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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 June 30, 2023

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 August 1, 2023, there were 11,083,897 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 June 30, 2023 and December 31, 2022

1

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022

2

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2023 and 2022

3

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022

4

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022

5

Notes to Consolidated Financial Statements

6

Item 2.

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

40

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

PART II. OTHER INFORMATION

53

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

SIGNATURES

55

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

$

12,322

$

13,294

Federal funds sold

38,247

14,569

Interest bearing depository accounts

3,379

3,521

Total cash and cash equivalents

53,948

31,384

Available for sale securities (at fair value)

 

206,854

 

223,659

Loans receivable (net of allowance for credit losses of $8,003 and $7,943, respectively)

 

987,024

 

994,368

Federal Home Loan Bank stock

 

5,542

 

3,258

Accrued interest receivable

 

3,020

 

4,255

Cash surrender value of life insurance

 

30,118

 

29,794

Deferred tax assets (net of valuation allowance of $529 and $450, respectively)

 

10,746

 

10,131

Premises and equipment, net

 

18,197

 

18,722

Goodwill

 

2,235

 

2,235

Intangible assets, net

 

289

 

334

Other assets

 

19,173

 

17,837

Total assets

$

1,337,146

$

1,335,977

Liabilities and Stockholders’ Equity

 

  

 

  

Liabilities

 

  

 

  

Deposits

 

  

 

  

Non-interest bearing

$

256,245

$

283,563

Interest bearing

 

821,211

 

846,370

Total deposits

 

1,077,456

 

1,129,933

Mortgagors’ escrow accounts

 

13,464

 

9,732

Advances from the Federal Home Loan Bank

 

106,450

 

57,723

Subordinated debt

 

5,155

 

5,155

Accrued expenses and other liabilities

 

27,158

 

25,302

Total liabilities

 

1,229,683

 

1,227,845

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 11,083,897 and 11,284,565 at June 30, 2023 and December 31, 2022, respectively)

 

111

 

113

Additional paid-in capital

 

45,976

 

47,075

Unearned common stock held by the employee stock ownership plan

(3,382)

(3,491)

Retained earnings

 

98,220

 

96,624

Accumulated other comprehensive loss:

 

 

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

 

(29,010)

 

(28,192)

Defined benefit pension plan, net of taxes

 

(4,452)

 

(3,997)

Total accumulated other comprehensive loss

 

(33,462)

 

(32,189)

Total stockholders’ equity

 

107,463

 

108,132

Total liabilities and stockholders’ equity

$

1,337,146

$

1,335,977

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

$

13,313

$

10,727

$

26,708

$

20,808

Interest and dividends on securities

 

1,228

 

968

 

2,246

 

1,842

Other income

 

398

 

44

 

587

 

63

Total interest and dividend income

 

14,939

 

11,739

 

29,541

 

22,713

Interest Expense

 

  

 

  

 

  

 

  

Interest expense on deposits

 

4,264

 

766

 

8,234

 

1,511

Interest expense on borrowings

 

1,375

 

106

 

2,143

 

221

Total interest expense

 

5,639

 

872

 

10,377

 

1,732

Net interest income

 

9,300

 

10,867

 

19,164

 

20,981

Provision for (reversal of) credit losses

 

(452)

 

346

 

562

 

567

Net interest income after provision for (reversal of) credit losses

 

9,752

 

10,521

 

18,602

 

20,414

Non-interest Income

 

  

 

  

 

  

 

  

Service charges on deposit accounts

 

718

 

706

 

1,426

 

1,412

Net realized loss on sales and calls of securities

 

 

(162)

 

 

(162)

Net gain on sales of loans

 

52

 

293

 

62

 

693

Increase in cash surrender value of life insurance

 

164

 

161

 

324

 

318

Gain on disposal of premises and equipment

 

19

 

 

36

 

Investment advisory income

 

234

 

363

 

543

 

703

Other

 

171

 

142

 

343

 

250

Total non-interest income

 

1,358

 

1,503

 

2,734

 

3,214

Non-interest Expense

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

4,952

 

5,517

 

10,192

 

11,036

Occupancy

 

1,087

 

1,199

 

2,166

 

2,297

Data processing

 

506

 

456

 

978

 

942

Professional fees

 

616

 

479

 

982

 

873

Marketing

 

143

 

201

 

247

 

318

FDIC deposit insurance and other insurance

 

354

 

194

 

636

 

376

Amortization of intangible assets

 

21

 

24

 

45

 

51

Other

 

1,610

 

1,415

 

3,246

 

2,697

Total non-interest expense

 

9,289

 

9,485

 

18,492

 

18,590

Income before income taxes

 

1,821

 

2,539

 

2,844

 

5,038

Provision for income taxes

 

390

 

510

 

615

 

956

Net income

$

1,431

$

2,029

$

2,229

$

4,082

Earnings per common share:

Basic

$

0.13

$

0.19

$

0.21

$

0.38

Diluted

$

0.13

$

0.18

$

0.20

$

0.37

Weighted average shares outstanding, basic

10,823,598

10,820,802

10,852,563

10,818,075

Weighted average shares outstanding, diluted

10,882,837

10,992,428

10,956,468

11,001,460

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

$

1,431

$

2,029

$

2,229

$

4,082

Other Comprehensive (Loss) Income:

 

 

 

 

Unrealized holding losses arising during the period

 

(3,847)

 

(7,156)

 

(1,036)

 

(21,003)

Reclassification adjustment for gains or losses included in net realized loss on sales and calls of securities on the consolidated statements of income

 

 

162

 

 

162

Net unrealized losses on available for sale securities

 

(3,847)

 

(6,994)

 

(1,036)

 

(20,841)

Tax effect (a)

 

808

 

1,469

 

218

 

4,377

Unrealized losses on available for sale securities, net of tax

 

(3,039)

 

(5,525)

 

(818)

 

(16,464)

Defined benefit pension plan:

 

  

 

  

 

  

 

  

Actuarial losses arising during the period

 

(389)

 

(972)

 

(389)

 

(972)

Reclassification adjustment for amortization of net actuarial (gain) loss (b)

 

(187)

 

134

 

(187)

 

134

Total

 

(576)

 

(838)

 

(576)

 

(838)

Tax effect (c)

 

121

 

176

 

121

 

176

Defined benefit pension plan losses, net of tax

 

(455)

 

(662)

 

(455)

 

(662)

Other comprehensive loss:

 

(3,494)

 

(6,187)

 

(1,273)

 

(17,126)

Total Comprehensive (Loss) Income

$

(2,063)

$

(4,158)

$

956

$

(13,044)

(a)

Includes $0 for both the three and six months ended June 30, 2023 and $34 for the three and six months ended June 30, 2022, for tax effect of realized gains or losses which are included in the provision for income taxes on the consolidated statements of income.

(b)

Included in other non-interest expense on the consolidated statements of income.

(c)

Includes ($39) for both the three and six months ended June 30, 2023 and $28 for the three and six months ended June 30, 2022, for tax effect of amortization of net actuarial loss, which are included in the provision for income taxes on the consolidated statements of income.

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, 2021

$

113

$

46,573

$

(3,709)

$

89,627

$

(6,635)

$

125,969

 

  

 

  

 

  

 

  

 

  

 

Net income

 

 

 

 

2,053

 

 

2,053

Other comprehensive loss

 

 

 

 

(10,939)

 

(10,939)

ESOP shares committed to be allocated

 

4

54

58

Share-based compensation expense

152

 

152

Balance at March 31, 2022

$

113

$

46,729

$

(3,655)

$

91,680

$

(17,574)

$

117,293

Net income

 

 

 

 

2,029

 

 

2,029

Other comprehensive income

 

 

 

 

 

(6,187)

 

(6,187)

ESOP shares committed to be allocated

 

(1)

54

53

Share-based compensation expense

 

153

 

 

 

 

153

Balance at June 30, 2022

$

113

$

46,881

$

(3,601)

$

93,709

$

(23,761)

$

113,341

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

 

  

 

  

 

  

 

  

 

  

 

Net income

 

 

 

 

1,431

 

 

1,431

Other comprehensive loss

 

 

 

 

 

(3,494)

 

(3,494)

ESOP shares committed to be allocated

(16)

55

39

Share-based compensation expense

 

 

150

 

 

 

 

150

Repurchase of common stock

(2)

(1,378)

(1,380)

Balance at June 30, 2023

$

111

$

45,976

$

(3,382)

$