Rhinebeck Bancorp Q2 net income down 29.5% to $1.4M; deposits decline 4.6%

Rhinebeck Bancorp, Inc.

2023-Q2 EPS reported $0.20 revenue$1,426,000

Net income $1.4M ($0.13 per share) for Q2 2023, down 29.5% vs Q2 2022; H1 net income $2.2M, down 45.4%.
Net interest income fell 14.4% to $9.3M in Q2 due to higher deposit costs and rising rate environment.
Provision for credit losses was a credit of $452K vs expense of $346K last year; net charge-offs increased to $622K.
Deposits decreased $52.5M (4.6%) from Dec 2022; uninsured deposits ~29% of total deposits.
Stockholders' equity down $669K; repurchased 200K shares for $1.4M; adoption of CECL reduced retained earnings $633K.

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 three months ended June 30, 2023 results: net income $1.4 million, EPS $0.13 per basic and diluted share.

Period: the three months ended June 30, 2023
Net income: $1.4 million
EPS: $0.13 per basic and diluted share
Result: reported results

Exact text from the filing

Rhinebeck Bancorp, Inc. (the “Company”) (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the “Bank”), reported net income for the three months ended June 30, 2023 of $1.4 million ($0.13 per basic and diluted share), which was $598,000, or 29.5%, less than the comparable prior year period.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rhinebeck Bancorp, Inc. reported the six months ended June 30, 2023 results: net income $2.2 million, EPS $0.21 per basic and $0.20 per diluted share.

Period: the six months ended June 30, 2023
Net income: $2.2 million
EPS: $0.21 per basic and $0.20 per diluted share
Result: reported results

Exact text from the filing

Net income for the six months ended June 30, 2023 of $2.2 million ($0.21 per basic and $0.20 per diluted share), was $1.9 million, or 45.4%, less than the same period last year.

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Rhinebeck Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001751783-23-000029

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