Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2019
POUGHKEEPSIE, N.Y., Feb. 7, 2020 /PRNewswire/ -- Rhinebeck Bancorp, Inc., (the "Company") (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the "Bank"),
About this update from Rhinebeck Bancorp, Inc.
[{"type":"text","content":"POUGHKEEPSIE, N.Y., Feb. 7, 2020 /PRNewswire/ -- 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, 2019 of $1.7 million ($0.16 per basic and diluted common share), $542,000, or 45.2%, more than the $1.2 million reported for the comparable prior year period, and $6.0 million ($0.56 per basic and diluted common share) for the year-ended December 31, 2019, which was $1.6 million, or 36.9%, greater than the $4.4 million for last year. \n\n \n \n\n \nOn January 16, 2019, the Company became the holding company for the Bank when it closed its stock offering in connection with the completion of the reorganization of the Bank and Rhinebeck Bancorp, MHC into a two-tier mutual holding company form of organization. The Company sold 4,787,315 shares of common stock at a price of $10.00 per share, for net proceeds of $46.0 million, and issued 6,345,975 shares to Rhinebeck Bancorp, MHC. The consolidated financial results contained herein reflect the consolidated accounts of the Company and the Bank at and for the three and twelve month periods ended December 31, 2019 and Rhinebeck Bancorp, MHC and the Bank at and for the same periods ended December 31, 2018.\nOther financial highlights:\nTotal assets grew $91.5 million, or 10.4%, to $973.9 million at December 31, 2019 from December 31, 2018. Net loans increased a total of $115.1 million, or 17.0%, to $793.5 million at December 31, 2019 from year-end 2018. Total deposit balances were $773.3 million at December 31, 2019, increasing $88.9 million, or 13.0%, from December 31, 2018. Return on average assets was 0.72% for the fourth quarter ended December 31, 2019 compared to 0.56% for the corresponding period of 2018. Return on average assets was 0.65% for the year-ended December 31, 2019 compared to 0.55% for 2018. Return on average equity was 6.32% for the fourth quarter of 2019 compared to 8.31% for the same period of 2018. Return on average equity was 5.73% for the year-ended December 31, 2019 compared to 7.82% for 2018. Our efficiency ratio improved 3.8%, falling to 72.98% for the fourth quarter of 2019 from 75.84% in the same quarter of 2018. Year over year the ratio improved 5.2% falling to 73.73% for 2019.Michael J. Quinn, President and Chief Executive Officer, said: \"...