Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2020
POUGHKEEPSIE, N.Y., Oct. 29, 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., Oct. 29, 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 September 30, 2020 of $1.2 million ($0.10 per basic and diluted share), which was $941,000, or 45.0%, less than the comparable prior year period. Net income for the nine months ended September 30, 2020 was $3.6 million ($0.33 per basic and diluted share), which was $650,000, or 15.4%, less than the same period last year. Our significantly increased provision expense, due to the negative impacts of the COVID-19 pandemic, was the single largest reason for the decrease in earnings during the quarter and year to date.\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 $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\nLoan Deferrals. We continue working with borrowers through this challenging economic environment. As of September 30, 2020, the Bank had approved 2,042 CARES Act loan deferrals totaling $118.0 million, not including 141 loans, totaling $25.3 million, of loans previously sold in the secondary market and serviced for others. As of that date, 93.6% of the Bank-owned loans, with balances of $115.0 million, were performing in accordance to their contractual terms. Pursuant to the CARES Act, these loan deferrals are not included in our non-performing loans disclosed below.\nPaycheck Protection Program. We have continued participating in the Paycheck Protection Program (\"PPP\") stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. The program discontinued accepting new loan applications on August 8, 2020. As of September 30, 2020, we had received 695 applications for $92.8 million of loans under the PPP. We received SBA approval for 674 app...