Rhinebeck Bancorp Q4 net income up 15% YoY to $930k; full year profit down 37% to $4.4M

Rhinebeck Bancorp, Inc.

2023-FY EPS reported $0.40 revenue$2,880,000

Q4 net income $930k ($0.09 EPS) vs $808k prior year; FY net income $4.4M ($0.41 EPS) vs $7.0M prior year.
Net interest income fell 6.3% in Q4 ($9.1M) and 9.3% FY ($38.0M) due to higher deposit costs and shift to CDs.
Deposits decreased 8.8% ($99.4M) amid bank failures; borrowings from FHLB up 121.9% ($70.3M) to fund outflows.
Company reduced workforce ~5% in Q1 2023, closed a branch, and recorded $375k impairment on Beacon branch pending sale.
Tangible book value per share rose 7.4% to $10.04; commercial RE loans +15.5%, residential +43.8%, indirect auto -13.8%.

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 quarter and year ended December 31, 2023 results: net income $930,000 ($0.09 per basic and diluted share) for the three months ended December 31, 2023; $4.4 million ($0.41 per basic, EPS $0.09 per basic and diluted share for the three months; $0.41 per basic and $0.40 per diluted share for the year.

Period: the quarter and year ended December 31, 2023
Net income: $930,000 ($0.09 per basic and diluted share) for the three months ended December 31, 2023; $4.4 million ($0.41 per basic
EPS: $0.09 per basic and diluted share for the three months; $0.41 per basic and $0.40 per diluted share for the year
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 December 31, 2023 of $930,000 ($0.09 per basic and diluted share), which was $122,000, or 15.1%, higher than the comparable prior year period. Net income for the year ended December 31, 2023 of $4.4 million ($0.41 per basic and $0.40 per diluted share) was $2.6 million, or 37.2%, less than the prior year.

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Source: SEC EDGAR

accession 0001751783-24-000003

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