RBKB 8-K

Rhinebeck Bancorp, Inc. (RBKB)

8-K 2026-01-29 For: 2026-01-29

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Added on April 09, 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: January 29, 2026	By: /s/ Kevin Nihill
	Kevin Nihill
	Chief Financial Officer


		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


		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


	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	%


	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	%


	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


(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