RBKB

POUGHKEEPSIE, NY / ACCESS Newswire / July 23, 2026 / 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, 2026 of $2.6 million ($0.24 per basic and diluted share), which was $110,000, or 4.0%, lower than the comparable prior year period of $2.7 million ($0.25 per basic and diluted share). Net income for the six months ended June 30, 2026 of $4.8 million ($0.45 per basic and $0.44 per diluted share) was $182,000, or 3.6%, lower than the same period last year. On July 21, 2026, Rhinebeck Bancorp, MHC, the former mutual holding company parent of the Company, completed its second-step conversion, after which Rhinebeck Bancorp, MHC ceased to exist. In connection with the second-step conversion, the Company conducted a public stock offering in which it sold 8,880,210 shares of its common stock at a price of $10.00 per share for total gross proceeds of $88.8 million. As part of the transaction, each outstanding share of Rhinebeck Bancorp, Inc., common stock owned by the public stockholders as of the closing date was converted into new shares of Rhinebeck Bancorp common stock based on an exchange ratio of 1.3978 shares of Rhinebeck Bancorp common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, Rhinebeck Bancorp, Inc. will have 15,638,237 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares. Earnings per share and other share information disclosed throughout this release do not reflect the effect of the Company's conversion and related stock offering. Financial highlights: Second-quarter net income of $2.6 million, or $0.24 per diluted share Net interest income increased 1.2% year-over-year Non-interest income increased 8.8% year-over-year Past-due loans decreased 34.6% from year-end Deposits increased $29.6 million, or 2.7%, from December 31, 2025, excluding stock subscription funds Second-step conversion completed July 21, generating $88.8 million in gross proceeds The decrease in net income for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025 was primarily due to an increase in non-interest expense, offset by an increase in net interest income and non-interest income. The Company's return on average assets and return on average equity were 0.79% and 7.56% for the second quarter of 2026, respectively, as compared to 0.88% and 8.57% for the second quarter of 2025, respectively. The decrease in net income for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025 was primarily due to an increase in non-interest expense and a decrease in non-interest income, partially offset by an increase in net interest income and a decrease in the provision for credit losses. The Company's return on average assets and return on average equity were 0.75% and 7.03% for the first six months of 2026, respectively, as compared to 0.80% and 8.04% for the first six months of 2025, respectively. President and Chief Executive Officer Matthew Smith said, "During the second quarter, we continued to make progress in repositioning the franchise for sustainable growth and profitability. Our results reflected increased net interest and non-interest income, continued discipline in managing funding costs, and meaningful improvement in past-due loans. We are also investing in talent, technology, and capabilities that will broaden our growth opportunities and strengthen the organization over time. The successful completion of our second-step conversion following quarter-end represents an important milestone for Rhinebeck Bancorp, Inc. and significantly strengthens our capital position. We remain focused on deploying that capital prudently as we expand our commercial banking capabilities, advance our retail and digital deposit initiatives, and invest in the infrastructure necessary to support responsible, sustainable growth." Income Statement Analysis Net interest income increased $140,000, or 1.2%, to $11.6 million for the three months ended June 30, 2026, from $11.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest-earning asset balances and lower costs on interest-bearing liabilities, partially offset by lower yields on interest-earning assets and higher interest-bearing liability balances. The net interest margin decreased by 19 basis points to 3.78% and the interest rate spread decreased 13 basis points from 3.33% for the three months ended June 30, 2025 to 3.20% for the three months ended June 30, 2026. For the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, the average balance of interest-earning assets increased by $73.5 million, or 6.3%, to $1.24 billion due to a $92.5 million increase in the average balance of cash and cash equivalents and a $19.7 million increase in the average balance of available for sale securities, offset by a $37.5 million decrease in the average balance of loans, while the average yield decreased by 26 basis points to 5.52% due to the lower interest rate environment and a higher composition of lower-yielding assets. The average balance of interest-bearing liabilities increased by $68.4 million, or 8.0%, primarily due to a $73.5 million increase in the average balance of deposits, partially offset by a $28.5 million decrease in the average balance of FHLB advances. The cost of interest-bearing liabilities decreased by 13 basis points to 2.32% due to the lower interest rate environment and the maturation of higher-yielding FHLB advances. Year-to-date net interest income increased $297,000, or 1.3%, to $22.8 million from $22.5 million for the prior year six-month period, primarily due to higher interest-earning assets and lower costs on interest bearing liabilities, offset by a decreased yield on interest-earning assets and an increase in the balance of interest-bearing liabilities. The net interest margin decreased by 11 basis points to 3.77% for the six months ended June 30, 2026 from 3.88% for the six months ended June 30, 2025. The interest rate spread decreased by five basis points, from 3.23% for the six months ended June 30, 2025, to 3.18% for the same period in 2026. For the six months ended June 30, 2026, the average balance of interest-earning assets increased by $48.2 million, or 4.1%, to $1.22 billion while the average yield decreased by 19 basis points to 5.56%, when compared to the six months ended June 30, 2025. The average balance of interest-bearing liabilities increased by $43.1 million, or 5.0%, primarily due to an increase in the average balance of deposits, partially offset by a decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 14 basis points to 2.38% due to the lower interest rate environment. The provision for credit losses increased by $90,000, or 89.1%, from a $101,000 credit for the quarter ended June 30, 2025 to an $11,000 credit for the current quarter. Net charge-offs increased $12,000, from $91,000 for the second quarter of 2025 to $103,000 for the second quarter of 2026. The increase was primarily due to increased net charge-offs of $47,000 in indirect automobile loans, substantially offset by decreased net charge-offs of $36,000 in consumer loans. Year-to-date, the provision for credit losses decreased by $192,000, or 76.2%, from $252,000 for the six months ended June 30, 2025 to $60,000 for the six months ended June 30, 2026. The decrease in the provision was primarily due to lower loan balances, particularly indirect automobile loans. Net charge-offs increased $49,000, or 8.2% to $650,000 for the first six months of 2026 as compared to $601,000 for the first six months of 2025. The increase was primarily due to increased net charge-offs in indirect automobile loans of $223,000, substantially offset by a decrease of $182,000 in net charge-offs of commercial loans. The percentage of overdue account balances to total loans decreased to 1.03% as of June 30, 2026 from 1.52% as of December 31, 2025, while non-performing assets decreased $312,000, or 8.4%, to $3.4 million at June 30, 2026. Non-interest income totaled $1.7 million for the three months ended June 30, 2026, an increase of $141,000, or 8.8%, from the comparable period in 2025, due primarily to an increase of $155,000, or 57.6%, in investment advisory fee income offset by a $69,000 decrease in net gain on sale of loans as we discontinued originating residential mortgage loans directly. Non-interest income totaled $3.2 million for the six months ended June 30, 2026, a decrease of $144,000, or 4.3%, from the comparable period in 2025, driven primarily by a decrease of $207,000, or 27.3%, in other non-interest income and a $107,000 decrease in net gain on sales of loans. These decreases were partially offset by an increase in investment advisory income of $122,000. For the three months ended June 30, 2026, non-interest expense totaled $10.0 million, an increase of $301,000, or 3.1%, compared to the same period in 2025. This increase was primarily driven by higher salaries and employee benefits of $296,000, higher professional fees of $144,000, and a rise in data processing costs of $71,000. These increases were partially offset by decreases in other non-interest expenses of $85,000, marketing expenses of $85,000, and FDIC deposit insurance and other insurance of $42,000. For the six months ended June 30, 2026, non-interest expense totaled $19.7 million, an increase of $531,000, or 2.8%, compared to $19.2 million for the same period in 2025. The variance was primarily driven by a $695,000, or 6.7%, increase in salaries and employee benefits, reflecting increased compensation and medical insurance costs, and higher occupancy and data processing expenses, which rose $164,000 and $155,000, respectively. These operational increases were partially offset by a $260,000 decrease in other expenses, a $140,000 decrease in marketing expenses, and a $120,000 decrease in FDIC deposit insurance costs. Balance Sheet Analysis Total assets increased by $168.3 million, or 12.9%, to $1.47 billion at June 30, 2026, compared to $1.30 billion at December 31, 2025. The increase was primarily attributable to a $202.6 million, or 198.6%, increase in cash and cash equivalents reflecting $156.0 million in stock subscriptions awaiting the closing of the stock offering. Available-for-sale securities increased by $9.2 million, or 5.7%, primarily due to $22.4 million in purchases, partially offset by $12.7 million in paydowns, calls, and maturities and a $740,000 increase in unrealized losses. The increase in total assets was partially offset by a decrease in loans receivable of $34.9 million, reflecting a $25.7 million reduction in indirect automobile loans in line with a strategic decision to reduce their concentration in the portfolio and an $11.6 million reduction in commercial real estate loans and a $4.4 million reduction in commercial and industrial loans, partially offset by an increase of $6.7 million in residential real estate loans. Other assets decreased by $7.2 million, largely due to a decrease in the fair value of the Company's interest rate swaps. Past due loans decreased $5.0 million, or 34.6%, between December 31, 2025 and June 30, 2026, to $9.5 million, or 1.03% of total loans, from $14.5 million, or 1.52% of total loans at year-end 2025. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards as well as a decrease in these loan balances. The allowance for credit losses was 0.83% of total loans and 227.06% of non-performing loans at June 30, 2026 as compared to 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025. Non-performing assets totaled $3.4 million at June 30, 2026, a decrease of $312,000 from $3.7 million at December 31, 2025. Total liabilities increased by $165.5 million, or 14.2%, to $1.33 billion at June 30, 2026, primarily driven by a $185.6 million, or 16.9%, increase in deposits which included $156.0 million in stock subscriptions, and a $3.8 million increase in mortgagors' escrow accounts. The increases were slightly offset by a reduction in borrowings of $20.0 million, or 79.5%. The growth in deposits was attributable to a $170.1 million, or 19.6%, increase in interest-bearing deposits, which included $156.0 million in stock subscription deposits, while non-interest-bearing deposits increased by $15.5 million, or 6.8%. Uninsured deposits were approximately 36.7% and 27.9% of the Bank's total deposits as of June 30, 2026 and December 31, 2025, respectively. Excluding the $156.0 million of funds collected and held on deposit in a segregated account in connection with the Company's stock offering in the second quarter of 2026, the Company's uninsured deposits to total deposits totaled 28.0% at June 30, 2026. Stockholders' equity increased $2.8 million, or 2.0%, to $139.6 million at June 30, 2026. The increase was primarily due to $4.8 million in net income partially offset by a $1.8 million repurchase of common stock and a $733,000 increase in the net unrealized loss on available-for-sale securities. The Company's ratio of average equity to average assets was 10.59% for the six months ended June 30, 2026 and 10.09% for the year ended December 31, 2025. About Rhinebeck Bancorp Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the holding company of Rhinebeck Bank. 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 twelve branches and three 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 and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty, 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 ability to attract, develop and retain qualified personnel in a competitive labor market, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors. 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. Contact: Matthew SmithPresident & CEO(845) [email protected]   The Company's summary consolidated statements of income and financial condition and other selected financial data follow: Rhinebeck Bancorp, Inc. and SubsidiaryConsolidated Statements of Income (Unaudited)(In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and SubsidiaryConsolidated Statements of Financial Condition (Unaudited)(In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and SubsidiaryAverage Balance Sheet (Unaudited)(Dollars in thousands) _____________________________ (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $52,000 and $86,000 for the three months ended June 30, 2026 and 2025, respectively.(2) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.(3) Annualized. _____________________________ (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $84,000 and $140,000 for the six months ended June 30, 2026 and 2025, respectively.(2) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.(3) Annualized. Rhinebeck Bancorp, Inc. and SubsidiarySelected Ratios (Unaudited) _____________________________________ (1) Ratios for the three and six month periods ended June 30, 2026 and 2025 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 $3.0 billion.(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 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. SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / July 17, 2026 / Rhinebeck Bancorp, Inc. (Nasdaq Capital Market:RBKB) (the "Company"), the holding company for Rhinebeck Bank (the "Bank"), announced the results of the subscription offering conducted in connection with the mutual-to-stock conversion of Rhinebeck Bancorp, MHC, the mutual holding company of the Bank. The subscription offering, which expired on June 18, 2026, was oversubscribed in the first tier by eligible depositors of the Bank as of the close of business on December 31, 2024. Valid subscription orders for more than the maximum of the offering range were received. As a result of the oversubscription, the subscription orders are subject to the priorities and allocation procedures disclosed in the Company's prospectus dated May 14, 2026. No other priority group will have their orders filled. Eligible subscribers may confirm their subscription and allocations online at https://allocations.kbw.com. Also, the Stock Information Center will be able to confirm allocation information at (877) 643-8198. The Stock Information Center is open Monday through Friday between 10:00 am and 4:00 pm Eastern time. The Bank's employee stock ownership plan was unable to purchase shares in the offering and, as disclosed in the prospectus, it is expected to purchase an amount equal to up to 4% of the shares that were sold in the offering in the open market following the completion of the conversion and offering. Concurrent with the completion of the offering, shares of existing Rhinebeck Bancorp, Inc. common stock owned by the public will be exchanged for shares of the new Rhinebeck Bancorp, Inc. common stock so that Rhinebeck Bancorp, Inc's existing shareholders will own approximately the same percentage of the new Rhinebeck Bancorp, Inc. common stock as they owned of Rhinebeck Bancorp, Inc's common stock immediately prior to the conversion, subject to adjustment as disclosed in the prospectus. As a result, existing shareholders of Rhinebeck Bancorp, Inc. will receive 1.3978 shares of the new Rhinebeck Bancorp, Inc. common stock for each share of the existing Rhinebeck Bancorp, Inc. common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, Rhinebeck Bancorp, Inc. will have 15,638,237 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares. The conversion and offering remain subject to customary closing conditions. Subject to satisfaction of those conditions, the Company anticipates closing the transaction on Tuesday, July 21, 2026. Shares of Company common stock will continue to trade on the Nasdaq Capital Market under the trading symbol "RBKB" through the closing of the market on the closing date of the conversion (Tuesday, July 21, 2026). It is anticipated that the newly issued and exchanged shares of Company common stock will begin to trade on the Nasdaq Capital Market under the same symbol "RBKB" beginning on Wednesday, July 22, 2026. Luse Gorman, PC is acting as legal counsel to the Company, Rhinebeck Bancorp, MHC and the Bank. Keefe, Bruyette & Woods, Inc., a Stifel Company, is acting as marketing agent for the Company in the subscription offering, and Vedder Price P.C. is acting as its legal counsel. About Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, Inc. is the bank holding company for Rhinebeck Bank, a New York-chartered stock savings bank headquartered in Poughkeepsie, New York. The Bank conducts its business from 12 full-service banking offices and three representative offices located in Albany, Dutchess, Orange, Ulster and Westchester Counties, New York. Forward-Looking Statements Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to the failure to satisfy customary closing conditions in a timely manner, if at all, delays in trading of newly issued common stock following completion of the conversion and offering, and other risks described in filings the Company has made with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website, www.sec.gov. Contact: Matthew J. SmithPresident and Chief Executive Officer Rhinebeck Bancorp, Inc. (845) 454-8555 SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / April 23, 2026 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the three months ended March 31, 2026 of $2.2 million ($0.20 per basic and diluted share), which was $72,000, or 3.1%, lower than the comparable prior year period of $2.3 million ($0.21 per basic and diluted share). The decrease in net income for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 was primarily due to a decrease in non-interest income and an increase in non-interest expense, offset by a decrease in the provision for credit losses and an increase in net interest income. The Company's return on average assets and return on average equity were 0.70% and 6.50% for the first quarter of 2026, respectively, as compared to 0.73% and 7.49% for the first quarter of 2025, respectively. President and Chief Executive Officer Matthew Smith said, "We delivered a solid first quarter, with results demonstrating continued earnings stability. Return on average assets was 0.70%, supported by consistent net interest income and effective expense control. Net interest margin remained strong at 3.77% for the quarter, reflecting ongoing balance sheet discipline and stable funding costs. During the quarter, deposits showed positive momentum, including meaningful growth in March, while loan production continues to face headwinds due to competitive pricing pressure. Credit quality continues to perform well, with low levels of non-performing assets and net charge-offs during the period. Our capital and liquidity positions remain robust and provide flexibility as we advance key strategic initiatives, including the pending second step conversion. We remain well positioned for the remainder of the year and focused on delivering consistent performance." Income Statement Analysis Net interest income increased $157,000, or 1.4%, to $11.2 million for the three months ended March 31, 2026, from $11.0 million for the three months ended March 31, 2025. The increase was primarily due to lower costs on interest-bearing liabilities, partially offset by lower yields on interest-earning assets. The net interest margin decreased by two basis points to 3.77% and the interest rate spread improved two basis points from 3.13% for the three months ended March 31, 2025 to 3.15% for the three months ended March 31, 2026, reflecting slightly better pricing on assets versus liabilities. For the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, the average yield declined by 12 basis points to 5.59% due to the lower interest rate environment. The average balance of interest-earning assets increased by $22.6 million, or 1.9%, to $1.20 billion due to a $63.2 million increase in the average balance of cash and cash equivalents, offset by a $42.0 million decrease in the average balance of loans. The average balance of interest-bearing liabilities increased by $17.7 million, or 2.0%, primarily due to a $69.1 million increase in the average balance of deposits, partially offset by a $51.2 million decrease in the average balance of FHLB advances. The cost of interest-bearing liabilities decreased by 14 basis points to 2.44% due to the lower interest rate environment and the maturation of higher-yielding FHLB advances. The provision for credit losses on loans decreased by $282,000, or 79.9%, from $353,000 for the quarter ended March 31, 2025 to $71,000 for the current quarter. The decrease was primarily attributable to decreased loan production during the quarter. Net charge-offs increased $38,000 from $510,000 for the first quarter of 2025 to $548,000 for the first quarter of 2026. The increase was primarily due to increased net charge-offs of $176,000 in indirect automobile loans and $44,000 in consumer loans, substantially offset by decreased net charge-offs of $183,000 in commercial loans. The percentage of overdue account balances to total loans decreased to 1.44% as of March 31, 2026 from 1.52% as of December 31, 2025, while non-performing assets decreased $235,000, or 6.4%, to $3.5 million at March 31, 2026. Non-interest income totaled $1.5 million for the three months ended March 31, 2026, a decrease of $285,000, or 16.3%, from the comparable period in 2025, due primarily to a decrease of $232,000, or 55.8%, in other non-interest income investment as swap fee income decreased. Investment advisory fee income decreased $33,000, net gain on sale of loans decreased $28,000 and service charges on deposit accounts also decreased by $9,000. These decreases were only slightly offset by a $10,000 increase in the cash surrender value of life insurance and a $7,000 gain on the disposal of premises and equipment. For the first quarter of 2026, non-interest expense totaled $9.7 million, an increase of $230,000, or 2.4%, compared to the same period in 2025. This increase was primarily driven by higher salaries and benefits expense of $399,000, reflecting increased compensation and medical insurance costs, as well as higher occupancy costs of $152,000 due to increased repair expenses and a rise in data processing costs of $84,000. These increases were partially offset by declines in professional fees of $84,000, FDIC insurance expense of $78,000, marketing expenses of $55,000, and amortization of intangible assets of $13,000. Balance Sheet Analysis Total assets decreased by $16.9 million to $1.28 billion at March 31, 2026, compared to $1.30 billion at March 31, 2025. The decline was primarily attributable to a $16.6 million, or 1.7%, decrease in loans receivable, reflecting a $17.7 million reduction in indirect automobile loans in line with a strategic decision to reduce their concentration in the portfolio. Available-for-sale securities declined by $6.0 million, or 3.7%, primarily due to $6.6 million in paydowns, calls, and maturities and a $507,000 increase in unrealized losses, partially offset by $992,000 in purchases. Other assets decreased by $3.7 million, largely due to a decline in the fair value of the Company's interest rate swaps. These decreases were partially offset by an increase in cash and cash equivalents of $10.9 million, or 10.7%, driven by higher balances held at the FHLB and the Federal Reserve Bank of New York. Past due loans decreased $945,000, or 6.5%, between December 31, 2025 and March 31, 2026, finishing at $13.6 million, or 1.44% of total loans, down from $14.5 million, or 1.52% of total loans at year-end 2025. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.84% of total loans and 227.65% of non-performing loans at March 31, 2026 as compared to 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025. Non-performing assets totaled $3.5 million at March 31, 2026, a decrease of $235,000, from $3.7 million at December 31, 2025. Total liabilities decreased by $18.7 million, or 1.6%, to $1.15 billion at March 31, 2026. The decline was primarily driven by a $20.0 million, or 79.5%, reduction in borrowings and a $3.7 million, or 14.6%, decrease in accrued expenses and other liabilities, due to a decrease in deferred compensation with the retirement of a director and deferred stock conversion costs. These decreases were partially offset by a $6.2 million, or 0.6%, increase in deposits. The growth in deposits was attributable to a $7.8 million, or 0.9%, increase in interest-bearing deposits, while non-interest-bearing deposits declined by $1.6 million, or 0.7%. Uninsured deposits were approximately 27.5% and 27.9% of the Bank's total deposits as of March 31, 2026 and December 31, 2025, respectively. Stockholders' equity increased $1.8 million, or 1.3%, to $138.6 million at March 31, 2026. The increase was primarily due to $2.2 million in net income partially offset by $400,000 increase in the net unrealized loss on available-for-sale securities. The Company's ratio of average equity to average assets was 10.69% for the three months ended March 31, 2026 and 10.09% for the year ended December 31, 2025.   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 and potential retaliatory responses, the impact of any federal government shutdown, 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, pandemics, extreme weather events, or a 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) Rhinebeck Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and Subsidiary Average Balance Sheet (Unaudited) (Dollars in thousands) (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $32,000 and $53,000 for the three months ended March 31, 2026 and 2025, respectively. (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) (1) Ratios for the three month periods ended March 31, 2026 and 2025 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 $3.0 billion. (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 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. Contact Information Matthew Smith President & CEO [email protected] 845-790-1501 SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / January 29, 2026 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per share were $0.21 for the fourth quarter of 2025, compared to earnings per share of $0.25 for the third quarter of 2025 and diluted loss per share of $0.25 for the same quarter of 2024. Net income for the year ended December 31, 2025 totaled $10.0 million, compared to a net loss of $8.6 million for last year. Diluted earnings per share were $0.92 and diluted loss per share was $0.80 for the years ended December 31, 2025 and 2024, respectively. The results for the quarter and year-ended December 31, 2024 reflected $4.0 million and $16.0 million of loss on the sale of securities, respectively, from the previously disclosed balance sheet restructurings. President and Chief Executive Officer Matthew Smith said, "We are pleased to report a strong turnaround in profitability in 2025, highlighted by full-year net income of $10.0 million and a return on average assets of 0.78%. Our 2025 results reflect disciplined balance sheet management, improved operating efficiency, and margin expansion in a challenging interest rate environment. Net interest margin increased to 3.89% for the year, driven by prudent pricing strategies and stable funding costs, while our efficiency ratio improved meaningfully to 73.12%. Asset quality remains strong, with non-performing assets at just 0.28% of total assets. We enter 2026 with a solid capital position, strong liquidity, and a continued focus on supporting our customers and communities while delivering sustainable value to shareholders." Income Statement Analysis Net interest income increased $1.7 million, or 16.3%, to $11.8 million for the three months ended December 31, 2025, from $10.2 million for the three months ended December 31, 2024. Net interest income for the three months ended September 30, 2025 was $12.0 million. The increase over prior year was primarily due to higher yields, higher average balances of interest-earning assets and lower costs on interest-bearing liabilities, partially offset by an increase in the average balance of interest-bearing liabilities. The interest rate spread improved 42 basis points from 2.78% for the three months ended December 31, 2024 to 3.20% for the three months ended December 31, 2025, as asset yields increased while liability costs decreased. For the three months ended December 31, 2025, when compared to the same period in 2024, the average yield of interest-earning assets improved by 30 basis points to 5.79% and the average balance of interest-earning assets increased by $55.8 million, or 4.8%, to $1.21 billion. The balance sheet restructuring in the fourth quarter of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities increased by $50.5 million, or 5.9%, primarily due to a $75.1 million increase in the average balance of interest-bearing deposits (primarily money market accounts and time deposits), partially offset by a $24.6 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 12 basis points to 2.59% due to the lower market interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin was 3.87% for the three months ended December 31, 2025, compared to 3.93% for the three months ended September 30, 2025 and 3.50% for the three months ended December 31, 2024. Year-to-date net interest income increased $8.7 million, or 23.1%, to $46.4 million compared to $37.7 million for the prior year primarily due to higher yields on interest-earning assets and lower costs on interest- bearing liabilities.The interest rate spread increased by 79 basis points, from 2.44% for the year ended December 31, 2024, to 3.23% for 2025, primarily due to favorable asset and liability pricing. For the year ended December 31, 2025, the average balance of interest-earning assets increased by $3.0 million, or 0.3%, to $1.19 billion while the average yieldimproved by 46 basis points to 5.77%, when compared to the year ended December 31, 2024. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities decreased by $4.6 million, or 0.5%, primarily due to a decrease in the average balance of FHLB advances of $42.8 million, partially offset by a $38.7 million increase in the average balance of deposits (primarily money market accounts and time deposits), while the cost of interest-bearing liabilities decreased by 33 basis points to 2.54% due to the lower interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin increased by 72 basis points to 3.89% for the year ended December 31, 2025 from 3.17% for the year ended December 31, 2024. The provision for credit losses decreased by $878,000, or 63.6%, from $1.4 million for the quarter ended December 31, 2024 to $503,000 for the current quarter primarily due to lower loan balances and a decrease in net charge-offs. The provision for credit losses was $904,000 for the quarter ended September 30, 2025. Net charge-offs decreased by $600,000 from $971,000 for the fourth quarter of 2024 to $371,000 for the fourth quarter of 2025. The decrease was primarily due to a charge-off on a commercial loan of $524,000 in the fourth quarter of 2024. The provision for credit losses decreased by $1.1 million, or 40.8%, from $2.8 million for the year ended December 31, 2024 to $1.7 million for the year ended December 31, 2025. The decrease in the provision was primarily due to decreases in net charge-offs on indirect automobile loans and commercial loans, partially offset by an increase in commercial real-estate loans. Net charge-offs decreased $462,000, or 19.3%, to $1.9 million for the year ended December 31, 2025 as compared to $2.4 million for the year ended December 31, 2024. The decrease was primarily due to decreased net charge-offs on indirect automobile and commercial loans, partially offset by increased net charge-offs on commercial real estate loans. The percentage of overdue account balances to total loans decreased to 1.52% at December 31, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $434,000, or 10.5%, to $3.7 million at December 31, 2025. Non-interest income totaled $1.7 million for the three months ended December 31, 2025, compared to $1.9 million in the third quarter 2025 and a net loss of $2.2 million for the same period in 2024. The prior-year period included a $4.0 million loss on the sale of investment securities related to the Company's balance sheet restructuring. Excluding this loss, non-interest income would have decreased $178,000 from $1.9 million for the three months ended December 31, 2024 to $1.7 million for the current period. This decrease was primarily due to a $261,000 decrease in other non-interest income, particularly in swap income, partially offset by a $40,000, or 10.1%, increase in investment advisory income and a $27,000 increase in gain on sale of loans. Non-interest income totaled $7.0 million for the year ended December 31, 2025, compared to a net loss of $9.0 million for 2024, representing an increase of $16.0 million. The net loss in 2024 was primarily attributable to a $16.0 million loss on the sale of investment securities in connection with the Company's 2024 balance sheet restructuring. Excluding this loss, non-interest income would have decreased by $86,000, from $7.1 million for the year ended December 31, 2024, to $7.0 million for the year ended December 31, 2025. The decrease in non-interest income reflected a $413,000 decrease in income related to life insurance proceeds recognized during the fourth quarter of 2024, a $22,000 decrease in investment advisory income and an $18,000 decrease on service charges on deposit accounts. These decreases were largely offset by a $223,000, or 18.4%, increase in other non-interest income, primarily due to higher swap income, and a $92,000 increase in gain on the sales of loans. For the fourth quarter of 2025, non-interest expense rose to $10.1 million, reflecting a $135,000, or 1.4%, increase compared to the same period in 2024. Noninterest expense was $9.7 million in the third quarter of 2025. The increase over the prior year quarter was primarily due to an increase in salaries and employee benefits which rose $343,000, or 6.3%, primarily due to increased incentive compensation and production commissions. Data processing expenses increased $83,000 and marketing expenses increased $62,000. These increases were partially offset by a $211,000 decrease in professional fees and a $126,000 decrease in FDIC deposit insurance. For the year ended December 31, 2025, non-interest expense totaled $39.0 million, representing an increase of $2.2 million, or 5.9%, compared to $36.8 million in 2024. The increase was driven primarily by higher compensation and operating costs across several categories. Salaries and employee benefits rose $1.2 million, or 6.1%, largely reflecting higher incentive-based compensation, production commissions, and annual merit increases implemented to attract and retain talent. Other non-interest expense increased $629,000, or 9.7%, primarily due to higher retail banking and administrative costs. Marketing expense increased $271,000, or 46.1%, data processing expense rose $145,000, or 7.1%, and occupancy expense increased $91,000, or 2.1%, reflecting higher facilities-related costs. These increases were partially offset by decreases in professional fees of $123,000, or 6.4%, and FDIC deposit insurance and other insurance costs of $63,000, or 5.7%. Balance Sheet Analysis Total assets increased by $46.0 million, or 3.7%, to $1.30 billion as of December 31, 2025. Cash and cash equivalents rose by $64.5 million, or 172.1%. Available-for-sale securities increased by $2.3 million, or 1.4%, primarily due to $49.0 million in purchases and a $5.3 million reduction in unrealized losses, partially offset by $52.3 million in paydowns, calls, and maturities. Loans receivable decreased by $18.4 million, or 1.9%, to $953.4 million, primarily reflecting a strategic decrease of $81.9 million in indirect automobile loans, in line with our decision to reduce their share of the portfolio, partially offset by a $52.1 million increase in commercial real estate loans and a $13.4 million increase in residential real estate loans. Past due loans decreased $2.2 million, or 13.0%, to $14.5 million, or 1.52% of total loans at December 31, 2025, down from $16.7 million, or 1.71% of total loans, at December 31, 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $3.7 million at December 31, 2025, a decrease of $434,000, or 10.5%, from $4.1 million at December 31, 2024. Total liabilities increased by $31.0 million, or 2.7%, to $1.16 billion at December 31, 2025. The increase was primarily driven by a $76.6 million, or 7.5%, increase in deposits. The growth in deposits was attributable to an $87.4 million, or 11.2%, increase in interest-bearing deposits, partially offset by a decrease in non-interest-bearing deposits of $10.9 million, or 4.6%. Uninsured deposits were approximately 27.9% and 26.9% of the Bank's total deposits as of December 31, 2025 and December 31, 2024, respectively. The increase in deposits was partially offset by a $44.6 million, or 64.0%, reduction in borrowings as deposit growth allowed for excess cash to be used to pay down debt. Stockholders' equity increased $15.0 million, or 12.3%, to $136.9 million at December 31, 2025. The increase was primarily due to net income of $10.0 million and a $5.0 million decrease in accumulated other comprehensive loss due to the balance sheet restructuring and the decreased interest rate environment. The Company's ratio of average equity to average assets was 10.09% for the year ended December 31, 2025 and 9.23% for the year ended December 31, 2024.   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 and potential retaliatory responses, the impact of any federal government shutdown, 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, pandemics, extreme weather events, or a 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)   Rhinebeck Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share and per share data)   Rhinebeck Bancorp, Inc. and Subsidiary Average Balance Sheet (Unaudited) (Dollars in thousands) ______________________________________________________________ (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $36,000 and $16,000 for the three months ended December 31, 2025 and 2024, respectively. (2) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets. (3) Annualized. ______________________________________________________________ (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $218,000 and $60,000 for the year ended December 31, 2025 and 2024, respectively. (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) ______________________________________________________________ (1) Ratios for the three month periods ended December 31, 2025,September 30, 2025 and December 31, 2024 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 $3.0 billion. (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. Related Links http://www.Rhinebeckbank.com SOURCE: Rhinebeck Bancorp, Inc. View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / October 28, 2025 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the third quarter of 2025 of $2.7 million, compared to a net loss of $8.1 million for the third quarter of 2024. Earnings per share were $0.25 for the third quarter of 2025, compared to diluted loss per share of $0.75 for the same quarter of 2024. Net income for the first nine months of 2025 totaled $7.7 million, compared to a net loss of $6.0 million for the same period last year. Earnings per share were $0.70 and diluted loss per share was $0.55 for the first nine months of 2025 and 2024, respectively. The results for the three and nine months ended September 30, 2024, reflected the sale of securities from a balance sheet restructuring. The restructuring, announced in the third quarter of 2024, resulted in a pre-tax loss of $12.0 million. The restructuring decreased the average life of the securities portfolio, and improved the Company's earnings stream going forward, beginning in the fourth quarter of 2024. President and Chief Executive Officer Matthew Smith said, "I am honored to step into the role of CEO at such a pivotal time for our organization. The recent progress we've made-returning to profitability, strengthening our capital position, and enhancing asset quality-speaks to the resilience and dedication of our team. As we look ahead, my focus will be on building sustainable growth, deepening our client relationships, and driving innovation while maintaining strong risk discipline. Together, we will continue to create long-term value for our shareholders, customers, and communities." Income Statement Analysis Net interest income increased $2.4 million, or 24.5%, to $12.0 million for the three months ended September 30, 2025, from $9.7 million for the three months ended September 30, 2024. The increase was primarily due to higher yields on interest-earning assets and lower costs on interest-bearing liabilities. A $394,000 recovery on impaired accounts also contributed to the increase. The interest rate spread improved 77 basis points from 2.50% for the three months ended September 30, 2024 to 3.27% for the three months ended September 30, 2025, as asset yields increased while liability costs decreased. For the three months ended September 30, 2025, when compared to the same period in 2024, the average yield of interest-earning assets improved by 42 basis points to 5.80% and the average balance of interest-earning assets increased by $30.8 million, or 2.6%, to $1.21 billion. The balance sheet restructuring in the third quarter of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities increased by $22.0 million, or 2.5%, primarily due to a $58.7 million increase in the average balance of interest-bearing deposits (primarily money market accounts and time deposits), partially offset by a $36.9 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 35 basis points to 2.53% due to the lower market interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin increased by 68 basis points to 3.93%. Year-to-date net interest income increased $7.0 million, or 25.6%, to $34.6 million compared to $27.5 million for the prior year nine-month period primarily due to higher yields on interest-earning assets and lower costs on interest- bearing liabilities. The interest rate spread increased by 91 basis points, from 2.34% for the nine months ended September 30, 2024, to 3.25% for the same period in 2025, primarily due to favorable asset and liability pricing. For the nine months ended September 30, 2025, the average balance of interest-earning assets decreased by $14.7 million, or 1.2%, to $1.19 billion while the average yield improved by 52 basis points to 5.77%, when compared to the nine months ended September 30, 2024. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities decreased by $23.2 million, or 2.6%, primarily due to a decrease in the average balance of FHLB advances of $48.9 million, partially offset by a $26.5 million increase in the average balance of deposits (primarily money market accounts and time deposits), while the cost of interest-bearing liabilities decreased by 40 basis points to 2.52% due to the lower interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin increased by 84 basis points to 3.90% for the nine months ended September 30, 2025 from 3.06% for the nine months ended September 30, 2024. The provision for credit losses increased by $15,000, or 1.7%, from $889,000 for the quarter ended September 30, 2024 to $904,000 for the current quarter. The increase in the provision was primarily due to higher loan balances and an increase in net charge-offs. Net charge-offs increased by $619,000 from $344,000 for the third quarter of 2024 to $963,000 for the third quarter of 2025. The increase was primarily due to a charge-off on commercial real estate property of $629,000 in the third quarter of 2025. Year-to-date, the provision for credit losses decreased by $263,000, or 18.5%, from $1.4 million for the nine months ended September 30, 2024 to $1.2 million for the nine months ended September 30, 2025. The decrease in the provision was primarily due to a change in the composition of the loan portfolio as net charge-offs and loan balances decreased on indirect automobile loans and increased on commercial and commercial real-estate loans. Net charge-offs increased $137,000, or 9.6% to $1.6 million for the first nine months of 2025 as compared to $1.4 million for the first nine months of 2024. The increase was primarily due to increased net charge-offs on commercial and commercial real-estate loans, partially offset by decreased net charge-offs on indirect automobile loans and other consumer loans. The percentage of overdue account balances to total loans decreased to 1.31% at September 30, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $389,000, or 9.4%, to $3.7 million at September 30, 2025. Non-interest income totaled $1.9 million for the three months ended September 30, 2025, compared to a net loss of $10.0 million for the same period in 2024, representing an increase of $11.9 million. The prior-year period included a $12.0 million loss on the sale of investment securities related to the Company's balance sheet restructuring. Excluding this loss, non-interest income would have decreased $65,000 from $2.0 million for the three months ended September 30, 2024 to $1.9 million for the current period. This decrease was primarily due to a $412,000 decrease in income related to life insurance proceeds recognized during the third quarter of 2024. This decrease was substantially offset by a $245,000 increase in other non-interest income, primarily due to higher swap income; a $92,000, or 24.5%, increase in investment advisory income, and a $39,000 increase in gain on sale of loans. Non-interest income totaled $5.3 million for the nine months ended September 30, 2025, compared to a net loss of $6.8 million for the same period in 2024, representing an increase of $12.1 million. The net loss in the prior-year period was primarily attributable to a $12.0 million loss on the sale of investment securities in connection with the Company's 2024 balance sheet restructuring. Excluding this loss, non-interest income would have increased by $92,000, from $5.2 million for the nine months ended September 30, 2024, to $5.3 million for the nine months ended September 30, 2025. The increase in non-interest income reflects a $484,000, or 67.1%, increase in other non-interest income, primarily due to higher swap income, and a $65,000 increase in gain on sales of loans. These increases were largely offset by a $412,000 decrease in income related to life insurance proceeds recognized during the third quarter of 2024 and a $62,000 decrease in investment advisory income. For the third quarter of 2025, non-interest expense rose to $9.7 million, reflecting a $646,000, or 7.1%, increase compared to the same period in 2024. The increase was primarily due to an increase in salaries and employee benefits which rose $427,000, or 8.5%, primarily due to increased incentive compensation and production commissions. Other non-interest expense grew by $158,000, or 10.2%, driven primarily by higher retail banking costs. Occupancy expense increased by $47,000, or 4.5%. For the nine months ended September 30, 2025, non-interest expense totaled $28.9 million, an increase of $2.0 million, or 7.6%, compared to $26.9 million for the same period in 2024. The increase was primarily attributable to higher compensation and operating costs across multiple categories. Salaries and employee benefits increased by $899,000, or 6.0%, primarily due to higher incentive-based compensation, production commissions and annual merit increases aimed at retaining and attracting talent. Other non-interest expense rose by $605,000, or 12.9%, largely due to increased retail banking and administrative costs. Marketing expense increased by $209,000, or 57.3%. Occupancy expense increased by $118,000, or 3.7%, due to higher facilities-related costs. Professional fees increased by $88,000, or 6.4%. FDIC deposit insurance and other insurance increased by $63,000, or 7.8%, and data processing expense rose by $62,000, or 4.1%. Balance Sheet Analysis Total assets increased by $60.2 million, or 4.8%, to $1.32 billion as of September 30, 2025. Cash and cash equivalents rose by $66.0 million, or 176.0%, driven by higher interest-bearing deposits and proceeds from the decrease in available-for-sale securities. Available-for-sale securities decreased by $11.0 million, or 6.9%, primarily due to $38.7 million in paydowns, calls, and maturities, partially offset by $23.3 million in purchases and a $4.5 million reduction in unrealized losses. Loans receivable increased by $5.9 million, or 0.6%, to $977.6 million, primarily reflecting a $57.8 million increase in commercial real estate loans and a $12.5 million increase in residential real estate loans, largely offset by a strategic decrease of $61.6 million in indirect automobile loans, in line with our decision to reduce their share of the portfolio. Past due loans decreased $3.8 million, or 22.9%, to $12.9 million, or 1.31% of total loans at September 30, 2025, down from $16.7 million, or 1.71% of total loans at December 31, 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.83% of total loans and 218.85% of non-performing loans at September 30, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $3.7 million at September 30, 2025, a decrease of $389,000, or 9.4%, from $4.1 million at December 31, 2024. Total liabilities increased by $49.1 million, or 4.3%, to $1.18 billion at September 30, 2025. The increase was primarily driven by a $95.0 million, or 9.3%, increase in deposits. The growth in deposits was mostly attributable to an $80.5 million, or 10.3%, increase in interest-bearing deposits, while non-interest-bearing deposits increased by $14.6 million, or 6.1%. Uninsured deposits were approximately 28.5% and 26.9% of the Bank's total deposits as of September 30, 2025 and December 31, 2024, respectively. The increase in deposits was partially offset by a $43.2 million, or 61.9%, reduction in borrowings as deposit growth outpaced loan growth, allowing excess cash to be used to pay down debt. Stockholders' equity increased $11.2 million, or 9.2%, to $133.0 million at September 30, 2025. The increase was primarily due to net income of $7.7 million and a $3.4 million decrease in accumulated other comprehensive loss due to the balance sheet restructuring and the decreased interest rate environment. The Company's ratio of average equity to average assets was 10.0% for the nine months ended September 30, 2025 and 9.23% for the year ended December 31, 2024. 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 and potential retaliatory responses, the impact of the current federal government shutdown, 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, pandemics, extreme weather events, or a 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) Rhinebeck Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and Subsidiary Average Balance Sheet (Unaudited) (Dollars in thousands) (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $43,000 and $10,000 for the three months ended September 30, 2025 and 2024, respectively. (2) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets. (3) Annualized. (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $183,000 and $44,000 for the nine months ended September 30, 2025 and 2024, respectively. (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) (1) Ratios for the three and nine month periods ended September 30, 2025 and 2024 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 $3.0 billion. (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. Matthew J. Smith President & CEO (845) 790-1501 [email protected] Related Links http://www.Rhinebeckbank.com SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / July 24, 2025 / 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, 2025 of $2.7 million ($0.25 per basic and diluted share), which was $1.8 million, or 179.6%, higher than the comparable prior year period of $975,000 ($0.09 per basic and diluted share). Net income for the six months ended June 30, 2025 of $5.0 million ($0.47 per basic and $0.46 per diluted share) was $2.9 million, or 139.2%, higher than the same period last year. The increase in net income for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024 was primarily due to increases in net interest income and a decrease in the provision for credit losses, partially offset by an increase non-interest expense. The Company's return on average assets and return on average equity were 0.88% and 8.57% for the second quarter of 2025, respectively, as compared to 0.31% and 3.43% for the second quarter of 2024, respectively. The increase in net income for the six months ended June 30, 2025 when compared to the six months ended June 30, 2024 was primarily due to an increase in net interest income, a decrease in the provision for credit losses, and an increase in non-interest income, partially offset by an increase in non-interest expense. The Company's return on average assets and return on average equity were 0.80% and 8.04% for the first six months of 2025, respectively, as compared to 0.32% and 3.67% for the first six months of 2024, respectively. President and Chief Executive Officer Michael J. Quinn said, "We're very pleased with our performance through the first half of 2025, as net income more than doubled to $5.0 million compared to $2.1 million in the prior year period, our net interest margin expanded to 3.88%, and our return on average equity improved to 8.04%, reflecting strong asset-liability management and disciplined operating execution. We also saw continued improvement in credit quality, with non-performing assets declining 30% and net charge-offs totaling just 0.06% of average loans. With our Tier 1 capital ratio at 12.66% and tangible book value per share rising to $11.40, we remain well-capitalized and confident in our ability to deliver sustainable growth and value for shareholders." Income Statement Analysis Net interest income increased $2.4 million, or 27.1%, to $11.5 million for the three months ended June 30, 2025, from $9.0 million for the three months ended June 30, 2024. The increase was primarily due to higher yields on interest earning assets and lower costs on interest bearing liabilities. The interest rate spread improved 100 basis points from 2.33% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025, as asset yields outpaced liability costs. For the three months ended June 30, 2025, when compared to the three months ended June 30, 2024, the average yield of interest-earning assets improved by 50 basis points to 5.78% while the average balance decreased by $33.3 million, or 2.8%, to $1.16 billion. A balance sheet restructuring in the second half of 2024 significantly increased the yield on our available for sale securities. The average balance of interest-bearing liabilities decreased by $45.7 million, or 5.1%, primarily due to a $61.6 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 50 basis points to 2.45% due to the lower market interest rate environment. The net interest margin increased by 93 basis points to 3.97%. Year-to-date net interest income increased $4.7 million, or 26.2%, to $22.5 million compared to $17.9 million for the prior year six-month period primarily due to higher yields on interest earning assets and lower costs on interest bearing liabilities. The interest rate spread improved by 97 basis points, increasing from 2.26% for the six months ended June 30, 2024, to 3.23% for the same period in 2025, primarily due to more favorable asset pricing relative to liabilities. For the six months ended June 30, 2025, the average balance of interest-earning assets decreased by $37.8 million, or 3.1%, to $1.17 billion while the average yield improved by 56 basis points to 5.75%, when compared to the six months ended June 30, 2024. A balance sheet restructuring in the second half of 2024 significantly increased the yield on our available for sale securities. The average balance of interest-bearing liabilities decreased by $46.0 million, or 5.0%, primarily due to a decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 41 basis points to 2.52% due to the lower interest rate environment. The net interest margin increased by 91 basis points to 3.88% for the six months ended June 30, 2025 from 2.97% for the six months ended June 30, 2024. The provision for credit losses decreased by $548,000, or 122.6%, from $447,000 for the quarter ended June 30, 2024 to a credit of $101,000 for the current quarter. The decrease in the provision was primarily due to lower loan balances and a decrease in net charge-offs. Net charge-offs decreased $742,000 from $833,000 for the second quarter of 2024 to $91,000 for the second quarter of 2025. The decrease was primarily due to decreased net charge-offs in indirect automobile loans of $397,000 and a second quarter 2024 charge-off on commercial real estate property of $291,000. Year-to-date, the provision for credit losses decreased by $278,000, or 52.5%, from $530,000 for the six months ended June 30, 2024 to $252,000 for the six months ended June 30, 2025. The decrease in the provision was primarily due to lower loan balances and a decrease in net charge-offs. Net charge-offs decreased $481,000, or 44.5% to $601,000 for the first six months of 2025 as compared to $1.1 million for the first six months of 2024. The decrease was primarily due to decreased net charge-offs in indirect automobile loans of $235,000 as well as the 2024 charge-off in commercial real estate of $291,000. The percentage of overdue account balances to total loans decreased to 1.31% at June 30, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $1.2 million, or 29.7%, to $2.9 million at June 30, 2025. Non-interest income totaled $1.6 million for the three months ended June 30, 2025, a decrease of $4,000, or 0.2%, from the comparable period in 2024, due primarily to a decrease of $109,000, or 28.8%, in investment advisory income, resulting from unpredictable economic conditions. This decrease was substantially offset by an increase in other non-interest income of $73,000, or 27.1% as swap income increased and an increase on gains on sales of loans of $34,000 as we sold $2.7 million of residential mortgage loans in the second quarter of 2025 as compared to sales of $1.3 million in the second quarter of 2024. Non-interest income totaled $3.4 million for the six months ended June 30, 2025, an increase of $157,000, or 4.9%, from the comparable period in 2024, due primarily to an increase of $239,000, or 46.1%, in other non-interest income as swap income increased, partially offset by a decrease in investment advisory income of $154,000 resulting from unpredictable market and economic conditions. Additional increases included a $26,000 gain on sales of loans, a $22,000 increase in service charges on deposit accounts, an $18,000 gain on the disposal of premises and equipment, and a $10,000 increase in the cash surrender value of bank-owned life insurance. For the second quarter of 2025, non-interest expense rose to $9.7 million, reflecting a $760,000, or 8.5%, increase compared to the same period in 2024. The increase was broad-based, with nearly all major expense categories rising. Salaries and employee benefits rose $330,000, or 6.7%, primarily due to increased production commissions. Other non-interest expense grew by $191,000, or 12.0%, driven primarily by higher retail banking costs. Marketing expense rose by $108,000, or 93.9%, largely due to promotional initiatives associated with the launch of higher-yielding deposit products. Occupancy expense increased by $53,000, or 5.0%, due to higher branch repair costs. Additionally, professional fees, FDIC insurance expense, and data processing fees increased by $34,000, $34,000, and $13,000, respectively. For the six months ended June 30, 2025, non-interest expense totaled $19.2 million, an increase of $1.4 million, or 7.8%, compared to $17.8 million for the same period in 2024. The increase was primarily due to higher compensation and operating costs across multiple categories. Salaries and employee benefits increased by $472,000, or 4.8%, driven primarily by higher incentive-based compensation and annual merit increases to retain and attract talent. Other non-interest expense increased by $447,000, or 14.3%, primarily due to higher retail banking and administrative costs. Marketing expense increased by $187,000, or 79.2%, related to promotional campaigns for new deposit products. Professional fees rose by $97,000, or 11.1%, reflecting increased consulting and legal services. Additional increases were noted in FDIC deposit insurance and other insurance, which rose $78,000, or 15.2%, and occupancy expense, which increased $71,000, or 3.4%, due to facilities-related costs. Data processing expense also increased by $43,000, or 4.2%. Balance Sheet Analysis Total assets increased by $18.5 million, or 1.5%, to $1.27 billion as of June 30, 2025. Cash and cash equivalents rose by $52.1 million, or 139.1%, driven by higher interest bearing deposits and decreases in available for sale securities and loans receivable. Available-for-sale securities declined by $18.6 million, or 11.6%, primarily due to $24.6 million in paydowns, calls, and maturities, partially offset by a $3.3 million reduction in unrealized losses and $2.6 million in purchases. Loans receivable declined by $11.0 million, or 1.1%, to $960.8 million, primarily reflecting a decline of $39.6 million in indirect automobile loans, in line with a strategic decision to reduce their share of the portfolio, partially offset by a $22.9 million increase in commercial real estate loans and a $7.4 million increase in residential real estate loans. Past due loans decreased $4.1 million, or 24.3%, to $12.6 million, or 1.31% of total loans at June 30, 2024, down from $16.7 million, or 1.71% of total loans at December 31, 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.85% of total loans and 283.14% of non-performing loans at June 30, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $2.9 million at June 30, 2025, a decrease of $1.2 million, or 29.7%, from $4.1 million at December 31, 2024. Total liabilities increased by $11.4 million, or 1.0%, to $1.15 billion at June 30, 2025. The increase was primarily driven by a $50.0 million, or 4.9%, increase in deposits. The growth in deposits was almost entirely attributable to a $48.7 million, or 6.2%, increase in interest-bearing deposits, while non-interest-bearing deposits increased slightly by $1.4 million, or 0.6%. The increase in deposits was primarily due to increases in money market accounts and time certificates of deposit, which reflected the Bank's promotion of higher-yielding products in response to customer demand for better interest rates. Uninsured deposits were approximately 27.8% and 26.9% of the Bank's total deposits as of June 30, 2025 and December 31, 2024, respectively. The increase in deposits was partially offset by a $43.2 million, or 61.9%, reduction in borrowings. Stockholders' equity increased $7.1 million, or 5.8%, to $129.0 million at June 30, 2025. The increase was primarily due to $5.0 million in net income and a $2.0 million decrease in accumulated other comprehensive loss reflecting the results of the balance sheet restructuring. The Company's ratio of average equity to average assets was 9.99% for the three months ended June 30, 2025 and 9.23% for the year ended December 31, 2024. 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 and potential retaliatory responses, 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, pandemics, extreme weather events, or a 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) Rhinebeck Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and Subsidiary Average Balance Sheet (Unaudited) (Dollars in thousands) (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $86,000 and $16,000 for the three months ended June 30, 2025 and 2024, respectively. (2) Represents the difference between interest earned and interest paid, divided by average total interest earning assets. (3) Annualized. (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $140,000 and $33,000 for the six months ended June 30, 2025 and 2024, respectively. (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) (1) Performance ratios for the three and six month periods ended June 30, 2025 and 2024 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 $3.0 billion. (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. Contact: Michael Quinn President & CEO 845-454-8555, ext. 1501 [email protected] Related Links http://www.Rhinebeckbank.com SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire

POUGHKEEPSIE, NY / ACCESS Newswire / April 24, 2025 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the three months ended March 31, 2025 of $2.3 million ($0.21 per basic and diluted share), which was $1.2 million, or 104.1%, higher than the comparable prior year period of $1.1 million ($0.10 per basic and diluted share). The increase in net income for the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024 was primarily due to increases in net interest income and non-interest income, partially offset by increases in the provision for credit losses and non-interest expense. The Company's return on average assets and return on average equity were 0.73% and 7.49% for the first quarter of 2025, respectively, as compared to 0.34% and 3.92% for the first quarter of 2024, respectively. President and Chief Executive Officer Michael J. Quinn said, "We're very pleased with our first quarter results, which saw earnings more than double to $2.3 million from $1.1 million a year ago. This performance reflects the positive impact of the balance sheet restructuring we executed in the second half of 2024, which took advantage of the interest rate environment. As a result, we delivered significant expansion in both our interest rate spread, up from 2.19% to 3.13%, and our net interest margin, which increased from 2.90% to 3.79%. Profitability metrics improved across the board, with return on average assets rising to 0.73% and return on average equity reaching 7.49%. We also drove meaningful improvement in operating efficiency and maintained strong credit quality. We believe these results set a solid foundation for continued growth as we move through 2025." Income Statement Analysis Net interest income increased $2.2 million, or 25.2%, to $11.0 million for the three months ended March 31, 2025, from $8.8 million for the three months ended March 31, 2024. The increase was primarily due to higher yields on interest earning assets and lower costs on interest bearing liabilities. Interest rate spread improved 94 basis points from 2.19% for the three months ended March 31, 2024 to 3.13% for the three months ended March 31, 2025, reflecting better pricing on assets versus liabilities. A balance sheet restructuring in the second half of 2024 significantly increased the yield on our available for sale securities. For the three months ended March 31, 2025, when compared to the three months ended March 31, 2024, the average yield improved by 60 basis points to 5.71% while the average balance of interest-earning assets decreased by $42.2 million, or 3.5%, to $1.18 billion. The average balance of interest-bearing liabilities decreased by $46.2 million, or 5.0%, primarily due to a $48.0 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 34 basis points to 2.58%. The overall net interest margin increased by 89 basis points to 3.79% and the overall interest rate spread increased by 94 basis points to 3.13% for the three months ended March 31, 2025. The provision for credit losses on loans increased by $270,000, or 325.3%, from $83,000 for the quarter ended March 31, 2024 to $353,000 for the current quarter. The increase was primarily attributable to increased loan production during the quarter and increased charge-offs. Net charge-offs increased $260,000 from $250,000 for the first quarter of 2024 to $510,000 for the first quarter of 2025. The increase was primarily due to increased net charge-offs of $162,000 and $139,000 in indirect automobile loans and commercial loans, respectively. The percentage of overdue account balances to total loans decreased to 1.38% as of March 31, 2025 from 1.71% as of December 31, 2024, while non-performing assets decreased $622,000, or 15.0%, to $3.5 million at March 31, 2025. Non-interest income totaled $1.8 million for the three months ended March 31, 2025, an increase of $161,000, or 10.1%, from the comparable period in 2024, due primarily to an increase of $166,000, or 66.4%, in other non-interest income investment as swap income increased. Service charges on deposit accounts also increased by $30,000, or 4.0%, as deposits increased. These increases were partially offset by a decrease in investment advisory income of $45,000, or 11.8%, resulting from a decline in the market due to unpredictable economic conditions. Gains on sales of loans also decreased $8,000 as we sold $385,000 of residential mortgage loans in the first quarter of 2025 as compared to sales of $2.0 million in the first quarter of 2024. For the first quarter of 2025, non-interest expense rose to $9.5 million, reflecting a $631,000, or 7.1%, increase compared to the same period in 2024. The increase was broad-based, with almost all major expense categories rising. Other non-interest expense grew by $256,000, or 16.8%, driven by higher retail banking costs. Salaries and benefits rose $142,000, primarily due to increased production commissions. Marketing expense rose by $79,000, or 65.3%, largely due to promotional initiatives associated with the launch of higher-yielding deposit products. Additionally, professional fees, FDIC insurance expense, and data processing fees increased by $63,000, $44,000, and $30,000, respectively. Balance Sheet Analysis Total assets increased slightly by $159,000 to remain relatively stable at $1.26 billion as of March 31, 2025. Cash and cash equivalents rose by $13.0 million, or 34.8%, driven by higher deposits held at the FHLB and the Federal Reserve Bank of New York, funded by proceeds from maturing securities. Loans receivable grew by $4.7 million, or 0.5%, to $976.5 million, primarily reflecting a $17.9 million increase in commercial real estate loans and a $4.3 million increase in residential real estate loans. This was partially offset by a decline of $17.7 million in indirect automobile loans, in line with a strategic decision to reduce their share of the portfolio. These increases were largely offset by a $15.1 million, or 9.4%, decrease in available-for-sale securities, primarily due to $18.1 million in paydowns, calls, and maturities, partially offset by a $2.3 million reduction in unrealized losses. Past due loans decreased $3.2 million, or 18.9%, between December 31, 2024 and March 31, 2025, finishing at $13.6 million, or 1.38% of total loans, down from $16.7 million, or 1.71% of total loans at year-end 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.86% of total loans and 239.35% of non-performing loans at March 31, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $3.5 million at March 31, 2025, a decrease of $622,000, from $4.1 million at December 31, 2024. Total liabilities decreased by $4.0 million, or 0.4%, to $1.13 billion at March 31, 2025. The decline was primarily driven by a $15.9 million, or 22.8%, reduction in borrowings and a $1.8 million, or 19.1%, decrease in mortgagors' escrow accounts. These decreases were largely offset by a $13.5 million, or 1.3%, increase in deposits. The growth in deposits was almost entirely attributable to a $13.6 million, or 1.7%, increase in interest-bearing deposits, while non-interest-bearing deposits declined slightly by $174,000, or 0.1%. The increase in savings and money market accounts reflected the Bank's promotion of higher-yielding products in response to customer demand for better interest rates. Uninsured deposits were approximately 27.8% and 26.9% of the Bank's total deposits as of March 31, 2025 and December 31, 2024, respectively. Stockholders' equity increased $4.1 million, or 3.4%, to $126.0 million at March 31, 2025. The increase was primarily due to $2.3 million in net income and a $1.8 million decrease in accumulated other comprehensive loss reflecting the results of the balance sheet restructuring. The Company's ratio of average equity to average assets was 9.77% for the three months ended March 31, 2025 and 9.23% for the year ended December 31, 2024.   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, 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) Rhinebeck Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share and per share data) Rhinebeck Bancorp, Inc. and Subsidiary Average Balance Sheet (Unaudited) (Dollars in thousands) (1) Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $53,000 and $17,000 for the three months ended March 31, 2025 and 2024, respectively. (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) (1) Performance ratios for the three month periods ended March 31, 2025 and 2024 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 $3.0 billion. (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. Related Links http://www.Rhinebeckbank.com Contact: Michael Quinn President & CEO (845)454-8555 [email protected] SOURCE: Rhinebeck Bancorp View the original press release on ACCESS Newswire