Welcome to our dedicated page for Rhinebeck Bancorp news (Ticker: RBKB), a resource for investors and traders seeking the latest updates and insights on Rhinebeck Bancorp stock.
Rhinebeck Bancorp, Inc. reports recurring developments as the holding company for Rhinebeck Bank, a New York-chartered stock savings bank serving consumer and commercial customers in New York State. News commonly covers quarterly and annual operating results, including net interest income, non-interest income and expense, provision for credit losses, asset quality and the effects of balance-sheet actions on earnings.
Company updates also address Rhinebeck Bank's commercial banking platform, treasury management and relationship-based services, deposit-account technology, and Rhinebeck Asset Management's brokerage, investment advisory, financial product sales and employee benefits offerings. Governance items include board and executive leadership changes within Rhinebeck Bancorp, Rhinebeck Bancorp, MHC and the bank.
Rhinebeck Bancorp (NASDAQ:RBKB) reported a net loss of $2.7 million for Q4 2024, compared to net income of $930,000 in Q4 2023. The annual net loss for 2024 was $8.6 million, versus net income of $4.4 million in 2023. The losses primarily reflect $16.0 million in securities sales losses from balance sheet restructuring.
Key financial metrics include:
- Net interest income increased 14.8% to $10.5 million in Q4 2024
- Net interest margin improved by 65 basis points to 3.61% in Q4
- Total assets decreased 4.4% to $1.26 billion
- Loans receivable decreased 3.7% to $971.8 million
- Past due loans decreased to 1.71% of total loans from 1.90%
The company's strategic restructuring involved selling available-for-sale securities and reinvesting in higher-yielding, shorter-duration assets to improve long-term profitability.
Rhinebeck Bancorp (NASDAQ:RBKB) has completed a strategic balance sheet restructuring through the sale of its available-for-sale securities. The company sold $71 million in September 2024 and an additional $21 million in December 2024. The proceeds were reinvested into new securities with yields 3.06% higher than those sold.
The restructuring is expected to increase earnings per share by $0.04 and net interest margin by 0.04% over the next 12 months. The sold securities had a yield of 1.37% with a 6.2-year average life, while the new securities yield 4.44% with a 1.8-year average life. The transaction resulted in a one-time pre-tax loss of $4.1 million.
The Bank maintains strong liquidity with over $35 million in cash equivalents and a $250 million unused secured credit line with the Federal Home Loan Bank of New York.
Rhinebeck Bancorp (NASDAQ:RBKB) reported a net loss of $8.1 million in Q3 2024, compared to net income of $1.2 million in Q3 2023. The loss primarily resulted from a strategic balance sheet restructuring involving a $12.0 million pre-tax loss from selling lower-yielding securities (1.11% yield) and reinvesting in higher-yielding securities (4.22% yield). Total assets decreased 3.6% to $1.27 billion, while loans receivable decreased 4.4% to $964.9 million. The company's indirect automobile loans decreased by 19.1%, reflecting a strategic decision to reduce this portfolio. Deposits increased by $15.7 million (1.5%), while FHLB advances decreased by $68.3 million (53.3%).
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.
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