Business
Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2020
POUGHKEEPSIE, N.Y., May 1, 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., May 1, 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 March 31, 2020 of $1.1 million ($0.10 per basic and diluted common share), $164,000, or 18.0%, more than the $911,000 reported for the comparable prior year period. \n\n \n \n \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 periods after January 16, 2019. \nCOVID-19 Impact\nOperational Readiness. The coronavirus pandemic currently impacting the nation has caused an upheaval to the economy. Since mid-March, the Company and the Bank have felt the impact of this global pandemic. In response to the state of emergency, the Bank has implemented several temporary operational changes to serve customers and protect its employees during the COVID-19 crisis. Lobby services have been essentially suspended, while drive-thru, mobile, and online banking have become the Bank's primary channels of serving customers. Furthermore, various measures have been taken to encourage social distancing and we have also enhanced our cleaning and sanitizing procedures at all office, drive-thru locations and ATM terminals. Additionally, over half of our staff have been assigned to work from home when possible, while other employees are on staggered or reduced hour schedules. We continue to monitor the latest COVID-19 developments and are following guidance provided by the Centers for Disease Control, as well as federal, state and local agencies. \nPaycheck Protection Program. As part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) enacted on March 27, 2020, the Payroll Protection Program (\"PPP\") Loan Program allocated first $350 billion, and just recently an additional $310 billion, in funds to assist smal...