Rhinebeck Bancorp Q3 net income $2.7M, up 134% YoY; credit to loan loss provision drives results

Rhinebeck Bancorp, Inc.

2021-Q3 EPS reported $0.79 revenue$1,891,000

Net income $2.7M ($0.25/share) in Q3 2021, up 133.5% from $1.2M in Q3 2020; nine-month net income $8.6M, up 139.9%.
Provision for loan losses recorded a credit of $954k in Q3 2021 vs. provision of $2.3M in prior year, reflecting improved credit quality.
Net interest margin stable at 3.44% for nine months; total assets grew 11.9% to $1.26B; deposits up 17% to $1.09B.
Company recorded $450k reserve for potential consumer compliance issues in indirect auto loan portfolio; further reserves possible.
CEO expects slight loan growth in Q4 2021 and normalized growth in 2022.

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