Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2026 and Completes Second-Step Conversion

About this update from Rhinebeck Bancorp, Inc.

POUGHKEEPSIE, NY / ACCESS Newswire / July 23, 2026 / 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, 2026 of $2.6 million ($0.24 per basic and diluted share), which was $110,000, or 4.0%, lower than the comparable prior year period of $2.7 million ($0.25 per basic and diluted share). Net income for the six months ended June 30, 2026 of $4.8 million ($0.45 per basic and $0.44 per diluted share) was $182,000, or 3.6%, lower than the same period last year. On July 21, 2026, Rhinebeck Bancorp, MHC, the former mutual holding company parent of the Company, completed its second-step conversion, after which Rhinebeck Bancorp, MHC ceased to exist. In connection with the second-step conversion, the Company conducted a public stock offering in which it sold 8,880,210 shares of its common stock at a price of $10.00 per share for total gross proceeds of $88.8 million. As part of the transaction, each outstanding share of Rhinebeck Bancorp, Inc., common stock owned by the public stockholders as of the closing date was converted into new shares of Rhinebeck Bancorp common stock based on an exchange ratio of 1.3978 shares of Rhinebeck Bancorp common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, Rhinebeck Bancorp, Inc. will have 15,638,237 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares. Earnings per share and other share information disclosed throughout this release do not reflect the effect of the Company's conversion and related stock offering. Financial highlights: The decrease in net income for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025 was primarily due to an increase in non-interest expense, offset by an increase in net interest income and non-interest income. The Company's return on average assets and return on average equity were 0.79% and 7.56% for the second quarter of 2026, respectively, as compared to 0.88% and 8.57% for the second quarter of 2025, respectively. The decrease in net income for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025 was primarily due to an increase in non-interest expense and a decrease in non-interest...

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