RBKB 8-K

Rhinebeck Bancorp, Inc. (RBKB)

8-K 2026-07-23 For: 2026-07-23

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Added on July 24, 2026

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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)


	RHINEBECK BANCORP, INC.



DATE: July 23, 2026	By: /s/ Kevin Nihill
	Kevin Nihill
	Chief Financial Officer



		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			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 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


		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


	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	%


	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	%


	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


(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