Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2024
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) ha riportato una diminuzione del reddito netto per il secondo trimestre del 2024, con guadagni di $975,000 ($0.09 per azione), in calo del 31.9% rispetto a $1.4 milioni ($0.13 per azione) nel Q2 2023. Il declino è stato principalmente dovuto a un aumento delle riserve per perdite su crediti e a una diminuzione del reddito netto da interessi. Per il primo semestre del 2024, il reddito netto è stato di $2.1 milioni ($0.19 per azione), una diminuzione del 6.0% rispetto allo stesso periodo dell'anno precedente.
Metrica finanziaria chiave per il Q2 2024:
- Rendimento sugli attivi medi: 0.31% (in calo rispetto allo 0.43% del Q2 2023)
- Rendimento sul capitale medio: 3.43% (in calo rispetto al 5.17% del Q2 2023)
- Margine di interesse netto: 3.08% (in aumento di 11 punti base)
- Valore contabile tangibile per azione: $10.27 (in aumento dell'8.5% rispetto all'anno precedente)
Il totale delle attività dell'azienda è diminuito del 2.8% a $1.28 miliardi, con i prestiti in diminuzione di $26.5 milioni a $982.4 milioni. I depositi sono aumentati leggermente dello 0.1%, mentre i prestiti hanno subito un calo del 37.7%.
Rhinebeck Bancorp (NASDAQ:RBKB) informó una disminución en los ingresos netos para el segundo trimestre de 2024, con ganancias de $975,000 ($0.09 por acción), un descenso del 31.9% con respecto a $1.4 millones ($0.13 por acción) en el Q2 2023. La caída se debió principalmente al aumento de la provisión para pérdidas crediticias y a una disminución en los ingresos netos por intereses. Para la primera mitad de 2024, el ingreso neto fue de $2.1 millones ($0.19 por acción), una disminución del 6.0% en comparación con el mismo período del año pasado.
Métricas financieras clave para el Q2 2024:
- Retorno sobre activos promedio: 0.31% (bajando del 0.43% en el Q2 2023)
- Retorno sobre capital promedio: 3.43% (bajando del 5.17% en el Q2 2023)
- Margen de interés neto: 3.08% (aumento de 11 puntos base)
- Valor tangible en libros por acción: $10.27 (un aumento del 8.5% interanual)
Los activos totales de la compañía disminuyeron un 2.8% a $1.28 mil millones, con préstamos por cobrar en disminución de $26.5 millones a $982.4 millones. Los depósitos aumentaron ligeramente un 0.1%, mientras que los préstamos disminuyeron un 37.7%.
Rhinebeck Bancorp (NASDAQ:RBKB)는 2024년 2분기 순이익이 $975,000 ($0.09 주당)으로 31.9% 감소하여 2023년 2분기의 $1.4 백만 ($0.13 주당)로 보고했다고 발표했습니다. 감소는 주로 신용손실에 대한 충당금 증가와 순이자수익 감소로 인한 것입니다. 2024년 상반기 동안, 순이익은 $2.1 백만 ($0.19 주당)으로, 지난해 같은 기간보다 6.0% 감소했습니다.
2024년 2분기의 주요 재무 지표:
- 평균 총자산 수익률: 0.31% (2023년 2분기의 0.43%에서 감소)
- 평균 자기자본 수익률: 3.43% (2023년 2분기의 5.17%에서 감소)
- 순이자 마진: 3.08% (11bps 증가)
- 주당 tangible book value: $10.27 (전년 대비 8.5% 증가)
회사의 총 자산은 2.8% 감소하여 $1.28억에 이르며, 대출금은 $26.5 백만 감소하여 $982.4 백만입니다. 예금은 0.1% 소폭 증가했으며, 차입금은 37.7% 감소했습니다.
Rhinebeck Bancorp (NASDAQ:RBKB) a signalé une diminution de son résultat net pour le deuxième trimestre 2024, avec des bénéfices de $975,000 ($0.09 par action), en baisse de 31.9% par rapport à $1.4 million ($0.13 par action) au T2 2023. Le déclin était principalement dû à une augmentation des provisions pour pertes de crédit et à une diminution du revenu net d'intérêts. Pour la première moitié de 2024, le résultat net était de $2.1 millions ($0.19 par action), soit une baisse de 6.0% par rapport à la même période de l'année dernière.
Métriques financières clés pour le T2 2024 :
- Rendement des actifs moyens : 0.31% (en baisse par rapport à 0.43% au T2 2023)
- Rendement des capitaux propres moyens : 3.43% (en baisse par rapport à 5.17% au T2 2023)
- Marginal d'intérêt net : 3.08% (augmentation de 11 points de base)
- Valeur comptable tangible par action : $10.27 (augmentation de 8.5% par rapport à l'année précédente)
Les actifs totaux de l'entreprise ont diminué de 2.8% pour atteindre $1.28 milliard, les prêts ayant diminué de $26.5 millions pour atteindre $982.4 millions. Les dépôts ont légèrement augmenté de 0.1%, tandis que les emprunts ont diminué de 37.7%.
Rhinebeck Bancorp (NASDAQ:RBKB) berichtete über einen Rückgang des Nettogewinns für das 2. Quartal 2024, mit Einnahmen von $975,000 ($0.09 pro Aktie), was einem Rückgang von 31.9% gegenüber $1.4 Millionen ($0.13 pro Aktie) im Q2 2023 entspricht. Der Rückgang war hauptsächlich auf erhöhte Rückstellungen für Kreditverluste und gesunkene Zinserträge zurückzuführen. Für die erste Hälfte des Jahres 2024 wurde ein Nettogewinn von $2.1 Millionen ($0.19 pro Aktie) gemeldet, ein Rückgang von 6.0% im Vergleich zum Vorjahreszeitraum.
Wichtige Finanzkennzahlen für das Q2 2024:
- Rendite auf durchschnittliche Vermögenswerte: 0.31% (verringert von 0.43% im Q2 2023)
- Rendite auf das durchschnittliche Eigenkapital: 3.43% (verringert von 5.17% im Q2 2023)
- Nettozinsspanne: 3.08% (steigend um 11 Basispunkte)
- Wert pro Aktie in der Bilanz: $10.27 (steigend um 8.5% gegenüber dem Vorjahr)
Die gesamten Vermögenswerte des Unternehmens sanken um 2.8% auf $1.28 Milliarden, wobei die Forderungen aus Darlehen um $26.5 Millionen auf $982.4 Millionen sanken. Die Einlagen stiegen leicht um 0.1%, während die Schulden um 37.7% zurückgingen.
- Tangible book value per share increased by 8.5% year-over-year to $10.27
- Net interest margin improved by 11 basis points to 3.08% in Q2 2024
- Non-interest income increased by 11.5% to $1.5 million in Q2 2024
- Non-interest expense decreased by 3.7% to $8.9 million in Q2 2024
- Past due loans decreased by 18.8% to $15.6 million, representing 1.58% of total loans
- Net income decreased by 31.9% to $975,000 in Q2 2024 compared to Q2 2023
- Return on average assets declined to 0.31% from 0.43% year-over-year
- Return on average equity decreased to 3.43% from 5.17% year-over-year
- Net interest income decreased by 1.8% to $9.1 million in Q2 2024
- Provision for credit losses increased by 198.9% to $447,000 in Q2 2024
- Total assets decreased by 2.8% to $1.28 billion
- Loans receivable decreased by $26.5 million to $982.4 million
Insights
Rhinebeck Bancorp's Q2 2024 results reveal a mixed financial picture with some concerning trends. The company reported a
Key financial metrics show deterioration:
- Return on Average Assets: Dropped to
0.31% from0.43% - Return on Average Equity: Fell to
3.43% from5.17% - Net Interest Margin: Slightly increased to
3.08% , but year-to-date figures show a decline
The bank's strategic shift away from indirect automobile loans is noteworthy, decreasing this portfolio by
Positively, non-interest income increased by
The
Overall, while Rhinebeck is making strategic moves to improve profitability, the declining net income and returns are concerning. Investors should closely monitor the bank's ability to navigate the high-interest rate environment and its success in rebalancing its loan portfolio.
Rhinebeck Bancorp's Q2 2024 results highlight the challenges facing regional banks in the current economic climate. The bank's strategic decisions reflect broader industry trends and pressures:
- Deposit competition: The shift from transaction accounts to higher-yielding time deposits and money market accounts underscores the intense competition for deposits in a high-rate environment.
- Loan portfolio rebalancing: The reduction in indirect automobile loans (
12.9% decrease) in favor of commercial real estate (4.6% increase) and residential real estate (6.9% increase) loans indicates a shift towards potentially higher-yielding but also higher-risk assets. - Net interest margin pressure: Despite a slight quarterly improvement, the year-to-date net interest margin decrease to
3.00% from3.09% reflects the ongoing challenge of managing funding costs in a rising rate environment.
The bank's focus on non-interest income, particularly the
The reduction in the efficiency ratio and cost-cutting measures, including workforce reductions and a branch closure, align with industry-wide efforts to streamline operations. However, these actions must be balanced against the need to maintain service quality and competitive positioning.
The
In conclusion, while Rhinebeck is taking steps to adapt to the challenging environment, its performance reflects the broader pressures facing regional banks. The coming quarters will be important in determining whether these strategic shifts can improve profitability and maintain asset quality.
POUGHKEEPSIE, NY / ACCESSWIRE / July 25, 2024 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the three months ended June 30, 2024 of
The decrease in net income for the quarter ended June 30, 2024 was primarily due to an increase in the provision for credit losses and a decrease in net interest income, partially offset by an increase in non-interest income and a decrease in non-interest expense, when compared to the quarter ended June 30, 2023. The Company's return on average assets and return on average equity were
President and Chief Executive Officer Michael J. Quinn said, "While second quarter net income decreased to
Income Statement Analysis
Net interest income decreased
For the three months ended June 30, 2024, the average balance of interest-earning assets decreased by
For the six months ended June 30, 2024, the average balance of interest-earning assets decreased by
The provision for credit losses on loans increased by
Net charge-offs increased
Non-interest income totaled
Non-interest income 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, 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, 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 June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 14,524 |
|
| $ | 13,313 |
|
| $ | 28,905 |
|
| $ | 26,708 |
|
Interest and dividends on securities |
|
| 957 |
|
|
| 1,228 |
|
|
| 1,994 |
|
|
| 2,246 |
|
Other income |
|
| 295 |
|
|
| 398 |
|
|
| 512 |
|
|
| 587 |
|
Total interest and dividend income |
|
| 15,776 |
|
|
| 14,939 |
|
|
| 31,411 |
|
|
| 29,541 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on deposits |
|
| 5,370 |
|
|
| 4,264 |
|
|
| 10,504 |
|
|
| 8,234 |
|
Interest expense on borrowings |
|
| 1,269 |
|
|
| 1,375 |
|
|
| 2,874 |
|
|
| 2,143 |
|
Total interest expense |
|
| 6,639 |
|
|
| 5,639 |
|
|
| 13,378 |
|
|
| 10,377 |
|
Net interest income |
|
| 9,137 |
|
|
| 9,300 |
|
|
| 18,033 |
|
|
| 19,164 |
|
Provision expense (credit) for credit losses |
|
| 447 |
|
|
| (452 | ) |
|
| 530 |
|
|
| 562 |
|
Net interest income after provision for credit losses |
|
| 8,690 |
|
|
| 9,752 |
|
|
| 17,503 |
|
|
| 18,602 |
|
Non-interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
| 736 |
|
|
| 718 |
|
|
| 1,479 |
|
|
| 1,426 |
|
Net gain on sales of loans |
|
| 35 |
|
|
| 52 |
|
|
| 81 |
|
|
| 62 |
|
Increase in cash surrender value of life insurance |
|
| 188 |
|
|
| 164 |
|
|
| 372 |
|
|
| 324 |
|
Net gain from sale of other real estate owned |
|
| - |
|
|
| - |
|
|
| 4 |
|
|
| - |
|
Gain (loss) on disposal of premises and equipment |
|
| - |
|
|
| 19 |
|
|
| (18 | ) |
|
| 36 |
|
Investment advisory income |
|
| 378 |
|
|
| 234 |
|
|
| 759 |
|
|
| 543 |
|
Other |
|
| 177 |
|
|
| 171 |
|
|
| 343 |
|
|
| 343 |
|
Total non-interest income |
|
| 1,514 |
|
|
| 1,358 |
|
|
| 3,020 |
|
|
| 2,734 |
|
Non-interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 4,912 |
|
|
| 4,952 |
|
|
| 9,904 |
|
|
| 10,192 |
|
Occupancy |
|
| 1,062 |
|
|
| 1,087 |
|
|
| 2,115 |
|
|
| 2,166 |
|
Data processing |
|
| 521 |
|
|
| 506 |
|
|
| 1,016 |
|
|
| 978 |
|
Professional fees |
|
| 458 |
|
|
| 616 |
|
|
| 872 |
|
|
| 982 |
|
Marketing |
|
| 115 |
|
|
| 143 |
|
|
| 236 |
|
|
| 247 |
|
FDIC deposit insurance and other insurance |
|
| 261 |
|
|
| 354 |
|
|
| 514 |
|
|
| 636 |
|
Amortization of intangible assets |
|
| 20 |
|
|
| 21 |
|
|
| 41 |
|
|
| 45 |
|
Other |
|
| 1,598 |
|
|
| 1,610 |
|
|
| 3,126 |
|
|
| 3,246 |
|
Total non-interest expense |
|
| 8,947 |
|
|
| 9,289 |
|
|
| 17,824 |
|
|
| 18,492 |
|
Income before income taxes |
|
| 1,257 |
|
|
| 1,821 |
|
|
| 2,699 |
|
|
| 2,844 |
|
Provision for income taxes |
|
| 282 |
|
|
| 390 |
|
|
| 603 |
|
|
| 615 |
|
Net income |
| $ | 975 |
|
| $ | 1,431 |
|
| $ | 2,096 |
|
| $ | 2,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.09 |
|
| $ | 0.13 |
|
| $ | 0.19 |
|
| $ | 0.21 |
|
Diluted |
| $ | 0.09 |
|
| $ | 0.13 |
|
| $ | 0.19 |
|
| $ | 0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding, basic |
|
| 10,753,460 |
|
|
| 10,823,598 |
|
|
| 10,750,733 |
|
|
| 10,852,563 |
|
Weighted average shares outstanding, diluted |
|
| 10,819,751 |
|
|
| 10,882,837 |
|
|
| 10,832,303 |
|
|
| 10,956,468 |
|
Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share and per share data)
|
| June 30, |
|
| December 31, |
| ||
|
| 2024 |
|
| 2023 |
| ||
Assets |
|
|
|
|
|
| ||
Cash and due from banks |
| $ | 14,251 |
|
| $ | 14,178 |
|
Federal funds sold |
|
| 19,319 |
|
|
| 7,524 |
|
Interest bearing depository accounts |
|
| 868 |
|
|
| 427 |
|
Total cash and cash equivalents |
|
| 34,438 |
|
|
| 22,129 |
|
|
|
|
|
|
|
|
| |
Available for sale securities (at fair value) |
|
| 174,252 |
|
|
| 191,985 |
|
Loans receivable (net of allowance for credit losses of |
|
| 982,392 |
|
|
| 1,008,851 |
|
Federal Home Loan Bank stock |
|
| 4,410 |
|
|
| 6,514 |
|
Accrued interest receivable |
|
| 4,501 |
|
|
| 4,616 |
|
Cash surrender value of life insurance |
|
| 30,402 |
|
|
| 30,031 |
|
Deferred tax assets (net of valuation allowance of |
|
| 9,908 |
|
|
| 9,936 |
|
Premises and equipment, net |
|
| 14,346 |
|
|
| 17,567 |
|
Other real estate owned |
|
| - |
|
|
| 25 |
|
Goodwill |
|
| 2,235 |
|
|
| 2,235 |
|
Intangible assets, net |
|
| 205 |
|
|
| 246 |
|
Other assets |
|
| 18,876 |
|
|
| 19,067 |
|
Total assets |
| $ | 1,275,965 |
|
| $ | 1,313,202 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Non-interest bearing |
| $ | 240,764 |
|
| $ | 249,793 |
|
Interest bearing |
|
| 791,185 |
|
|
| 780,710 |
|
Total deposits |
|
| 1,031,949 |
|
|
| 1,030,503 |
|
|
|
|
|
|
|
|
| |
Mortgagors' escrow accounts |
|
| 12,028 |
|
|
| 9,274 |
|
Advances from the Federal Home Loan Bank |
|
| 79,773 |
|
|
| 128,064 |
|
Subordinated debt |
|
| 5,155 |
|
|
| 5,155 |
|
Accrued expenses and other liabilities |
|
| 30,864 |
|
|
| 26,521 |
|
Total liabilities |
|
| 1,159,769 |
|
|
| 1,199,517 |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock (par value |
|
| - |
|
|
| - |
|
Common stock (par value |
|
| 111 |
|
|
| 111 |
|
Additional paid-in capital |
|
| 45,939 |
|
|
| 45,959 |
|
Unearned common stock held by the employee stock ownership plan |
|
| (3,164 | ) |
|
| (3,273 | ) |
Retained earnings |
|
| 102,482 |
|
|
| 100,386 |
|
Accumulated other comprehensive loss: |
|
|
|
|
|
|
|
|
Net unrealized loss on available for sale securities, net of taxes |
|
| (25,778 | ) |
|
| (26,077 | ) |
Defined benefit pension plan, net of taxes |
|
| (3,394 | ) |
|
| (3,421 | ) |
Total accumulated other comprehensive loss |
|
| (29,172 | ) |
|
| (29,498 | ) |
Total stockholders' equity |
|
| 116,196 |
|
|
| 113,685 |
|
Total liabilities and stockholders' equity |
| $ | 1,275,965 |
|
| $ | 1,313,202 |
|
Rhinebeck Bancorp, Inc. and Subsidiary
Average Balance Sheet (Unaudited)
(Dollars in thousands)
|
| For the Three Months Ended June 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 |
| $ | 20,837 |
|
| $ | 295 |
|
|
| 5.69 | % |
| $ | 30,715 |
|
| $ | 398 |
|
|
| 5.20 | % |
Loans(1) |
|
| 991,632 |
|
|
| 14,524 |
|
|
| 5.89 | % |
|
| 1,005,464 |
|
|
| 13,313 |
|
|
| 5.31 | % |
Available for sale securities |
|
| 177,330 |
|
|
| 823 |
|
|
| 1.87 | % |
|
| 214,695 |
|
|
| 1,133 |
|
|
| 2.12 | % |
Other interest-earning assets |
|
| 5,258 |
|
|
| 134 |
|
|
| 10.25 | % |
|
| 5,612 |
|
|
| 95 |
|
|
| 6.79 | % |
Total interest-earning assets |
|
| 1,195,057 |
|
|
| 15,776 |
|
|
| 5.31 | % |
|
| 1,256,486 |
|
|
| 14,939 |
|
|
| 4.77 | % |
Non-interest-earning assets |
|
| 89,125 |
|
|
|
|
|
|
|
|
|
|
| 90,152 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,284,182 |
|
|
|
|
|
|
|
|
|
| $ | 1,346,638 |
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
| $ | 125,039 |
|
| $ | 43 |
|
|
| 0.14 | % |
| $ | 142,774 |
|
| $ | 49 |
|
|
| 0.14 | % |
Money market accounts |
|
| 184,187 |
|
|
| 1,224 |
|
|
| 2.67 | % |
|
| 226,267 |
|
|
| 1,440 |
|
|
| 2.55 | % |
Savings accounts |
|
| 142,546 |
|
|
| 128 |
|
|
| 0.36 | % |
|
| 164,774 |
|
|
| 149 |
|
|
| 0.36 | % |
Certificates of deposit |
|
| 339,600 |
|
|
| 3,945 |
|
|
| 4.67 | % |
|
| 288,299 |
|
|
| 2,595 |
|
|
| 3.61 | % |
Total interest-bearing deposits |
|
| 791,372 |
|
|
| 5,340 |
|
|
| 2.71 | % |
|
| 822,114 |
|
|
| 4,233 |
|
|
| 2.07 | % |
Escrow accounts |
|
| 10,192 |
|
|
| 30 |
|
|
| 1.18 | % |
|
| 11,019 |
|
|
| 31 |
|
|
| 1.13 | % |
Federal Home Loan Bank advances |
|
| 95,290 |
|
|
| 1,121 |
|
|
| 4.73 | % |
|
| 104,692 |
|
|
| 1,282 |
|
|
| 4.91 | % |
Subordinated debt |
|
| 5,155 |
|
|
| 99 |
|
|
| 7.72 | % |
|
| 5,155 |
|
|
| 93 |
|
|
| 7.24 | % |
Other interest-bearing liabilities |
|
| 3,655 |
|
|
| 49 |
|
|
| 5.39 | % |
|
| - |
|
|
| - |
|
|
| - | % |
Total other interest-bearing liabilities |
|
| 114,292 |
|
|
| 1,299 |
|
|
| 4.57 | % |
|
| 120,866 |
|
|
| 1,406 |
|
|
| 4.67 | % |
Total interest-bearing liabilities |
|
| 905,664 |
|
|
| 6,639 |
|
|
| 2.95 | % |
|
| 942,980 |
|
|
| 5,639 |
|
|
| 2.40 | % |
Non-interest-bearing deposits |
|
| 236,515 |
|
|
|
|
|
|
|
|
|
|
| 266,296 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
| 27,604 |
|
|
|
|
|
|
|
|
|
|
| 26,396 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
| 1,169,783 |
|
|
|
|
|
|
|
|
|
|
| 1,235,672 |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
| 114,399 |
|
|
|
|
|
|
|
|
|
|
| 110,966 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 1,284,182 |
|
|
|
|
|
|
|
|
|
| $ | 1,346,638 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
| $ | 9,137 |
|
|
|
|
|
|
|
|
|
| $ | 9,300 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
|
|
| 2.36 | % |
|
|
|
|
|
|
|
|
|
| 2.37 | % |
Net interest margin(2) |
|
|
|
|
|
|
|
|
|
| 3.08 | % |
|
|
|
|
|
|
|
|
|
| 2.97 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
| 131.95 | % |
|
|
|
|
|
|
|
|
|
| 133.25 | % |
(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.
|
| For the Six Months Ended June 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 |
| $ | 19,056 |
|
| $ | 512 |
|
|
| 5.40 | % |
| $ | 24,239 |
|
| $ | 587 |
|
|
| 4.88 | % |
Loans(1) |
|
| 1,000,622 |
|
|
| 28,905 |
|
|
| 5.81 | % |
|
| 1,004,193 |
|
|
| 26,708 |
|
|
| 5.36 | % |
Available for sale securities |
|
| 184,115 |
|
|
| 1,693 |
|
|
| 1.85 | % |
|
| 218,858 |
|
|
| 2,069 |
|
|
| 1.91 | % |
Other interest-earning assets |
|
| 5,850 |
|
|
| 301 |
|
|
| 10.35 | % |
|
| 4,573 |
|
|
| 177 |
|
|
| 7.81 | % |
Total interest-earning assets |
|
| 1,209,643 |
|
|
| 31,411 |
|
|
| 5.22 | % |
|
| 1,251,863 |
|
|
| 29,541 |
|
|
| 4.76 | % |
Non-interest-earning assets |
|
| 88,994 |
|
|
|
|
|
|
|
|
|
|
| 88,857 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,298,637 |
|
|
|
|
|
|
|
|
|
| $ | 1,340,720 |
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
| $ | 124,409 |
|
| $ | 85 |
|
|
| 0.14 | % |
| $ | 143,447 |
|
| $ | 99 |
|
|
| 0.14 | % |
Money market accounts |
|
| 186,542 |
|
|
| 2,483 |
|
|
| 2.68 | % |
|
| 253,581 |
|
|
| 3,274 |
|
|
| 2.60 | % |
Savings accounts |
|
| 144,831 |
|
|
| 260 |
|
|
| 0.36 | % |
|
| 169,546 |
|
|
| 306 |
|
|
| 0.36 | % |
Certificates of deposit |
|
| 336,471 |
|
|
| 7,626 |
|
|
| 4.56 | % |
|
| 266,110 |
|
|
| 4,504 |
|
|
| 3.41 | % |
Total interest-bearing deposits |
|
| 792,253 |
|
|
| 10,454 |
|
|
| 2.65 | % |
|
| 832,684 |
|
|
| 8,183 |
|
|
| 1.98 | % |
Escrow accounts |
|
| 8,604 |
|
|
| 50 |
|
|
| 1.17 | % |
|
| 9,399 |
|
|
| 51 |
|
|
| 1.09 | % |
Federal Home Loan Bank advances |
|
| 109,141 |
|
|
| 2,628 |
|
|
| 4.84 | % |
|
| 82,473 |
|
|
| 1,963 |
|
|
| 4.80 | % |
Subordinated debt |
|
| 5,155 |
|
|
| 197 |
|
|
| 7.69 | % |
|
| 5,155 |
|
|
| 180 |
|
|
| 7.04 | % |
Other interest-bearing liabilities |
|
| 1,828 |
|
|
| 49 |
|
|
| 5.39 | % |
|
| - |
|
|
| - |
|
|
| - | % |
Total other interest-bearing liabilities |
|
| 124,728 |
|
|
| 2,924 |
|
|
| 4.71 | % |
|
| 97,027 |
|
|
| 2,194 |
|
|
| 4.56 | % |
Total interest-bearing liabilities |
|
| 916,981 |
|
|
| 13,378 |
|
|
| 2.93 | % |
|
| 929,711 |
|
|
| 10,377 |
|
|
| 2.25 | % |
Non-interest-bearing deposits |
|
| 239,766 |
|
|
|
|
|
|
|
|
|
|
| 275,043 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
| 27,112 |
|
|
|
|
|
|
|
|
|
|
| 25,691 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
| 1,183,859 |
|
|
|
|
|
|
|
|
|
|
| 1,230,445 |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
| 114,778 |
|
|
|
|
|
|
|
|
|
|
| 110,275 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 1,298,637 |
|
|
|
|
|
|
|
|
|
| $ | 1,340,720 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
| $ | 18,033 |
|
|
|
|
|
|
|
|
|
| $ | 19,164 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
|
|
| 2.29 | % |
|
|
|
|
|
|
|
|
|
| 2.51 | % |
Net interest margin(2) |
|
|
|
|
|
|
|
|
|
| 3.00 | % |
|
|
|
|
|
|
|
|
|
| 3.09 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
| 131.92 | % |
|
|
|
|
|
|
|
|
|
| 134.65 | % |
(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 |
|
| Six Months Ended |
|
| Year Ended |
| |||||||||||
|
| June 30, |
|
| June 30, |
|
| December 31, |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||||
Performance Ratios(1): |
|
|
|
|
|
|
|
|
| |||||||||||
Return on average assets (2) |
|
| 0.31 | % |
|
| 0.43 | % |
|
| 0.32 | % |
|
| 0.34 | % |
|
| 0.33 | % |
Return on average equity (3) |
|
| 3.43 | % |
|
| 5.17 | % |
|
| 3.67 | % |
|
| 4.08 | % |
|
| 4.03 | % |
Net interest margin (4) |
|
| 3.08 | % |
|
| 2.97 | % |
|
| 3.00 | % |
|
| 3.09 | % |
|
| 3.06 | % |
Efficiency ratio (5) |
|
| 84.00 | % |
|
| 87.16 | % |
|
| 84.66 | % |
|
| 84.45 | % |
|
| 83.28 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
| 131.95 | % |
|
| 133.25 | % |
|
| 131.92 | % |
|
| 134.65 | % |
|
| 133.80 | % |
Total gross loans to total deposits |
|
| 95.28 | % |
|
| 91.38 | % |
|
| 95.28 | % |
|
| 91.38 | % |
|
| 97.87 | % |
Average equity to average assets (6) |
|
| 8.91 | % |
|
| 8.24 | % |
|
| 8.84 | % |
|
| 8.23 | % |
|
| 8.19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans as a percent of total gross loans |
|
| 0.77 | % |
|
| 0.81 | % |
|
| 0.77 | % |
|
| 0.81 | % |
|
| 0.81 | % |
Allowance for credit losses on loans as a percent of non-performing loans |
|
| 181.33 | % |
|
| 177.96 | % |
|
| 181.33 | % |
|
| 177.96 | % |
|
| 194.31 | % |
Net charge-offs to average outstanding loans during the period |
|
| (0.08 | )% |
|
| (0.06 | )% |
|
| (0.11 | )% |
|
| (0.10 | )% |
|
| (0.21 | )% |
Non-performing loans as a percent of total gross loans |
|
| 0.42 | % |
|
| 0.46 | % |
|
| 0.42 | % |
|
| 0.46 | % |
|
| 0.41 | % |
Non-performing assets as a percent of total assets |
|
| 0.33 | % |
|
| 0.34 | % |
|
| 0.33 | % |
|
| 0.34 | % |
|
| 0.32 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (7): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to risk-weighted assets) |
|
| 12.59 | % |
|
| 11.63 | % |
|
| 12.59 | % |
|
| 11.63 | % |
|
| 11.96 | % |
Total capital (to risk-weighted assets) |
|
| 13.29 | % |
|
| 12.35 | % |
|
| 13.29 | % |
|
| 12.35 | % |
|
| 12.70 | % |
Common equity Tier 1 capital (to risk-weighted assets) |
|
| 12.59 | % |
|
| 11.63 | % |
|
| 12.59 | % |
|
| 11.63 | % |
|
| 11.96 | % |
Tier 1 leverage ratio (to average total assets) |
|
| 10.60 | % |
|
| 9.74 | % |
|
| 10.60 | % |
|
| 9.74 | % |
|
| 10.10 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
|
|
|
|
|
|
|
| $ | 10.49 |
|
| $ | 9.70 |
|
| $ | 10.27 |
|
Tangible book value per common share(8) |
|
|
|
|
|
|
|
|
| $ | 10.27 |
|
| $ | 9.47 |
|
| $ | 10.04 |
|
(1) Performance ratios for the three and six month periods ended June 30, 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 non-interest expense divided by the sum of net interest income and non-interest income.
(6) Represents average equity divided by average total assets.
(7) 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
(8) 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 measure: "tangible book value per common share." Management uses this non-GAAP measure because we believe that it 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 this non-GAAP measure 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. This non-GAAP measure 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.
(In thousands, except per share data) |
| June 30, |
|
| December 31, |
| ||||||
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||
Book value per common share reconciliation |
|
|
|
|
|
|
|
|
| |||
Total shareholders' equity (book value) (GAAP) |
| $ | 116,196 |
|
| $ | 107,463 |
|
| $ | 113,685 |
|
Total shares outstanding |
|
| 11,073 |
|
|
| 11,084 |
|
|
| 11,073 |
|
Book value per common share |
| $ | 10.49 |
|
| $ | 9.70 |
|
| $ | 10.27 |
|
Total common equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity (book value) (GAAP) |
| $ | 116,196 |
|
| $ | 107,463 |
|
| $ | 113,685 |
|
Goodwill |
|
| (2,235 | ) |
|
| (2,235 | ) |
|
| (2,235 | ) |
Intangible assets, net |
|
| (205 | ) |
|
| (289 | ) |
|
| (246 | ) |
Tangible common equity (non-GAAP) |
| $ | 113,756 |
|
| $ | 104,939 |
|
| $ | 111,204 |
|
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity (non-GAAP) |
| $ | 113,756 |
|
| $ | 104,939 |
|
| $ | 111,204 |
|
Total shares outstanding |
|
| 11,073 |
|
|
| 11,084 |
|
|
| 11,073 |
|
Tangible book value per common share (non-GAAP) |
| $ | 10.27 |
|
| $ | 9.47 |
|
| $ | 10.04 |
|
Related Links
Contact:
Michael Quinn
President & CEO
(845) 454-8555
SOURCE: Rhinebeck Bancorp, Inc.
View the original press release on accesswire.com
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