Welcome to our dedicated page for Rhinebeck Bancorp news (Ticker: RBKB), a resource for investors and traders seeking the latest updates and insights on Rhinebeck Bancorp stock.
Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) is the holding company for Rhinebeck Bank, a full-service, locally-focused bank headquartered in Poughkeepsie, NY. Through its network of thirteen branches and two representative offices across Dutchess, Ulster, Orange, and Albany counties, the bank offers a comprehensive range of personal banking products including checking, savings, money market accounts, and certificates of deposit. Additionally, Rhinebeck Bank provides home equity lines of credit, mortgages, and various commercial banking services tailored for sole proprietors, partnerships, and corporations.
To meet the diverse needs of its customers, Rhinebeck Bank has expanded its product line to include insurance and investment services, further broadening its financial advisory offerings through a division known as Rhinebeck Asset Management (RAM). The bank's core business activities involve accepting deposits from the public and utilizing these funds for originating indirect automobile loans, commercial real estate loans, commercial business loans, and residential real estate loans. The bank also actively invests in securities to optimize its asset portfolio.
Despite recent challenges in the financial market, Rhinebeck Bancorp continues to demonstrate resilience and a commitment to growth. For the three months ended June 30, 2023, the company reported a net income of $1.4 million. Although this represents a decrease from the previous year, it marks an improvement when compared to the first quarter results of 2023. The company's efforts to improve pricing strategies for assets and liabilities and reduce operational costs have been central to these improvements.
Rhinebeck Bancorp's financial health remains strong with total assets standing at $1.337 billion as of June 30, 2023. The bank has witnessed a strategic shift in its loan portfolio with a notable increase in commercial real estate loans and a deliberate reduction in indirect automobile loans. This strategic rebalancing reflects the bank's approach to managing risk and maximizing returns.
With a robust foundation in place and a proactive management team led by President and CEO Michael J. Quinn, Rhinebeck Bancorp is well-positioned to navigate the fluctuating economic landscape. The bank's focus on exceptional customer service, coupled with its diversified product offerings, ensures it remains a trusted financial institution for both personal and commercial banking needs.
Rhinebeck Bank is a member of the FDIC and an equal housing lender. All loans are subject to credit approval. For more information, visit www.rhinebeckbank.com.
Rhinebeck Bancorp (NASDAQ:RBKB) reported a net loss of $8.1 million in Q3 2024, compared to net income of $1.2 million in Q3 2023. The loss primarily resulted from a strategic balance sheet restructuring involving a $12.0 million pre-tax loss from selling lower-yielding securities (1.11% yield) and reinvesting in higher-yielding securities (4.22% yield). Total assets decreased 3.6% to $1.27 billion, while loans receivable decreased 4.4% to $964.9 million. The company's indirect automobile loans decreased by 19.1%, reflecting a strategic decision to reduce this portfolio. Deposits increased by $15.7 million (1.5%), while FHLB advances decreased by $68.3 million (53.3%).
Rhinebeck Bancorp (NASDAQ:RBKB) reported a decrease in net income for Q2 2024, with earnings of $975,000 ($0.09 per share), down 31.9% from $1.4 million ($0.13 per share) in Q2 2023. The decline was primarily due to increased provision for credit losses and decreased net interest income. For the first half of 2024, net income was $2.1 million ($0.19 per share), a 6.0% decrease from the same period last year.
Key financial metrics for Q2 2024:
- Return on average assets: 0.31% (down from 0.43% in Q2 2023)
- Return on average equity: 3.43% (down from 5.17% in Q2 2023)
- Net interest margin: 3.08% (up 11 basis points)
- Tangible book value per share: $10.27 (up 8.5% year-over-year)
The company's total assets decreased by 2.8% to $1.28 billion, with loans receivable down $26.5 million to $982.4 million. Deposits increased slightly by 0.1%, while borrowings decreased by 37.7%.
Rhinebeck Bancorp (NASDAQ:RBKB) has announced the appointment of Kevin Nihill as the new Chief Financial Officer (CFO) of Rhinebeck Bancorp and Rhinebeck Bank, succeeding Michael McDermott who retired after 23 years of service. Nihill brings over 20 years of banking and corporate finance experience, having recently served as Executive Vice President, CFO at St. Mary's Bank, and previously as Senior Vice President, Treasurer at Berkshire Bank. As the new CFO, Nihill will oversee accounting and financial operations, regulatory and tax reporting, and the bank's budgeting process. His strategic vision and leadership will support Rhinebeck Bank's mission to provide exceptional community banking services in the Hudson Valley and beyond.
Rhinebeck Bancorp (NASDAQ: RBKB) reported a significant decline in net income for Q4 2022, totaling $808,000, down 72.9% year-over-year. The annual net income fell to $7.0 million, a 39.5% decrease. Key factors include a rise in loan loss provisions of $1.8 million for the quarter and $5.1 million for the year. Although net interest income increased by $2.4 million for the year, it declined by $685,000 in Q4. Non-interest income plummeted 23.4% in Q4 2022, primarily due to decreased mortgage loan sales. Total assets rose 4.3% to $1.34 billion, driven by a $139.4 million increase in net loans, yet stockholders' equity slipped by 14.2% to $108.1 million.
Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $2.1 million for Q3 2022, a decline of 21.5% from the previous year. Year-to-date net income dropped to $6.2 million, down 27.8% year-over-year. The decline is attributed to a $1.5 million increase in loan loss provisions. Despite a 10.3% rise in net interest income to $11.1 million for Q3, overall non-interest income fell by 15.3%. Meanwhile, total assets grew by 0.9% to $1.29 billion. The company has fully reserved for a $950,000 settlement with the New York State Department of Financial Services.
FAQ
What is the current stock price of Rhinebeck Bancorp (RBKB)?
What is the market cap of Rhinebeck Bancorp (RBKB)?
What services does Rhinebeck Bank offer?
Where is Rhinebeck Bank headquartered?
What recent financial performance has Rhinebeck Bancorp reported?
How many branches does Rhinebeck Bank operate?
What is Rhinebeck Asset Management?
What is the primary business activity of Rhinebeck Bank?
Is Rhinebeck Bank a member of the FDIC?
What measures is Rhinebeck Bancorp taking to improve financial performance?
Who is the President and CEO of Rhinebeck Bancorp?
How can I learn more about Rhinebeck Bank's services?
