Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2024
POUGHKEEPSIE, NY / ACCESS Newswire / January 30, 2025 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the
About this update from Rhinebeck Bancorp, Inc.
[{"type":"text","content":"POUGHKEEPSIE, NY / ACCESS Newswire / January 30, 2025 / Rhinebeck Bancorp, Inc. (the \"Company\") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the \"Bank\"), reported a net loss for the fourth quarter of 2024 of $2.7 million, compared to net income of $930,000 for the fourth quarter of 2023. Diluted loss per share was $0.25 for the fourth quarter of 2024, compared to diluted earnings per share of $0.09 for the same quarter of 2023. Net loss for the year ended December 31, 2024 totaled $8.6 million, compared to net income of $4.4 million for the year ended December 31, 2023. Diluted loss per share was $0.80 for the year ended December 31, 2024, compared to diluted earnings per share of $0.40 for the year ended December 31, 2023. The results for the three and twelve months ended December 31, 2024 reflect $4.0 million and $16.0 million of loss on sale of securities from the previously disclosed balance sheet restructurings, respectively.President and Chief Executive Officer Michael J. Quinn said, \"In response to the evolving interest rate environment, we restructured our balance sheet by selling a substantial portion of our available-for-sale securities. The proceeds from these transactions were reinvested into higher-yielding and shorter duration assets, aligning with our long-term profitability goals. These strategic decisions have already begun contributing to an improvement in our net interest margin, and we believe this restructuring will continue to strengthen our financial performance. This restructuring positions us to deliver enhanced profitability, bolster our balance sheet flexibility, and support sustainable growth for our shareholders, our customers, and the communities we serve.\"Income Statement AnalysisFor the three months ended December 31, 2024, net interest income increased $1.4 million, or 14.8%, to $10.5 million when compared to the three months ended December 31, 2023. Net interest income for the year ended December 31, 2024 increased $266,000, or 0.7%, to $38.2 million, compared to $38.0 million for the year ended December 31, 2023. The increase on a year-to-date basis was primarily due to higher yields on interest earning assets and lower borrowing costs, partially offset by higher costs for deposits.For the three months ended December 31, 2024, the average balance of interest-earning assets decrea...