Rhinebeck Bancorp, Inc. (NASDAQ:RBKB) reported net income of $3.2 million for the three months ended September 30, 2026, an increase of $457,000, or 17.0%, from the comparable period of 2025. The company also reported nine-month net income of $8.0 million, up $275,000, or 3.6%, from the same period last year.
Third-quarter earnings were $0.21 per basic and diluted share, compared with $0.18 per basic and diluted share in the prior-year quarter. For the first nine months of 2026, earnings were $0.53 per basic share and $0.52 per diluted share.
Rhinebeck Bancorp said the quarterly improvement mainly reflected higher net interest income, although the benefit was partly reduced by increased non-interest expense. Net interest income rose $973,000, or 8.1%, to $13.0 million.
The net interest margin declined by 14 basis points to 3.79%. The company attributed part of the reduction to a larger concentration of lower-yielding liquid assets following the stock offering and deposit growth. The interest rate spread also decreased from 3.27% to 3.03%.
Non-interest expense increased $579,000, or 6.0%, to $10.3 million. The main increases included $314,000 in salaries and employee benefits, $184,000 in other non-interest expense, $102,000 in data processing costs and $74,000 in professional fees.
The provision for credit losses fell $126,000, or 13.9%, to $778,000 in the third quarter. Net charge-offs declined to $211,000 from $963,000 in the year-earlier quarter, with the company citing lower charge-offs in commercial real estate and indirect automobile loans.
Past-due loans fell $4.1 million, or 28.2%, from December 31, 2025, to $10.4 million at September 30, 2026. They represented 1.10% of total loans, compared with 1.52% at year-end 2025. Non-performing assets moved in the opposite direction, rising $600,000, or 16.2%, to $4.3 million.
Third-quarter non-interest income increased $127,000, or 6.5%, to $2.1 million. The change included a $318,000 gain on life insurance and a $50,000 increase in service charges on deposit accounts, partly offset by lower swap income and a decrease in net gains from loan sales after the company discontinued direct residential mortgage loan origination.
Rhinebeck Bancorp, MHC completed its second-step conversion on July 21, 2026 and then ceased to exist. In connection with the transaction, Rhinebeck Bancorp, Inc. sold 8,880,210 shares of common stock at $10.00 per share for gross proceeds of $88.8 million.
Publicly held shares were exchanged at a ratio of 1.3978 shares of company common stock for each outstanding share. Prior-period share and per-share figures were adjusted to reflect that ratio.
Total assets reached $1.51 billion at September 30, 2026, an increase of $209.4 million, or 16.1%, from December 31, 2025. Cash and cash equivalents increased $99.3 million, or 97.4%, while available-for-sale securities rose $119.4 million, or 73.6%. Loans receivable decreased $8.9 million, or 0.9%, to $944.5 million.
The company reported a $34.5 million reduction in indirect automobile loans. That decline was partly offset by increases of $24.8 million in residential real estate loans and $3.6 million in commercial and industrial loans.
Total deposits increased $147.0 million, or 13.4%, from December 31, 2025. Non-interest-bearing deposits accounted for $31.1 million of the increase, while interest-bearing deposits rose $116.0 million.
Stockholders' equity increased $84.0 million, or 61.4%, to $220.8 million. The change primarily reflected $85.6 million in net capital raised through the stock offering and $8.0 million in net income. It was partly offset by the acquisition of 355,208 shares for the employee stock ownership plan and a $4.2 million increase in total accumulated other comprehensive loss.
The company's tangible common equity-to-tangible assets ratio was 14.48% for the nine months ended September 30, 2026, compared with 10.35% for the year ended December 31, 2025. The capital ratios provided in the release apply to Rhinebeck Bank. Rhinebeck Bancorp, Inc. is not subject to the minimum consolidated capital requirements as a small bank holding company with assets of less than $3.0 billion.
President and Chief Executive Officer Matthew Smith said the company intends to use capital raised in the conversion to expand its commercial banking franchise, strengthen existing client relationships and develop digital banking capabilities. He also said the company is seeking to diversify funding sources and improve operating performance. These are management's forward-looking statements and are subject to risks and uncertainties.
Rhinebeck Bancorp is the holding company for Rhinebeck Bank, a New York-chartered stock savings bank headquartered in Poughkeepsie, New York. The Bank operates through thirteen branches, commercial banking offices and representative offices, providing consumer and commercial banking, lending, treasury management and digital banking services. Wealth management and investment advisory services are offered through Rhinebeck Asset Management, a division of the Bank.
The company identifies risks to forward-looking statements including changes in interest rates, economic conditions, liquidity, asset quality, funding access, regulation, cybersecurity and other factors. It says actual results may differ from expected results and that undue reliance should not be placed on such statements.
Rhinebeck Bancorp, Inc. reported net income of $3.2 million, or $0.21 per basic and diluted share, for the three months ended September 30, 2026. This was $457,000, or 17.0%, higher than net income of $2.7 million, or $0.18 per basic and diluted share, in the comparable prior-year period.
Rhinebeck Bancorp, Inc. announced the results on October 29, 2026. The announcement covers the three and nine months ended September 30, 2026, with comparisons against the corresponding periods of 2025 and, for balance-sheet data, December 31, 2025.
Rhinebeck Bancorp, Inc. reported net income of $8.0 million for the nine months ended September 30, 2026, equal to $0.53 per basic share and $0.52 per diluted share. Net income was $275,000, or 3.6%, higher than in the same period last year.
Rhinebeck Bancorp, Inc. said the increase in third-quarter net income was primarily due to higher net interest income, partly offset by higher non-interest expense. Net interest income increased 8.1% to $13.0 million, while non-interest expense rose 6.0% to $10.3 million.
Rhinebeck Bancorp, Inc.'s net interest income increased $973,000, or 8.1%, to $13.0 million for the three months ended September 30, 2026. The net interest margin decreased by 14 basis points to 3.79%, which the company attributed in part to a higher concentration of lower-yielding liquid assets following its capital raise and deposit growth.
Rhinebeck Bancorp, Inc.'s provision for credit losses fell $126,000, or 13.9%, to $778,000 in the third quarter of 2026, while net charge-offs decreased to $211,000 from $963,000 in the prior-year quarter. The company said the reduction in quarterly net charge-offs was primarily due to lower net charge-offs in commercial real estate loans and indirect automobile loans.
Past-due loans decreased 28.2% from December 31, 2025 to $10.4 million, or 1.10% of total loans, at September 30, 2026. Non-performing assets, however, increased $600,000, or 16.2%, to $4.3 million.
Rhinebeck Bancorp, Inc.'s non-interest expense increased $579,000, or 6.0%, to $10.3 million for the three months ended September 30, 2026. The main increases were salaries and employee benefits of $314,000, other non-interest expense of $184,000, data processing costs of $102,000 and professional fees of $74,000.
Rhinebeck Bancorp, Inc.'s total deposits increased $147.0 million, or 13.4%, from December 31, 2025, including $31.1 million of growth in non-interest-bearing deposits. Total assets increased $209.4 million, or 16.1%, to $1.51 billion at September 30, 2026, mainly due to higher cash and cash equivalents and available-for-sale securities.
Rhinebeck Bancorp, MHC completed its second-step conversion on July 21, 2026 and ceased to exist, while Rhinebeck Bancorp, Inc. sold 8,880,210 common shares at $10.00 per share for gross proceeds of $88.8 million. Publicly held shares were converted using an exchange ratio of 1.3978 shares of Company common stock for each outstanding share, and prior-period share and per-share amounts were adjusted retrospectively for that ratio.
Rhinebeck Bancorp, Inc.'s stockholders' equity increased $84.0 million, or 61.4%, to $220.8 million at September 30, 2026. The increase was primarily due to $85.6 million of net capital raised in the stock offering and $8.0 million of net income, partly offset by the acquisition of 355,208 shares for the ESOP and higher accumulated other comprehensive loss.
President and Chief Executive Officer Matthew Smith said Rhinebeck Bancorp, Inc. is focused on deploying the capital raised to expand its commercial banking franchise, deepen existing client relationships and develop new digital banking capabilities. He also said the company aims to diversify funding sources and translate these investments into profitable growth and improved operating performance, while noting that these are management's forward-looking statements.
Rhinebeck Bancorp, Inc. is the holding company for Rhinebeck Bank, a New York-chartered stock savings bank headquartered in Poughkeepsie, New York. Through thirteen branches, commercial banking offices and representative offices, the Bank provides consumer and commercial banking, lending, treasury management and digital banking services, while Rhinebeck Asset Management provides wealth management and investment advisory services as a division of the Bank.
Rhinebeck Bancorp, Inc.'s shares trade on NASDAQ under the ticker symbol RBKB. The company identifies itself in the announcement as Rhinebeck Bancorp, Inc. (NASDAQ:RBKB).
Rhinebeck Bancorp, Inc. says its forward-looking statements are subject to risks and uncertainties, including competitive pressures, inflation, changes in interest rates and the yield curve, real estate values, economic conditions, liquidity and uninsured deposits. It also identifies risks involving asset quality, credit-loss provisions, funding access, regulation, personnel, cybersecurity, third-party providers, natural disasters and other factors, and says investors should not place undue reliance on those statements.