Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2020
POUGHKEEPSIE, N.Y., Feb. 3, 2021 /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. 3, 2021 /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, 2020 of $2.3 million ($0.21 per basic and diluted share), compared with $1.7 million ($0.16 per basic and diluted share) for the comparable prior year period, which was an increase of $604,000, or 34.7%. Net income for the year ended December 31, 2020 was $5.9 million ($0.55 per basic and diluted share), compared with $6.0 million ($0.56 per basic and diluted share for the year ended December 31, 2019, a decrease of $46,000, or 0.8%. Our significantly increased provision expense, due to the negative impacts of the COVID-19 pandemic, was the single largest reason for the decrease in earnings year over year. Increased gain on sales of loans had a significant positive impact on our net income quarter over quarter and for the year.\n\n \n \n \n \n \n \n\n \nCOVID-19 Impact\nLoan Deferrals. We continue working with borrowers through this challenging economic environment. Over the year ended December 31, 2020, the Bank had approved 2,095 loan deferrals totaling $122.6 million, not including 138 loans, totaling $24.5 million, previously sold in the secondary market and serviced for others. As of that date, 90.5% of the Bank-owned loans, with balances of $117.7 million, performed in accordance with their contractual terms. The majority of the modifications granted to customers expired during the third quarter of 2020, and at December 31, 2020, we had 194 loans totaling $40.2 million of remaining deferrals outstanding and all were performing in accordance with their contractual terms. Pursuant to the CARES Act, these loan deferrals are not included in our non-performing loans disclosed below.\nPaycheck Protection Program. \nWe continue participating in the Paycheck Protection Program (\"PPP\") passed by Congress as a stimulus response to the potential negative economic impacts of COVID-19. The program discontinued accepting new loan applications on August 8, 2020 and was reopened January 11, 2021. As of December 31, 2020, we had received 695 applications for $92.8 million of loans under the PPP. We received SBA approval for 674 applications totaling $92.0 million and all had been funded. As of December 31, 2020, there we...