Rhinebeck Bancorp(RBKB) - 2024 Q3 - Quarterly Results

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]