Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2025

Rhea-AI Summary

Rhinebeck Bancorp (NASDAQ:RBKB) reported net income of $2.3M in Q4 2025 and $10.0M for the full year, compared to a FY2024 net loss of $8.6M. Return on average assets was 0.78% and diluted EPS was $0.92 for 2025. Key drivers included margin expansion (net interest margin 3.89% for 2025), lower provision for credit losses, disciplined balance sheet management, deposit growth and improved efficiency ratio of 73.12%. Total assets were $1.30B and loans stood at $953.4M at year-end.

Positive

• Full-year net income of $10.0M
• Net interest margin increased to 3.89% (+72 bps YoY)
• Total assets grew 3.7% to $1.30B
• Deposits increased by $76.6M (7.5%) supporting liquidity

Negative

• Non-interest expense rose 5.9% to $39.0M for 2025
• Efficiency ratio remained high at 73.12%
• Loans declined 1.9% to $953.4M, led by an $81.9M cut in indirect auto loans
• Uninsured deposits ~27.9% of total deposits

News Market Reaction

+0.17%

1 alert

+0.17% News Effect

+$225K Valuation Impact

$133M Market Cap

1.1x Rel. Volume

On the day this news was published, RBKB gained 0.17%, reflecting a mild positive market reaction. This price movement added approximately $225K to the company's valuation, bringing the market cap to $133M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $2.3M Q4 2025 diluted EPS: $0.21 2025 net income: $10.0M +5 more

8 metrics

Q4 2025 net income $2.3M Fourth quarter 2025 net income vs a $2.7M loss in Q4 2024

Q4 2025 diluted EPS $0.21 Fourth quarter 2025 diluted EPS vs diluted loss per share of $0.25 in Q4 2024

2025 net income $10.0M Year ended Dec 31, 2025 vs net loss of $8.6M in 2024

2025 diluted EPS $0.92 Full‑year 2025 diluted EPS vs diluted loss per share of $0.80 in 2024

Return on average assets 0.78% Full‑year 2025 ROAA cited by management

Net interest margin 2025 3.89% Year ended Dec 31, 2025 vs 3.17% in 2024 after balance sheet restructuring

Efficiency ratio 2025 73.12% Full‑year 2025 efficiency ratio described as meaningfully improved

Uninsured deposits 27.9% Share of total deposits as of Dec 31, 2025 vs 26.9% a year earlier

Market Reality Check

Price: $11.64 Vol: Volume 6,993 is 1.08x the...

normal vol

$11.64 Last Close

Volume Volume 6,993 is 1.08x the 20-day average of 6,498, indicating slightly elevated trading activity ahead of this report. normal

Technical Shares at 11.90 are trading modestly above the 200-day MA of 11.65, after a -2.54% move over 24 hours.

Peers on Argus

RBKB fell 2.54% while peers showed mixed moves: EBMT up 0.05%, BCBP up 2.09%, FC...

RBKB fell 2.54% while peers showed mixed moves: EBMT up 0.05%, BCBP up 2.09%, FCAP up 7.51%, LARK up 8.19%, and RMBI down 0.89%. The mixed direction suggests today’s move was more stock-specific than sector-driven.

Historical Context

3 past events · Latest: Dec 19 (Neutral)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Dec 19	Board retirement	Neutral	-2.2%	Long‑tenured director retired from the board after over 42 years of service.
Oct 28	Quarterly earnings	Positive	-2.0%	Q3 2025 swung to profit with higher net interest income and margin gains.
Sep 16	CEO appointment	Positive	+1.9%	New President and CEO with extensive banking and growth experience appointed.

Pattern Detected

Recent positive fundamentals, including Q3 2025 earnings and today’s turnaround year, coincided with share price declines around prior earnings releases, suggesting a pattern of selling into good news.

Recent Company History

Over the last several months, Rhinebeck Bancorp reported a notable swing from losses in 2024 to profitability in 2025, highlighted by Q3 2025 net income of $2.7M and margin improvement. Governance changes included the appointment of Matthew J. Smith as President and CEO effective Oct 20, 2025 and the retirement of a long-serving director in Dec 2025. Today's full‑year 2025 results, with net income of $10.0M, extend this profitability trend and reflect the impact of prior balance sheet restructuring.

Market Pulse Summary

This announcement highlights Rhinebeck Bancorp’s transition from a $8.6M loss in 2024 to $10.0M in n...

Analysis

This announcement highlights Rhinebeck Bancorp’s transition from a $8.6M loss in 2024 to $10.0M in net income for 2025, supported by a net interest margin of 3.89% and non‑performing assets at 0.28% of total assets. Historical 2025 earnings releases sometimes saw share price weakness, underscoring the importance of monitoring deposit composition, expense trends, and credit quality metrics such as overdue loans and the allowance for credit losses.

Key Terms

net interest margin, efficiency ratio, non-performing assets, fhlb advances, +4 more

8 terms

net interest margin financial

"Net interest margin increased to 3.89% for the year..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"while our efficiency ratio improved meaningfully to 73.12%."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

non-performing assets financial

"Asset quality remains strong, with non-performing assets at just 0.28%..."

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

fhlb advances financial

"partially offset by a $24.6 million decrease in the average balance of FHLB advances..."

FHLB advances are loans that member banks and credit unions borrow from one of the regional Federal Home Loan Banks, using mortgages or other eligible assets as collateral. They matter to investors because these advances provide a reliable source of funding that affects a lender’s liquidity, borrowing costs and balance-sheet risk — like a neighborhood credit cooperative loan that helps a business cover shortfalls or finance growth without selling its assets.

provision for credit losses financial

"The provision for credit losses decreased by $878,000, or 63.6%..."

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

allowance for credit losses financial

"The allowance for credit losses was 0.87% of total loans..."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

uninsured deposits financial

"Uninsured deposits were approximately 27.9% and 26.9% of the Bank's total deposits..."

Uninsured deposits are customer funds held at a bank that exceed the amount protected by a government-backed deposit insurance program, meaning they would not be automatically reimbursed if the bank fails. For investors, the level of uninsured deposits signals how vulnerable a bank is to sudden withdrawals and depositor losses—high uninsured exposure can increase liquidity risk, contagion concerns, and potential losses for creditors and equity holders.

accumulated other comprehensive loss financial

"a $5.0 million decrease in accumulated other comprehensive loss..."

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

AI-generated analysis. Not financial advice.

POUGHKEEPSIE, NY / ACCESS Newswire / January 29, 2026 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per share were $0.21 for the fourth quarter of 2025, compared to earnings per share of $0.25 for the third quarter of 2025 and diluted loss per share of $0.25 for the same quarter of 2024. Net income for the year ended December 31, 2025 totaled $10.0 million, compared to a net loss of $8.6 million for last year. Diluted earnings per share were $0.92 and diluted loss per share was $0.80 for the years ended December 31, 2025 and 2024, respectively. The results for the quarter and year-ended December 31, 2024 reflected $4.0 million and $16.0 million of loss on the sale of securities, respectively, from the previously disclosed balance sheet restructurings.

President and Chief Executive Officer Matthew Smith said, "We are pleased to report a strong turnaround in profitability in 2025, highlighted by full-year net income of $10.0 million and a return on average assets of 0.78%. Our 2025 results reflect disciplined balance sheet management, improved operating efficiency, and margin expansion in a challenging interest rate environment. Net interest margin increased to 3.89% for the year, driven by prudent pricing strategies and stable funding costs, while our efficiency ratio improved meaningfully to 73.12%. Asset quality remains strong, with non-performing assets at just 0.28% of total assets. We enter 2026 with a solid capital position, strong liquidity, and a continued focus on supporting our customers and communities while delivering sustainable value to shareholders."

Income Statement Analysis

Net interest income increased $1.7 million, or 16.3%, to $11.8 million for the three months ended December 31, 2025, from $10.2 million for the three months ended December 31, 2024. Net interest income for the three months ended September 30, 2025 was $12.0 million. The increase over prior year was primarily due to higher yields, higher average balances of interest-earning assets and lower costs on interest-bearing liabilities, partially offset by an increase in the average balance of interest-bearing liabilities. The interest rate spread improved 42 basis points from 2.78% for the three months ended December 31, 2024 to 3.20% for the three months ended December 31, 2025, as asset yields increased while liability costs decreased. For the three months ended December 31, 2025, when compared to the same period in 2024, the average yield of interest-earning assets improved by 30 basis points to 5.79% and the average balance of interest-earning assets increased by $55.8 million, or 4.8%, to $1.21 billion. The balance sheet restructuring in the fourth quarter of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities increased by $50.5 million, or 5.9%, primarily due to a $75.1 million increase in the average balance of interest-bearing deposits (primarily money market accounts and time deposits), partially offset by a $24.6 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 12 basis points to 2.59% due to the lower market interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin was 3.87% for the three months ended December 31, 2025, compared to 3.93% for the three months ended September 30, 2025 and 3.50% for the three months ended December 31, 2024.

Year-to-date net interest income increased $8.7 million, or 23.1%, to $46.4 million compared to $37.7 million for the prior year primarily due to higher yields on interest-earning assets and lower costs on interest- bearing liabilities.The interest rate spread increased by 79 basis points, from 2.44% for the year ended December 31, 2024, to 3.23% for 2025, primarily due to favorable asset and liability pricing. For the year ended December 31, 2025, the average balance of interest-earning assets increased by $3.0 million, or 0.3%, to $1.19 billion while the average yieldimproved by 46 basis points to 5.77%, when compared to the year ended December 31, 2024. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities decreased by $4.6 million, or 0.5%, primarily due to a decrease in the average balance of FHLB advances of $42.8 million, partially offset by a $38.7 million increase in the average balance of deposits (primarily money market accounts and time deposits), while the cost of interest-bearing liabilities decreased by 33 basis points to 2.54% due to the lower interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin increased by 72 basis points to 3.89% for the year ended December 31, 2025 from 3.17% for the year ended December 31, 2024.

The provision for credit losses decreased by $878,000, or 63.6%, from $1.4 million for the quarter ended December 31, 2024 to $503,000 for the current quarter primarily due to lower loan balances and a decrease in net charge-offs. The provision for credit losses was $904,000 for the quarter ended September 30, 2025. Net charge-offs decreased by $600,000 from $971,000 for the fourth quarter of 2024 to $371,000 for the fourth quarter of 2025. The decrease was primarily due to a charge-off on a commercial loan of $524,000 in the fourth quarter of 2024.

The provision for credit losses decreased by $1.1 million, or 40.8%, from $2.8 million for the year ended December 31, 2024 to $1.7 million for the year ended December 31, 2025. The decrease in the provision was primarily due to decreases in net charge-offs on indirect automobile loans and commercial loans, partially offset by an increase in commercial real-estate loans. Net charge-offs decreased $462,000, or 19.3%, to $1.9 million for the year ended December 31, 2025 as compared to $2.4 million for the year ended December 31, 2024. The decrease was primarily due to decreased net charge-offs on indirect automobile and commercial loans, partially offset by increased net charge-offs on commercial real estate loans. The percentage of overdue account balances to total loans decreased to 1.52% at December 31, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $434,000, or 10.5%, to $3.7 million at December 31, 2025.

Non-interest income totaled $1.7 million for the three months ended December 31, 2025, compared to $1.9 million in the third quarter 2025 and a net loss of $2.2 million for the same period in 2024. The prior-year period included a $4.0 million loss on the sale of investment securities related to the Company's balance sheet restructuring. Excluding this loss, non-interest income would have decreased $178,000 from $1.9 million for the three months ended December 31, 2024 to $1.7 million for the current period. This decrease was primarily due to a $261,000 decrease in other non-interest income, particularly in swap income, partially offset by a $40,000, or 10.1%, increase in investment advisory income and a $27,000 increase in gain on sale of loans.

Non-interest income totaled $7.0 million for the year ended December 31, 2025, compared to a net loss of $9.0 million for 2024, representing an increase of $16.0 million. The net loss in 2024 was primarily attributable to a $16.0 million loss on the sale of investment securities in connection with the Company's 2024 balance sheet restructuring. Excluding this loss, non-interest income would have decreased by $86,000, from $7.1 million for the year ended December 31, 2024, to $7.0 million for the year ended December 31, 2025. The decrease in non-interest income reflected a $413,000 decrease in income related to life insurance proceeds recognized during the fourth quarter of 2024, a $22,000 decrease in investment advisory income and an $18,000 decrease on service charges on deposit accounts. These decreases were largely offset by a $223,000, or 18.4%, increase in other non-interest income, primarily due to higher swap income, and a $92,000 increase in gain on the sales of loans.

For the fourth quarter of 2025, non-interest expense rose to $10.1 million, reflecting a $135,000, or 1.4%, increase compared to the same period in 2024. Noninterest expense was $9.7 million in the third quarter of 2025. The increase over the prior year quarter was primarily due to an increase in salaries and employee benefits which rose $343,000, or 6.3%, primarily due to increased incentive compensation and production commissions. Data processing expenses increased $83,000 and marketing expenses increased $62,000. These increases were partially offset by a $211,000 decrease in professional fees and a $126,000 decrease in FDIC deposit insurance.

For the year ended December 31, 2025, non-interest expense totaled $39.0 million, representing an increase of $2.2 million, or 5.9%, compared to $36.8 million in 2024. The increase was driven primarily by higher compensation and operating costs across several categories. Salaries and employee benefits rose $1.2 million, or 6.1%, largely reflecting higher incentive-based compensation, production commissions, and annual merit increases implemented to attract and retain talent. Other non-interest expense increased $629,000, or 9.7%, primarily due to higher retail banking and administrative costs. Marketing expense increased $271,000, or 46.1%, data processing expense rose $145,000, or 7.1%, and occupancy expense increased $91,000, or 2.1%, reflecting higher facilities-related costs. These increases were partially offset by decreases in professional fees of $123,000, or 6.4%, and FDIC deposit insurance and other insurance costs of $63,000, or 5.7%.

Balance Sheet Analysis

Total assets increased by $46.0 million, or 3.7%, to $1.30 billion as of December 31, 2025. Cash and cash equivalents rose by $64.5 million, or 172.1%. Available-for-sale securities increased by $2.3 million, or 1.4%, primarily due to $49.0 million in purchases and a $5.3 million reduction in unrealized losses, partially offset by $52.3 million in paydowns, calls, and maturities. Loans receivable decreased by $18.4 million, or 1.9%, to $953.4 million, primarily reflecting a strategic decrease of $81.9 million in indirect automobile loans, in line with our decision to reduce their share of the portfolio, partially offset by a $52.1 million increase in commercial real estate loans and a $13.4 million increase in residential real estate loans.

Past due loans decreased $2.2 million, or 13.0%, to $14.5 million, or 1.52% of total loans at December 31, 2025, down from $16.7 million, or 1.71% of total loans, at December 31, 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $3.7 million at December 31, 2025, a decrease of $434,000, or 10.5%, from $4.1 million at December 31, 2024.

Total liabilities increased by $31.0 million, or 2.7%, to $1.16 billion at December 31, 2025. The increase was primarily driven by a $76.6 million, or 7.5%, increase in deposits. The growth in deposits was attributable to an $87.4 million, or 11.2%, increase in interest-bearing deposits, partially offset by a decrease in non-interest-bearing deposits of $10.9 million, or 4.6%. Uninsured deposits were approximately 27.9% and 26.9% of the Bank's total deposits as of December 31, 2025 and December 31, 2024, respectively. The increase in deposits was partially offset by a $44.6 million, or 64.0%, reduction in borrowings as deposit growth allowed for excess cash to be used to pay down debt.

Stockholders' equity increased $15.0 million, or 12.3%, to $136.9 million at December 31, 2025. The increase was primarily due to net income of $10.0 million and a $5.0 million decrease in accumulated other comprehensive loss due to the balance sheet restructuring and the decreased interest rate environment. The Company's ratio of average equity to average assets was 10.09% for the year ended December 31, 2025 and 9.23% for the year ended December 31, 2024.

 

About Rhinebeck Bancorp

Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is the majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a New York chartered stock savings bank, which provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties in New York State. Financial services including comprehensive brokerage, investment advisory services, financial product sales and employee benefits are offered through Rhinebeck Asset Management, a division of the Bank.

Forward Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe", "expect", "anticipate", "estimate", "intend", "predict", "forecast", "improve", "continue", "will", "would", "should", "could", or "may". Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, fluctuations in real estate values, general economic conditions or conditions within the securities markets, potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies and potential retaliatory responses, the impact of any federal government shutdown, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in asset quality, loan sale volumes, charge-offs and credit loss provisions, changes in economic assumptions that may impact our allowance for credit losses calculation, changes in demand for our products and services, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, the effect of our rating under the Community Reinvestment Act, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or a breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's or the Bank's financial condition and results of operations and the business in which the Company and the Bank are engaged.

Accordingly, you should not place undue reliance on forward-looking statements. Rhinebeck Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

 

The Company's summary consolidated statements of income and financial condition and other selected financial data follow:

Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)

		Three Months Ended
		December 31,				September 30,				December 31,				Year Ended December 31,
		2025				2025				2024				2025				2024
Interest and Dividend Income
Interest and fees on loans		$	15,371			$	15,712			$	14,463			$	61,157			$	57,835
Interest and dividends on securities			1,360				1,124				1,285				5,110				4,274
Other income			990				923				235				2,606				1,113
Total interest and dividend income			17,721				17,759				15,983				68,873				63,222
Interest Expense
Interest expense on deposits			5,446				5,443				5,223				20,517				21,294
Interest expense on borrowings			446				281				585				1,963				4,233
Total interest expense			5,892				5,724				5,808				22,480				25,527
Net interest income			11,829				12,035				10,175				46,393				37,695
Provision for Credit Losses			503				904				1,381				1,659				2,800
Net interest income after provision for credit losses			11,326				11,131				8,794				44,734				34,895
Non-interest Income (Loss)
Service charges on deposit accounts			744				739				750				2,984				3,002
Net realized loss on sales of securities			-				-				(4,045	)			-				(16,041	)
Net gain on sales of loans			56				89				29				252				160
Increase in cash surrender value of life insurance			200				198				187				780				751
Net gain from sale of other real estate owned			-				-				-				-				4
Net gain (loss) on disposal of premises and equipment			10				(1	)			-				9				(18	)
Gain on life insurance			-				-				1				-				413
Investment advisory income			438				467				398				1,510				1,532
Other			231				447				492				1,436				1,213
Total non-interest income (loss)			1,679				1,939				(2,188	)			6,971				(8,984	)
Non-interest Expense
Salaries and employee benefits			5,768				5,470				5,425				21,614				20,372
Occupancy			1,090				1,081				1,117				4,357				4,266
Data processing			603				524				520				2,186				2,041
Professional fees			337				501				548				1,807				1,930
Marketing			285				151				223				859				588
FDIC deposit insurance and other insurance			176				274				302				1,042				1,105
Amortization of intangible assets			7				16				20				60				80
Other			1,812				1,710				1,788				7,095				6,466
Total non-interest expense			10,078				9,727				9,943				39,020				36,848
Net income (loss) before income taxes			2,927				3,343				(3,337	)			12,685				(10,937	)
Net Provision (Benefit) for Income Taxes			591				648				(683	)			2,640				(2,317	)
Net income (loss)		$	2,336			$	2,695			$	(2,654	)		$	10,045			$	(8,620	)
Earnings (loss) per common share:
Basic		$	0.22			$	0.25			$	(0.25	)		$	0.93			$	(0.80	)
Diluted		$	0.21			$	0.25			$	(0.25	)		$	0.92			$	(0.80	)
Weighted average shares outstanding, basic			10,847,165				10,811,808				10,770,586				10,806,021				10,757,750
Weighted average shares outstanding, diluted			10,959,239				10,982,343				10,770,586				10,957,428				10,757,750

 

Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share and per share data)

		December 31,				September 30,				December 31,
		2025				2025				2024
Assets
Cash and due from banks		$	16,918			$	14,362			$	18,561
Federal funds sold			83,157				87,185				18,309
Interest-bearing depository accounts			1,911				1,918				614
Total cash and cash equivalents			101,986				103,465				37,484
Available-for-sale securities (at fair value)			162,203				148,920				159,947
Loans receivable (net of allowance for credit losses of $8,353, $8,196 and $8,539, respectively)			953,385				977,634				971,779
Federal Home Loan Bank stock			1,957				2,023				3,960
Accrued interest receivable			4,882				4,857				4,435
Cash surrender value of life insurance			30,996				30,796				30,193
Deferred tax assets (net of valuation allowance of $800, $928 and $1,336, respectively)			4,941				5,769				8,114
Premises and equipment, net			13,621				13,750				14,105
Goodwill			2,235				2,235				2,235
Intangible assets, net			106				113				166
Other assets			25,454				26,447				23,347
Total assets		$	1,301,766			$	1,316,009			$	1,255,765
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing		$	227,272			$	252,684			$	238,126
Interest bearing			870,068				863,144				782,657
Total deposits			1,097,340				1,115,828				1,020,783
Mortgagors' escrow accounts			9,399				4,084				9,425
Advances from the Federal Home Loan Bank			25,153				26,603				69,773
Subordinated debt			5,155				5,155				5,155
Accrued expenses and other liabilities			27,867				31,335				28,796
Total liabilities			1,164,914				1,183,005				1,133,932
Stockholders' Equity
Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued)			-				-				-
Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,141,033, 11,145,681 and 11,094,828 at December 31, September 30, 2025 and December 31, 2024, respectively)			112				112				111
Additional paid-in capital			45,710				45,799				45,946
Unearned common stock held by the employee stock ownership plan			(2,837	)			(2,891	)			(3,055	)
Retained earnings			101,797				99,475				91,766
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale securities, net of taxes			(6,255	)			(6,892	)			(10,480	)
Defined benefit pension plan, net of taxes			(1,675	)			(2,599	)			(2,455	)
Total accumulated other comprehensive loss			(7,930	)			(9,491	)			(12,935	)
Total stockholders' equity			136,852				133,004				121,833
Total liabilities and stockholders' equity		$	1,301,766			$	1,316,009			$	1,255,765

 

Rhinebeck Bancorp, Inc. and Subsidiary
Average Balance Sheet (Unaudited)
(Dollars in thousands)

		For the Three Months Ended December 31,
		2025												2024
		Average				Interest and								Average				Interest and
		Balance				Dividends				Yield/Cost(3)				Balance				Dividends				Yield/Cost(3)
Assets:
Interest-bearing depository accounts and federal funds sold		$	82,385			$	990				4.77	%		$	19,206			$	235				4.87	%
Loans(1)			974,616				15,371				6.26	%			969,088				14,463				5.94	%
Available-for-sale securities			154,751				1,318				3.38	%			166,512				1,212				2.90	%
Other interest-earning assets			2,146				42				7.76	%			3,250				73				8.94	%
Total interest-earning assets			1,213,898				17,721				5.79	%			1,158,056				15,983				5.49	%
Non-interest-earning assets			90,180												88,239
Total assets		$	1,304,078											$	1,246,295
Liabilities and equity:
NOW accounts		$	120,791			$	71				0.23	%		$	123,333			$	47				0.15	%
Money market accounts			236,500				1,614				2.71	%			188,903				1,194				2.51	%
Savings accounts			127,565				132				0.41	%			136,106				125				0.37	%
Certificates of deposit			378,492				3,608				3.78	%			339,936				3,836				4.49	%
Total interest-bearing deposits			863,348				5,425				2.49	%			788,278				5,202				2.63	%
Escrow accounts			7,137				21				1.17	%			7,137				21				1.17	%
Federal Home Loan Bank advances			25,903				357				5.47	%			50,480				491				3.87	%
Subordinated debt			5,155				89				6.85	%			5,155				94				7.25	%
Total other interest-bearing liabilities			38,195				467				4.85	%			62,772				606				3.84	%
Total interest-bearing liabilities			901,543				5,892				2.59	%			851,050				5,808				2.71	%
Non-interest-bearing deposits			236,530												243,639
Other non-interest-bearing liabilities			31,138												28,837
Total liabilities			1,169,211												1,123,526
Total stockholders' equity			134,867												122,769
Total liabilities and stockholders' equity		$	1,304,078											$	1,246,295
Net interest income						$	11,829											$	10,175
Interest rate spread											3.20	%											2.78	%
Net interest margin(2)											3.87	%											3.50	%
Average interest-earning assets to average interest-bearing liabilities											134.65	%											136.07	%

______________________________________________________________

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $36,000 and $16,000 for the three months ended December 31, 2025 and 2024, respectively.
⁽²⁾ Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.
⁽³⁾ Annualized.

		For the Year Ended December 31,
		2025												2024
		Average				Interest and								Average				Interest and
		Balance				Dividends				Yield/Cost(3)				Balance				Dividends				Yield/Cost(3)
		(Dollars in thousands)
Assets:
Interest-bearing depository accounts		$	59,805			$	2,606				4.36	%		$	21,042			$	1,113				5.29	%
Loans(1)			980,540				61,157				6.24	%			987,212				57,835				5.86	%
Available-for-sale securities			150,063				4,872				3.25	%			177,214				3,799				2.14	%
Other interest-earning assets			2,784				238				8.55	%			4,689				475				10.13	%
Total interest-earning assets			1,193,192				68,873				5.77	%			1,190,157				63,222				5.31	%
Non-interest-earning assets			88,381												88,221
Total assets		$	1,281,573											$	1,278,378
Liabilities and equity:
NOW accounts		$	120,816			$	245				0.20	%		$	124,061			$	175				0.14	%
Money market accounts			222,719				5,828				2.62	%			187,615				4,971				2.65	%
Savings accounts			132,153				520				0.39	%			141,189				511				0.36	%
Certificates of deposit			355,027				13,814				3.89	%			339,133				15,528				4.58	%
Total interest-bearing deposits			830,715				20,407				2.46	%			791,998				21,185				2.67	%
Escrow accounts			9,705				110				1.13	%			9,210				108				1.17	%
Federal Home Loan Bank advances			40,117				1,616				4.03	%			82,915				3,787				4.57	%
Subordinated debt			5,155				347				6.73	%			5,155				390				7.57	%
Other interest-bearing liabilities			-				-				-	%			1,043				57				5.47	%
Total other interest-bearing liabilities			54,977				2,073				3.77	%			98,323				4,342				4.42	%
Total interest-bearing liabilities			885,692				22,480				2.54	%			890,321				25,527				2.87	%
Non-interest-bearing deposits			236,431												242,603
Other non-interest-bearing liabilities			30,127												27,515
Total liabilities			1,152,250												1,160,439
Total stockholders' equity			129,323												117,939
Total liabilities and stockholders' equity		$	1,281,573											$	1,278,378
Net interest income						$	46,393											$	37,695
Interest rate spread											3.23	%											2.44	%
Net interest margin(2)											3.89	%											3.17	%
Average interest-earning assets to average interest-bearing liabilities											134.72	%											133.68	%

______________________________________________________________

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $218,000 and $60,000 for the year ended December 31, 2025 and 2024, respectively.
⁽²⁾ Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.
⁽³⁾ Annualized.

Rhinebeck Bancorp, Inc. and Subsidiary
Selected Ratios (Unaudited)

		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,
		2025				2025				2024				2025				2024
Performance Ratios(1):
Return on average assets (2)			0.71	%			0.82	%			(0.85	)%			0.78	%			(0.67	)%
Return on average equity (3)			6.87	%			8.18	%			(8.60	)%			7.77	%			(7.31	)%
Net interest margin (4)			3.87	%			3.93	%			3.50	%			3.89	%			3.17	%
Efficiency ratio, excluding impact of securities loss restructure (7)			74.61	%			69.61	%			82.64	%			73.12	%			82.34	%
Average interest-earning assets to average interest-bearing liabilities			134.65	%			135.11	%			136.07	%			134.72	%			133.68	%
Total gross loans to total deposits			87.32	%			87.99	%			95.51	%			87.32	%			95.51	%
Average equity to average assets (5)			10.34	%			10.03	%			9.85	%			10.09	%			9.23	%
Asset Quality Ratios:
Allowance for credit losses on loans as a percent of total gross loans			0.87	%			0.83	%			0.88	%			0.87	%			0.88	%
Allowance for credit losses on loans as a percent of non-performing loans			225.76	%			218.85	%			206.56	%			225.76	%			206.56	%
Net charge-offs to average outstanding loans during the period (1)			0.15	%			0.39	%			0.40	%			0.20	%			0.24	%
Non-performing loans as a percent of total gross loans			0.39	%			0.38	%			0.42	%			0.39	%			0.42	%
Non-performing assets as a percent of total assets			0.28	%			0.28	%			0.33	%			0.28	%			0.33	%
Capital Ratios(6):
Tier 1 capital (to risk-weighted assets)			13.57	%			13.08	%			11.81	%			13.57	%			11.81	%
Total capital (to risk-weighted assets)			14.40	%			13.88	%			12.63	%			14.40	%			12.63	%
Common equity Tier 1 capital (to risk-weighted assets)			13.57	%			13.08	%			11.81	%			13.57	%			11.81	%
Tier 1 leverage ratio (to average total assets)			10.62	%			10.46	%			10.07	%			10.62	%			10.07	%
Other Data:
Book value per common share														$	12.28			$	10.98
Tangible book value per common share(7)														$	12.07			$	10.76

______________________________________________________________

⁽¹⁾ Ratios for the three month periods ended December 31, 2025,September 30, 2025 and December 31, 2024 are annualized.
⁽²⁾ Represents net income divided by average total assets.
⁽³⁾ Represents net income divided by average equity.
⁽⁴⁾ Represents net interest income as a percent of average interest-earning assets.
⁽⁵⁾ Represents average equity divided by average total assets.
⁽⁶⁾ Capital ratios are for Rhinebeck Bank only. Rhinebeck Bancorp, Inc. is not subject to the minimum consolidated capital requirements as a small bank holding company with assets of less than $3.0 billion.
⁽⁷⁾ Represents a non-GAAP financial measure, see table below for a reconciliation of the non-GAAP financial measures.

NON-GAAP FINANCIAL INFORMATION

This release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). Such non-GAAP financial information includes the following measures: tangible book value per common share, efficiency ratio and earnings per share excluding securities loss. Management uses these non-GAAP measures because we believe that they may provide useful supplemental information for evaluating our operations and performance, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results, as well as a comparison to financial results for prior periods. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included below. Loss on available-for-sale securities is excluded from the following calculations as management believes that this presentation provides further comparability of net income (loss), earnings (loss) per share and the efficiency ratio and is consistent with industry practice.

(In thousands, except per share data)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Net income (loss) and earnings (loss) per share, reconciliation
Net Income (loss) (GAAP)		$	2,336			$	(2,654	)		$	10,045			$	(8,620	)
Exclude impact of securities loss restructure, net of tax			-				(3,196	)			-				(12,672	)
Net income excluding securities loss restructure (non-GAAP)		$	2,336			$	542			$	10,045			$	4,052
Basic earnings (loss) per share (GAAP)		$	0.22			$	(0.25	)		$	0.93			$	(0.80	)
Exclude impact of securities loss restructure, net of tax			-				0.30				-				1.18
Basic earnings per share excluding securities restructure, net of tax (non-GAAP)		$	0.22			$	0.05			$	0.93			$	0.38
Diluted earnings (loss) per share (GAAP)		$	0.21			$	(0.25	)		$	0.92			$	(0.80	)
Exclude impact of securities loss restructure, net of tax			-				0.30				-				1.17
Diluted earnings per share excluding securities loss restructure, net of tax (non-GAAP)		$	0.21			$	0.05			$	0.92			$	0.37

(In thousands, except per share data)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Efficiency ratio reconciliation
Non-interest expense (GAAP)		$	10,078			$	9,943			$	39,020			$	36,848
Net interest income (GAAP)			11,829				10,175				46,393				37,695
Non-interest (loss) income (GAAP)			1,679				(2,188	)			6,971				(8,984	)
Net interest income plus non-interest income (GAAP)		$	13,508			$	7,987			$	53,364			$	28,711
Less non-GAAP adjustments:
Net realized loss on sales and calls of securities			-				(4,045	)			-				(16,041	)
Net interest income plus non-interest income - as adjusted (non-GAAP)		$	13,508			$	12,032			$	53,364			$	44,752
Efficiency ratio (non- GAAP)			74.61	%			82.64	%			73.12	%			82.34	%

(In thousands, except per share data)		December 31,
		2025				2024
Book value per common share
Total shareholders' equity (book value) (GAAP)		$	136,852			$	121,833
Total shares outstanding			11,141				11,095
Book value per common share		$	12.28			$	10.98
Tangible common equity
Total shareholders' equity (book value) (GAAP)		$	136,852			$	121,833
Goodwill			(2,235	)			(2,235	)
Intangible assets, net			(106	)			(166	)
Tangible common equity (non-GAAP)		$	134,511			$	119,432
Tangible book value per common share
Tangible common equity (non-GAAP)		$	134,511			$	119,432
Total shares outstanding			11,141				11,095
Tangible book value per common share (non-GAAP)		$	12.07			$	10.76

Related Links

http://www.Rhinebeckbank.com

SOURCE: Rhinebeck Bancorp, Inc.

View the original press release on ACCESS Newswire

FAQ

What were Rhinebeck Bancorp (RBKB) earnings for the year ended December 31, 2025?

Rhinebeck Bancorp reported $10.0 million net income for 2025. According to the company, diluted earnings per share were $0.92 and return on average assets was 0.78%, marking a turnaround from a 2024 net loss.

How did Rhinebeck Bancorp's net interest margin (NIM) change in 2025 for RBKB?

Net interest margin for 2025 was 3.89%, up materially year-over-year. According to the company, NIM improved by 72 basis points versus 2024 due to higher asset yields and lower funding costs.

What drove deposit growth and liquidity for RBKB in 2025?

Deposits grew by $76.6 million, a 7.5% increase in 2025. According to the company, growth was led by an $87.4 million rise in interest-bearing deposits, enabling a $44.6 million reduction in borrowings.

Did Rhinebeck Bancorp report any material changes in credit quality for RBKB in 2025?

Credit metrics improved modestly: non-performing assets fell to $3.7M and past due loans dropped to 1.52% of loans. According to the company, net charge-offs and provisions decreased versus 2024.

How did operating costs affect RBKB's 2025 results and what was the efficiency ratio?

Non-interest expense increased to $39.0M for 2025 and the efficiency ratio was 73.12%. According to the company, higher compensation and operating costs were primary drivers of the expense increase.