Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2023
POUGHKEEPSIE, NY / ACCESSWIRE / January 25, 2024 / 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, NY / ACCESSWIRE / January 25, 2024 / 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, 2023 of $930,000 ($0.09 per basic and diluted share), which was $122,000, or 15.1%, higher than the comparable prior year period. Net income for the year ended December 31, 2023 of $4.4 million ($0.41 per basic and $0.40 per diluted share) was $2.6 million, or 37.2%, less than the prior year.The increase in net income for the quarter ended December 31, 2023 was primarily due to an increase in non-interest income and decreases in the provision for credit losses and non-interest expenses, partially offset by a decrease in net interest income as compared to the quarter ended December 31, 2022. The decrease in net income for the year ended December 31, 2023 was primarily due to a decrease in net interest income and an increase in the provision for credit losses, partially offset by a decrease in operating expenses. The Company's return on average assets and return on average equity were 0.28% and 3.43% for the fourth quarter of 2023, respectively, as compared to 0.24% and 2.99% for the fourth quarter of 2022, respectively. The Company's return on average assets and return on average equity were 0.33% and 4.03% for the year ended December 31, 2023, respectively, as compared to 0.54% and 6.06% for the year ended December 31, 2022, respectively.President and Chief Executive Officer Michael J. Quinn said, \"The past year was a period of rapidly rising interest rates and tightening of the money supply. Together, they impaired the ability of banks to generate new deposits and fund new loans. Looking forward, the Fed is signaling some rate decreases in the coming year, which we anticipate will result in more normal conditions, leading to the easing of deposit rates and improving demand for loans. We expect our deposit activity to normalize and are forecasting growth in certain segments of our loan book for the year. This past year, we increased our tangible book value per share to $10.04, an increase of 7.4% over the prior year, and we continue to focus on improving results through the beneficial pricing of assets and liabilities, as well as reducing operating costs.\"Income Statement AnalysisNet interest income decreased...