Rhinebeck Bancorp(US:RBKB)2025-10-28 20:36Financial 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].