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 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.
Rhinebeck Bancorp reported a strong financial performance for the year ended December 31, 2021, achieving a record net income of $11.6 million, up 95.3% from the previous year. The increase was driven by a significant credit to provision for loan losses, totaling $3.7 million for the year. Total assets increased by 13.5% to $1.28 billion, while deposits rose 18.6% to $1.10 billion. However, non-interest income fell by 10.6% due to decreased mortgage loan sales. The bank's capital position remains robust, reflecting a healthy growth trajectory despite potential challenges ahead in 2022.
Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $2.7 million for Q3 2021, a 133.5% increase year-over-year. For the first nine months, net income reached $8.6 million, up 139.9% from 2020. A major contributor was a $954,000 credit for loan losses in Q3 versus a $2.3 million provision in Q3 2020. Total assets rose 11.9% to $1.26 billion, while total deposits increased 17.0% to $1.09 billion. The Bank's successful PPP loan program resulted in $44.1 million outstanding. However, non-interest expenses increased by 23.0% due to branch expansion costs.
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.