secwatch.observer — SEC 8-K summary
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Issuer:     Rhinebeck Bancorp, Inc. (RBKB)
CIK:        0001751783
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001751783-24-000003
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1751783/000175178324000003/0001751783-24-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1751783/000175178324000003/rbkb-20240125x8k.htm
  HTML page:      https://secwatch.observer/filing/0001751783-24-000003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer