Rhinebeck Bancorp Q1 net income down 38% to $2.1M; EPS $0.19 vs $0.31

Rhinebeck Bancorp, Inc.

2022-Q1 EPS reported $0.19 revenue$706,000

Net income $2.1M ($0.19 per share) vs $3.3M ($0.31 per share) in Q1 2021, a decrease of 38%.
Net interest income up 3.4% to $10.1M; net interest margin down 23 bps to 3.42%.
Non-interest expense up 14.5% to $9.1M, driven by salaries/benefits from four new branches and branch expansion.
Provision for loan losses swung to $221K expense from $69K credit in prior year; net charge-offs fell to $80K.
Stockholders' equity down 6.9% to $117.3M due to $10.9M increase in unrealized securities losses.

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