Rhinebeck Bancorp Q1 net income $798K, down 61% YoY on higher loan loss provision

Rhinebeck Bancorp, Inc.

2023-Q1 EPS reported $0.07 revenue$708,000

Net income fell to $798K ($0.07 EPS) from $2.1M ($0.20 EPS) in Q1 2022; net interest income dipped 2.5% to $9.9M.
Provision for credit losses surged to $1.0M (vs. $221K) including a $975K reserve on one commercial loan and the new CECL methodology.
Deposits dropped 3.2% ($36.4M) in March amid the banking crisis; uninsured deposits were ~29% of total deposits.
Net charge-offs rose to $413K (0.04% of avg loans) from $80K; non-performing loans increased $1.2M to $5.7M.
Company laid off ~5% of its workforce in Q1 to reduce costs; CEO expects deposit outflows to slow with Fed pause.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Rhinebeck Bancorp, Inc. reported the three months ended March 31, 2023 results: net income $798,000, EPS $0.07 per basic and diluted share.

Period: the three months ended March 31, 2023
Net income: $798,000
EPS: $0.07 per basic and diluted share
Result: reported results

Exact text from the filing

reported net income for the three months ended March 31, 2023 of $798,000 ($0.07 per basic and diluted share)

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Rhinebeck Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001751783-23-000016

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