Rhinebeck Bancorp Q2 net income $2.0M ($0.19/sh), down 21% YoY; loan growth +8.4%

Rhinebeck Bancorp, Inc.

2022-Q2 EPS reported $0.37 revenue$1,412,000

Net income $2.0M ($0.19 basic EPS) vs $2.5M ($0.23) in Q2 2021, down $536K (20.9%).
Provision for loan losses of $346K expense vs $1.1M credit in Q2 2021; increase of $1.5M.
Net interest income rose 19% to $10.9M, aided by $78.8M growth in avg interest-earning assets.
Total loans grew $72.2M (8.4%) to $930M, led by indirect auto loans (+$52.5M, 13.7%).
Non-interest income fell 19% to $1.5M due to lower mortgage gain on sale ($325K decrease).

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