Rhinebeck Bancorp Q1 net income $1.1M ($0.10 EPS), up 40.5% YoY; tangible book value $10.10 per share

Rhinebeck Bancorp, Inc.

2024-Q1 EPS reported $0.10 revenue$743,000

Net income $1.1M ($0.10 per share) vs $798K ($0.07) in Q1 2023, up 40.5%.
Net interest income down 9.8% to $8.9M due to higher deposit costs; net interest margin 2.92% (down 29 bps).
Provision for credit losses decreased 91.8% to $83K; net charge-offs down to $250K.
Non-interest income up 9.4% to $1.5M; non-interest expenses down 3.5% to $8.9M (salary/benefits down 4.7% after 5% workforce reduction).
Total assets $1.30B (down 1.1%); loans decreased $15.5M to $993.3M; deposits up $6.5M; equity $114.3M.

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 0.95

Rhinebeck Bancorp, Inc. reported First Quarter 2024 results: net income $1.1 million, EPS $0.10.

Period: First Quarter 2024
Net income: $1.1 million
EPS: $0.10
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 March 31, 2024 of $1.1 million ($0.10 per basic and diluted share), which was $323,000, or 40.5%, higher than the comparable prior year period of $798,000 ($0.07 per basic and diluted share).

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Source: SEC EDGAR

accession 0001751783-24-000022

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