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 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.