Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2024
POUGHKEEPSIE, NY / ACCESSWIRE / July 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 / July 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 June 30, 2024 of $975,000 ($0.09 per basic and diluted share), which was $456,000, or 31.9% less than the comparable prior year period of $1.4 million ($0.13 per basic and diluted share). Net income for the six months ended June 30, 2024 of $2.1 million ($0.19 per basic and diluted share) was $133,000, or 6.0%, less than the same period last year.The decrease in net income for the quarter ended June 30, 2024 was primarily due to an increase in the provision for credit losses and a decrease in net interest income, partially offset by an increase in non-interest income and a decrease in non-interest expense, when compared to the quarter ended June 30, 2023. The Company's return on average assets and return on average equity were 0.31% and 3.43% for the second quarter of 2024, respectively, as compared to 0.43% and 5.17% for the second quarter of 2023, respectively. The decrease in net income for the six months ended June 30, 2024 was primarily due to a decrease in net interest income, partially offset by an increase in non-interest income, and a decrease in non-interest expense, when compared to the six months ended June 30, 2023. The Company's return on average assets and return on average equity were 0.32% and 3.67% for the first six months of 2024, respectively, as compared to 0.34% and 4.08% for the first six months of 2023, respectively.President and Chief Executive Officer Michael J. Quinn said, \"While second quarter net income decreased to $1.0 million from $1.1 million in the first quarter, we are pleased that our efforts to focus on pricing and sources of revenue and to prudently manage expenses have resulted in improvements to net interest margin, non-interest income and the efficiency ratio quarter over quarter. Tangible book value per share increased to $10.27, an increase of 8.5% from June 30, 2023. We continue to focus on improving results through the beneficial pricing of assets and liabilities, as well as focusing on expense management.\" (Tangible book value per share is a non-GAAP financial measure; see page 10 for a reconciliation to GAAP measures.)Income Statement AnalysisNet interest income decreased $163,0...