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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) has settled claims with the New York State Department of Financial Services regarding statistical differences in dealer markup charged to borrowers in its indirect auto lending program. While denying the allegations, the Bank chose settlement to avoid costly legal proceedings. Rhinebeck Bank's President stated that the allegations are based on presumption rather than evidence of intentional discrimination. The Bank has fully reserved for the settlement costs, which average $133 per customer, stating that this will not impact future earnings.
Rhinebeck Bancorp (Nasdaq: RBKB) announced a stock repurchase program to buy back up to 247,506 shares, representing approximately 5% of its outstanding stock. This marks the Company's first buyback initiative since its mutual holding company reorganization in January 2019. The repurchases will start after the release of their Q3 2022 financial results. Timing and amount of repurchases will be influenced by market conditions and the Company's financial performance, with no expiration date set for the program.
Rhinebeck Bancorp (RBKB) reported a net income of $2.0 million for Q2 2022, a 20.9% decline year-over-year, and $4.1 million for the first half, down 30.6%. This decline was primarily due to a provision for loan losses increasing by $1.5 million for Q2 and $1.8 million year-to-date. While net interest income improved by 19% to $10.9 million in Q2, non-interest income fell by 19% to $1.5 million. Total assets rose to $1.29 billion, with net loans increasing by 8.4%. However, stockholders' equity decreased by 10.0% to $113.3 million.
Rhinebeck Bancorp (NASDAQ: RBKB) reported Q1 2022 net income of $2.1 million, a 38.2% decrease from $3.3 million in Q1 2021. This decline was driven by a $1.2 million increase in non-interest expenses and a $530,000 drop in non-interest income. Net interest income rose by $332,000 to $10.1 million, but net interest margin fell to 3.42%. The provision for loan losses increased to $221,000 from a credit of $69,000. The company's total assets remained stable at $1.28 billion, while stockholders' equity decreased by $8.7 million.
Rhinebeck Bancorp reported a strong financial performance for the year ended December 31, 2021, achieving a record net income of $11.6 million, up 95.3% from the previous year. The increase was driven by a significant credit to provision for loan losses, totaling $3.7 million for the year. Total assets increased by 13.5% to $1.28 billion, while deposits rose 18.6% to $1.10 billion. However, non-interest income fell by 10.6% due to decreased mortgage loan sales. The bank's capital position remains robust, reflecting a healthy growth trajectory despite potential challenges ahead in 2022.
Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $2.7 million for Q3 2021, a 133.5% increase year-over-year. For the first nine months, net income reached $8.6 million, up 139.9% from 2020. A major contributor was a $954,000 credit for loan losses in Q3 versus a $2.3 million provision in Q3 2020. Total assets rose 11.9% to $1.26 billion, while total deposits increased 17.0% to $1.09 billion. The Bank's successful PPP loan program resulted in $44.1 million outstanding. However, non-interest expenses increased by 23.0% due to branch expansion costs.
Rhinebeck Bancorp (NASDAQ: RBKB) reported net income of $2.6 million for Q2 2021, a 90.3% increase from the previous year. For the first half of 2021, net income reached $5.9 million, a 142.9% rise. This improvement was driven by a credit to loan loss provisions totaling $1.1 million, compared to a $2.3 million provision in Q2 2020. Total assets grew by 7.2% to $1.21 billion, with total deposits increasing by 10.5% to $1.03 billion. The Company effectively managed loan deferrals related to COVID-19, while also completing the acquisition of two branches.
Rhinebeck Bank, a subsidiary of Rhinebeck Bancorp (NASDAQ: RBKB), has launched a new Commercial Lending office in Albany to cater to local businesses. The office will offer various lending products, including commercial mortgages and construction loans, to meet the growing demand in the Capital District. President Michael J. Quinn highlighted the bank's commitment to providing exceptional service, with Philip Bronzi appointed as chief lending officer overseeing the new team. The bank will also hire three seasoned commercial lending professionals to support this initiative.
Rhinebeck Bank, a subsidiary of Rhinebeck Bancorp (NASDAQ: RBKB), has appointed Philip J. Bronzi as chief lending officer as of June 2, 2021. Bronzi, who has over 20 years of commercial lending experience, previously served as senior vice president and commercial lending director since his return to the bank in March 2018. He will lead both the Commercial Lending team and the Indirect/Consumer Lending department. Michael J. Quinn, the bank's CEO, praised Bronzi's accomplishments and community involvement, indicating confidence in his ability to support local businesses.
Rhinebeck Bancorp (NASDAQ: RBKB) reported a net income of $3.3 million for Q1 2021, marking a 208.9% increase from $1.1 million in Q1 2020. The rise in net income was driven by a $1.5 million increase in net interest income and a $69,000 credit to the provision for loan losses, compared to $1.2 million in Q1 2020. Total assets rose to $1.20 billion, up 6.0% from $1.13 billion at year-end. The efficiency ratio improved to 66.15%. The bank's branch acquisition added $33.9 million in deposits, enhancing its footprint in New York.
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