Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2021
POUGHKEEPSIE, N.Y., Oct. 28, 2021 /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. 28, 2021 /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, 2021 of $2.7 million ($0.25 per basic and diluted share), which was $1.5 million, or 133.5%, more than the comparable prior year period, and net income for the nine months ended September 30, 2021 of $8.6 million ($0.80 per basic and $0.79 per diluted share), which was $5.0 million, or 139.9%, greater than the same period last year. \n\n \n \n \n \n \n \n\n \nThe increase in net income came largely from a credit to the provision for loan losses of $954,000 in the third quarter of 2021 as compared to a provision for loan losses of $2.3 million for the third quarter of 2020. For the nine months ended September 30, 2021, the Company recorded a credit of $2.2 million compared to a provision of $5.7 million for the nine months ended September 30, 2020, which represented a $7.9 million, or 138.1%, overall decrease in the provision for loan losses. The Company's return on average assets and return on average equity were 0.85% and 8.60%, respectively, for the third quarter of 2021 as compared to 0.41% and 4.00%, respectively, for the third quarter of 2020. The Company's return on average assets and return on average equity were 0.96% and 9.48%, respectively, for the first nine months of 2021 as compared to 0.44% and 4.19%, respectively, for the first nine months of 2020.\nOn March 12, 2021, the Bank completed its acquisition of two branches located in Warwick and Monroe, New York from ConnectOne Bank, assuming $33.9 million of deposits. The Bank also opened two new branches in Middletown and Newburgh, New York, in the 2nd and 3rd quarters of 2021, respectively. \nCOVID-19 Impact\nLoan Deferrals. The Bank's initiative to work with borrowers that were unable to meet their contractual obligations because of the effects of COVID-19 has been successful. As of September 30, 2021, we had 19 loans totaling $22.9 million of remaining deferrals outstanding, all of which were performing in accordance with their contractual terms. \nPaycheck Protection Program (\"PPP\"). The second round PPP program began accepting new loan applications on January 11, 2021 and ended on May 5, 2021, when the Small Business Administration (\"SBA\")...