United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the Quarterly Period Ended
or
For the transition period from to
Commission File No.
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer | |
(Address of Principal Executive Offices) | (Zip Code) |
(
(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 |
The |
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.
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).
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 ☐ |
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
As of August 1, 2023, there were
TABLE OF CONTENTS
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)
June 30, | December 31, | ||||||
| 2023 |
| 2022 | ||||
Assets | |||||||
Cash and due from banks | $ | | $ | | |||
Federal funds sold | | | |||||
Interest bearing depository accounts | | | |||||
Total cash and cash equivalents | | | |||||
Available for sale securities (at fair value) |
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Loans receivable (net of allowance for credit losses of $ |
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Federal Home Loan Bank stock |
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Accrued interest receivable |
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Cash surrender value of life insurance |
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Deferred tax assets (net of valuation allowance of $ |
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Premises and equipment, net |
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Goodwill |
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Intangible assets, net |
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Other assets |
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Total assets | $ | | $ | | |||
Liabilities and Stockholders’ Equity |
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Liabilities |
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Deposits |
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Non-interest bearing | $ | | $ | | |||
Interest bearing |
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Total deposits |
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Mortgagors’ escrow accounts |
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Advances from the Federal Home Loan Bank |
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Subordinated debt |
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Accrued expenses and other liabilities |
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Total liabilities |
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Stockholders’ Equity |
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Preferred stock (par value $ | |||||||
Common stock (par value $ |
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Additional paid-in capital |
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Unearned common stock held by the employee stock ownership plan | ( | ( | |||||
Retained earnings |
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Accumulated other comprehensive loss: |
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Net unrealized loss on available for sale securities, net of taxes |
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Defined benefit pension plan, net of taxes |
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Total accumulated other comprehensive loss |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity | $ | | $ | |
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 June 30, | Six Months Ended June 30, | ||||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||
Interest and Dividend Income | |||||||||||||
Interest and fees on loans | $ | | $ | | $ | | $ | | |||||
Interest and dividends on securities |
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Other income |
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Total interest and dividend income |
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Interest Expense |
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Interest expense on deposits |
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Interest expense on borrowings |
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Total interest expense |
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Net interest income |
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Provision for (reversal of) credit losses |
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Net interest income after provision for (reversal of) credit losses |
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Non-interest Income |
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Service charges on deposit accounts |
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Net realized loss on sales and calls of securities |
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Net gain on sales of loans |
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Increase in cash surrender value of life insurance |
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Gain on disposal of premises and equipment |
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Investment advisory income |
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Other |
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Total non-interest income |
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Non-interest Expense |
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Salaries and employee benefits |
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Occupancy |
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Data processing |
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Professional fees |
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Marketing |
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FDIC deposit insurance and other insurance |
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Amortization of intangible assets |
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Other |
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Total non-interest expense |
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Income before income taxes |
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Provision for income taxes |
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Net income | $ | | $ | | $ | | $ | | |||||
Earnings per common share: | |||||||||||||
Basic | $ | | $ | | $ | | $ | | |||||
Diluted | $ | | $ | | $ | | $ | | |||||
Weighted average shares outstanding, basic | | | | | |||||||||
Weighted average shares outstanding, diluted | | | | |
See accompanying notes to consolidated financial statements
2
Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||
Net Income | $ | | $ | | $ | | $ | | |||||
Other Comprehensive (Loss) Income: |
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Unrealized holding losses arising during the period |
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Reclassification adjustment for gains or losses included in net realized loss on sales and calls of securities on the consolidated statements of income |
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Net unrealized losses on available for sale securities |
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Tax effect (a) |
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Unrealized losses on available for sale securities, net of tax |
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Defined benefit pension plan: |
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Actuarial losses arising during the period |
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Reclassification adjustment for amortization of net actuarial (gain) loss (b) |
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Total |
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Tax effect (c) |
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Defined benefit pension plan losses, net of tax |
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Other comprehensive loss: |
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Total Comprehensive (Loss) Income | $ | ( | $ | ( | $ | | $ | ( |
(a) |
(b) |
(c) |
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 |
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Additional | Common | Other | |||||||||||||||||
Common | Paid-in | Stock Held | Retained | Comprehensive | |||||||||||||||
| Stock |
| Capital | by the ESOP |
| Earnings |
| Loss |
| Total | |||||||||
Balance at December 31, 2021 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
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Net income |
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Other comprehensive loss | — |
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ESOP shares committed to be allocated |
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Share-based compensation expense | — | |
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Balance at March 31, 2022 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
Net income |
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Other comprehensive income |
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ESOP shares committed to be allocated |
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Share-based compensation expense | — |
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Balance at June 30, 2022 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
Balance at December 31, 2022 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
Cumulative effect of change in accounting principle (See Note 1 of the Consolidated Financial Statements– Impact of Recent Accounting Pronouncements), net of tax | $ | — | $ | — | $ | — | $ | ( | $ | — | $ | ( | |||||||
Balance at January 1, 2023 as adjusted for change in accounting principle | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
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Net income |
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Other comprehensive income |
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ESOP shares committed to be allocated | — | ( | | — | — | | |||||||||||||
Share-based compensation expense | — | |
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Balance at March 31, 2023 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||||
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Net income |
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Other comprehensive loss |
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ESOP shares committed to be allocated | — | ( | | — | — | | |||||||||||||
Share-based compensation expense |
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Repurchase of common stock | ( | ( | — | — | — | ( | |||||||||||||
Balance at June 30, 2023 | $ | | $ | | $ | ( | $ | |