Rhinebeck Bancorp Inc Stock Price, News & Analysis

Rhinebeck Bancorp (NASDAQ: RBKB) reported net income of $2.6 million for Q2 2021, a 90.3% increase from the previous year. For the first half of 2021, net income reached $5.9 million, a 142.9% rise. This improvement was driven by a credit to loan loss provisions totaling $1.1 million, compared to a $2.3 million provision in Q2 2020. Total assets grew by 7.2% to $1.21 billion, with total deposits increasing by 10.5% to $1.03 billion. The Company effectively managed loan deferrals related to COVID-19, while also completing the acquisition of two branches.

Rhinebeck Bank, a subsidiary of Rhinebeck Bancorp (NASDAQ: RBKB), has launched a new Commercial Lending office in Albany to cater to local businesses. The office will offer various lending products, including commercial mortgages and construction loans, to meet the growing demand in the Capital District. President Michael J. Quinn highlighted the bank's commitment to providing exceptional service, with Philip Bronzi appointed as chief lending officer overseeing the new team. The bank will also hire three seasoned commercial lending professionals to support this initiative.

Rhinebeck Bank, a subsidiary of Rhinebeck Bancorp (NASDAQ: RBKB), has appointed Philip J. Bronzi as chief lending officer as of June 2, 2021. Bronzi, who has over 20 years of commercial lending experience, previously served as senior vice president and commercial lending director since his return to the bank in March 2018. He will lead both the Commercial Lending team and the Indirect/Consumer Lending department. Michael J. Quinn, the bank's CEO, praised Bronzi's accomplishments and community involvement, indicating confidence in his ability to support local businesses.

Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $3.3 million for Q1 2021, marking a 208.9% increase from $1.1 million in Q1 2020. The rise in net income was driven by a $1.5 million increase in net interest income and a $69,000 credit to the provision for loan losses, compared to $1.2 million in Q1 2020. Total assets rose to $1.20 billion, up 6.0% from $1.13 billion at year-end. The efficiency ratio improved to 66.15%. The bank's branch acquisition added $33.9 million in deposits, enhancing its footprint in New York.

Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) has received regulatory approvals to establish a new branch in Newburgh, NY, enhancing its presence in Orange County. The branch will offer comprehensive banking services and support local businesses through a $4 million loan fund aimed at revitalizing the Newburgh Creative Neighborhood. Rhinebeck Bank's commitment to community-driven growth is evident, with CEO Michael J. Quinn highlighting plans to collaborate with local leaders to foster economic development in the area.

Rhinebeck Bancorp (NASDAQ: RBKB) has received regulatory approval to acquire two branches from ConnectOne Bank in Orange County, New York. The branches located in Monroe and Warwick will officially become part of Rhinebeck Bank on March 15, 2021, expanding its footprint in the region. The acquisition aims to enhance banking services for individuals and businesses, offering a full range of financial products. This move is crucial for Rhinebeck's growth strategy in Orange County, aligning with their commitment to superior customer service.

Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $2.3 million for Q4 2020, up 34.7% from $1.7 million in Q4 2019. For the full year, net income was $5.9 million, a slight decline of 0.8% from $6.0 million in 2019. Notably, loan deferrals totaled $122.6 million due to COVID-19 impacts, with 90.5% of loans performing as expected. Total assets rose 15.9% to $1.13 billion, while net loans increased by 10.1% to $873.8 million. The Bank's efficiency ratio improved to 66.19% in Q4. Nevertheless, increased provisions for loan losses highlighted credit quality concerns amid economic challenges.

Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $1.2 million for Q3 2020, down 45% year-over-year, and $3.6 million for nine months, a 15.4% decline. The decrease is attributed to increased provisions for loan losses due to COVID-19 impacts. Total assets grew 14.2% to $1.11 billion. The Bank approved $118 million in CARES Act loan deferrals. Net interest income rose 6.7% to $9 million, but net interest margin fell to 3.40%. Non-interest income increased by 43.7%. Management remains cautious about future economic impacts.

Rhinebeck Bancorp reported a net income of $1.3 million for Q2 2020, a 10.4% increase from the previous year. Year-to-date income reached $2.4 million, up 13.6%. Total assets grew by 15.9% to $1.1 billion, while gross loans increased by 12.6% to $888.8 million. The efficiency ratio improved to 63.07%. However, the bank faced challenges due to COVID-19, leading to a 121.5% increase in loan loss provisions and a decline in net interest margin. The bank participated in the PPP, funding $88.7 million in loans, while total deposit balances rose by 17.7% to $910.0 million.