[164] Cash Flow and Liquidity - Net cash used in operating activities was $3.5 million for the three months ended March 31, 2024, compared to net cash provided of $3.1 million for the same period in 2023[184] - Net cash provided by investing activities was $27.5 million for the three months ended March 31, 2024, compared to net cash used of $9.6 million for the same period in 2023[185] - A cash inflow of $15.4 million for a decrease in loans was the primary contributor to cash used in investing activities for the three months ended March 31, 2024[185] - The company reported a net cash outflow of $15.5 million in financing activities for the three months ended March 31, 2024, compared to a net cash inflow of $11.3 million in the comparable 2023 period[185] - The company maintains liquid assets at levels considered adequate to meet both short-term and long-term liquidity needs[181] Regulatory and Control Environment - There were no changes in the company's internal controls over financial reporting during the quarter ended March 31, 2024, that materially affected internal control[191] Market Conditions - Changes in market interest rates significantly influence deposit flows and loan and security sales, impacting liquidity management[182] - The company manages interest rate risk through strategies such as originating loans with adjustable rates and promoting core deposit products[177] Equity and Capital - Stockholders' equity increased by $587,000, or 0.5%, to $114.3 million at March 31, 2024, primarily due to net income[161]

Financial Performance - Net income for the quarter ended March 31, 2024, was $1.1 million, a 40.5% increase from $798,000 in the same period of 2023[1][2] - Return on average assets and return on average equity improved to 0.34% and 3.92%, respectively, compared to 0.24% and 2.95% in the first quarter of 2023[2] - Non-interest income totaled $1.5 million, an increase of $130,000, or 9.4%, driven by higher investment advisory income[8] - Non-interest expense decreased by $326,000, or 3.5%, to $8.9 million, primarily due to a reduction in salaries and benefits[9] - The efficiency ratio for the three months ended March 31, 2024, was 85.34%, compared to 81.88% for the same period in 2023[21] Asset and Equity Changes - Tangible book value per share increased by 5.3% to $10.10 from March 31, 2023[3] - Stockholders' equity increased by $587,000, or 0.5%, to $114.3 million, primarily due to net income[13] - Total shareholders' equity (book value) increased to $114,272,000 as of March 31, 2024, up from $110,717,000 in December 2023, representing a growth of 4.7%[25] - Book value per common share increased to $10.32 as of March 31, 2024, compared to $9.81 a year earlier[21] - Tangible common equity (non-GAAP) reached $111,812,000, up from $108,172,000, indicating a growth of 3.4%[25] Loan and Credit Metrics - Provision for credit losses on loans decreased by $931,000, or 91.8%, to $83,000 due to improved economic conditions[6] - The allowance for credit losses on loans as a percentage of total gross loans was 0.80% as of March 31, 2024, down from 0.91% a year earlier[21] - Non-performing loans as a percentage of total gross loans decreased to 0.46% as of March 31, 2024, from 0.57% a year earlier[21] Interest Income and Margin - Net interest income decreased by $968,000, or 9.8%, to $8.9 million due to higher costs of deposits and borrowings[4] - Net interest income for the three months ended March 31, 2024, was $8,896,000, down from $9,864,000 for the same period in 2023[19] - The net interest margin decreased to 2.92% for the three months ended March 31, 2024, compared to 3.21% for the same period in 2023[21] Asset Quality and Stability - Total assets decreased by $14.4 million, or 1.1%, to $1.30 billion, with loans receivable decreasing by $15.5 million[10] - Total assets as of March 31, 2024, were $1,298,784,000, a decrease from $1,313,202,000 as of December 31, 2023[18] - Total deposits increased to $1,037,024,000 as of March 31, 2024, compared to $1,030,503,000 at the end of 2023, reflecting a growth of 0.15%[18] - Average balance of interest-earning assets decreased by $23.0 million, or 1.8%, to $1.22 billion, while average yield improved by 39 basis points to 5.14%[5] Shareholder Value and Growth - The overall financial metrics indicate a positive trend in shareholder value and equity growth[25] - Total shares outstanding decreased to 11,073,000 from 11,284,000, a reduction of 1.9%[25] - Goodwill remained unchanged at $(2,235,000) across the reporting periods[25] - Intangible assets, net decreased to $(225,000) from $(310,000), showing an improvement in asset quality[25] - The company continues to maintain a strong tangible common equity position, reflecting solid financial health[25]