Rhinebeck Bancorp, Inc. Debt Disclosure

7.    Debt and FHLB Stock

FHLB Borrowings and Stock

The Company is a member of the FHLB. At December 31, 2025 and 2024, the Company had access to a preapproved secured line of credit with the FHLB of $650,791 and $627,265, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At December 31, 2025, the Bank had pledged $514,823 of assets to the FHLB, which resulted in a secured line of credit of $362,311. At December 31, 2024, the Bank had pledged $447,534 of assets to the FHLB, which resulted in a secured line of credit of $306,410. The Company had no outstanding overnight line of credit balances with the FHLB at either December 31, 2025 or 2024. These borrowings would mature the following business day. At December 31, 2025, the Company had borrowings in the amount of $25,153. The outstanding principal amounts and the related terms and rates at December 31, 2025 were as follows:

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The Company is required to maintain an investment in capital stock of the FHLB, as collateral, in an amount equal to a certain percentage of its outstanding debt. FHLB stock is considered restricted stock and is carried at cost. The Company evaluates for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either December 31, 2025 or 2024.

Subordinated Debt

In addition to the Bank, the Company has one other wholly-owned subsidiary, RSB Capital Trust I (the “Trust”). In 2005, the Trust issued $5,000 of pooled trust preferred securities in a private placement and issued 155 shares of common stock at $1 par value per share, now owned by the Company. The Trust, which has no independent assets or operations, was formed in 2005 for the sole purpose of issuing trust preferred securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures. The proceeds from the issuance of the trust preferred securities were down-streamed to the Bank and are currently considered Tier 1 capital for purposes of determining the Bank’s capital ratios. The duration of the Trust is 30 years.

The subordinated debt securities of $5,155 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, other than trust securities, provides a full and unconditional guarantee of amounts on the capital securities. The subordinated debentures, which bear interest at three-month Secured Overnight Financing Rate (“SOFR”) plus 2% and a relative spread adjustment of 0.26% was 6.14% and 7.78% at December 31, 2025 and 2024, respectively. The subordinated debentures mature on May 23, 2035.

Other Borrowings

The Bank has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at December 31, 2025 or 2024.

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The Bank also has an unsecured, uncommitted $50,000 line of credit with Pacific Community Bankers Bank. There were no advances outstanding under this line of credit at December 31, 2025 or 2024.

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Additionally, at December 31, 2025 and 2024, the Bank had available funds of $155,646 and $215,572, respectively, under the Federal Reserve Bank’s discount window. There were no advances outstanding under this line of credit at December 31, 2025 or 2024.

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