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Rhinebeck Bancorp Inc (RBKB) provides essential financial services through its community-focused banking operations, serving both individual and commercial clients in New York's Hudson Valley region. This news hub offers investors and stakeholders timely updates on the company's financial performance, strategic decisions, and regulatory developments.
Access comprehensive coverage of RBKB's quarterly earnings reports, SEC filings, leadership announcements, and product innovations. The curated collection includes press releases about commercial lending activities, residential mortgage programs, and updates from Rhinebeck Asset Management.
Stay informed about critical developments affecting this community banking institution, including capital management strategies, dividend declarations, and regulatory compliance updates. Our neutral reporting ensures you receive factual information without speculative commentary.
Bookmark this page for convenient access to RBKB's latest financial communications. Check regularly for updates on market positioning, risk management practices, and community impact initiatives that shape the bank's operations.
Rhinebeck Bancorp (NASDAQ:RBKB) reported a decrease in net income for Q2 2024, with earnings of $975,000 ($0.09 per share), down 31.9% from $1.4 million ($0.13 per share) in Q2 2023. The decline was primarily due to increased provision for credit losses and decreased net interest income. For the first half of 2024, net income was $2.1 million ($0.19 per share), a 6.0% decrease from the same period last year.
Key financial metrics for Q2 2024:
- Return on average assets: 0.31% (down from 0.43% in Q2 2023)
- Return on average equity: 3.43% (down from 5.17% in Q2 2023)
- Net interest margin: 3.08% (up 11 basis points)
- Tangible book value per share: $10.27 (up 8.5% year-over-year)
The company's total assets decreased by 2.8% to $1.28 billion, with loans receivable down $26.5 million to $982.4 million. Deposits increased slightly by 0.1%, while borrowings decreased by 37.7%.
Rhinebeck Bancorp (NASDAQ:RBKB) has announced the appointment of Kevin Nihill as the new Chief Financial Officer (CFO) of Rhinebeck Bancorp and Rhinebeck Bank, succeeding Michael McDermott who retired after 23 years of service. Nihill brings over 20 years of banking and corporate finance experience, having recently served as Executive Vice President, CFO at St. Mary's Bank, and previously as Senior Vice President, Treasurer at Berkshire Bank. As the new CFO, Nihill will oversee accounting and financial operations, regulatory and tax reporting, and the bank's budgeting process. His strategic vision and leadership will support Rhinebeck Bank's mission to provide exceptional community banking services in the Hudson Valley and beyond.
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.
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