Rhinebeck Bancorp, Inc.

Listed Company

RBKBCIK 0001751783NasdaqNon-AcceleratedSmaller ReportingSavings Institutions, Not Federally CharteredMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$10.04M

Total Assets

$1.30B

Equity

$136.85M

Shares Out

11.14M

Op. Cash Flow

$11.74M

Business

Rhinebeck Bancorp, Inc. is a bank holding company that operates principally through its subsidiary Rhinebeck Bank and related entities. The company offers retail and commercial banking products and services, including deposit accounts, consumer and commercial loans (notably indirect automobile lending, commercial real estate, multi-family, construction and one- to four-family residential mortgages), investment advisory and financial product sales through Rhinebeck Asset Management, and trust-related activities. Key business components include Rhinebeck Bank, Rhinebeck Bancorp, MHC, Rhinebeck Asset Management and a small trust subsidiary. It serves customers in the Hudson Valley region — primarily Dutchess, Ulster, Orange and Albany counties — through branch and representative offices, an automobile dealer network for indirect lending, and digital channels (online and mobile banking).

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	61	58	55	44	41
Interest and dividends on securities	5	4	4	4	2
Other interest income	3	1	1	325,000	105,000
Total interest and dividend income	69	63	61	49	44
Interest expense on deposits	21	21	18	6	4
Interest expense on borrowings	2	4	5	1	686,000
Total interest expense	22	26	23	—	—
Net interest income	46	38	38	42	39
Provision for Credit Losses	2	3	2	—	—
Net interest income after provision for credit losses	45	35	36	40	43
Service charges on deposit accounts	3	3	3	3	3
Net realized loss on sales of securities	—	−16	—	−170,000	−4,000
Net gain on sales of loans	252,000	160,000	118,000	864,000	3
Increase in cash surrender value of life insurance	780,000	751,000	665,000	640,000	571,000
Net gain from sale of other real estate owned	—	4,000	—	—	9,000
Net gain (loss) on disposal of premises and equipment	9,000	−18,000	46,000	−38,000	17,000
Gain on life insurance	—	413,000	221,000	—	195,000
Investment advisory income	2	2	1	1	1
Other	1	1	686,000	538,000	339,000
Total non-interest income (loss)	7	−9	6	6	7
Salaries and employee benefits	22	20	19	22	20
Occupancy	4	4	4	5	4
Data processing	2	2	2	2	2
Professional fees	2	2	2	2	2
Marketing	859,000	588,000	555,000	693,000	708,000
FDIC deposit insurance and other insurance	1	1	1	829,000	769,000
Amortization of intangible assets	60,000	80,000	88,000	99,000	96,000
Other	7	6	7	6	6
Total non-interest expense	39	37	36	37	36
Net income (loss) before income taxes	13	−11	6	9	15
Net Provision (Benefit) for Income Taxes	3	−2	1	2	3
Net income (loss)	10	−9	4	7	12
Basic (in dollars per share)	0.93	−0.8	0.41	0.65	1.07
Diluted (in dollars per share)	0.92	−0.8	0.4	0.64	1.06
Weighted average shares outstanding, basic (in shares)	11	11	11	11	11
Weighted average shares outstanding, diluted (in shares)	11	11	11	11	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	17	19	14	13	11
Federal funds sold	83	18	8	15	53
Interest-bearing depository accounts	2	614,000	427,000	4	8
Total cash and cash equivalents	102	37	22	31	72
Available-for-sale securities (at fair value)	162	160	192	—	—
Loans receivable (net of allowance for credit losses of $8,353 and $8,539, respectively)	953	972	1,009	—	—
Federal Home Loan Bank stock	2	4	7	3	1
Accrued interest receivable	5	4	5	4	3
Cash surrender value of life insurance	31	30	30	30	29
Deferred tax assets (net of valuation allowance of $800 and $1,336, respectively)	5	8	10	10	3
Premises and equipment, net	14	14	18	19	19
Goodwill	2	2	2	2	2
Intangible assets, net	106,000	166,000	246,000	334,000	433,000
Other assets	25	23	19	18	15
Total assets	1,302	1,256	1,313	1,336	1,281
Non-interest bearing	227	238	250	284	315
Interest bearing	870	783	781	846	787
Total deposits	1,097	1,021	1,031	1,130	1,102
Mortgagors' escrow accounts	9	9	9	10	9
Advances from the Federal Home Loan Bank	25	70	128	58	18
Subordinated debt	5	5	5	5	5
Accrued expenses and other liabilities	28	29	27	25	21
Total liabilities	1,165	1,134	1,200	1,228	1,155
Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued)	—	—	—	—	—
Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,141,033 and 11,094,828 at December 31, 2025 and 2024, respectively)	112,000	111,000	111,000	113,000	113,000
Additional paid-in capital	46	46	46	47	47
Unearned common stock held by the employee stock ownership plan	−3	−3	−3	−3	−4
Retained earnings	102	92	100	97	90
Net unrealized loss on available-for-sale securities, net of taxes	−6	−10	−26	−28	−3
Defined benefit pension plan, net of taxes	−2	−2	−3	−4	−4
Total accumulated other comprehensive loss	−8	−13	−29	−32	−7
Total stockholders' equity	137	122	114	108	126
Total liabilities and stockholders' equity	1,302	1,256	1,313	1,336	1,281

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	10	−9	4	7	12
Amortization and accretion of premiums and discounts on investments, net	−158,000	45,000	281,000	230,000	329,000
Loans originated for sale	−8	−7	−5	−20	−74
Proceeds from sale of loans	8	8	5	25	75
Net gain on sale of loans	−252,000	−160,000	−118,000	−864,000	−3
Depreciation and amortization	1	1	1	2	2
Deferred income tax expense (benefit)	2	−3	−352,000	14,000	1
Increase in cash surrender value of insurance	−780,000	−751,000	−665,000	−640,000	−571,000
Net (increase) decrease in accrued interest receivable	−447,000	181,000	−361,000	−889,000	453,000
Expense of earned ESOP shares	243,000	186,000	162,000	216,000	227,000
Share-based compensation expense	39,000	19,000	396,000	615,000	618,000
Net increase in other assets	−2	−4	−1	−3	−6
Net increase in accrued expenses and other liabilities	58,000	3	2	4	3
Net cash provided by operating activities	12	8	7	15	8
Proceeds from sales and calls of securities	500,000	75	—	15	4
Proceeds from maturities and principal repayments of securities	52	32	34	39	58
Purchases of securities	−49	−71	—	−30	−245
Net purchases of FHLB Stock	2	3	−3	−2	1
Net decrease in loans	17	33	−16	−145	24
Purchases of bank owned life insurance	−23,000	−23,000	−23,000	−23,000	−10
Purchases of bank premises and equipment	−850,000	−791,000	−578,000	−1	−2
Proceeds from disposal of premises and equipment	45,000	3	—	—	—
Net proceeds from life insurance	—	1	672,000	—	341,000
Proceeds from sale of other real estate owned	—	29,000	−25,000	—	—
Net cash provided by investing activities	21	75	15	−124	−136
Net increase (decrease) in demand deposits, NOW, money market and savings accounts	37	−29	−201	−32	183
Net increase in time deposits	39	20	102	59	−44
Net (decrease) increase in mortgagors' escrow accounts	−26,000	151,000	−458,000	602,000	636,000
Net decrease in short-term debt	−45	−34	29	35	−16
Net increase (decrease) in long-term debt	216,000	−25	42	5	−17
Share redemption for tax withholding	−218,000	—	−1	−111,000	−125,000
Stock repurchase	−95,000	—	—	—	—
Net cash provided by (used in) financing activities	32	−68	−31	68	107
Net increase in cash and cash equivalents	65	15	−9	−41	−21
Interest	22	26	22	6	5
Income taxes	603,000	874,000	2	2	−40,000

Filings

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