Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2023
POUGHKEEPSIE, NY / ACCESSWIRE / October 26, 2023 / 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 / October 26, 2023 / 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, 2023 of $1.2 million ($0.12 per basic and $0.11 per diluted share), which was $871,000, or 41.3%, less than the comparable prior year period. Net income for the nine months ended September 30, 2023 of $3.5 million ($0.32 per basic and diluted share), was $2.7 million, or 44.0%, less than the same period last year.The decrease in net income was primarily due to a decrease in net interest income and an increase in the provision for credit losses. The Company's return on average assets and return on average equity were 0.37% and 4.53% for the third quarter of 2023, respectively, as compared to 0.64% and 7.29% for the third quarter of 2022, respectively. The Company's return on average assets and return on average equity were 0.35% and 4.23% for the first nine months of 2023, respectively, as compared to 0.64% and 7.00% for the first nine months of 2022, respectively.President and Chief Executive Officer Michael J. Quinn said, \"So far in 2023 our year-to-date key metrics are showing improvement. Our return on average assets, return on average equity and net interest margin, continue to climb and there has been an improvement in our efficiency ratio as our operating expenses have decreased. We continue to focus on improving results through the beneficial pricing of assets and liabilities, as well as reducing operational costs. Additionally, our loan portfolios continue to perform at satisfactory levels and we remain well capitalized.\"Income Statement AnalysisNet interest income decreased $1.4 million, or 13.0%, to $9.7 million for the three months ended September 30, 2023, from $11.1 million for the three months ended September 30, 2022. Year-to-date net interest income decreased $3.3 million, or 10.2%, to $28.8 million compared to $32.1 million for the prior year's nine-month period. The decreases on both a quarterly and year-to-date basis were primarily due to higher costs and average balances of deposits and borrowings, partially offset by higher average interest-earning asset balances and yields on those interest earning assets. The increased yield on interest-earning assets and the increased costs of our int...