Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2024
Rhinebeck Bancorp (NASDAQ:RBKB) reported a net loss of $2.7 million for Q4 2024, compared to net income of $930,000 in Q4 2023. The annual net loss for 2024 was $8.6 million, versus net income of $4.4 million in 2023. The losses primarily reflect $16.0 million in securities sales losses from balance sheet restructuring.
Key financial metrics include:
- Net interest income increased 14.8% to $10.5 million in Q4 2024
- Net interest margin improved by 65 basis points to 3.61% in Q4
- Total assets decreased 4.4% to $1.26 billion
- Loans receivable decreased 3.7% to $971.8 million
- Past due loans decreased to 1.71% of total loans from 1.90%
The company's strategic restructuring involved selling available-for-sale securities and reinvesting in higher-yielding, shorter-duration assets to improve long-term profitability.
Rhinebeck Bancorp (NASDAQ:RBKB) ha riportato una perdita netta di 2,7 milioni di dollari per il quarto trimestre del 2024, rispetto a un utile netto di 930.000 dollari nel quarto trimestre del 2023. La perdita netta annuale per il 2024 è stata di 8,6 milioni di dollari, contro un utile netto di 4,4 milioni di dollari nel 2023. Le perdite riflettono principalmente 16,0 milioni di dollari in perdite da vendita di titoli dovute a una ristrutturazione del bilancio.
I principali indicatori finanziari includono:
- Il reddito netto da interessi è aumentato del 14,8%, raggiungendo 10,5 milioni di dollari nel quarto trimestre del 2024
- Il margine d'interesse netto è migliorato di 65 punti base, raggiungendo il 3,61% nel quarto trimestre
- Le attività totali sono diminuite del 4,4%, arrivando a 1,26 miliardi di dollari
- I prestiti da incassare sono diminuiti del 3,7%, a 971,8 milioni di dollari
- I prestiti scaduti sono diminuiti all'1,71% del totale dei prestiti, rispetto all'1,90%
La ristrutturazione strategica dell'azienda ha comportato la vendita di titoli disponibili per la vendita e il reinvestimento in attività a maggiore rendimento e con scadenza più breve per migliorare la redditività a lungo termine.
Rhinebeck Bancorp (NASDAQ:RBKB) reportó una pérdida neta de 2.7 millones de dólares para el cuarto trimestre de 2024, en comparación con una ganancia neta de 930,000 dólares en el cuarto trimestre de 2023. La pérdida neta anual para 2024 fue de 8.6 millones de dólares, frente a una ganancia neta de 4.4 millones de dólares en 2023. Las pérdidas reflejan principalmente 16.0 millones de dólares en pérdidas de venta de valores debido a una reestructuración del balance.
Los principales indicadores financieros incluyen:
- Los ingresos netos por intereses aumentaron un 14.8% a 10.5 millones de dólares en el cuarto trimestre de 2024
- El margen de interés neto mejoró en 65 puntos básicos, alcanzando el 3.61% en el cuarto trimestre
- Los activos totales disminuyeron un 4.4% a 1.26 mil millones de dólares
- Los préstamos por cobrar disminuyeron un 3.7% a 971.8 millones de dólares
- Los préstamos vencidos disminuyeron al 1.71% del total de préstamos desde el 1.90%
La reestructuración estratégica de la empresa implicó la venta de valores disponibles para la venta y la reinversión en activos de mayor rendimiento y de menor duración para mejorar la rentabilidad a largo plazo.
라인벡 뱅콥 (NASDAQ:RBKB)는 2024년 4분기에 270만 달러의 순손실을 보고했으며, 이는 2023년 4분기에 93만 달러의 순이익과 비교됩니다. 2024년 연간 순손실은 860만 달러로, 2023년의 440만 달러 순이익과 대조적입니다. 이러한 손실은 주식 구조조정으로 인한 1600만 달러의 증권 매각 손실을 주로 반영하고 있습니다.
주요 재무 지표는 다음과 같습니다:
- 4분기 순이자 수익이 14.8% 증가하여 1050만 달러에 달했습니다
- 순이자 마진이 65bp 개선되어 4분기 3.61%에 도달했습니다
- 총 자산이 4.4% 감소하여 12억 6천만 달러가 되었습니다
- 채권이 3.7% 감소하여 9억 7180만 달러로 줄었습니다
- 연체 대출 비율이 1.90%에서 1.71%로 감소했습니다
회사의 전략적 구조조정에는 매도 가능한 증권의 판매와 더 높은 수익률과 단기 자산에 대한 재투자가 포함되어 장기적인 수익성을 향상시키고자 했습니다.
Rhinebeck Bancorp (NASDAQ:RBKB) a enregistré une perte nette de 2,7 millions de dollars pour le quatrième trimestre de 2024, contre un bénéfice net de 930 000 dollars pour le quatrième trimestre de 2023. La perte nette annuelle pour 2024 s'élevait à 8,6 millions de dollars, contre un bénéfice net de 4,4 millions de dollars en 2023. Les pertes reflètent principalement 16,0 millions de dollars de pertes sur la vente de titres, résultant d'une restructuration du bilan.
Les principaux indicateurs financiers incluent:
- Le revenu net d'intérêts a augmenté de 14,8 % pour atteindre 10,5 millions de dollars au quatrième trimestre 2024
- La marge d'intérêts nette s'est améliorée de 65 points de base à 3,61 % au quatrième trimestre
- Les actifs totaux ont diminué de 4,4 % pour s'établir à 1,26 milliard de dollars
- Les prêts à recevoir ont diminué de 3,7 % pour atteindre 971,8 millions de dollars
- Les prêts en retard ont diminué à 1,71 % du total des prêts, contre 1,90 % précédemment
La restructuration stratégique de l'entreprise a impliqué la vente de titres disponibles à la vente et le réinvestissement dans des actifs à rendement élevé et à courte durée afin d'améliorer la rentabilité à long terme.
Rhinebeck Bancorp (NASDAQ:RBKB) meldete für das vierte Quartal 2024 einen Nettoverlust von 2,7 Millionen Dollar, verglichen mit einem Nettogewinn von 930.000 Dollar im vierten Quartal 2023. Der jährliche Nettoverlust für 2024 betrug 8,6 Millionen Dollar, im Vergleich zu einem Nettogewinn von 4,4 Millionen Dollar im Jahr 2023. Die Verluste sind hauptsächlich auf 16,0 Millionen Dollar an Verlusten aus dem Verkauf von Wertpapieren zurückzuführen, die aus einer Umstrukturierung der Bilanz resultieren.
Zu den wichtigsten finanziellen Kennzahlen gehören:
- Das Nettozinseinkommen stieg im vierten Quartal 2024 um 14,8% auf 10,5 Millionen Dollar
- Die Nettozinsspanne verbesserte sich um 65 Basispunkte auf 3,61% im vierten Quartal
- Die Gesamtaktiva verringerten sich um 4,4% auf 1,26 Milliarden Dollar
- Die Forderungen aus Darlehen sanken um 3,7% auf 971,8 Millionen Dollar
- Die überfälligen Darlehen sanken auf 1,71% der gesamten Darlehen von 1,90%
Die strategische Umstrukturierung des Unternehmens umfasste den Verkauf von zum Verkauf verfügbaren Wertpapieren und die Reinvestition in höher verzinste, kurzlaufende Vermögenswerte, um die langfristige Rentabilität zu verbessern.
- Net interest income increased 14.8% to $10.5 million in Q4 2024
- Net interest margin improved by 65 basis points to 3.61%
- Past due loans decreased from 1.90% to 1.71% of total loans
- Investment advisory income increased 31.6% year-over-year
- Stockholders' equity increased 7.2% to $121.8 million
- Net loss of $2.7 million in Q4 2024 vs net income of $930,000 in Q4 2023
- Annual net loss of $8.6 million in 2024 vs net income of $4.4 million in 2023
- $16.0 million loss on sale of securities from balance sheet restructuring
- Total assets decreased 4.4% to $1.26 billion
- Loans receivable decreased 3.7% to $971.8 million
Insights
The Q4 2024 results reveal a strategic transformation at Rhinebeck Bancorp, marked by short-term pain for potential long-term gain. The
Several strategic shifts merit attention:
- The reduction in indirect auto loans by
25.0% to23.5% of assets demonstrates a deliberate de-risking strategy and portfolio diversification effort - The
12.7% growth in commercial real estate loans indicates a pivot toward potentially higher-yielding relationships - Deposit mix changes reflect successful retention strategies, with uninsured deposits decreasing to
26.9% from28.8%
The improved asset quality metrics, including reduced past-due loans and stronger coverage ratios (allowance for credit losses at
While the short-term earnings impact is significant, the strategic repositioning appears well-timed to capitalize on the current rate environment and should support more sustainable profitability going forward, particularly through improved interest margins and a more diversified loan portfolio.
POUGHKEEPSIE, NY / ACCESS Newswire / January 30, 2025 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported a net loss for the fourth quarter of 2024 of
President and Chief Executive Officer Michael J. Quinn said, "In response to the evolving interest rate environment, we restructured our balance sheet by selling a substantial portion of our available-for-sale securities. The proceeds from these transactions were reinvested into higher-yielding and shorter duration assets, aligning with our long-term profitability goals. These strategic decisions have already begun contributing to an improvement in our net interest margin, and we believe this restructuring will continue to strengthen our financial performance. This restructuring positions us to deliver enhanced profitability, bolster our balance sheet flexibility, and support sustainable growth for our shareholders, our customers, and the communities we serve."
Income Statement Analysis
For the three months ended December 31, 2024, net interest income increased
For the three months ended December 31, 2024, the average balance of interest-earning assets decreased by
For the year ended December 31, 2024, the average balance of interest-earning assets decreased by
The provision for credit losses increased by
Net charge-offs increased
Non-interest loss totaled
Non-interest loss totaled
Non-interest expense totaled
Non-interest expense totaled
Balance Sheet Analysis
Total assets decreased
Past due loans decreased
Total liabilities decreased
Stockholders' equity increased
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is the majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a New York chartered stock savings bank, which provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties in New York State. Financial services including comprehensive brokerage, investment advisory services, financial product sales and employee benefits are offered through Rhinebeck Asset Management, a division of the Bank.
Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe", "expect", "anticipate", "estimate", "intend", "predict", "forecast", "improve", "continue", "will", "would", "should", "could", or "may". Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, fluctuations in real estate values, general economic conditions or conditions within the securities markets, potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in asset quality, loan sale volumes, charge-offs and credit loss provisions, changes in economic assumptions that may impact our allowance for credit losses calculation, changes in demand for our products and services, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, the effect of our rating under the Community Reinvestment Act, our ability to achieve the expected results of the balance sheet restructuring, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemic diseases, extreme weather events, or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's or the Bank's financial condition and results of operations and the business in which the Company and the Bank are engaged.
Accordingly, you should not place undue reliance on forward-looking statements. Rhinebeck Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
The Company's summary consolidated statements of income and financial condition and other selected financial data follow:
Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Interest and Dividend Income | ||||||||||||||||
Interest and fees on loans | $ | 14,787 | $ | 14,230 | $ | 58,371 | $ | 55,077 | ||||||||
Interest and dividends on securities | 1,285 | 1,152 | 4,274 | 4,409 | ||||||||||||
Other income | 235 | 202 | 1,113 | 1,173 | ||||||||||||
Total interest and dividend income | 16,307 | 15,584 | 63,758 | 60,659 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest expense on deposits | 5,223 | 4,795 | 21,294 | 17,617 | ||||||||||||
Interest expense on borrowings | 585 | 1,646 | 4,233 | 5,077 | ||||||||||||
Total interest expense | 5,808 | 6,441 | 25,527 | 22,694 | ||||||||||||
Net interest income | 10,499 | 9,143 | 38,231 | 37,965 | ||||||||||||
Provision for Credit Losses | 1,381 | 230 | 2,800 | 1,702 | ||||||||||||
Net interest income after provision for credit losses | 9,118 | 8,913 | 35,431 | 36,263 | ||||||||||||
Non-interest (Loss) Income | ||||||||||||||||
Service charges on deposit accounts | 750 | 716 | 3,002 | 2,880 | ||||||||||||
Net realized loss on sales and calls of securities | (4,045 | ) | - | (16,041 | ) | - | ||||||||||
Net gain on sales of loans | 29 | 26 | 160 | 118 | ||||||||||||
Increase in cash surrender value of life insurance | 187 | 172 | 751 | 665 | ||||||||||||
Net gain from sale of other real estate owned | - | - | 4 | - | ||||||||||||
Net (loss) gain on disposal of premises and equipment | - | 10 | (18 | ) | 46 | |||||||||||
Gain on life insurance | 1 | 3 | 413 | 221 | ||||||||||||
Investment advisory income | 398 | 300 | 1,532 | 1,164 | ||||||||||||
Other | 168 | 173 | 677 | 686 | ||||||||||||
Total non-interest (loss) income | (2,512 | ) | 1,400 | (9,520 | ) | 5,780 | ||||||||||
Non-interest Expense | ||||||||||||||||
Salaries and employee benefits | 5,425 | 4,594 | 20,372 | 19,459 | ||||||||||||
Occupancy | 1,117 | 1,041 | 4,266 | 4,256 | ||||||||||||
Data processing | 520 | 536 | 2,041 | 2,015 | ||||||||||||
Professional fees | 548 | 447 | 1,930 | 1,919 | ||||||||||||
Marketing | 223 | 177 | 588 | 555 | ||||||||||||
FDIC deposit insurance and other insurance | 302 | 308 | 1,105 | 1,232 | ||||||||||||
Other real estate owned expense | - | 3 | - | 3 | ||||||||||||
Amortization of intangible assets | 20 | 21 | 80 | 88 | ||||||||||||
Write-down on branch held-for-sale | - | 375 | - | 375 | ||||||||||||
Other | 1,788 | 1,620 | 6,466 | 6,527 | ||||||||||||
Total non-interest expense | 9,943 | 9,122 | 36,848 | 36,429 | ||||||||||||
Net (loss) income before income taxes | (3,337 | ) | 1,191 | (10,937 | ) | 5,614 | ||||||||||
Net (Benefit) Provision for Income Taxes | (683 | ) | 261 | (2,317 | ) | 1,219 | ||||||||||
Net (loss) income | $ | (2,654 | ) | $ | 930 | $ | (8,620 | ) | $ | 4,395 | ||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic | $ | (0.25 | ) | $ | 0.09 | $ | (0.80 | ) | $ | 0.41 | ||||||
Diluted | $ | (0.25 | ) | $ | 0.09 | $ | (0.80 | ) | $ | 0.40 | ||||||
Weighted average shares outstanding, basic | 10,770,586 | 10,742,550 | 10,757,750 | 10,789,009 | ||||||||||||
Weighted average shares outstanding, diluted | 10,770,586 | 10,746,119 | 10,757,750 | 10,855,552 | ||||||||||||
Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share and per share data)
December 31, | ||||||||
2024 | 2023 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 18,561 | $ | 14,178 | ||||
Federal funds sold | 18,309 | 7,524 | ||||||
Interest bearing depository accounts | 614 | 427 | ||||||
Total cash and cash equivalents | 37,484 | 22,129 | ||||||
Available for sale securities (at fair value) | 159,947 | 191,985 | ||||||
Loans receivable (net of allowance for credit losses of | 971,779 | 1,008,851 | ||||||
Federal Home Loan Bank stock | 3,960 | 6,514 | ||||||
Accrued interest receivable | 4,435 | 4,616 | ||||||
Cash surrender value of life insurance | 30,193 | 30,031 | ||||||
Deferred tax assets (net of valuation allowance of | 8,114 | 9,936 | ||||||
Premises and equipment, net | 14,105 | 17,567 | ||||||
Other real estate owned | - | 25 | ||||||
Goodwill | 2,235 | 2,235 | ||||||
Intangible assets, net | 166 | 246 | ||||||
Other assets | 23,347 | 19,067 | ||||||
Total assets | $ | 1,255,765 | $ | 1,313,202 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 238,126 | $ | 249,793 | ||||
Interest bearing | 782,657 | 780,710 | ||||||
Total deposits | 1,020,783 | 1,030,503 | ||||||
Mortgagors' escrow accounts | 9,425 | 9,274 | ||||||
Advances from the Federal Home Loan Bank | 69,773 | 128,064 | ||||||
Subordinated debt | 5,155 | 5,155 | ||||||
Accrued expenses and other liabilities | 28,796 | 26,521 | ||||||
Total liabilities | 1,133,932 | 1,199,517 | ||||||
Stockholders' Equity | ||||||||
Preferred stock (par value | - | - | ||||||
Common stock (par value | 111 | 111 | ||||||
Additional paid-in capital | 45,946 | 45,959 | ||||||
Unearned common stock held by the employee stock ownership plan | (3,055 | ) | (3,273 | ) | ||||
Retained earnings | 91,766 | 100,386 | ||||||
Accumulated other comprehensive loss: | ||||||||
Net unrealized loss on available for sale securities, net of taxes | (10,480 | ) | (26,077 | ) | ||||
Defined benefit pension plan, net of taxes | (2,455 | ) | (3,421 | ) | ||||
Total accumulated other comprehensive loss | (12,935 | ) | (29,498 | ) | ||||
Total stockholders' equity | 121,833 | 113,685 | ||||||
Total liabilities and stockholders' equity | $ | 1,255,765 | $ | 1,313,202 | ||||
Rhinebeck Bancorp, Inc. and Subsidiary
Average Balance Sheet (Unaudited)
(Dollars in thousands)
For the Three Months Ended December 31, | ||||||||||||||||||||||||
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 | $ | 19,206 | $ | 235 | 4.87 | % | $ | 13,741 | $ | 202 | 5.83 | % | ||||||||||||
Loans(1) | 969,088 | 14,787 | 6.07 | % | 1,013,141 | 14,230 | 5.57 | % | ||||||||||||||||
Available for sale securities | 166,512 | 1,212 | 2.90 | % | 191,101 | 1,005 | 2.09 | % | ||||||||||||||||
Other interest-earning assets | 3,250 | 73 | 8.94 | % | 6,338 | 147 | 9.20 | % | ||||||||||||||||
Total interest-earning assets | 1,158,056 | 16,307 | 5.60 | % | 1,224,321 | 15,584 | 5.05 | % | ||||||||||||||||
Non-interest-earning assets | 88,239 | 92,674 | ||||||||||||||||||||||
Total assets | $ | 1,246,295 | $ | 1,316,995 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
NOW accounts | $ | 123,333 | $ | 47 | 0.15 | % | $ | 128,008 | $ | 44 | 0.14 | % | ||||||||||||
Money market accounts | 188,903 | 1,194 | 2.51 | % | 197,067 | 1,328 | 2.67 | % | ||||||||||||||||
Savings accounts | 136,106 | 125 | 0.37 | % | 150,056 | 136 | 0.36 | % | ||||||||||||||||
Certificates of deposit | 339,936 | 3,836 | 4.49 | % | 307,953 | 3,266 | 4.21 | % | ||||||||||||||||
Total interest-bearing deposits | 788,278 | 5,202 | 2.63 | % | 783,084 | 4,774 | 2.42 | % | ||||||||||||||||
Escrow accounts | 7,137 | 21 | 1.17 | % | 7,365 | 21 | 1.13 | % | ||||||||||||||||
Federal Home Loan Bank advances | 50,480 | 491 | 3.87 | % | 120,696 | 1,483 | 4.87 | % | ||||||||||||||||
Subordinated debt | 5,155 | 94 | 7.25 | % | 5,155 | 101 | 7.77 | % | ||||||||||||||||
Other interest-bearing liabilities | - | - | - | % | 4,545 | 62 | 5.41 | % | ||||||||||||||||
Total other interest-bearing liabilities | 62,772 | 606 | 3.84 | % | 137,761 | 1,667 | 4.80 | % | ||||||||||||||||
Total interest-bearing liabilities | 851,050 | 5,808 | 2.71 | % | 920,845 | 6,441 | 2.78 | % | ||||||||||||||||
Non-interest-bearing deposits | 243,639 | 259,529 | ||||||||||||||||||||||
Other non-interest-bearing liabilities | 28,837 | 28,902 | ||||||||||||||||||||||
Total liabilities | 1,123,526 | 1,209,276 | ||||||||||||||||||||||
Total stockholders' equity | 122,769 | 107,719 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,246,295 | $ | 1,316,995 | ||||||||||||||||||||
Net interest income | $ | 10,499 | $ | 9,143 | ||||||||||||||||||||
Interest rate spread | 2.89 | % | 2.27 | % | ||||||||||||||||||||
Net interest margin(2) | 3.61 | % | 2.96 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 136.07 | % | 132.96 | % | ||||||||||||||||||||
(1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled
(2) Represents the difference between interest earned and interest paid, divided by average total interest earning assets.
(3) Annualized.
Rhinebeck Bancorp, Inc. and Subsidiary
Selected Ratios (Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Performance Ratios(1): | ||||||||||||||||
Return on average assets (2) | (0.85 | )% | 0.28 | % | (0.67 | )% | 0.33 | % | ||||||||
Return on average equity (3) | (8.60 | )% | 3.43 | % | (7.31 | )% | 4.03 | % | ||||||||
Net interest margin (4) | 3.61 | % | 2.96 | % | 3.21 | % | 3.06 | % | ||||||||
Efficiency ratio, excluding impact of securities loss restructure (7) | 82.64 | % | 86.52 | % | 82.34 | % | 83.28 | % | ||||||||
Average interest-earning assets to average interest-bearing liabilities | 136.07 | % | 132.96 | % | 133.68 | % | 133.80 | % | ||||||||
Total gross loans to total deposits | 95.51 | % | 97.87 | % | 95.51 | % | 97.87 | % | ||||||||
Average equity to average assets (5) | 9.85 | % | 8.18 | % | 9.23 | % | 8.19 | % | ||||||||
Asset Quality Ratios: | ||||||||||||||||
Allowance for credit losses on loans as a percent of total gross loans | 0.88 | % | 0.81 | % | 0.88 | % | 0.81 | % | ||||||||
Allowance for credit losses on loans as a percent of non-performing loans | 206.56 | % | 194.31 | % | 206.56 | % | 194.31 | % | ||||||||
Net charge-offs to average outstanding loans during the period | (0.10 | )% | (0.06 | )% | (0.24 | )% | (0.21 | )% | ||||||||
Non-performing loans as a percent of total gross loans | 0.42 | % | 0.41 | % | 0.42 | % | 0.41 | % | ||||||||
Non-performing assets as a percent of total assets | 0.33 | % | 0.32 | % | 0.33 | % | 0.32 | % | ||||||||
Capital Ratios(6): | ||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 11.81 | % | 11.96 | % | 11.81 | % | 11.96 | % | ||||||||
Total capital (to risk-weighted assets) | 12.63 | % | 12.70 | % | 12.63 | % | 12.70 | % | ||||||||
Common equity Tier 1 capital (to risk-weighted assets) | 11.81 | % | 11.96 | % | 11.81 | % | 11.96 | % | ||||||||
Tier 1 leverage ratio (to average total assets) | 10.07 | % | 10.10 | % | 10.07 | % | 10.10 | % | ||||||||
Other Data: | ||||||||||||||||
Book value per common share | $ | 10.97 | $ | 10.27 | ||||||||||||
Tangible book value per common share(7) | $ | 10.75 | $ | 10.04 | ||||||||||||
(1) Performance ratios for the three month periods ended December 31, 2024 and 2023 are annualized.
(2) Represents net income divided by average total assets.
(3) Represents net income divided by average equity.
(4) Represents net interest income as a percent of average interest-earning assets.
(5) Represents average equity divided by average total assets.
(6) Capital ratios are for Rhinebeck Bank only. Rhinebeck Bancorp, Inc. is not subject to the minimum consolidated capital requirements as a small bank holding company with assets of less than
(7) Represents a non-GAAP financial measure, see table below for a reconciliation of the non-GAAP financial measures.
NON-GAAP FINANCIAL INFORMATION
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). Such non-GAAP financial information includes the following measures: tangible book value per common share, efficiency ratio and earnings per share excluding securities loss. Management uses these non-GAAP measures because we believe that they may provide useful supplemental information for evaluating our operations and performance, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results, as well as a comparison to financial results for prior periods. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included below. Loss on available-for-sale securities is excluded from the following calculations as management believes that this presentation provides further comparability of net income (loss), earnings (loss) per share and the efficiency ratio and is consistent with industry practice.
(In thousands, except per share data) | Three Months Ended | Year Ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income (loss) and earnings (loss) per share, reconciliation | ||||||||||||||||
Net Income (loss) (GAAP) | $ | (2,654 | ) | $ | 930 | $ | (8,620 | ) | $ | 4,395 | ||||||
Exclude impact of securities loss restructure, net of tax | (3,196 | ) | - | (12,672 | ) | - | ||||||||||
Net income excluding securities loss restructure (non-GAAP) | $ | 542 | $ | 930 | $ | 4,052 | $ | 4,395 | ||||||||
Basic earnings (loss) per share (GAAP) | $ | (0.25 | ) | $ | 0.09 | $ | (0.80 | ) | $ | 0.41 | ||||||
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) | $ | 0.05 | $ | 0.09 | $ | 0.38 | $ | 0.41 | ||||||||
Diluted earnings (loss) per share (GAAP) | $ | (0.25 | ) | $ | 0.09 | $ | (0.80 | ) | $ | 0.40 | ||||||
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) | $ | 0.05 | $ | 0.09 | $ | 0.37 | $ | 0.40 | ||||||||
(In thousands, except per share data) | Three Months Ended | Year Ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Efficiency ratio reconciliation | ||||||||||||||||
Non-interest expense (GAAP) | $ | 9,943 | $ | 9,122 | $ | 36,848 | $ | 36,429 | ||||||||
Net interest income (GAAP) | 10,499 | 9,143 | 38,231 | 37,965 | ||||||||||||
Non-interest (loss) income (GAAP) | (2,512 | ) | 1,400 | (9,520 | ) | 5,780 | ||||||||||
Net interest income plus non-interest income (GAAP) | $ | 7,987 | $ | 10,543 | $ | 28,711 | $ | 43,745 | ||||||||
Less non-GAAP adjustments: | ||||||||||||||||
Net realized loss on sales and calls of securities | (4,045 | ) | - | (16,041 | ) | - | ||||||||||
Net interest income plus non-interest income - as adjusted (non-GAAP) | $ | 12,032 | $ | 10,543 | $ | 44,752 | $ | 43,745 | ||||||||
Efficiency ratio (non- GAAP) | 82.64 | % | 86.52 | % | 82.34 | % | 83.28 | % | ||||||||
(In thousands, except per share data) | December 31, | |||||||
2024 | 2023 | |||||||
Book value per common share | ||||||||
Total shareholders' equity (book value) (GAAP) | $ | 121,833 | $ | 113,685 | ||||
Total shares outstanding | 11,110 | 11,073 | ||||||
Book value per common share | $ | 10.97 | $ | 10.27 | ||||
Tangible common equity | ||||||||
Total shareholders' equity (book value) (GAAP) | $ | 121,833 | $ | 113,685 | ||||
Goodwill | (2,235 | ) | (2,235 | ) | ||||
Intangible assets, net | (166 | ) | (246 | ) | ||||
Tangible common equity (non-GAAP) | $ | 119,432 | $ | 111,204 | ||||
Tangible book value per common share | ||||||||
Tangible common equity (non-GAAP) | $ | 119,432 | $ | 111,204 | ||||
Total shares outstanding | 11,110 | 11,073 | ||||||
Tangible book value per common share (non-GAAP) | $ | 10.75 | $ | 10.04 | ||||
Related Links
http://www.Rhinebeckbank.com
Contact:
Michael J. Quinn, President & CEO
845-454-8555
mquinn@rhinebeckbank.com.
SOURCE: Rhinebeck Bancorp, Inc.
View the original press release on ACCESS Newswire
FAQ
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