Business
Rhinebeck Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2023
POUGHKEEPSIE, NY / ACCESSWIRE / July 27, 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 / July 27, 2023 / 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, 2023 of $1.4 million ($0.13 per basic and diluted share), which was $598,000, or 29.5%, less than the comparable prior year period. Net income for the six months ended June 30, 2023 of $2.2 million ($0.21 per basic and $0.20 per diluted share), was $1.9 million, or 45.4%, less than the same period last year.The decrease in net income was primarily due to a decrease in net interest income accompanied by a reduction in non-interest income. The Company's return on average assets and return on average equity were 0.43% and 5.17% for the second quarter of 2023, respectively, as compared to 0.63% and 7.06% for the second quarter of 2022, respectively. The Company's return on average assets and return on average equity were 0.34% and 4.08% for the first six months of 2023, respectively, as compared to 0.64% and 6.86% for the first six months of 2022, respectively.President and Chief Executive Officer Michael J. Quinn said, \"While our second quarter 2023 results of net income of $1.4 million and a return on average assets of 0.43% compare negatively to our second quarter 2022 results, they are an enhancement compared to the first quarter of 2023, with results showing improvement in net income, return on average assets, and return on average equity as we progress in the year. 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.\"Income Statement AnalysisNet interest income decreased $1.6 million, or 14.4%, to $9.3 million for the three months ended June 30, 2023, from $10.9 million for the three months ended June 30, 2022. Year to date net interest income decreased $1.8 million, or 8.7%, to $19.2 million compared to $21.0 million for the prior year six-month period. The decreases on both a quarterly and year-to-date basis were primarily due to higher costs for deposits and borrowings and higher average balances of interest-bearing liabilities, partially offset by higher interest-earning asset balances and higher yields on those interest earning assets. The increase...