secwatch.observer — SEC 8-K summary
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Issuer:     Rhinebeck Bancorp, Inc. (RBKB)
CIK:        0001751783
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001751783-23-000029
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000029/0001751783-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1751783/000175178323000029/rbkb-20230727x8k.htm
  HTML page:      https://secwatch.observer/filing/0001751783-23-000029

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