Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2022
POUGHKEEPSIE, N.Y., July 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., July 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 June 30, 2022 of $2.0 million ($0.19 per basic and $0.18 per diluted share), which was $536,000, or 20.9%, less than the comparable prior year period. Net income for the six months ended June 30, 2022 of $4.1 million ($0.38 per basic and $0.37 per diluted share), was $1.8 million, or 30.6%, less than the same period last year. \n\n \n \n \n \n \n \n\n \nThe decrease in net income was primarily due to an increase in the provision for loan losses of $1.5 million and $1.8 million for the three and six months ended June 30, 2022, respectively. The Company recorded a credit to the provision for both the three and six months ended June 30, 2021 as compared to an expense for the three and six months ended June 30, 2022. For both 2022 periods, an increase in net interest income was partially offset by a decrease in non-interest income and an increase in non-interest expense. The Company's return on average assets and return on average equity were 0.63% and 7.06%, respectively, for the second quarter of 2022 as compared to 0.86% and 8.54%, respectively, for the second quarter of 2021. The Company's return on average assets and return on average equity were 0.64% and 6.86%, respectively, for the first six months of 2022 as compared to 1.01% and 9.95%, respectively, for the first six months of 2021.\nPresident and Chief Executive Officer Michael J. Quinn said, \"Our assets continued to grow with loan balances increasing by $72 million, or 8.4%, in the first six months of the year. This, combined with rising rates, produced growth in net interest income (pre-provision) of $2.1 million, or 10.9%. This helped offset rising operating costs which reflected our expansion undertakings and the impacts of increasing inflation. Our continuing challenge will be to maintain or improve this level of growth while finding ways to manage the continuing impacts of inflation on our operations.\"\nIncome Statement Analysis\nNet interest income increased $1.7 million, or 19.0%, to $10.9 million for the three months ended June 30, 2022, from $9.1 million for the three months ended June 30, 2021. Year to date net interest income increased $2.1 million, or ...