RBKB 8-K

Rhinebeck Bancorp, Inc. (RBKB)

8-K 2024-07-25 For: 2024-07-25

View Original

Added on April 09, 2026


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)


	RHINEBECK BANCORP, INC.



DATE: July 25, 2024	By: /s/ Michael J. Quinn
	Michael J. Quinn
	President and Chief Executive Officer


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest and Dividend Income
Interest and fees on loans	$	14,524	$	13,313	$	28,905	$	26,708
Interest and dividends on securities		957		1,228		1,994		2,246
Other income		295		398		512		587
Total interest and dividend income		15,776		14,939		31,411		29,541
Interest Expense
Interest expense on deposits		5,370		4,264		10,504		8,234
Interest expense on borrowings		1,269		1,375		2,874		2,143
Total interest expense		6,639		5,639		13,378		10,377
Net interest income		9,137		9,300		18,033		19,164
Provision expense (credit) for credit losses		447		(452)		530		562
Net interest income after provision for credit losses		8,690		9,752		17,503		18,602
Non-interest Income
Service charges on deposit accounts		736		718		1,479		1,426
Net gain on sales of loans		35		52		81		62
Increase in cash surrender value of life insurance		188		164		372		324
Net gain from sale of other real estate owned		—		—		4		—
Gain (loss) on disposal of premises and equipment		—		19		(18)		36
Investment advisory income		378		234		759		543
Other		177		171		343		343
Total non-interest income		1,514		1,358		3,020		2,734
Non-interest Expense
Salaries and employee benefits		4,912		4,952		9,904		10,192
Occupancy		1,062		1,087		2,115		2,166
Data processing		521		506		1,016		978
Professional fees		458		616		872		982
Marketing		115		143		236		247
FDIC deposit insurance and other insurance		261		354		514		636
Amortization of intangible assets		20		21		41		45
Other		1,598		1,610		3,126		3,246
Total non-interest expense		8,947		9,289		17,824		18,492
Income before income taxes		1,257		1,821		2,699		2,844
Provision for income taxes		282		390		603		615
Net income	$	975	$	1,431	$	2,096	$	2,229

Earnings per common share:
Basic	$	0.09	$	0.13	$	0.19	$	0.21
Diluted	$	0.09	$	0.13	$	0.19	$	0.20

Weighted average shares outstanding, basic		10,753,460		10,823,598		10,750,733		10,852,563
Weighted average shares outstanding, diluted		10,819,751		10,882,837		10,832,303		10,956,468


	June 30,		December 31,
	2024		2023
Assets
Cash and due from banks	$	14,251	$	14,178
Federal funds sold		19,319		7,524
Interest bearing depository accounts		868		427
Total cash and cash equivalents		34,438		22,129

Available for sale securities (at fair value)		174,252		191,985
Loans receivable (net of allowance for credit losses of $7,574 and $8,124, respectively)		982,392		1,008,851
Federal Home Loan Bank stock		4,410		6,514
Accrued interest receivable		4,501		4,616
Cash surrender value of life insurance		30,402		30,031
Deferred tax assets (net of valuation allowance of $615 and $598, respectively)		9,908		9,936
Premises and equipment, net		14,346		17,567
Other real estate owned		—		25
Goodwill		2,235		2,235
Intangible assets, net		205		246
Other assets		18,876		19,067
Total assets	$	1,275,965	$	1,313,202
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Non-interest bearing	$	240,764	$	249,793
Interest bearing		791,185		780,710
Total deposits		1,031,949		1,030,503

Mortgagors’ escrow accounts		12,028		9,274
Advances from the Federal Home Loan Bank		79,773		128,064
Subordinated debt		5,155		5,155
Accrued expenses and other liabilities		30,864		26,521
Total liabilities		1,159,769		1,199,517

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 11,072,607)		111		111
Additional paid-in capital		45,939		45,959
Unearned common stock held by the employee stock ownership plan		(3,164)		(3,273)
Retained earnings		102,482		100,386
Accumulated other comprehensive loss:
Net unrealized loss on available for sale securities, net of taxes		(25,778)		(26,077)
Defined benefit pension plan, net of taxes		(3,394)		(3,421)
Total accumulated other comprehensive loss		(29,172)		(29,498)
Total stockholders’ equity		116,196		113,685
Total liabilities and stockholders’ equity	$	1,275,965	$	1,313,202


	For the Three Months Ended June 30,
	2024						2023
	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	$	20,837	$	295	5.69	%	$	30,715	$	398	5.20	%
Loans⁽¹⁾		991,632		14,524	5.89	%		1,005,464		13,313	5.31	%
Available for sale securities		177,330		823	1.87	%		214,695		1,133	2.12	%
Other interest-earning assets		5,258		134	10.25	%		5,612		95	6.79	%
Total interest-earning assets		1,195,057		15,776	5.31	%		1,256,486		14,939	4.77	%
Non-interest-earning assets		89,125						90,152
Total assets	$	1,284,182					$	1,346,638
Liabilities and equity:
NOW accounts	$	125,039	$	43	0.14	%	$	142,774	$	49	0.14	%
Money market accounts		184,187		1,224	2.67	%		226,267		1,440	2.55	%
Savings accounts		142,546		128	0.36	%		164,774		149	0.36	%
Certificates of deposit		339,600		3,945	4.67	%		288,299		2,595	3.61	%
Total interest-bearing deposits		791,372		5,340	2.71	%		822,114		4,233	2.07	%
Escrow accounts		10,192		30	1.18	%		11,019		31	1.13	%
Federal Home Loan Bank advances		95,290		1,121	4.73	%		104,692		1,282	4.91	%
Subordinated debt		5,155		99	7.72	%		5,155		93	7.24	%
Other interest-bearing liabilities		3,655		49	5.39	%		—		—	—	%
Total other interest-bearing liabilities		114,292		1,299	4.57	%		120,866		1,406	4.67	%
Total interest-bearing liabilities		905,664		6,639	2.95	%		942,980		5,639	2.40	%
Non-interest-bearing deposits		236,515						266,296
Other non-interest-bearing liabilities		27,604						26,396
Total liabilities		1,169,783						1,235,672
Total stockholders’ equity		114,399						110,966
Total liabilities and stockholders’ equity	$	1,284,182					$	1,346,638
Net interest income			$	9,137					$	9,300
Interest rate spread					2.36	%					2.37	%
Net interest margin⁽²⁾					3.08	%					2.97	%
Average interest-earning assets to average interest-bearing liabilities					131.95	%					133.25	%


	For the Six Months Ended June 30,
	2024						2023
	Average		Interest and				Average		Interest and
	Balance		Dividends		Yield/Cost		Balance		Dividends		Yield/Cost

	(Dollars in thousands)
Assets:
Interest bearing depository accounts	$	19,056	$	512	5.40	%	$	24,239	$	587	4.88	%
Loans⁽¹⁾		1,000,622		28,905	5.81	%		1,004,193		26,708	5.36	%
Available for sale securities		184,115		1,693	1.85	%		218,858		2,069	1.91	%
Other interest-earning assets		5,850		301	10.35	%		4,573		177	7.81	%
Total interest-earning assets		1,209,643		31,411	5.22	%		1,251,863		29,541	4.76	%
Non-interest-earning assets		88,994						88,857
Total assets	$	1,298,637					$	1,340,720
Liabilities and equity:
NOW accounts	$	124,409	$	85	0.14	%	$	143,447	$	99	0.14	%
Money market accounts		186,542		2,483	2.68	%		253,581		3,274	2.60	%
Savings accounts		144,831		260	0.36	%		169,546		306	0.36	%
Certificates of deposit		336,471		7,626	4.56	%		266,110		4,504	3.41	%
Total interest-bearing deposits		792,253		10,454	2.65	%		832,684		8,183	1.98	%
Escrow accounts		8,604		50	1.17	%		9,399		51	1.09	%
Federal Home Loan Bank advances		109,141		2,628	4.84	%		82,473		1,963	4.80	%
Subordinated debt		5,155		197	7.69	%		5,155		180	7.04	%
Other interest-bearing liabilities		1,828		49	5.39	%		—		—	—	%
Total other interest-bearing liabilities		124,728		2,924	4.71	%		97,027		2,194	4.56	%
Total interest-bearing liabilities		916,981		13,378	2.93	%		929,711		10,377	2.25	%
Non-interest-bearing deposits		239,766						275,043
Other non-interest-bearing liabilities		27,112						25,691
Total liabilities		1,183,859						1,230,445
Total stockholders’ equity		114,778						110,275
Total liabilities and stockholders’ equity	$	1,298,637					$	1,340,720
Net interest income			$	18,033					$	19,164
Interest rate spread					2.29	%					2.51	%
Net interest margin⁽²⁾					3.00	%					3.09	%
Average interest-earning assets to average interest-bearing liabilities					131.92	%					134.65	%


	Three Months Ended				Six Months Ended				Year Ended
	June 30,				June 30,				December 31,
	2024		2023		2024		2023		2023

Performance Ratios⁽¹⁾:
Return on average assets ⁽²⁾	0.31	%	0.43	%	0.32	%	0.34	%	0.33	%
Return on average equity⁽³⁾	3.43	%	5.17	%	3.67	%	4.08	%	4.03	%
Net interest margin ⁽⁴⁾	3.08	%	2.97	%	3.00	%	3.09	%	3.06	%
Efficiency ratio⁽⁵⁾	84.00	%	87.16	%	84.66	%	84.45	%	83.28	%
Average interest-earning assets to average interest-bearing liabilities	131.95	%	133.25	%	131.92	%	134.65	%	133.80	%
Total gross loans to total deposits	95.28	%	91.38	%	95.28	%	91.38	%	97.87	%
Average equity to average assets⁽⁶⁾	8.91	%	8.24	%	8.84	%	8.23	%	8.19	%

Asset Quality Ratios:
Allowance for credit losses on loans as a percent of total gross loans	0.77	%	0.81	%	0.77	%	0.81	%	0.81	%
Allowance for credit losses on loans as a percent of non-performing loans	181.33	%	177.96	%	181.33	%	177.96	%	194.31	%
Net charge-offs to average outstanding loans during the period	(0.08)	%	(0.06)	%	(0.11)	%	(0.10)	%	(0.21)	%
Non-performing loans as a percent of total gross loans	0.42	%	0.46	%	0.42	%	0.46	%	0.41	%
Non-performing assets as a percent of total assets	0.33	%	0.34	%	0.33	%	0.34	%	0.32	%

Capital Ratios ⁽⁷⁾:
Tier 1 capital (to risk-weighted assets)	12.59	%	11.63	%	12.59	%	11.63	%	11.96	%
Total capital (to risk-weighted assets)	13.29	%	12.35	%	13.29	%	12.35	%	12.70	%
Common equity Tier 1 capital (to risk-weighted assets)	12.59	%	11.63	%	12.59	%	11.63	%	11.96	%
Tier 1 leverage ratio (to average total assets)	10.60	%	9.74	%	10.60	%	9.74	%	10.10	%

Other Data:
Book value per common share					$ 10.49		$ 9.70		$ 10.27
Tangible book value per common share⁽⁸⁾					$ 10.27		$ 9.47		$ 10.04


(In thousands, except per share data)	June 30,				December 31,
	2024		2023		2023
Book value per common share reconciliation
Total shareholders' equity (book value) (GAAP)	$	116,196	$	107,463	$	113,685
Total shares outstanding		11,073		11,084		11,073
Book value per common share	$	10.49	$	9.70	$	10.27
Total common equity
Total shareholders' equity (book value) (GAAP)	$	116,196	$	107,463	$	113,685
Goodwill		(2,235)		(2,235)		(2,235)
Intangible assets, net		(205)		(289)		(246)
Tangible common equity (non-GAAP)	$	113,756	$	104,939	$	111,204
Tangible book value per common share
Tangible common equity (non-GAAP)	$	113,756	$	104,939	$	111,204
Total shares outstanding		11,073		11,084		11,073
Tangible book value per common share (non-GAAP)	$	10.27	$	9.47	$	10.04