secwatch.observer — SEC 8-K summary
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Issuer:     Rhinebeck Bancorp, Inc. (RBKB)
CIK:        0001751783
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001751783-23-000016
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000016/0001751783-23-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000016/rbkb-20230427x8k.htm
  HTML page:      https://secwatch.observer/filing/0001751783-23-000016

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