secwatch.observer — SEC 8-K summary
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Issuer:     Rhinebeck Bancorp, Inc. (RBKB)
CIK:        0001751783
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001751783-24-000022
Event type: earnings
Sentiment:  positive
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1751783/000175178324000022/0001751783-24-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1751783/000175178324000022/rbkb-20240425x8k.htm
  HTML page:      https://secwatch.observer/filing/0001751783-24-000022

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