Rhinebeck Bancorp Q4 net income $3.0M; FY2021 record $11.6M, up 95%

Rhinebeck Bancorp, Inc.

2021-FY EPS reported $1.06 revenue$2,584,000

Net income Q4 2021 $3.0M ($0.28 basic EPS) vs $2.3M in Q4 2020, up 27.4%.
FY2021 net income $11.6M ($1.07 basic EPS) vs $5.9M, up 95.3%.
Provision for loan losses: $1.5M credit in Q4 2021 vs $1.4M provision in Q4 2020; full year credit $3.7M vs $7.1M provision.
Acquired two branches from ConnectOne Bank ($33.9M deposits) and opened two new branches in 2021.
Recorded $600K reserve for potential consumer compliance issues in indirect auto portfolio; additional reserves possible.

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