Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended September 30, 2024
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) ha riportato una perdita netta di 8,1 milioni di dollari nel terzo trimestre del 2024, rispetto a un utile netto di 1,2 milioni di dollari nello stesso periodo del 2023. La perdita è stata principalmente causata da una ristrutturazione strategica del bilancio, che ha comportato una perdita ante imposte di 12,0 milioni di dollari dalla vendita di titoli a basso rendimento (1,11% di rendimento) e il reinvestimento in titoli a rendimento più elevato (4,22% di rendimento). Il totale degli attivi è diminuito del 3,6%, arrivando a 1,27 miliardi di dollari, mentre i prestiti ricevevoli sono diminuiti del 4,4%, a 964,9 milioni di dollari. I prestiti automobilistici indiretti dell'azienda sono diminuiti del 19,1%, riflettendo una decisione strategica di ridurre questo portafoglio. I depositi sono aumentati di 15,7 milioni di dollari (1,5%), mentre gli anticipi FHLB sono diminuiti di 68,3 milioni di dollari (53,3%).
Rhinebeck Bancorp (NASDAQ:RBKB) reportó una pérdida neta de 8,1 millones de dólares en el tercer trimestre de 2024, en comparación con una ganancia neta de 1,2 millones de dólares en el tercer trimestre de 2023. La pérdida fue principalmente resultado de una reestructuración estratégica del balance que involucró una pérdida previa a impuestos de 12,0 millones de dólares de la venta de valores de bajo rendimiento (1,11% de rendimiento) y la reinversión en valores de mayor rendimiento (4,22% de rendimiento). Los activos totales disminuyeron un 3,6% a 1,27 mil millones de dólares, mientras que los préstamos por cobrar disminuyeron un 4,4% a 964,9 millones de dólares. Los préstamos indirectos para automóviles de la empresa disminuyeron un 19,1%, reflejando una decisión estratégica para reducir esta cartera. Los depósitos aumentaron en 15,7 millones de dólares (1,5%), mientras que los anticipos de FHLB disminuyeron en 68,3 millones de dólares (53,3%).
라인벡 뱅코프 (NASDAQ:RBKB)는 2024년 3분기에 810만 달러의 순손실을 보고했으며, 이는 2023년 3분기의 120만 달러의 순이익에 비해 감소한 수치입니다. 손실은 주로 1.11%의 수익을 가진 저수익 증권을 판매하면서 발생한 세전 손실 1200만 달러의 전략적 자산부채 구조조정에 의해 발생했습니다. 총 자산은 3.6% 감소하여 12억 7000만 달러가 되었으며, 수취 대출은 4.4% 감소하여 9억 6490만 달러에 달했습니다. 회사의 간접 자동차 대출은 19.1% 감소했으며, 이는 이 포트폴리오를 줄이기 위한 전략적 결정의 반영입니다. 예금은 1570만 달러(1.5%) 증가했으며, FHLB의 대출은 6830만 달러(53.3%) 감소했습니다.
Rhinebeck Bancorp (NASDAQ:RBKB) a annoncé une perte nette de 8,1 millions de dollars au troisième trimestre 2024, comparativement à un bénéfice net de 1,2 million de dollars au troisième trimestre 2023. La perte provient principalement d'une restructuration stratégique du bilan, impliquant une perte d'impôt de 12,0 millions de dollars due à la vente de titres à faible rendement (1,11% de rendement) et à la réinvestissement dans des titres à rendement plus élevé (4,22% de rendement). Les actifs totaux ont diminué de 3,6%, atteignant 1,27 milliard de dollars, tandis que les prêts débiteurs ont diminué de 4,4%, s'élevant à 964,9 millions de dollars. Les prêts automobiles indirects de l'entreprise ont diminué de 19,1%, reflétant une décision stratégique de réduire ce portefeuille. Les dépôts ont augmenté de 15,7 millions de dollars (1,5%), tandis que les avances FHLB ont diminué de 68,3 millions de dollars (53,3%).
Rhinebeck Bancorp (NASDAQ:RBKB) meldete im dritten Quartal 2024 einen Nettoverlust von 8,1 Millionen Dollar, verglichen mit einem Nettogewinn von 1,2 Millionen Dollar im dritten Quartal 2023. Der Verlust resultierte hauptsächlich aus einer strategischen Umstrukturierung der Bilanz, die einen steuerfreien Verlust von 12,0 Millionen Dollar aus dem Verkauf von niedrig verzinslichen Wertpapieren (1,11% Rendite) und die Wiederanlage in höher verzinsliche Wertpapiere (4,22% Rendite) beinhaltete. Die Gesamtaktiva verringerten sich um 3,6% auf 1,27 Milliarden Dollar, während die Forderungen aus Darlehen um 4,4% auf 964,9 Millionen Dollar sanken. Die indirekten Autokredite des Unternehmens sanken um 19,1%, was eine strategische Entscheidung zur Reduzierung dieses Portfolios widerspiegelt. Die Einlagen stiegen um 15,7 Millionen Dollar (1,5%), während die FHLB-Vorschüsse um 68,3 Millionen Dollar (53,3%) zurückgingen.
- Strategic restructuring expected to improve future profitability with higher-yielding securities (4.22% vs 1.11%)
- Net interest margin increased 17 basis points to 3.26% in Q3 2024
- Past due loans decreased by $3.5 million (18.3%) to 1.62% of total loans
- Deposits increased by $15.7 million (1.5%)
- Investment advisory income increased by 31.3% for the nine months
- Net loss of $8.1 million in Q3 2024 vs net income of $1.2 million in Q3 2023
- Pre-tax loss of $12.0 million from securities sale restructuring
- Year-to-date net interest income decreased $1.1 million (3.8%)
- Non-performing assets increased $584,000 (13.9%) to $4.8 million
- Loans receivable decreased $44.0 million (4.4%)
Insights
The Q3 2024 results reveal a significant strategic shift with a
Key metrics show underlying stability: net interest margin improved 17 basis points to
The balance sheet restructuring, though causing short-term pain, positions the bank for improved profitability in a high-rate environment. The increase in stockholders' equity by
POUGHKEEPSIE, NY / ACCESSWIRE / October 24, 2024 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported a net loss for the third quarter of 2024 of
President and Chief Executive Officer Michael J. Quinn said, "In this challenging interest rate environment, we took the opportunity to sell a significant portion of our available for sale securities as part of a strategic balance sheet restructuring as we look toward the future. The proceeds from the sales were reinvested into higher-yielding securities. We believe these transactions will improve our future profitability, provide long-term benefits to the Company, our shareholders and the Bank's customers and allow us greater flexibility in managing balance sheet growth going forward."
Income Statement Analysis
For the three months ended September 30, 2024, net interest income was relatively stable, increasing
For the three months ended September 30, 2024, the average balance of interest-earning assets decreased by
For the nine months ended September 30, 2024, the average balance of interest-earning assets decreased by
The provision for credit losses decreased by
Net charge-offs decreased
Non-interest (loss) income totaled
Non-interest (loss) 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, 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 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 |
|
Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share and per share data)
|
| 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 |
|
| 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 |
|
| 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 |
|
| - |
|
|
| - |
|
Common stock (par value |
|
| 111 |
|
|
| 111 |
|
Additional paid-in capital |
|
| 45,939 |
|
|
| 45,959 |
|
Unearned common stock held by the employee stock ownership plan |
|
| (3,109 | ) |
|
| (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 |
|
Rhinebeck Bancorp, Inc. and Subsidiary
Average Balance Sheet (Unaudited)
(Dollars in thousands)
|
| 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 | % |
(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 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 | % |
(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 |
|
| 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 |
|
(1) Performance ratios for the three and nine month periods ended September 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 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 |
|
| Nine Months Ended |
| ||||||||||
| 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 |
|
(In thousands, except per share data) |
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Efficiency ratio reconciliation |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-interest expense (GAAP) |
| $ | 9,081 |
|
| $ | 8,815 |
|
| $ | 26,905 |
|
| $ | 27,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income (GAAP) |
|
| 9,699 |
|
|
| 9,658 |
|
|
| 27,732 |
|
|
| 28,822 |
|
Non-interest (loss) income (GAAP) |
|
| (10,028 | ) |
|
| 1,646 |
|
|
| (7,008 | ) |
|
| 4,380 |
|
Net interest income plus non-interest income (GAAP) |
| $ | (329 | ) |
| $ | 11,304 |
|
| $ | 20,724 |
|
| $ | 33,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss on sales and calls of securities |
|
| (11,996 | ) |
|
| - |
|
|
| (11,996 | ) |
|
| - |
|
Net interest income plus non-interest income - as adjusted (non-GAAP) |
| $ | 11,667 |
|
| $ | 11,304 |
|
| $ | 32,720 |
|
| $ | 33,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Efficiency ratio (non- GAAP) |
|
| 77.83 | % |
|
| 77.98 | % |
|
| 82.23 | % |
|
| 82.25 | % |
(In thousands, except per share data) |
| September 30, |
|
| December 31, |
| ||||||
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||
Book value per common share |
|
|
|
|
|
|
|
|
| |||
Total shareholders' equity (book value) (GAAP) |
| $ | 122,667 |
|
| $ | 106,672 |
|
| $ | 113,685 |
|
Total shares outstanding |
|
| 11,088 |
|
|
| 11,073 |
|
|
| 11,073 |
|
Book value per common share |
| $ | 11.06 |
|
| $ | 9.63 |
|
| $ | 10.27 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity (book value) (GAAP) |
| $ | 122,667 |
|
| $ | 106,672 |
|
| $ | 113,685 |
|
Goodwill |
|
| (2,235 | ) |
|
| (2,235 | ) |
|
| (2,235 | ) |
Intangible assets, net |
|
| (186 | ) |
|
| (267 | ) |
|
| (246 | ) |
Tangible common equity (non-GAAP) |
| $ | 120,246 |
|
| $ | 104,170 |
|
| $ | 111,204 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity (non-GAAP) |
| $ | 120,246 |
|
| $ | 104,170 |
|
| $ | 111,204 |
|
Total shares outstanding |
|
| 11,088 |
|
|
| 11,073 |
|
|
| 11,073 |
|
Tangible book value per common share (non-GAAP) |
| $ | 10.85 |
|
| $ | 9.41 |
|
| $ | 10.04 |
|
Related Links
http://www.Rhinebeckbank.com
Contact:
Michael Quinn
President & CEO
SOURCE: Rhinebeck Bancorp, Inc.
View the original press release on accesswire.com
FAQ
What was Rhinebeck Bancorp's (RBKB) net loss in Q3 2024?
What was the impact of RBKB's balance sheet restructuring in Q3 2024?
How did RBKB's deposits change in Q3 2024?
What was RBKB's total assets value as of September 30, 2024?
