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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2024

or

   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from               to               

Commission File No. 001-38779

Rhinebeck Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland

    

83-2117268

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

2 Jefferson Plaza, Poughkeepsie, New York

12601

(Address of Principal Executive Offices)

(Zip Code)

(845) 454-8555

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, par value $0.01 per share

RBKB

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.

Yes         No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes         No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer  

    

Accelerated filer  

Non-accelerated filer   

Smaller reporting company   

 

Emerging growth company   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes         No   

As of May 1, 2024, there were 11,072,607 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

1

Consolidated Statements of Financial Condition at March 31, 2024 and December 31, 2023

1

Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023

2

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023

3

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023

4

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

5

Notes to Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

PART II. OTHER INFORMATION

48

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

SIGNATURES

50

PART I — FINANCIAL INFORMATION

ITEM 1.

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

March 31, 

December 31, 

    

2024

    

2023

Assets

Cash and due from banks

$

13,825

$

14,178

Federal funds sold

15,298

7,524

Interest bearing depository accounts

1,549

427

Total cash and cash equivalents

30,672

22,129

Available for sale securities (at fair value)

 

182,645

 

191,985

Loans receivable (net of allowance for credit losses of $7,973 and $8,124, respectively)

 

993,346

 

1,008,851

Federal Home Loan Bank stock

 

5,614

 

6,514

Accrued interest receivable

 

4,611

 

4,616

Cash surrender value of life insurance

 

30,215

 

30,031

Deferred tax assets (net of valuation allowance of $593 and $598, respectively)

 

10,070

 

9,936

Premises and equipment, net

 

14,592

 

17,567

Other real estate owned

 

 

25

Goodwill

 

2,235

 

2,235

Intangible assets, net

 

225

 

246

Other assets

 

24,559

 

19,067

Total assets

$

1,298,784

$

1,313,202

Liabilities and Stockholders’ Equity

 

  

 

  

Liabilities

 

  

 

  

Deposits

 

  

 

  

Non-interest bearing

$

236,957

$

249,793

Interest bearing

 

800,067

 

780,710

Total deposits

 

1,037,024

 

1,030,503

Mortgagors’ escrow accounts

 

7,301

 

9,274

Advances from the Federal Home Loan Bank

 

108,064

 

128,064

Subordinated debt

 

5,155

 

5,155

Accrued expenses and other liabilities

 

26,968

 

26,521

Total liabilities

 

1,184,512

 

1,199,517

Stockholders’ Equity

 

  

 

  

Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued)

Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,072,607)

 

111

 

111

Additional paid-in capital

 

45,951

 

45,959

Unearned common stock held by the employee stock ownership plan

(3,219)

(3,273)

Retained earnings

 

101,507

 

100,386

Accumulated other comprehensive loss:

 

 

Net unrealized loss on available for sale securities, net of taxes

 

(26,657)

 

(26,077)

Defined benefit pension plan, net of taxes

 

(3,421)

 

(3,421)

Total accumulated other comprehensive loss

 

(30,078)

 

(29,498)

Total stockholders’ equity

 

114,272

 

113,685

Total liabilities and stockholders’ equity

$

1,298,784

$

1,313,202

See accompanying notes to consolidated financial statements

1

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Income (Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31, 

    

2024

    

2023

Interest and Dividend Income

Interest and fees on loans

$

14,381

$

13,395

Interest and dividends on securities

 

1,037

 

1,018

Other income

 

217

 

189

Total interest and dividend income

 

15,635

 

14,602

Interest Expense

 

  

 

  

Interest expense on deposits

 

5,134

 

3,970

Interest expense on borrowings

 

1,605

 

768

Total interest expense

 

6,739

 

4,738

Net interest income

 

8,896

 

9,864

Provision for credit losses

 

83

 

1,014

Net interest income after provision for credit losses

 

8,813

 

8,850

Non-interest Income

 

  

 

  

Service charges on deposit accounts

 

743

 

708

Net gain on sales of loans

 

46

 

10

Increase in cash surrender value of life insurance

 

184

 

160

Net gain from sale of other real estate owned

 

4

 

(Loss) gain on disposal of premises and equipment

 

(18)

 

17

Investment advisory income

 

381

 

309

Other

 

166

 

172

Total non-interest income

 

1,506

 

1,376

Non-interest Expense

 

  

 

  

Salaries and employee benefits

 

4,992

 

5,240

Occupancy

 

1,053

 

1,079

Data processing

 

495

 

472

Professional fees

 

414

 

366

Marketing

 

121

 

104

FDIC deposit insurance and other insurance

 

253

 

282

Amortization of intangible assets

 

21

 

24

Other

 

1,528

 

1,636

Total non-interest expense

 

8,877

 

9,203

Income before income taxes

 

1,442

 

1,023

Provision for income taxes

 

321

 

225

Net income

$

1,121

$

798

Earnings per common share:

Basic

$

0.10

$

0.07

Diluted

$

0.10

$

0.07

Weighted average shares outstanding, basic

10,748,006

10,881,885

Weighted average shares outstanding, diluted

10,844,287

11,021,395

See accompanying notes to consolidated financial statements

2

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31, 

    

2024

    

2023

Net Income

$

1,121

$

798

Other Comprehensive Income

 

 

Net unrealized (losses) gains on available for sale securities

 

(734)

 

2,811

Tax effect

 

154

 

(590)

Unrealized (losses) gains on available for sale securities, net of tax

 

(580)

 

2,221

Other comprehensive (loss) income:

 

(580)

 

2,221

Total Comprehensive Income

$

541

$

3,019

See accompanying notes to consolidated financial statements

3

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In thousands, except share and per share data)

Unearned

Accumulated

 

Additional

Common

Other

Common

Paid-in

Stock Held

Retained

Comprehensive

    

Stock

    

Capital

by the ESOP

    

Earnings

    

Loss

    

Total

Balance at December 31, 2022

$

113

$

47,075

$

(3,491)

$

96,624

$

(32,189)

$

108,132

Cumulative effect of change in accounting principle (See Note 1 of the Consolidated Financial Statements– Impact of Recent Accounting Pronouncements), net of tax

$

$

$

$

(633)

$

$

(633)

Balance at January 1, 2023 as adjusted for change in accounting principle

$

113

$

47,075

$

(3,491)

$

95,991

$

(32,189)

$

107,499

Net income

 

 

 

 

798

 

 

798

Other comprehensive income

 

 

 

 

2,221

 

2,221

ESOP shares committed to be allocated

 

(5)

54

49

Share-based compensation expense

150

 

150

Balance at March 31, 2023

$

113

$

47,220

$

(3,437)

$

96,789

$

(29,968)

$

110,717

Balance at December 31, 2023

$

111

$

45,959

$

(3,273)

$

100,386

$

(29,498)

$

113,685

 

  

 

  

 

  

 

  

 

  

 

Net income

 

 

 

 

1,121

 

 

1,121

Other comprehensive loss

 

 

 

 

 

(580)

 

(580)

ESOP shares committed to be allocated

(8)

54

46

Balance at March 31, 2024

$

111

$

45,951

$

(3,219)

$

101,507

$

(30,078)

$

114,272

See accompanying notes to consolidated financial statements

4

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31, 

    

2024

    

2023

Cash Flows from Operating Activities

Net income

$

1,121

$

798

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Amortization and accretion of premiums and discounts on investments, net

 

61

 

72

Net realized gain on sale of other real estate owned

(4)

Provision for credit losses

 

83

 

1,014

Loans originated for sale

 

(1,957)

 

(1,510)

Proceeds from sale of loans

 

2,017

 

1,079

Net gain on sale of loans

 

(46)

 

(10)

Amortization of intangible assets

 

21

 

24

Depreciation and amortization

 

344

 

358

Net loss (gain) from disposal of premises and equipment

 

18

 

(17)

Deferred income tax expense (benefit)

 

20

 

(338)

Increase in cash surrender value of insurance

 

(184)

 

(160)

Net increase in accrued interest receivable

 

5

 

1,256

Expense of earned ESOP shares

 

46

 

49

Share-based compensation expense

150

Net increase in other assets

 

(5,492)

 

(1,227)

Net increase in accrued expenses and other liabilities

 

447

 

1,568

Net cash (used in) provided by operating activities

 

(3,500)

 

3,106

Cash Flows from Investing Activities

 

  

 

  

Proceeds from maturities and principal repayments of securities

 

8,545

 

4,226

Net purchases of FHLB Stock

 

900

 

(2,192)

Net decrease (increase) in loans

 

15,408

 

(11,601)

Purchases of bank premises and equipment

 

(244)

 

(63)

Proceeds from disposal of premises and equipment

 

2,857

 

27

Net increase of other real estate owned

 

29

 

Net cash provided by (used in) investing activities

 

27,495

 

(9,603)

Cash Flows from Financing Activities

 

  

 

  

Net decrease in demand deposits, NOW, money market and savings accounts

 

(8,403)

 

(104,127)

Net increase in time deposits

 

14,924

 

67,718

Net decrease in mortgagors' escrow accounts

 

(1,973)

 

(1,062)

Net (decrease) increase in short-term debt

 

(20,000)

 

28,727

Net increase in long-term debt

 

 

20,000

Net cash (used in) provided by financing activities

 

(15,452)

 

11,256

Net increase in cash and cash equivalents

 

8,543

 

4,759

Cash and Cash Equivalents

 

  

 

  

Beginning balance

 

22,129

 

31,384

Ending balance

$

30,672

$

36,143

Supplemental Disclosures of Cash Flow Information

 

  

 

  

Cash paid for:

 

  

 

  

Interest

$

6,547

$

4,465

Income taxes

$

108

$

106

See accompanying notes to consolidated financial statements

5

Table of Contents

Rhinebeck Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

1.    Nature of Business and Significant Accounting Policies

The financial statements include the accounts of Rhinebeck Bancorp, Inc. (the “Company”), a stock holding company, and its wholly-owned subsidiary, Rhinebeck Bank (the “Bank”), a New York chartered stock savings bank. The primary purpose of the Company is to act as a holding company for the Bank. The Bank provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties. Financial services, including investment advisory and financial product sales, are offered through a division of the Bank doing business as Rhinebeck Asset Management.

The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period.

The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of the Company at and for the year ended December 31, 2023 contained in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 26, 2024 (the “Annual Report on form 10-K”).

For more information regarding the Company’s significant accounting policies, see the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K. As of March 31, 2024, the critical accounting policies of the Company have not changed materially from those disclosed in the Annual Report on Form 10-K. See Note 1 of the Consolidated Financial Statements– Impact of Recent Accounting Pronouncements.

Basis of Financial Statements Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), the evaluation of goodwill for impairment and the valuation of deferred tax assets.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts in the prior year consolidated financial statements may be reclassified as required to conform to the current year’s presentation. These reclassifications have no effect on our previously reported net income or shareholders’ equity.

6

Table of Contents

Rhinebeck Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

Impact of Recent Accounting Pronouncements

In October 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. In annual periods, this requires disclosure of an entity’s accounting policy related to the entity’s presentation of cash flows associated with derivative instruments and the related gains and losses in the statement of cash flows. This also requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. The effective dates of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. Under ASU 2023-07, public entities must disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. Additionally, public entities must disclose the amount of other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. As the Company has only one reportable segment, ASU 2023-07 does not have an impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures.” The amendments in ASU 2023-09 require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The guidance will be effective for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025, with an allowance for early adoption. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements.

Emerging Growth Company Status

As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company is taking advantage of the benefits of the extended transition periods allowed under the Jumpstart Our Business Startups Act.

Accordingly, the Company’s consolidated financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the recent accounting standards reflect those that relate to non-issuer companies. The Company expects to lose its emerging growth company status on December 31, 2024.

7

Table of Contents

Rhinebeck Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

2.    Investment Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:

March 31, 2024

Gross

Gross

Unrealized

Unrealized

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury securities

$

20,048

$

$

(905)

$

19,143

U.S. government agency mortgage-backed securities–residential

152,958

(28,824)

124,134

U.S. government agency securities

 

24,772

 

 

(1,676)

 

23,096

Municipal securities(1)

 

3,161

 

 

(279)

 

2,882

Corporate bonds

 

14,700

 

 

(1,966)

 

12,734

Other

 

750

 

 

(94)

 

656

Total

$

216,389

$

$

(33,744)

$

182,645

    

December 31, 2023

Gross

Gross

Unrealized

Unrealized

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury securities

$

25,072

$

$

(1,066)

$

24,006

U.S. government agency mortgage-backed securities–residential

156,523

(27,943)

128,580

U.S. government agency securities

24,774

 

 

(1,616)

 

23,158

Municipal securities(1)

 

3,163

 

 

(260)

 

2,903

Corporate bonds

14,700

 

 

(2,060)

 

12,640

Other

763

 

 

(65)

 

698

Total

$

224,995

$

$

(33,010)

$

191,985

(1)

The issuers of municipal securities are all within New York State.

The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:

March 31, 2024

Less Than 12 Months

12 Months or Longer

Total

Unrealized

Unrealized

Unrealized

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

U.S. Treasury securities

$

$

$

19,143

$

(905)

$

19,143

$

(905)

U.S. government agency mortgage-backed securities-residential

124,101

(28,824)

124,101

(28,824)

U.S. government agency securities

23,095

(1,676)

23,095

(1,676)

Municipal securities

2,766

(279)

2,766