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Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2022
POUGHKEEPSIE, N.Y., April 28, 2022 /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., April 28, 2022 /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, 2022 of $2.1 million ($0.19 per basic and diluted share), compared with $3.3 million ($0.31 per basic and diluted share) for the comparable prior year period, which was a decrease of $1.2 million, or 38.2%.\n\n \n \n \n \n \n \n\n \nThe decrease in net income was primarily due to an increase in non-interest expenses of $1.2 million, a decrease in non-interest income of $530,000, and an increase in the provision for loan losses of $290,000, partially offset by an increase in net interest income of $332,000. The Company's return on average assets and return on average equity were 0.65% and 6.67%, respectively, for the first quarter of 2022 as compared to 1.18% and 11.40%, respectively, for the first quarter of 2021.\nPresident and Chief Executive Officer Michael J. Quinn said, \"We see the economy of the Hudson Valley picking up after a slowdown caused by COVID. Commercial and residential construction is on the rise, unemployment rates continue to decline and community revitalization efforts in the communities we serve are in full swing. All of this gives us an opportunity to grow our business in support of these economic development and quality of life initiatives.\"\nIncome Statement Analysis\nNet interest income increased $332,000, or 3.4%, to $10.1 million for the three months ended March 31, 2022, from $9.8 million for the three months ended March 31, 2021. The increase was primarily driven by higher interest-earning asset balances and lower costs for deposits and borrowings, which were partially offset by lower yields on interest-earning assets and higher interest-bearing liability balances. Our net interest margin decreased 23 basis points to 3.42% for the three months ended March 31, 2022 as compared to the comparable prior year period.\nThe provision for loan losses increased by $290,000, from a credit to the provision of $69,000 for the quarter ended March 31, 2021 to an expense of $221,000 for the current quarter. The credit for the first quarter of 2021 was primarily attributable to a decline in loan balances, exclusive of PPP loans, a reduction in specific allocations to the allowance for loan losses a...