Rhinebeck Bancorp Q4 net income down 73% YoY, FY net income down 39.5%; provision expense surges

Rhinebeck Bancorp, Inc.

2022-FY EPS reported $0.64 revenue$2,829,000

Q4 net income $808K ($0.07/diluted) vs $2.98M in Q4 2021; FY net income $7.0M ($0.64 diluted) vs $11.6M.
Provision for loan losses expense of $302K in Q4 vs $1.5M credit in prior year; FY provision $1.4M expense vs $3.7M credit.
Net interest income fell 6.6% in Q4 to $9.8M; FY rose 6.1% to $41.8M. Non-interest income down 23.4% Q4.
Net charge-offs $851K in Q4 (vs $22K recovery); loan growth +16.3% to $139.4M; past due loans 2.29%.
CEO warns of margin compression in 2023, staff reductions implemented; equity down 14.2% to $108.1M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rhinebeck Bancorp, Inc. reported the quarter and year ended December 31, 2022 results: net income net income for the three months ended December 31, 2022 of $808,000 ($0.07 per basic and diluted share)...Net income for.

Period: the quarter and year ended December 31, 2022
Net income: net income for the three months ended December 31, 2022 of $808,000 ($0.07 per basic and diluted share)...Net income for
Result: reported results

Exact text from the filing

Rhinebeck Bancorp, Inc. issued a press release announcing 2022 fourth quarter and year-end financial results. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference herein.

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Source: SEC EDGAR

accession 0001751783-23-000003

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