Rhinebeck Bancorp Q3 net loss $8.1M on $12M securities restructuring loss

Rhinebeck Bancorp, Inc.

2024-Q3 EPS reported -$0.55 revenue$2,252,000

Net loss of $8.1M ($0.75 loss per share) vs net income of $1.2M ($0.11 EPS) in Q3 2023.
Pre-tax loss of $12.0M from sale of low-yield securities (1.11% yield, 5.8yr life); reinvested at 4.22% yield, 2.7yr life.
Net interest income flat at $9.7M, net interest margin improved 17bps to 3.26%.
Total assets down 3.6% to $1.27B; loans fell 4.4% to $964.9M; deposits up 1.5% to $1.07B.
Non-performing assets rose to $4.8M; allowance for credit losses at 0.84% of loans.

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