Rhinebeck Q3 net income falls 41% to $1.2M on higher provision, lower NII

Rhinebeck Bancorp, Inc.

2023-Q3 EPS reported $0.32 revenue$2,164,000

Net income $1.2M ($0.12 basic, $0.11 diluted), down 41.3% from Q3 2022.
Net interest income fell 13% to $9.7M; provision for credit losses rose to $910K from $545K.
Net charge-offs $385K vs $222K; non-performing assets up 9.1% to $4.8M.
Loans grew $9.4M to $1.26B; deposits fell $47.6M (-4.2%); FHLB borrowings up 51.9%.
Company repurchased 200k shares for $1.4M during Q3; equity decreased 1.4%.

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 nine months ended September 30, 2023 results: net income $3.5 million ($0.32 per basic and diluted share).

Period: the nine months ended September 30, 2023
Net income: $3.5 million ($0.32 per basic and diluted share)
Result: reported results

Exact text from the filing

Net income for the nine months ended September 30, 2023 of $3.5 million ($0.32 per basic and diluted share), was $2.7 million, or 44.0%, less than the same period last year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rhinebeck Bancorp, Inc. reported the three months ended September 30, 2023 results: net income $1.2 million ($0.12 per basic and $0.11 per diluted share).

Period: the three months ended September 30, 2023
Net income: $1.2 million ($0.12 per basic and $0.11 per diluted share)
Result: reported results

Exact text from the filing

Rhinebeck Bancorp, Inc. issued a press release announcing 2023 third quarter financial results.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Rhinebeck Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001751783-23-000035

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