Rhinebeck Bancorp(RBKB) - 2024 Q1 - Quarterly Results

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]