Rhinebeck Bancorp reports Q2 net income $2.6M, up 90% YoY; provision credit of $1.1M

Rhinebeck Bancorp, Inc.

2021-Q2 EPS reported $0.54 revenue$1,227,000

Net income Q2 2021 $2.6M ($0.24 diluted) vs $1.4M a year ago; H1 net income $5.9M ($0.54 diluted), up 143%.
Provision for loan losses swung to a $1.1M credit in Q2 from $2.3M expense in Q2 2020; credit $1.2M for H1.
Total assets $1.21B (+7.2% from Dec 2020); deposits $1.03B (+10.5%); capital ratios strong (T1 Leverage 9.69%).
Completed branch acquisition from ConnectOne Bank assumed $33.9M deposits; PPP loans $74.3M outstanding at June 30.
Non-interest expense rose 31.2% to $8.9M in Q2 due to branch expansion, salaries, and a reserve for indirect auto compliance.

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