POUGHKEEPSIE, N.Y.,
Oct. 29, 2020 /PRNewswire/
-- Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:
RBKB), the holding company of Rhinebeck
Bank (the "Bank"), reported net income for the three months
ended September 30, 2020 of
$1.2 million ($0.10 per basic and diluted share), which was
$941,000, or 45.0%, less than the
comparable prior year period. Net income for the nine months ended
September 30, 2020 was $3.6 million ($0.33
per basic and diluted share), which was $650,000, or 15.4%, less than the same period
last year. Our significantly increased provision expense, due
to the negative impacts of the COVID-19 pandemic, was the single
largest reason for the decrease in earnings during the quarter and
year to date.
On January 16, 2019, the Company
became the holding company for the Bank when it closed its stock
offering in connection with the completion of the reorganization of
the Bank and Rhinebeck Bancorp, MHC into a two-tier mutual holding
company form of organization. The Company sold 4,787,315
shares of common stock at $10.00 per
share, for net proceeds of $46.0
million, and issued 6,345,975 shares to Rhinebeck Bancorp,
MHC. The consolidated financial results contained herein reflect
the consolidated accounts of the Company and the Bank at and for
the periods after January 16,
2019.
COVID-19 Impact
Loan Deferrals. We continue working with
borrowers through this challenging economic environment. As of
September 30, 2020, the Bank had
approved 2,042 CARES Act loan deferrals totaling $118.0 million, not including 141 loans, totaling
$25.3 million, of loans previously
sold in the secondary market and serviced for others. As of that
date, 93.6% of the Bank-owned loans, with balances of $115.0 million, were performing in accordance to
their contractual terms. Pursuant to the CARES Act, these loan
deferrals are not included in our non-performing loans disclosed
below.
Paycheck Protection Program.
We have continued participating in the Paycheck Protection Program
("PPP") stemming from the CARES Act passed by Congress as a
stimulus response to the potential economic impacts of
COVID-19. The program discontinued accepting new loan
applications on August 8, 2020. As of
September 30, 2020, we had received
695 applications for $92.8 million of
loans under the PPP. We received SBA approval for 674 applications
totaling $92.0 million and all had
been funded. To assure adequate funding of the additional loan
demand, the Bank became a participant in the Federal Reserve's
Payroll Protection Program Lending Facility, which allowed us to
present these loans as collateral for 100% principal credit at the
Federal Reserve's discount window. The term of these loans mirrored
the actual maturity of the underlying collateral and had a fixed
interest rate of 0.35%. As of September 30,
2020, we had received and repaid $70.1 million in such funding, as overall Bank
liquidity remained better than expected.
Other financial highlights:
- Total assets grew $138.6 million,
or 14.2%, to $1.11 billion at
September 30, 2020 from $973.9 million at December
31, 2019.
- Gross loans increased $103.6
million, or 13.1%, to $893.1
million at September 30, 2020
from $789.5 million at December 31, 2019.
- Total deposit balances were $916.2
million at September 30, 2020,
increasing $142.9 million, or 18.5%,
from $773.3 million at December 31, 2019.
- Our efficiency ratio(5) improved 3.0%, falling to
66.81% for the third quarter of 2020 from 68.85% for the same
quarter of 2019. Our efficiency ratio improved 8.4%, falling to
67.74% for the nine months ended September
30, 2020 from 73.99% over the same period in 2019.
Michael J. Quinn, President and
Chief Executive Officer, said: "The Bank continues to recognize the
economic uncertainties resulting from the COVID-19 pandemic with
higher loan loss provisions mostly based on qualitative factors.
Although early results from loans coming off of deferral status
have been positive, management continues to be cautious regarding
future impacts from the economic uncertainty which is expected to
last into 2021. Our asset growth continued, and our efficiency
ratio continues to show improvement year over year. We remain
committed to supporting our customers and helping them manage
through these challenging times, while continuing efforts to
improve earnings."
Income Statement Analysis
Net interest income increased $564,000, or 6.7%, to $9.0
million for the three months ended September 30, 2020, from $8.5 million for the three months ended
September 30, 2019. Year to date net
interest income increased $2.4
million, or 9.9%, to $26.3
million compared to $24.0
million for the prior year nine-month period. The
increase was primarily driven by higher income earning asset
balances and the favorable impact of lower rates for deposit and
borrowing costs, which was partially offset by lower yields on
earning assets primarily as a result of the addition of the
lower-yielding PPP loan balances. This large addition of loans was
the primary reason our net interest margin declined 45 basis points
to 3.40% for the three months ended September 30, 2020 compared to 3.85% for the same
prior year quarter. The net interest margin decreased 33 basis
points to 3.47% for the nine months ended September 30, 2020 from 3.80% for the same period
in 2019.
We recorded a provision for loan losses of $2.3 million for the third quarter of 2020 as
compared to $450,000 for the
comparable prior year period. The provision was $5.7 million for the nine months ended
September 30, 2020, an increase of
$3.7 million, or 183.8% as compared
to the nine months ended September 30,
2019. The increase in the provision was mainly attributable
to the significant negative impact of the change in both
quantitative and qualitative factors reflecting the diminished
economic environment and the resultant increased financial risk for
the Bank's borrowers, which, more than likely, will lead to some
credit quality deterioration. The increase in our loan loss
allowance related to the economic environment was based, in major
part, on the number of loans that had their payments deferred which
increases the risk of defaults.
Net charge-offs for the quarter ended September 30,
2020 totaled $259,000 compared
to $405,000 for the respective period
in 2019. For the nine-month period ended September 30, 2020, net charge-offs were
$1.1 million, an increase of
$343,000, or 45.6%, when compared to
the comparative 2019 period. The year to date increase was
specifically due to higher dollar charge-offs which were
proportionately impacted by the overall growth of our indirect
automobile portfolio, $18.5 million
or 5.2% in loan balances, and generally due to the deteriorated
economic environment.
Non-interest income totaled $2.1
million for the three months ended September 30, 2020; an increase of $637,000, or 43.7%, from the comparable period in
the prior year. The increase was primarily due to an increase in
the net gain on the sale of loans, which increased $817,000, or 513.8%, and a $155,000 increase in investment advisory income.
The gain was partially offset by a $171,000 decrease in service charges on deposit
accounts and a $208,000 decrease in
other non-interest income. Non-interest income increased
$1.3 million, or 30.1%, to
$5.4 million for the nine months
ended September 30, 2020. In
the nine months ended September 30,
2020, net gain on the sale of loans increased $2.0 million, or 549.0%, while investment
advisory income increased $175,000,
or 22.8%. These increases were offset by a $436,000 decrease in service charges on deposit
accounts and a $541,000 decrease in
other non-interest income due primarily to the decline in loan
servicing income.
For the third quarter of 2020, non-interest expense increased
$600,000, or 8.8%, to $7.4 million over the comparable 2019
period. The increase was primarily due to an increase in
salaries and benefits of $214,000, an
increase in FDIC deposit insurance of $219,000, and a $218,000 increase in other non-interest expense.
For the nine months ended September 30,
2020, non-interest expense increased $698,000, or 3.4%, to $21.5 million over the comparative nine-month
period in 2019. Salaries and benefits increased $390,000, or 3.3%, which was primarily
attributable to annual merit increases, production incentives and
employee benefit expense increases. FDIC deposit insurance
increased $296,000, or 93.4%, due to
an assessment credit received in the prior year and other
noninterest expense increased $104,000, or 3.1%.
Balance Sheet Analysis
Total assets were $1.11 billion at
September 30, 2020, representing an
increase of $138.6 million, or 14.2%,
from $973.9 million at December 31, 2019. Cash and due from banks
increased $39.6 million from
December 31, 2019, to $51.6 million, primarily due to an increase in
deposits held at the Federal Reserve Bank of New York. Net loans increased $97.0 million, or 12.2%, and included
$89.6 million of outstanding SBA
PPP loan balances and a $12.5
million, or 3.4%, increase in our net indirect automobile
portfolio. Other assets also include the right-of-use asset
("ROUA") of $6.4 million at
September 30, 2020 due to the current
year adoption of the Accounting Standards Update 2016-02, Leases
(Topic 842).
Past due loans decreased $4.1
million, or 23.0%, between December
31, 2019 and September 30,
2020 finishing at $13.6
million, or 1.5% of total loans, down from $17.6 million, or 2.2% of total loans, at
year-end 2019. During the same timeframe, non-performing assets
decreased $3.4 million or 32.4%, to
$7.0 million. Our reserve as a
percentage of total gross loans was 1.18% at September 30, 2020 as compared to 0.75% at
December 31, 2019.
During the first nine months of 2020, total liabilities
increased $133.3 million, or 15.4%,
to $997.4 million, mainly due to a
$142.9 million increase in deposits
due to the inflow of cash from PPP loans and an apparent flight to
safety as investors fled the stock market volatility. The lease
liability, which offsets the ROUA, was $6.4
million at September 30, 2020
and also contributed to the increase. Decreases of $11.4 million in Federal Home Loan Bank advances
and $4.1 million in mortgagors'
escrow accounts partially offset the increase in liabilities.
Stockholders' equity increased $5.3
million to $115.2 million at
September 30, 2020, primarily due to
net income of $3.6 million and a
$1.6 million increase in the net
unrealized gain on available for sale securities. The Company's
ratio of average equity to average assets was 10.60% for the nine
months ended September 30, 2020 and
11.34% for the nine months ended September
30, 2019.
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier
holding company of Rhinebeck Bank
and is itself the majority-owned subsidiary of Rhinebeck Bancorp,
MHC. The Bank is a New York
chartered stock savings bank which provides a full range of banking
and financial services to consumer and commercial customers through
its eleven branches and two representative offices located in
Dutchess, Ulster, Orange, and Albany counties in New York State.
Financial services including comprehensive brokerage, investment
advisory services, financial product sales and employee benefits
are offered through Rhinebeck Asset Management, a division of the
Bank.
Forward Looking Statements
This press release contains certain forward-looking statements
about the Company and the Bank. Forward-looking statements
include statements regarding anticipated future events or results
and can be identified by the fact that they do not relate strictly
to historical or current facts. They often include words such
as "believe", "expect", "anticipate", "estimate", "intend",
"predict", "forecast", "improve", "continue", "will", "would",
"should", "could", or "may". Forward-looking statements, by
their nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include increased competitive pressures, changes
in the interest rate environment, general economic conditions or
conditions within the securities markets, and legislative,
accounting and regulatory changes that could adversely affect the
Company's financial condition and results of operations and the
business in which the Company and the Bank are engaged.
Further, given its ongoing and dynamic nature, it is difficult
to predict the full impact of the COVID-19 outbreak on our
business. The extent of such impact will depend on future
developments, which are highly uncertain, including when the
coronavirus can be controlled and abated and whether the gradual
reopening of businesses will result in a meaningful increase in
economic activity. As the result of the COVID-19 pandemic and the
related adverse local and national economic consequences, we could
be subject to any of the following risks, any of which could have a
material, adverse effect on our business, financial condition,
liquidity, and results of operations: the demand for our products
and services may decline, making it difficult to grow assets and
income; if the economy is unable to substantially reopen, and high
levels of unemployment continue for an extended period of time,
loan delinquencies, problem assets, and foreclosures may increase,
resulting in increased charges and reduced income; collateral for
loans, especially real estate, may decline in value, which could
cause loan losses to increase; our allowance for loan losses may
increase if borrowers experience financial difficulties, which will
adversely affect our net income; the net worth and liquidity of
loan guarantors may decline, impairing their ability to honor
commitments to us; as the result of the decline in the Federal
Reserve Board's target federal funds rate to near 0%, the yield on
our assets may decline to a greater extent than the decline in our
cost of interest-bearing liabilities, reducing our net interest
margin and spread and reducing net income; our wealth management
revenues may decline with continuing market turmoil; our cyber
security risks are increased as the result of an increase in the
number of employees working remotely; and FDIC premiums may
increase if the agency experiences additional resolution costs.
Accordingly, you should not place undue reliance on
forward-looking statements. Rhinebeck Bancorp, Inc. undertakes no
obligation to revise these forward-looking statements or to reflect
events or circumstances after the date of this press release.
The Company's summary consolidated statements of income and
financial condition and other selected financial data follow:
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Consolidated
Statements of Comprehensive Income (Unaudited)
(Dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Interest and
Dividend Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,386
|
|
$
|
10,160
|
|
$
|
31,001
|
|
$
|
28,276
|
|
Interest and dividends
on securities
|
|
|
476
|
|
|
655
|
|
|
1,790
|
|
|
1,976
|
|
Other income
|
|
|
12
|
|
|
10
|
|
|
36
|
|
|
51
|
|
Total interest and
dividend income
|
|
|
10,874
|
|
|
10,825
|
|
|
32,827
|
|
|
30,303
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
deposits
|
|
|
1,553
|
|
|
1,957
|
|
|
5,429
|
|
|
4,980
|
|
Interest expense on
borrowings
|
|
|
293
|
|
|
404
|
|
|
1,072
|
|
|
1,368
|
|
Total interest
expense
|
|
|
1,846
|
|
|
2,361
|
|
|
6,501
|
|
|
6,348
|
|
Net interest
income
|
|
|
9,028
|
|
|
8,464
|
|
|
26,326
|
|
|
23,955
|
|
Provision for loan
losses
|
|
|
2,250
|
|
|
450
|
|
|
5,705
|
|
|
2,010
|
|
Net interest income
after provision for loan losses
|
|
|
6,778
|
|
|
8,014
|
|
|
20,621
|
|
|
21,945
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
558
|
|
|
729
|
|
|
1,705
|
|
|
2,141
|
|
Net realized loss on
sales and calls of securities
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(40)
|
|
Net gain on sales of
loans
|
|
|
976
|
|
|
159
|
|
|
2,382
|
|
|
367
|
|
Increase in cash
surrender value of life insurance
|
|
|
97
|
|
|
100
|
|
|
290
|
|
|
300
|
|
Net gain from sale of
other real estate owned
|
|
|
42
|
|
|
—
|
|
|
42
|
|
|
—
|
|
Other real estate owned
income
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
19
|
|
Gain on disposal of
premises and equipment
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|
—
|
|
Investment advisory
income
|
|
|
380
|
|
|
225
|
|
|
942
|
|
|
767
|
|
Other
|
|
|
30
|
|
|
238
|
|
|
61
|
|
|
602
|
|
Total noninterest
income
|
|
|
2,096
|
|
|
1,459
|
|
|
5,406
|
|
|
4,156
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
4,158
|
|
|
3,944
|
|
|
12,305
|
|
|
11,915
|
|
Occupancy
|
|
|
885
|
|
|
838
|
|
|
2,613
|
|
|
2,631
|
|
Data
processing
|
|
|
325
|
|
|
353
|
|
|
1,040
|
|
|
1,003
|
|
Professional
fees
|
|
|
380
|
|
|
361
|
|
|
1,055
|
|
|
987
|
|
Marketing
|
|
|
95
|
|
|
166
|
|
|
320
|
|
|
468
|
|
FDIC deposit insurance
and other insurance
|
|
|
248
|
|
|
29
|
|
|
613
|
|
|
317
|
|
Other real estate owned
expense
|
|
|
54
|
|
|
73
|
|
|
80
|
|
|
111
|
|
Amortization of
intangible assets
|
|
|
11
|
|
|
10
|
|
|
32
|
|
|
32
|
|
Other
|
|
|
1,276
|
|
|
1,058
|
|
|
3,438
|
|
|
3,334
|
|
Total noninterest
expense
|
|
|
7,432
|
|
|
6,832
|
|
|
21,496
|
|
|
20,798
|
|
Income before income
taxes
|
|
|
1,442
|
|
|
2,641
|
|
|
4,531
|
|
|
5,303
|
|
Provision for
income taxes
|
|
|
292
|
|
|
550
|
|
|
958
|
|
|
1,080
|
|
Net income
|
|
$
|
1,150
|
|
$
|
2,091
|
|
$
|
3,573
|
|
$
|
4,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.10
|
|
$
|
0.20
|
|
$
|
0.33
|
|
$
|
0.39
|
|
Diluted
|
|
$
|
0.10
|
|
$
|
0.20
|
|
$
|
0.33
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
10,732,321
|
|
|
10,710,500
|
|
|
10,726,867
|
|
|
10,705,046
|
|
Weighted average
shares outstanding, diluted
|
|
|
10,732,321
|
|
|
10,710,500
|
|
|
10,726,867
|
|
|
10,705,046
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Consolidated
Statements of Financial Condition (Unaudited)
(Dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2020
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
51,581
|
|
$
|
11,978
|
|
Available for sale
securities (at fair value)
|
|
|
106,367
|
|
|
114,832
|
|
Loans receivable (net
of allowance for loan losses of $10,563 and $5,954,
respectively)
|
|
|
890,495
|
|
|
793,471
|
|
Federal Home Loan
Bank stock
|
|
|
2,975
|
|
|
3,435
|
|
Accrued interest
receivable
|
|
|
3,897
|
|
|
2,903
|
|
Cash surrender value
of life insurance
|
|
|
18,788
|
|
|
18,457
|
|
Deferred tax assets
(net of valuation allowance of $1,713 and $1,202,
respectively)
|
|
|
3,318
|
|
|
2,255
|
|
Premises and
equipment, net
|
|
|
18,886
|
|
|
18,338
|
|
Other real estate
owned
|
|
|
1,127
|
|
|
1,417
|
|
Goodwill
|
|
|
1,410
|
|
|
1,410
|
|
Intangible assets,
net
|
|
|
209
|
|
|
241
|
|
Other
assets
|
|
|
13,524
|
|
|
5,209
|
|
Total
assets
|
|
$
|
1,112,577
|
|
$
|
973,946
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
251,568
|
|
$
|
179,236
|
|
Interest
bearing
|
|
|
664,627
|
|
|
594,107
|
|
Total
deposits
|
|
|
916,195
|
|
|
773,343
|
|
|
|
|
|
|
|
|
|
Mortgagors' escrow
accounts
|
|
|
4,031
|
|
|
8,106
|
|
Advances from the
Federal Home Loan Bank
|
|
|
54,857
|
|
|
66,304
|
|
Subordinated
debt
|
|
|
5,155
|
|
|
5,155
|
|
Accrued expenses and
other liabilities
|
|
|
17,149
|
|
|
11,156
|
|
Total
liabilities
|
|
|
997,387
|
|
|
864,064
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Preferred stock (par
value $0.01 per share; 5,000,000 authorized, no shares
issued)
|
|
|
—
|
|
|
—
|
|
Common stock (par
value $0.01 per share; 25,000,000 authorized, 11,133,290 issued and
outstanding)
|
|
|
111
|
|
|
111
|
|
Additional paid-in
capital
|
|
|
45,895
|
|
|
45,869
|
|
Unearned common stock
held by the employee stock ownership plan ("ESOP")
|
|
|
(3,982)
|
|
|
(4,146)
|
|
Retained
earnings
|
|
|
75,725
|
|
|
72,152
|
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
|
Net unrealized gain
(loss) on available for sale securities, net of taxes
|
|
|
1,411
|
|
|
(195)
|
|
Defined benefit pension
plan, net of taxes
|
|
|
(3,970)
|
|
|
(3,909)
|
|
Total accumulated
other comprehensive loss
|
|
|
(2,559)
|
|
|
(4,104)
|
|
Total stockholders'
equity
|
|
|
115,190
|
|
|
109,882
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,112,577
|
|
$
|
973,946
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Selected Ratios
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine
Months Ended
|
|
Year
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
2019
|
Performance
Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.41
|
%
|
0.90
|
%
|
|
0.44
|
%
|
0.63
|
%
|
0.65
|
%
|
Return on average
equity (3)
|
|
4.00
|
%
|
7.78
|
%
|
|
4.19
|
%
|
5.56
|
%
|
5.73
|
%
|
Net interest margin
(4)
|
|
3.40
|
%
|
3.85
|
%
|
|
3.47
|
%
|
3.80
|
%
|
3.76
|
%
|
Efficiency ratio
(5)
|
|
66.81
|
%
|
68.85
|
%
|
|
67.74
|
%
|
73.99
|
%
|
73.73
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
143.16
|
%
|
136.85
|
%
|
|
139.69
|
%
|
137.37
|
%
|
137.50
|
%
|
Total gross loans to
total deposits
|
|
97.48
|
%
|
98.33
|
%
|
|
97.48
|
%
|
98.33
|
%
|
102.09
|
%
|
Average equity to
average assets (6)
|
|
10.23
|
%
|
11.52
|
%
|
|
10.60
|
%
|
11.34
|
%
|
11.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of total gross loans
|
|
1.18
|
%
|
1.04
|
%
|
|
1.18
|
%
|
1.04
|
%
|
0.75
|
%
|
Allowance for loan
losses as a percent of non-performing loans
|
|
180.32
|
%
|
90.08
|
%
|
|
180.32
|
%
|
90.08
|
%
|
66.74
|
%
|
Net charge-offs to
average outstanding loans during the period
|
|
0.03
|
%
|
0.05
|
%
|
|
0.13
|
%
|
0.10
|
%
|
0.43
|
%
|
Non-performing loans
as a percent of total gross loans
|
|
0.66
|
%
|
1.16
|
%
|
|
0.66
|
%
|
1.16
|
%
|
1.13
|
%
|
Non-performing assets
as a percent of total assets
|
|
0.63
|
%
|
1.09
|
%
|
|
0.63
|
%
|
1.09
|
%
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk-weighted assets)
|
|
12.39
|
%
|
12.47
|
%
|
|
12.39
|
%
|
12.47
|
%
|
12.13
|
%
|
Total capital (to
risk-weighted assets)
|
|
13.60
|
%
|
13.44
|
%
|
|
13.60
|
%
|
13.44
|
%
|
12.83
|
%
|
Common equity Tier 1
capital (to risk-weighted assets)
|
|
12.39
|
%
|
12.47
|
%
|
|
12.39
|
%
|
12.47
|
%
|
12.13
|
%
|
Tier 1 leverage ratio
(to average total assets)
|
|
9.67
|
%
|
11.01
|
%
|
|
9.67
|
%
|
11.01
|
%
|
10.84
|
%
|
_______________________________
(1)
|
Performance ratios
for the three and nine months ended September 30, 2020 and 2019 are
annualized.
|
(2)
|
Represents net income
divided by average total assets.
|
(3)
|
Represents net income
divided by average equity.
|
(4)
|
Represents net
interest income as a percent of average interest-earning
assets.
|
(5)
|
Represents
non-interest expense divided by the sum of net interest income and
non-interest income (non-GAAP).
|
(6)
|
Represents average
equity divided by average total assets.
|
(7)
|
Capital ratios are
for Rhinebeck Bank only. Rhinebeck Bancorp, Inc. is not subject to
the minimum consolidated capital requirements as a small bank
holding company with assets less than $3.0 billion.
|
Contact: Michael J. Quinn,
President and Chief Executive Officer,Telephone: (845) 790-1501
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SOURCE Rhinebeck Bancorp, Inc.