$RBKB

Rhinebeck Bancorp, Inc.

CIK:0001751783|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and Dividend Income
Interest and fees on loans	$ 14,449	$ 15,066	$ 28,787	$ 30,074
Interest and dividends on securities	1,360	1,275	2,772	2,626
Other interest income	1,204	414	2,065	693
Total interest and dividend income	17,013	16,755	33,624	33,393
Interest Expense
Interest expense on deposits	5,304	4,866	10,477	9,628
Interest expense on borrowings	77	397	321	1,236
Total interest expense	5,381	5,263	10,798	10,864
Net interest income	11,632	11,492	22,826	22,529
(Credit to) Provision for Credit Losses on loans	(11)	(101)	60	252
Net interest income after (credit to) provision for credit losses	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 (in dollars per share)	$ 0.24	$ 0.25	$ 0.45	$ 0.47
Diluted (in dollars per share)	$ 0.24	$ 0.25	$ 0.44	$ 0.46
Weighted average shares outstanding, basic (in shares)	10,829,944	10,787,446	10,836,517	10,782,259
Weighted average shares outstanding, diluted (in shares)	10,958,117	10,954,124	10,970,534	10,939,842

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 4,832	$ 5,014
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion of premiums and discounts on investments, net	(138)	(88)
Provision for credit losses	60	252
Loans originated for sale		(3,973)
Proceeds from sale of loans		3,145
Net gain on sale of loans		(107)
Amortization of intangible assets	14	37
Depreciation and amortization	662	622
Net gain from disposal of premises and equipment	(22)
Deferred income tax expense	513	946
Increase in cash surrender value of insurance	(401)	(382)
Net decrease (increase) in accrued interest receivable	290	(67)
Expense of earned ESOP shares	165	115
Share-based compensation expense	75	19
Net decrease in other assets	7,151	734
Net (decrease) increase in accrued expenses and other liabilities	(4,091)	474
Net cash provided by operating activities	9,110	6,741
Cash Flows from Investing Activities
Proceeds from maturities and principal repayments of securities	12,660	24,608
Purchases of securities	(22,427)	(2,626)
Net purchases of FHLB Stock	804	1,937
Net decrease in loans	34,847	11,659
Purchases of bank premises and equipment	(842)	(298)
Proceeds from disposal of premises and equipment	574
Net cash provided by investing activities	25,616	35,280
Cash Flows from Financing Activities
Net increase in demand deposits, NOW, money market and savings accounts	21,959	32,173
Net increase in time deposits	7,661	17,852
Net increase in mortgagors' escrow accounts	3,807	3,324
Net increase (decrease) in short-term debt	1,709	(45,000)
Proceeds from borrowings		1,830
Repayment of borrowings	(21,709)
Share redemption for tax withholding		(62)
Stock repurchases	(1,813)
Proceeds from exercise of stock options	225
Proceeds from issuance of common stock	156,012
Net cash provided by financing activities	167,851	10,117
Net increase in cash and cash equivalents	202,577	52,138
Cash and Cash Equivalents
Beginning balance	101,986	37,484
Ending balance	304,563	89,622
Supplemental Disclosures of Cash Flow Information
Interest	11,149	11,057
Income taxes	$ 661	$ 431

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 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
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