secwatch.observer — SEC 8-K summary
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Issuer:     Rhinebeck Bancorp, Inc. (RBKB)
CIK:        0001751783
Form:       8-K
Filed at:   2023-01-26T23:59:59+00:00
Accession:  0001751783-23-000003
Event type: earnings
Sentiment:  negative
Materiality: 0.78
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000003/0001751783-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000003/rbkb-20230126x8k.htm
  HTML page:      https://secwatch.observer/filing/0001751783-23-000003

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