RBKB 8-K

Rhinebeck Bancorp, Inc. (RBKB)

8-K 2024-10-24 For: 2024-10-24

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: October 24, 2024	By: /s/ Michael J. Quinn
	Michael J. Quinn
	President and Chief Executive Officer


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest and Dividend Income
Interest and fees on loans	$	14,679	$	14,139	$	43,584	$	40,847
Interest and dividends on securities		995		1,011		2,989		3,257
Other income		366		384		878		971
Total interest and dividend income		16,040		15,534		47,451		45,075
Interest Expense
Interest expense on deposits		5,567		4,588		16,071		12,822
Interest expense on borrowings		774		1,288		3,648		3,431
Total interest expense		6,341		5,876		19,719		16,253
Net interest income		9,699		9,658		27,732		28,822
Provision for credit losses		889		910		1,419		1,472
Net interest income after provision for credit losses		8,810		8,748		26,313		27,350
Non-interest (Loss) Income
Service charges on deposit accounts		773		738		2,252		2,164
Net realized loss on sales and calls of securities		(11,996)		—		(11,996)		—
Net gain on sales of loans		50		30		131		92
Increase in cash surrender value of life insurance		192		170		564		494
Net gain from sale of other real estate owned		—		—		4		—
Net (loss) gain on disposal of premises and equipment		—		—		(18)		36
Gain on life insurance		412		218		412		218
Investment advisory income		375		321		1,134		864
Other		166		169		509		512
Total non-interest (loss) income		(10,028)		1,646		(7,008)		4,380
Non-interest Expense
Salaries and employee benefits		5,043		4,673		14,947		14,865
Occupancy		1,034		1,049		3,149		3,215
Data processing		505		501		1,521		1,479
Professional fees		510		490		1,382		1,472
Marketing		129		131		365		378
FDIC deposit insurance and other insurance		289		288		803		924
Amortization of intangible assets		19		22		60		67
Other		1,552		1,661		4,678		4,907
Total non-interest expense		9,081		8,815		26,905		27,307
Net (loss) income before income taxes		(10,299)		1,579		(7,600)		4,423
Net (Benefit) Provision for income taxes		(2,237)		343		(1,634)		958
Net (loss) income	$	(8,062)	$	1,236	$	(5,966)	$	3,465

Earnings (loss) per common share:
Basic	$	(0.75)	$	0.12	$	(0.55)	$	0.32
Diluted	$	(0.75)	$	0.11	$	(0.55)	$	0.32

Weighted average shares outstanding, basic		10,758,914		10,710,607		10,753,460		10,804,699
Weighted average shares outstanding, diluted		10,758,914		10,760,118		10,753,460		10,891,730


	September 30,		December 31,
	2024		2023
Assets
Cash and due from banks	$	21,670	$	14,178
Federal funds sold		10,429		7,524
Interest bearing depository accounts		14,281		427
Total cash and cash equivalents		46,380		22,129

Available for sale securities (at fair value)		169,134		191,985
Loans receivable (net of allowance for credit losses of $8,153 and $8,124, respectively)		964,875		1,008,851
Federal Home Loan Bank stock		3,510		6,514
Accrued interest receivable		4,375		4,616
Cash surrender value of life insurance		30,005		30,031
Deferred tax assets (net of valuation allowance of $1,124 and $598, respectively)		7,839		9,936
Premises and equipment, net		14,062		17,567
Other real estate owned		—		25
Goodwill		2,235		2,235
Intangible assets, net		186		246
Other assets		23,544		19,067
Total assets	$	1,266,145	$	1,313,202
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Non-interest bearing	$	256,864	$	249,793
Interest bearing		789,309		780,710
Total deposits		1,046,173		1,030,503

Mortgagors’ escrow accounts		3,552		9,274
Advances from the Federal Home Loan Bank		59,773		128,064
Subordinated debt		5,155		5,155
Accrued expenses and other liabilities		28,825		26,521
Total liabilities		1,143,478		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 11,087,607)		111		111
Additional paid-in capital		45,939		45,959
Unearned common stock held by the employee stock ownership plan		(3,109)		(3,273)
Retained earnings		94,420		100,386
Accumulated other comprehensive loss:
Net unrealized loss on available for sale securities, net of taxes		(11,540)		(26,077)
Defined benefit pension plan, net of taxes		(3,154)		(3,421)
Total accumulated other comprehensive loss		(14,694)		(29,498)
Total stockholders’ equity		122,667		113,685
Total liabilities and stockholders’ equity	$	1,266,145	$	1,313,202


	For the Three Months Ended September 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	$	26,810	$	366	5.43	%	$	28,282	$	384	5.39	%
Loans⁽¹⁾		978,806		14,679	5.97	%		1,004,420		14,139	5.58	%
Available for sale securities		174,265		895	2.04	%		203,769		889	1.73	%
Other interest-earning assets		3,832		100	10.38	%		5,386		122	8.99	%
Total interest-earning assets		1,183,713		16,040	5.39	%		1,241,857		15,534	4.96	%
Non-interest-earning assets		86,673						91,118
Total assets	$	1,270,386					$	1,332,975
Liabilities and equity:
NOW accounts	$	124,099	$	44	0.14	%	$	139,318	$	49	0.14	%
Money market accounts		188,449		1,294	2.73	%		227,116		1,552	2.71	%
Savings accounts		139,067		126	0.36	%		158,352		144	0.36	%
Certificates of deposit		343,597		4,066	4.71	%		290,634		2,804	3.83	%
Total interest-bearing deposits		795,212		5,530	2.77	%		815,420		4,549	2.21	%
Escrow accounts		12,481		37	1.18	%		13,946		39	1.11	%
Federal Home Loan Bank advances		63,469		668	4.19	%		99,541		1,189	4.74	%
Subordinated debt		5,155		99	7.64	%		5,155		99	7.62	%
Other interest-bearing liabilities		534		7	5.21	%		—		—	—	%
Total other interest-bearing liabilities		81,639		811	3.95	%		118,642		1,327	4.44	%
Total interest-bearing liabilities		876,851		6,341	2.88	%		934,062		5,876	2.50	%
Non-interest-bearing deposits		247,180						263,021
Other non-interest-bearing liabilities		26,992						27,565
Total liabilities		1,151,023						1,224,648
Total stockholders’ equity		119,363						108,327
Total liabilities and stockholders’ equity	$	1,270,386					$	1,332,975
Net interest income			$	9,699					$	9,658
Interest rate spread					2.51	%					2.46	%
Net interest margin⁽²⁾					3.26	%					3.09	%
Average interest-earning assets to average interest-bearing liabilities					135.00	%					132.95	%


	For the Nine Months Ended September 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	$	21,659	$	878	5.41	%	$	25,601	$	971	5.07	%
Loans⁽¹⁾		993,297		43,584	5.86	%		1,004,270		40,847	5.44	%
Available for sale securities		180,808		2,588	1.91	%		213,773		2,958	1.85	%
Other interest-earning assets		5,172		401	10.36	%		4,847		299	8.25	%
Total interest-earning assets		1,200,936		47,451	5.28	%		1,248,491		45,075	4.83	%
Non-interest-earning assets		88,215						89,619
Total assets	$	1,289,151					$	1,338,110
Liabilities and equity:
NOW accounts	$	124,305	$	128	0.14	%	$	142,056	$	148	0.14	%
Money market accounts		187,182		3,777	2.70	%		244,662		4,826	2.64	%
Savings accounts		142,896		386	0.36	%		165,774		450	0.36	%
Certificates of deposit		338,864		11,692	4.61	%		274,375		7,308	3.56	%
Total interest-bearing deposits		793,247		15,983	2.69	%		826,867		12,732	2.06	%
Escrow accounts		9,906		88	1.19	%		10,931		90	1.10	%
Federal Home Loan Bank advances		93,806		3,295	4.69	%		88,225		3,152	4.78	%
Subordinated debt		5,155		296	7.67	%		5,155		279	7.24	%
Other interest-bearing liabilities		1,393		57	5.47	%		—			—	%
Total other interest-bearing liabilities		110,260		3,736	4.53	%		104,311		3,521	4.51	%
Total interest-bearing liabilities		903,507		19,719	2.92	%		931,178		16,253	2.33	%
Non-interest-bearing deposits		242,255						270,992
Other non-interest-bearing liabilities		27,072						26,322
Total liabilities		1,172,834						1,228,492
Total stockholders’ equity		116,317						109,618
Total liabilities and stockholders’ equity	$	1,289,151					$	1,338,110
Net interest income			$	27,732					$	28,822
Interest rate spread					2.36	%					2.49	%
Net interest margin⁽²⁾					3.08	%					3.09	%
Average interest-earning assets to average interest-bearing liabilities					132.92	%					134.08	%


	Three Months Ended				Nine Months Ended				Year Ended
	September 30,				September 30,				December 31,
	2024		2023		2024		2023		2023

Performance Ratios⁽¹⁾:
Return on average assets ⁽²⁾	(2.52)	%	0.37	%	(0.62)	%	0.35	%	0.33	%
Return on average equity⁽³⁾	(26.87)	%	4.53	%	(6.85)	%	4.23	%	4.03	%
Net interest margin ⁽⁴⁾	3.26	%	3.09	%	3.08	%	3.09	%	3.06	%
Efficiency ratio, excluding impact of securities loss restructure⁽⁷⁾	77.83	%	77.98	%	82.23	%	82.25	%	83.28	%
Average interest-earning assets to average interest-bearing liabilities	135.00	%	132.95	%	132.92	%	134.08	%	133.80	%
Total gross loans to total deposits	92.44	%	92.63	%	92.44	%	92.63	%	97.87	%
Average equity to average assets⁽⁵⁾	9.40	%	8.13	%	9.02	%	8.19	%	8.19	%

Asset Quality Ratios:
Allowance for credit losses on loans as a percent of total gross loans	0.84	%	0.85	%	0.84	%	0.85	%	0.81	%
Allowance for credit losses on loans as a percent of non-performing loans	170.21	%	175.99	%	170.21	%	175.99	%	194.31	%
Net charge-offs to average outstanding loans during the period	(0.04)	%	(0.04)	%	(0.14)	%	(0.14)	%	(0.21)	%
Non-performing loans as a percent of total gross loans	0.50	%	0.48	%	0.50	%	0.48	%	0.41	%
Non-performing assets as a percent of total assets	0.38	%	0.37	%	0.38	%	0.37	%	0.32	%

Capital Ratios ⁽⁶⁾:
Tier 1 capital (to risk-weighted assets)	12.04	%	11.71	%	12.04	%	11.71	%	11.96	%
Total capital (to risk-weighted assets)	12.81	%	12.47	%	12.81	%	12.47	%	12.70	%
Common equity Tier 1 capital (to risk-weighted assets)	12.04	%	11.71	%	12.04	%	11.71	%	11.96	%
Tier 1 leverage ratio (to average total assets)	10.04	%	9.93	%	10.04	%	9.93	%	10.10	%

Other Data:
Book value per common share					$ 11.06		$ 9.63		$ 10.27
Tangible book value per common share⁽⁷⁾					$ 10.85		$ 9.41		$ 10.04


(In thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) and earnings (loss) per share, reconciliation
Net Income (loss) (GAAP)	$	(8,062)	$	1,236	$	(5,966)	$	3,465
Exclude impact of securities loss restructure, net of tax		(9,477)		-		(9,477)		-
Net income excluding securities loss restructure (non-GAAP)	$	1,415	$	1,236	$	3,511	$	3,465

Basic earnings (loss) per share (GAAP)	$	(0.75)	$	0.12	$	(0.55)	$	0.32
Exclude impact of securities loss restructure, net of tax		(0.88)		-		(0.88)		-
Basic earnings per share excluding securities restructure, net of tax (non-GAAP)	$	0.13	$	0.12	$	0.33	$	0.32

Diluted earnings (loss) per share (GAAP)	$	(0.75)	$	0.11	$	(0.55)	$	0.32
Exclude impact of securities loss restructure, net of tax		(0.88)		-		(0.88)		-
Diluted earnings per share excluding securities loss restructure, net of tax (non-GAAP)	$	0.13	$	0.11	$	0.33	$	0.32