Rhinebeck Bancorp(RBKB) - 2024 Q4 - Annual Results

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]