Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2021
POUGHKEEPSIE, N.Y., July 29, 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., July 29, 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 June 30, 2021 of $2.6 million ($0.24 per basic and $0.23 per diluted share), which was $1.2 million, or 90.3%, more than the comparable prior year period, and net income for the six months ended June 30, 2021 of $5.9 million ($0.55 per basic and $0.54 per diluted share), which was $3.5 million, or 142.9%, 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 $1.1 million in the second quarter of 2021 as compared to a provision for loan losses of $2.3 million for the second quarter of 2020. For the six months ended June 30, 2021, the Company recorded a provision credit of $1.2 million compared to an expense of $3.5 million for the six months ended June 30, 2020, which represented a $4.7 million, or 135.2%, overall decrease in the provision for loan losses. The Company's return on average assets and return on average equity were 0.86% and 8.54%, respectively, in the second quarter of 2021 as compared to 0.48% and 4.73%, respectively, in the second quarter of 2020. The Company's return on average assets and return on average equity were 1.01% and 9.95%, respectively, for the first six months of 2021 as compared to 0.46% and 4.29%, respectively, for the first six 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.\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. During the six months ended June 30, 2021, the Bank granted 145 new loan deferrals totaling $2.2 million. As of June 30, 2021, we had 49 loans totaling $29.9 million of remaining deferrals outstanding and all 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\") announced that general funds for ...