Rhinebeck Bancorp sells $71M low-yield securities, records $12M loss to boost future earnings

Rhinebeck Bancorp, Inc.

Sold $71M of available-for-sale securities yielding 1.11%; reinvested into securities yielding 4.22% (spread +3.11%).
One-time pre-tax loss of $12.0M; no impact on tangible equity.
Projected to increase EPS by $0.12 and net interest margin by 0.17% over next 12 months, starting Q4 2024.
Weighted-average life of portfolio reduced from 5.8 years to 2.7 years.
Bank remains well capitalized with $40M+ cash and $200M unused FHLB line.

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