Rhinebeck Bancorp Q2 2026 earnings and stock sale

Rhinebeck Bancorp, Inc. reported net income of $2.6 million for the quarter ended June 30, 2026, or $0.24 per basic and diluted share, down $110,000 or 4.0% from $2.7 million ($0.25 per share) a year earlier.

Rhea-AI Filing Summary

Rhinebeck Bancorp, Inc. reported net income of $2.6 million for the quarter ended June 30, 2026, or $0.24 per basic and diluted share, down $110,000 or 4.0% from $2.7 million ($0.25 per share) a year earlier. Net income for the first six months of 2026 was $4.8 million, or $0.45 basic and $0.44 diluted, $182,000 or 3.6% below the prior-year period.

Quarterly net interest income rose to $11.6 million, but the net interest margin narrowed to 3.78% from 3.97% as asset yields declined. Non-interest income increased 8.8% to $1.7 million, led by higher investment advisory fees, while non-interest expense grew 3.1% to $10.0 million, mainly from higher salaries, professional fees and data processing. Credit quality metrics remained stable, with an allowance for credit losses of 0.83% of total loans and coverage of 227.06% of non-performing loans; past-due loans and non-performing assets both declined versus year-end 2025.

On July 21, 2026 the company completed a second-step conversion, selling 8,880,210 shares at $10.00 per share for gross proceeds of $88.8 million, and converting public shares at an exchange ratio of 1.3978, resulting in 15,638,237 shares outstanding, subject to fractional adjustments. Current earnings per share figures do not reflect this transaction. At June 30, 2026, total assets were $1.47 billion, deposits $1.28 billion, stockholders’ equity $139.6 million, return on average assets 0.79%, return on average equity 7.56%, and the Tier 1 capital ratio 14.61%.

Positive

• Completed second-step conversion and offering, issuing 8,880,210 shares at $10.00 for $88.8 million in gross proceeds, supporting a Tier 1 capital ratio of 14.61% and enhancing the company’s regulatory capital position.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income Q2 2026: $2.6 million Net income six months 2026: $4.8 million Shares sold in offering: 8,880,210 shares +5 more

8 metrics

Net income Q2 2026 $2.6 million Three months ended June 30, 2026

Net income six months 2026 $4.8 million Six months ended June 30, 2026

Shares sold in offering 8,880,210 shares Common stock sold at $10.00 per share in second-step conversion

Gross offering proceeds $88.8 million Public stock offering connected to second-step conversion

Total assets $1.47 billion Total assets at June 30, 2026

Return on average assets Q2 2026 0.79% Performance ratio for second quarter 2026

Tier 1 capital ratio 14.61% Tier 1 capital to risk-weighted assets at June 30, 2026

Net interest margin Q2 2026 3.78% Net interest margin for quarter ended June 30, 2026

Key Terms

second-step conversion, net interest margin, non-performing assets, allowance for credit losses, +2 more

6 terms

second-step conversion regulatory

"completed its second-step conversion, after which Rhinebeck Bancorp, MHC ceased to exist"

A second-step conversion is a follow-up corporate transaction used after a bidder gains control of a company—typically converting or merging the remaining public shares into the buyer’s ownership so the company becomes wholly owned. Think of it as the final sweep to collect leftover pieces after a majority purchase; it matters to investors because it determines whether minority shareholders receive the same price, get cashed out, or retain any legal rights like appraisal, and can affect liquidity and value realization.

net interest margin financial

"The net interest margin decreased by 19 basis points to 3.78%"

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.

non-performing assets financial

"non-performing assets decreased $312,000, or 8.4%, to $3.4 million"

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.

allowance for credit losses financial

"The allowance for credit losses was 0.83% of total loans and 227.06% of non-performing 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.

tangible book value per common share financial

"Tangible book value per common share (non-GAAP) was $12.28 at June 30, 2026"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

subscription deposits financial

"included $156.0 million in stock subscriptions awaiting the closing of the stock offering"

Earnings Snapshot

Net income Q2 2026: $2.6 million

quarter ended June 30, 2026

Net income Q2 2026 $2.6 million $110,000 lower than Q2 2025 (4.0%)

Net income six months 2026 $4.8 million $182,000 lower than six months 2025 (3.6%)

Net interest income Q2 2026 $11.6 million Increased $140,000 from Q2 2025

Non-interest expense Q2 2026 $10.0 million Increased $301,000 from Q2 2025

FAQ

What were Rhinebeck Bancorp (RBKB) earnings for the second quarter of 2026?

Rhinebeck Bancorp (RBKB) earned $2.6 million, or $0.24 per basic and diluted share, in Q2 2026, compared with $2.7 million, or $0.25 per share, a year earlier, as higher non-interest expense offset growth in net interest and fee income.

How did Rhinebeck Bancorp (RBKB) perform in the first half of 2026?

For the six months ended June 30, 2026, Rhinebeck Bancorp (RBKB) reported $4.8 million in net income, or $0.45 basic and $0.44 diluted per share, down $182,000, or 3.6%, from the same period in 2025, with a 0.75% return on average assets.

What is Rhinebeck Bancorp (RBKB)’s second-step conversion and related stock offering?

On July 21, 2026, Rhinebeck Bancorp (RBKB) completed a second-step conversion, selling 8,880,210 shares at $10.00 for $88.8 million in gross proceeds. Public shares were exchanged at a 1.3978 ratio, resulting in 15,638,237 shares outstanding; reported EPS does not reflect this yet.

How strong are Rhinebeck Bancorp (RBKB)’s capital and balance sheet metrics?

At June 30, 2026, Rhinebeck Bancorp (RBKB) had $1.47 billion in assets and $139.6 million in stockholders’ equity. Regulatory capital ratios were solid, including a Tier 1 capital ratio of 14.61%, total capital ratio of 15.41%, and Tier 1 leverage ratio of 10.93%.

What trends are visible in Rhinebeck Bancorp (RBKB)’s loan portfolio and credit quality?

Loans receivable declined $34.9 million, driven by reductions in indirect automobile and commercial loans and modest residential growth. Past-due loans fell to $9.5 million (1.03% of loans), non-performing assets to $3.4 million, and the allowance covered 227.06% of non-performing loans.

How are Rhinebeck Bancorp (RBKB)’s deposits and uninsured deposits changing?

Total deposits rose to $1.28 billion, up $185.6 million, including $156.0 million of stock subscription deposits. Uninsured deposits were about 36.7% of total deposits, or 28.0% when excluding the segregated stock subscription funds held for the offering.

What happened to Rhinebeck Bancorp (RBKB)’s net interest margin and efficiency in Q2 2026?

Net interest margin for Q2 2026 was 3.78%, down from 3.97% a year earlier, as asset yields declined more than funding costs. The efficiency ratio was 74.83%, slightly higher than 74.13% in Q2 2025, reflecting modestly faster growth in operating expenses than in revenue.

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Available on EDGAR 07/23/2026 - 04:36 PM Accepted by SEC EDGAR 07/23/2026 - 04:35 PM Learn about SEC filing dates

0001751783false00017517832026-07-232026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT

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PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of earliest event reported): July 23, 2026

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Rhinebeck Bancorp, Inc.

(Exact Name of Registrant as Specified in Charter)

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​	​	​	​	​	​
Maryland	​	​	001-38779	​	83-2117268
(State or Other Jurisdiction) of Incorporation)	​	​	(Commission File No.)	​	(I.R.S. Employer Identification No.)
​	​	​	​	​	​
2 Jefferson Plaza, Poughkeepsie, New York				​	12601
(Address of Principal Executive Offices)				​	(Zip Code)

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Registrant’s telephone number, including area code:(845) 454-8555

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Not Applicable

(Former name or former address, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:

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	​	​ ​	​
Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered
Common Stock, par value $0.01 per share	​	RBKB	​	The NASDAQ Stock Market, LLC

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))

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☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4(c))

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).     Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02Results of Operations and Financial Condition.

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On July 23, 2026, Rhinebeck Bancorp, Inc. issued a press release announcing the 2026 second quarter financial results.

A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference herein. The information contained in this Item 2.02, including the information set forth in the press release and incorporated by reference herein, is being “furnished” and not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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Item 9.01Financial Statements and Exhibits.

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(d) Exhibits:

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99.1​ ​Rhinebeck Bancorp, Inc. Press Release dated July 23, 2026.

104Cover Page Interactive Data File (embedded within the inline XBRL).

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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​	RHINEBECK BANCORP, INC.
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DATE: July 23, 2026	By: /s/ Kevin Nihill
​	Kevin Nihill
​	Chief Financial Officer

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Rhinebeck Bancorp, Inc. Reports

Results for the Quarter Ended June 30, 2026 and Completes Second-Step Conversion

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News provided by

Rhinebeck Bancorp, Inc.

Poughkeepsie, New York, July 23, 2026 /ACCESSWIRE/ Rhinebeck Bancorp, Inc. (the “Company”) (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the “Bank”), reported net income for the three months ended June 30, 2026 of $2.6 million ($0.24 per basic and diluted share), which was $110,000, or 4.0%, lower than the comparable prior year period of $2.7 million ($0.25 per basic and diluted share). Net income for the six months ended June 30, 2026 of $4.8 million ($0.45 per basic and $0.44 per diluted share) was $182,000, or 3.6%, lower than the same period last year. 

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On July 21, 2026, Rhinebeck Bancorp, MHC, the former mutual holding company parent of the Company, completed its second-step conversion, after which Rhinebeck Bancorp, MHC ceased to exist. In connection with the second-step conversion, the Company conducted a public stock offering in which it sold 8,880,210 shares of its common stock at a price of $10.00 per share for total gross proceeds of $88.8 million. As part of the transaction, each outstanding share of Rhinebeck Bancorp, Inc., common stock owned by the public stockholders as of the closing date was converted into new shares of Rhinebeck Bancorp common stock based on an exchange ratio of 1.3978 shares of Rhinebeck Bancorp common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, Rhinebeck Bancorp, Inc. will have 15,638,237 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares. Earnings per share and other share information disclosed throughout this release do not reflect the effect of the Company’s conversion and related stock offering.

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Financial highlights:

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● Second-quarter net income of $2.6 million, or $0.24 per diluted share

● Net interest income increased 1.2% year-over-year

● Non-interest income increased 8.8% year-over-year

● Past-due loans decreased 34.6% from year-end

● Deposits increased $29.6 million, or 2.7%, from December 31, 2025, excluding stock subscription funds

● Second-step conversion completed July 21, generating $88.8 million in gross proceeds

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The decrease in net income for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025 was primarily due to an increase in non-interest expense, offset by an increase in net interest income and non-interest income. The Company’s return on average assets and return on average equity were 0.79% and 7.56% for the second quarter of 2026, respectively, as compared to 0.88% and 8.57% for the second quarter of 2025, respectively. The decrease in net income for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025 was primarily due to an increase in non-interest expense and a decrease in non-interest income, partially offset by an increase in net interest income and a decrease in the provision for credit losses. The Company’s return on average assets and return on average equity were 0.75% and 7.03% for the first six months of 2026, respectively, as compared to 0.80% and 8.04% for the first six months of 2025, respectively.

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President and Chief Executive Officer Matthew Smith said, “During the second quarter, we continued to make progress in repositioning the franchise for sustainable growth and profitability. Our results reflected increased net interest and non-interest income, continued discipline in managing funding costs, and meaningful improvement in past-due loans. We are also investing in talent, technology, and capabilities that will broaden our growth opportunities and strengthen the organization over time. The successful completion of our second-step conversion following quarter-end represents an important milestone for Rhinebeck Bancorp, Inc. and significantly strengthens our capital position. We remain focused on deploying that capital prudently as we expand our commercial banking capabilities, advance our retail and digital deposit initiatives, and invest in the infrastructure necessary to support responsible, sustainable growth.”

Income Statement Analysis

Net interest income increased $140,000, or 1.2%, to $11.6 million for the three months ended June 30, 2026, from $11.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest-earning asset balances and lower costs on interest-bearing liabilities, partially offset by lower yields on interest-earning assets and higher interest-bearing liability balances. The net interest margin decreased by 19 basis points to 3.78% and the interest rate spread decreased 13 basis points from 3.33% for the three months ended June 30, 2025 to 3.20% for the three months ended June 30, 2026. For the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, the average balance of interest-earning assets increased by $73.5 million, or 6.3%, to $1.24 billion due to a $92.5 million increase in the average balance of cash and cash equivalents and a $19.7 million increase in the average balance of available for sale securities, offset by a $37.5 million decrease in the average balance of loans, while the average yield decreased by 26 basis points to 5.52% due to the lower interest rate environment and a higher composition of lower-yielding assets. The average balance of interest-bearing liabilities increased by $68.4 million, or 8.0%, primarily due to a $73.5 million increase in the average balance of deposits, partially offset by a $28.5 million decrease in the average balance of FHLB advances. The cost of interest-bearing liabilities decreased by 13 basis points to 2.32% due to the lower interest rate environment and the maturation of higher-yielding FHLB advances.

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Year-to-date net interest income increased $297,000, or 1.3%, to $22.8 million from $22.5 million for the prior year six-month period, primarily due to higher interest-earning assets and lower costs on interest bearing liabilities, offset by a decreased yield on interest-earning assets and an increase in the balance of interest-bearing liabilities. The net interest margin decreased by 11 basis points to 3.77% for the six months ended June 30, 2026 from 3.88% for the six months ended June 30, 2025. The interest rate spread decreased by five basis points, from 3.23% for the six months ended June 30, 2025, to 3.18% for the same period in 2026. For the six months ended June 30, 2026, the average balance of interest-earning assets increased by $48.2 million, or 4.1%, to $1.22 billion while the average yield decreased by 19 basis points to 5.56%, when compared to the six months ended June 30, 2025. The average balance of interest-bearing liabilities increased by $43.1 million, or 5.0%, primarily due to an increase in the average balance of deposits, partially offset by a decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 14 basis points to 2.38% due to the lower interest rate environment.

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The provision for credit losses increased by $90,000, or 89.1%, from a $101,000 credit for the quarter ended June 30, 2025 to an $11,000 credit for the current quarter. Net charge-offs increased $12,000, from $91,000 for the second quarter of 2025 to $103,000 for the second quarter of 2026. The increase was primarily due to increased net charge-offs of $47,000 in indirect automobile loans, substantially offset by decreased net charge-offs of $36,000 in consumer loans.

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Year-to-date, the provision for credit losses decreased by $192,000, or 76.2%, from $252,000 for the six months ended June 30, 2025 to $60,000 for the six months ended June 30, 2026. The decrease in the provision was primarily due to lower loan balances, particularly indirect automobile loans. Net charge-offs increased $49,000, or 8.2% to $650,000 for the first six months of 2026 as compared to $601,000 for the first six months of 2025. The increase was primarily due to increased net charge-offs in indirect automobile loans of $223,000, substantially offset by a decrease of $182,000 in net charge-offs of commercial loans. The percentage of overdue account balances to total loans decreased to 1.03% as of June 30, 2026 from 1.52% as of December 31, 2025, while non-performing assets decreased $312,000, or 8.4%, to $3.4 million at June 30, 2026.

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Non-interest income totaled $1.7 million for the three months ended June 30, 2026, an increase of $141,000, or 8.8%, from the comparable period in 2025, due primarily to an increase of $155,000, or 57.6%, in investment advisory fee income offset by a $69,000 decrease in net gain on sale of loans as we discontinued originating residential mortgage loans directly.

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Non-interest income totaled $3.2 million for the six months ended June 30, 2026, a decrease of $144,000, or 4.3%, from the comparable period in 2025, driven primarily by a decrease of $207,000, or 27.3%, in other non-interest income and a $107,000 decrease in net gain on sales of loans. These decreases were partially offset by an increase in investment advisory income of $122,000.

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For the three months ended June 30, 2026, non-interest expense totaled $10.0 million, an increase of $301,000, or 3.1%, compared to the same period in 2025. This increase was primarily driven by higher salaries and employee benefits of $296,000, higher professional fees of $144,000, and a rise in data processing costs of $71,000. These increases were partially offset by decreases in other non-interest expenses of $85,000, marketing expenses of $85,000, and FDIC deposit insurance and other insurance of $42,000.

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For the six months ended June 30, 2026, non-interest expense totaled $19.7 million, an increase of $531,000, or 2.8%, compared to $19.2 million for the same period in 2025. The variance was primarily driven by a $695,000, or 6.7%, increase in salaries and employee benefits, reflecting increased compensation and medical insurance costs, and higher occupancy and data processing expenses, which rose $164,000 and $155,000, respectively. These operational increases were partially offset by a $260,000 decrease in other expenses, a $140,000 decrease in marketing expenses, and a $120,000 decrease in FDIC deposit insurance costs.

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Balance Sheet Analysis

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Total assets increased by $168.3 million, or 12.9%, to $1.47 billion at June 30, 2026, compared to $1.30 billion at December 31, 2025. The increase was primarily attributable to a $202.6 million, or 198.6%, increase in cash and cash equivalents reflecting $156.0 million in stock subscriptions awaiting the closing of the stock offering. Available-for-sale securities increased by $9.2 million, or 5.7%, primarily due to $22.4 million in purchases, partially offset by $12.7 million in paydowns, calls, and maturities and a $740,000 increase in unrealized losses.  The increase in total assets was partially offset by a decrease in loans receivable of $34.9 million, reflecting a $25.7 million reduction in indirect automobile loans in line with a strategic decision to reduce their concentration in the portfolio and an $11.6 million reduction in commercial real estate loans and a $4.4 million reduction in commercial and industrial loans, partially offset by an increase of $6.7 million in residential real estate loans. Other assets decreased by $7.2 million, largely due to a decrease in the fair value of the Company’s interest rate swaps.

Past due loans decreased $5.0 million, or 34.6%, between December 31, 2025 and June 30, 2026, to $9.5 million, or 1.03% of total loans, from $14.5 million, or 1.52% of total loans at year-end 2025. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards as well as a decrease in these loan balances. The allowance for credit losses was 0.83% of total loans and 227.06% of non-performing loans at June 30, 2026 as compared to 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025. Non-performing assets totaled $3.4 million at June 30, 2026, a decrease of $312,000 from $3.7 million at December 31, 2025.

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Total liabilities increased by $165.5 million, or 14.2%, to $1.33 billion at June 30, 2026, primarily driven by a $185.6 million, or 16.9%, increase in deposits which included $156.0 million in stock subscriptions, and a $3.8 million increase in mortgagors’ escrow accounts. The increases were slightly offset by a reduction in borrowings of $20.0 million, or 79.5%. The growth in deposits was attributable to a $170.1 million, or 19.6%, increase in interest-bearing deposits, which included $156.0 million in stock subscription deposits, while non-interest-bearing deposits increased by $15.5 million, or 6.8%. Uninsured deposits were approximately 36.7% and 27.9% of the Bank’s total deposits as of June 30, 2026 and December 31, 2025, respectively. Excluding the $156.0 million of funds collected and held on deposit in a segregated account in connection with the Company's stock offering in the second quarter of 2026, the Company's uninsured deposits to total deposits totaled 28.0% at June 30, 2026.

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Stockholders' equity increased $2.8 million, or 2.0%, to $139.6 million at June 30, 2026. The increase was primarily due to $4.8 million in net income partially offset by a $1.8 million repurchase of common stock and a $733,000 increase in the net unrealized loss on available-for-sale securities. The Company's ratio of average equity to average assets was 10.59% for the six months ended June 30, 2026 and 10.09% for the year ended December 31, 2025.

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About Rhinebeck Bancorp

Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the holding company of Rhinebeck Bank.  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 twelve branches and three 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.

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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 trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty, 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 ability to attract, develop and retain qualified personnel in a competitive labor market, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors.  

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.

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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)

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Three Months Ended June 30,

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Six Months Ended June 30,

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2026

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2025

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2026

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2025

Interest and Dividend Income

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Interest and fees on loans

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$

14,449

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$

15,066

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$

28,787

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$

30,074

Interest and dividends on securities

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1,360

​

1,275

​

2,772

​

2,626

Other interest income

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1,204

​

414

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2,065

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693

Total interest and dividend income

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17,013

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16,755

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33,624

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33,393

Interest Expense

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Interest expense on deposits

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5,304

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4,866

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10,477

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9,628

Interest expense on borrowings

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77

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397

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321

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1,236

Total interest expense

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5,381

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5,263

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10,798

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10,864

Net interest income

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11,632

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11,492

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22,826

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22,529

(Credit to) Provision for Credit Losses on loans

​

(11)

​

(101)

​

60

​

252

Net interest income after provision for credit losses on loans

​

11,643

​

11,593

​

22,766

​

22,277

Non-interest Income

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

744

​

728

​

1,508

​

1,501

Net gain on sales of loans

​

—

​

69

​

—

​

107

Increase in cash surrender value of life insurance

​

203

​

194

​

401

​

382

Net gain on disposal of premises and equipment

​

15

​

—

​

22

​

—

Investment advisory income

​

424

​

269

​

727

​

605

Other

​

357

​

342

​

551

​

758

Total non-interest income

​

1,743

​

1,602

​

3,209

​

3,353

Non-interest Expense

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

5,538

​

5,242

​

11,071

​

10,376

Occupancy

​

1,127

​

1,115

​

2,350

​

2,186

Data processing

​

605

​

534

​

1,214

​

1,059

Professional fees

​

636

​

492

​

1,029

​

969

Marketing

​

138

​

223

​

283

​

423

FDIC deposit insurance and other insurance

​

253

​

295

​

472

​

592

Amortization of intangible assets

​

7

​

17

​

14

​

37

Other

​

1,704

​

1,789

​

3,313

​

3,573

Total non-interest expense

​

10,008

​

9,707

​

19,746

​

19,215

Net income before income taxes

​

3,378

​

3,488

​

6,229

​

6,415

Net Provision for Income Taxes

​

762

​

762

​

1,397

​

1,401

Net income

​

$

2,616

​

$

2,726

​

$

4,832

​

$

5,014

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.24

​

$

0.25

​

$

0.45

​

$

0.47

Diluted

​

$

0.24

​

$

0.25

​

$

0.44

​

$

0.46

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding, basic

​

​

10,829,944

​

​

10,787,446

​

​

10,836,517

​

​

10,782,259

Weighted average shares outstanding, diluted

​

​

10,958,117

​

​

10,954,124

​

​

10,970,534

​

​

10,939,842

​

​

​

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​	​ ​ ​	2026		​ ​ ​	2025
Assets	​	​	​	​	​	​
Cash and due from banks	​	$	20,974	​	$	15,893
Federal funds sold	​	​	279,963	​	​	83,157
Interest-bearing depository accounts	​	​	3,626	​	​	2,936
Total cash and cash equivalents	​	​	304,563	​	​	101,986
​	​	​	​	​	​	​
Available-for-sale securities (at fair value)	​		171,368	​		162,203
Loans receivable (net of allowance for credit losses of $7,695 and $8,353, respectively)	​		918,477	​		953,385
Federal Home Loan Bank stock	​		1,153	​		1,957
Accrued interest receivable	​		4,592	​		4,882
Cash surrender value of life insurance	​		31,397	​		30,996
Deferred tax assets (net of valuation allowance of $663 and $809, respectively)	​		4,623	​		4,941
Premises and equipment, net	​		13,249	​		13,621
Goodwill	​		2,235	​		2,235
Intangible assets, net	​		92	​		106
Other assets	​		18,303	​		25,454
Total assets	​	$	1,470,052	​	$	1,301,766
Liabilities and Stockholders’ Equity	​		​	​		​
Liabilities	​		​	​		​
Deposits	​		​	​		​
Non-interest bearing	​	$	242,774	​	$	227,272
Interest bearing	​		1,040,198	​		870,068
Total deposits	​		1,282,972	​		1,097,340
​	​	​	​	​	​	​
Mortgagors’ escrow accounts	​		13,206	​		9,399
Advances from the Federal Home Loan Bank	​		5,153	​		25,153
Subordinated debt	​		5,155	​		5,155
Accrued expenses and other liabilities	​		23,963	​		27,867
Total liabilities	​		1,330,449	​		1,164,914
​	​	​	​	​	​	​
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 11,180,786 and 11,141,033 at June 30, 2026 and December 31, 2025, respectively)	​		112	​		112
Additional paid-in capital	​		44,906	​		45,710
Unearned common stock held by the employee stock ownership plan	​	​	(2,728)	​	​	(2,837)
Retained earnings	​		105,976	​		101,797
Accumulated other comprehensive loss:	​		​	​		​
Net unrealized loss on available-for-sale securities, net of taxes	​		(6,840)	​		(6,255)
Defined benefit pension plan, net of taxes	​		(1,823)	​		(1,675)
Total accumulated other comprehensive loss	​		(8,663)	​		(7,930)
Total stockholders’ equity	​		139,603	​		136,852
Total liabilities and stockholders’ equity	​	$	1,470,052	​	$	1,301,766

​

​

​

​

​

Rhinebeck Bancorp, Inc. and Subsidiary

Average Balance Sheet (Unaudited)

(Dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended June 30,

​

​

​

​

2026

​

2025

​

​

​ ​ ​

​

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

​

​

$

130,061

​

$

1,204

3.71

%

$

37,527

​

$

414

4.42

%

Loans(1)

​

​

940,474

​

14,449

6.16

%

978,022

​

15,066

6.18

%

Available-for-sale securities

​

​

163,432

​

1,338

3.28

%

143,756

​

1,208

3.37

%

Other interest-earning assets

​

​

1,303

​

22

6.77

%

2,496

​

67

10.77

%

Total interest-earning assets

​

​

​

1,235,270

​

​

17,013

5.52

%

​

1,161,801

​

​

16,755

5.78

%

Non-interest-earning assets

​

​

87,498

​

​

​

​

87,246

​

​

​

​

Total assets

​

​

$

1,322,768

​

​

​

​

$

1,249,047

​

​

​

​

Liabilities and equity:

​

​

​

​

​

​

​

​

​

​

​

​

Subscription Deposits

​

​

$

20,824

​

$

8

0.15

%

$

—

​

$

—

—

%

NOW accounts

​

​

​

131,146

​

​

80

0.24

%

​

118,195

​

​

58

0.20

%

Money market accounts

​

​

238,920

​

1,523

2.56

%

215,295

​

1,353

2.52

%

Savings accounts

​

​

130,554

​

120

0.37

%

134,314

​

130

0.39

%

Certificates of deposit

​

​

385,544

​

3,543

3.69

%

342,425

​

3,295

3.86

%

Total interest-bearing deposits

​

​

906,988

​

5,274

2.33

%

810,229

​

4,836

2.39

%

Escrow accounts

​

​

11,060

​

30

1.09

%

10,847

​

30

1.11

%

Federal Home Loan Bank advances

​

​

5,154

​

—

—

%

33,686

​

311

3.70

%

Subordinated debt

​

​

​

5,155

​

77

5.99

%

5,155

​

86

6.69

%

Total other interest-bearing liabilities

​

​

21,369

​

107

2.01

%

49,688

​

427

3.45

%

Total interest-bearing liabilities

​

​

​

928,357

​

​

5,381

2.32

%

​

859,917

​

​

5,263

2.45

%

Non-interest-bearing deposits

​

​

231,793

​

​

​

​

231,573

​

​

​

​

Other non-interest-bearing liabilities

​

​

23,753

​

​

​

​

29,950

​

​

​

​

Total liabilities

​

​

​

1,183,903

​

​

​

​

​

1,121,440

​

​

​

​

Total stockholders’ equity

​

​

138,865

​

​

​

​

127,607

​

​

​

​

Total liabilities and stockholders’ equity

​

​

$

1,322,768

​

​

​

​

$

1,249,047

​

​

​

​

Net interest income

​

​

​

​

$

11,632

​

​

​

​

$

11,492

​

​

Interest rate spread

​

​

​

​

​

3.20

%

​

​

​

3.33

%

Net interest margin(2)

​

​

​

​

​

3.78

%

​

​

​

3.97

%

Average interest-earning assets to average interest-bearing liabilities

​

​

​

​

​

133.06

%

​

​

​

135.11

%

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $52,000 and $86,000 for the three months ended June 30, 2026 and 2025, respectively.

⁽²⁾ Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.

⁽³⁾ Annualized.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Six Months Ended June 30,

​

​

​

2026

​

2025

​

​

​ ​ ​

​

Average

​ ​ ​

Interest and

​ ​ ​

​

​ ​ ​

Average

​ ​ ​

Interest and

​ ​ ​

​

​ ​ ​

​

​

​

Balance

​

Dividends

​

Yield/Cost

​

Balance

​

Dividends

​

Yield/Cost

​

​

​

​

(Dollars in thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing depository accounts

​

​

$

110,962

​

$

2,065

3.75

%

$

33,003

​

$

693

4.23

%

Loans(1)

​

​

945,212

​

28,787

6.14

%

984,984

​

30,074

6.16

%

Available-for-sale securities

​

​

162,181

​

2,712

3.37

%

150,450

​

2,469

3.31

%

Other interest-earning assets

​

​

1,676

​

60

7.22

%

3,417

​

157

9.27

%

Total interest-earning assets

​

​

​

1,220,031

​

​

33,624

5.56

%

​

1,171,854

​

​

33,393

5.75

%

Non-interest-earning assets

​

​

87,789

​

​

​

​

87,172

​

​

​

​

Total assets

​

​

$

1,307,820

​

​

​

​

$

1,259,026

​

​

​

​

Liabilities and equity:

​

​

​

​

​

​

​

​

​

​

​

​

Subscription Deposits

​

​

$

10,412

​

$

8

0.15

%

$

—

​

$

—

—

%

NOW accounts

​

​

​

127,035

​

​

152

0.24

%

​

122,118

​

​

111

0.18

%

Money market accounts

​

​

236,019

​

2,981

2.55

%

210,683

​

2,588

2.48

%

Savings accounts

​

​

129,980

​

249

0.39

%

133,635

​

254

0.38

%

Certificates of deposit

​

​

381,839

​

7,037

3.72

%

335,917

​

6,625

3.98

%

Total interest-bearing deposits

​

​

885,285

​

10,427

2.38

%

802,353

​

9,578

2.41

%

Escrow accounts

​

​

9,219

​

50

1.09

%

9,220

​

51

1.12

%

Federal Home Loan Bank advances

​

​

14,416

​

164

2.29

%

54,211

​

1,063

3.95

%

Subordinated debt

​

​

5,155

​

157

6.14

%

5,155

​

172

6.73

%

Total other interest-bearing liabilities

​

​

28,790

​

371

2.60

%

68,586

​

1,286

3.78

%

Total interest-bearing liabilities

​

​

​

914,075

​

​

10,798

2.38

%

​

870,939

​

​

10,864

2.52

%

Non-interest-bearing deposits

​

​

229,573

​

​

​

​

232,926

​

​

​

​

Other non-interest-bearing liabilities

​

​

25,638

​

​

​

​

29,379

​

​

​

​

Total liabilities

​

​

​

1,169,286

​

​

​

​

​

1,133,244

​

​

​

​

Total stockholders’ equity

​

​

138,534

​

​

​

​

125,782

​

​

​

​

Total liabilities and stockholders’ equity

​

​

$

1,307,820

​

​

​

​

$

1,259,026

​

​

​

​

Net interest income

​

​

​

​

$

22,826

​

​

​

​

$

22,529

​

​

Interest rate spread

​

​

​

​

​

3.18

%

​

​

​

3.23

%

Net interest margin(2)

​

​

​

​

​

3.77

%

​

​

​

3.88

%

Average interest-earning assets to average interest-bearing liabilities

​

​

​

​

​

133.47

%

​

​

​

134.55

%

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $84,000 and $140,000 for the six months ended June 30, 2026 and 2025, 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					​	Six Months Ended			​	Year Ended
​	​	June 30,		​	June 30,		​	June 30,			​	December 31,
​	​	2026		​	2025		​	2026	​	2025	​	2025
Performance Ratios (1):	​	​	​	​	​	​	​	​			​	​	​
Return on average assets (2)	​	0.79	%	​	0.88	%	​	0.75	%	0.80	%	0.78	%
Return on average equity (3)	​	7.56	%	​	8.57	%	​	7.03	%	8.04	%	7.77	%
Net interest margin (4)	​	3.78	%	​	3.97	%	​	3.77	%	3.88	%	3.89	%
Efficiency ratio	​	74.83	%	​	74.13	%	​	75.84	%	74.24	%	73.12	%
Average interest-earning assets to average interest-bearing liabilities	​	133.06	%	​	135.11	%	​	133.47	%	134.55	%	134.72	%
Total gross loans to total deposits	​	71.94	%	​	90.08	%	​	71.94	%	90.08	%	87.32	%
Average equity to average assets (5)	​	10.50	%	​	10.22	%	​	10.59	%	9.99	%	10.09	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Asset Quality Ratios:	​	​	​	​	​	​	​	​	​	​	​	​	​
Allowance for credit losses on loans as a percent of total gross loans	​	0.83	%	​	0.85	%	​	0.83	%	0.85	%	0.87	%
Allowance for credit losses on loans as a percent of non-performing loans	​	227.06	%	​	283.14	%	​	227.06	%	283.14	%	225.76	%
Net charge-offs to average outstanding loans during the period (1)	​	0.04	%	​	0.04	%	​	0.14	%	0.12	%	0.20	%
Non-performing loans as a percent of total gross loans	​	0.37	%	​	0.30	%	​	0.37	%	0.30	%	0.39	%
Non-performing assets as a percent of total assets	​	0.23	%	​	0.23	%	​	0.23	%	0.23	%	0.28	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Capital Ratios (6):	​	​	​	​	​	​	​	​	​	​	​	​	​
Tier 1 capital (to risk-weighted assets)	​	14.61	%	​	12.66	%	​	14.61	%	12.66	%	13.57	%
Total capital (to risk-weighted assets)	​	15.41	%	​	13.45	%	​	15.41	%	13.45	%	14.40	%
Common equity Tier 1 capital (to risk-weighted assets)	​	14.61	%	​	12.66	%	​	14.61	%	12.66	%	13.57	%
Tier 1 leverage ratio (to average total assets)	​	10.93	%	​	10.64	%	​	10.93	%	10.64	%	10.62	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Other Data:	​	​	​	​	​	​	​	​	​	​	​	​	​
Book value per common share	​	​	​	​	​	​	​	$ 12.49	​	$ 11.61	​	$ 12.28	​
Tangible book value per common share(7)	​	​	​	​	​	​	​	$ 12.28	​	$ 11.40	​	$ 12.07	​

(1) Ratios for the three and six month periods ended June 30, 2026 and 2025 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 measure: “tangible book value per common share”. Management uses this non-GAAP measure because we believe that it 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 this non-GAAP measure 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. This non-GAAP measure 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.

​

​	​	​	​	​	​	​	​	​	​	​
(In thousands, except per share data)	​	June 30,					​	​	December 31,
​	​	2026		​	2025		​	​	2025
Book value per common share	​	​	​	​	​	​	​	​	​	​
Total shareholders' equity (book value) (GAAP)	​	$	139,603	​	$	128,957	​	​	$	136,852
Total shares outstanding	​	​	11,181	​	​	11,105	​	​	​	11,141
Book value per common share	​	$	12.49	​	$	11.61	​	​	$	12.28
​	​	​	​	​	​	​	​	​	​	​
Tangible common equity	​	​	​	​	​	​	​	​	​	​
Total shareholders' equity (book value) (GAAP)	​	$	139,603	​	$	128,957	​	​	$	136,852
Goodwill	​	​	(2,235)	​	​	(2,235)	​	​	​	(2,235)
Intangible assets, net	​	​	(92)	​	​	(129)	​	​	​	(106)
Tangible common equity (non-GAAP)	​	$	137,276	​	$	126,593	​	​	$	134,511
​	​	​	​	​	​	​	​	​	​	​
Tangible book value per common share	​	​	​	​	​	​	​	​	​	​
Tangible common equity (non-GAAP)	​	$	137,276	​	$	126,593	​	​	$	134,511
Total shares outstanding	​	​	11,181	​	​	11,105	​	​	​	11,141
Tangible book value per common share (non-GAAP)	​	$	12.28	​	$	11.40	​	​	$	12.07

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SOURCE Rhinebeck Bancorp, Inc.

Related Links

http://www.Rhinebeckbank.com

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