Rhinebeck Bancorp Inc Stock Price, News & Analysis

Rhinebeck Bancorp (NASDAQ: RBKB) reported a significant decline in net income for Q4 2022, totaling $808,000, down 72.9% year-over-year. The annual net income fell to $7.0 million, a 39.5% decrease. Key factors include a rise in loan loss provisions of $1.8 million for the quarter and $5.1 million for the year. Although net interest income increased by $2.4 million for the year, it declined by $685,000 in Q4. Non-interest income plummeted 23.4% in Q4 2022, primarily due to decreased mortgage loan sales. Total assets rose 4.3% to $1.34 billion, driven by a $139.4 million increase in net loans, yet stockholders' equity slipped by 14.2% to $108.1 million.

Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $2.1 million for Q3 2022, a decline of 21.5% from the previous year. Year-to-date net income dropped to $6.2 million, down 27.8% year-over-year. The decline is attributed to a $1.5 million increase in loan loss provisions. Despite a 10.3% rise in net interest income to $11.1 million for Q3, overall non-interest income fell by 15.3%. Meanwhile, total assets grew by 0.9% to $1.29 billion. The company has fully reserved for a $950,000 settlement with the New York State Department of Financial Services.

Rhinebeck Bancorp (NASDAQ: RBKB) has settled claims with the New York State Department of Financial Services regarding statistical differences in dealer markup charged to borrowers in its indirect auto lending program. While denying the allegations, the Bank chose settlement to avoid costly legal proceedings. Rhinebeck Bank's President stated that the allegations are based on presumption rather than evidence of intentional discrimination. The Bank has fully reserved for the settlement costs, which average $133 per customer, stating that this will not impact future earnings.

Rhinebeck Bancorp (Nasdaq: RBKB) announced a stock repurchase program to buy back up to 247,506 shares, representing approximately 5% of its outstanding stock. This marks the Company's first buyback initiative since its mutual holding company reorganization in January 2019. The repurchases will start after the release of their Q3 2022 financial results. Timing and amount of repurchases will be influenced by market conditions and the Company's financial performance, with no expiration date set for the program.

Rhinebeck Bancorp (RBKB) reported a net income of $2.0 million for Q2 2022, a 20.9% decline year-over-year, and $4.1 million for the first half, down 30.6%. This decline was primarily due to a provision for loan losses increasing by $1.5 million for Q2 and $1.8 million year-to-date. While net interest income improved by 19% to $10.9 million in Q2, non-interest income fell by 19% to $1.5 million. Total assets rose to $1.29 billion, with net loans increasing by 8.4%. However, stockholders' equity decreased by 10.0% to $113.3 million.

Rhinebeck Bancorp (NASDAQ: RBKB) reported Q1 2022 net income of $2.1 million, a 38.2% decrease from $3.3 million in Q1 2021. This decline was driven by a $1.2 million increase in non-interest expenses and a $530,000 drop in non-interest income. Net interest income rose by $332,000 to $10.1 million, but net interest margin fell to 3.42%. The provision for loan losses increased to $221,000 from a credit of $69,000. The company's total assets remained stable at $1.28 billion, while stockholders' equity decreased by $8.7 million.