POUGHKEEPSIE, N.Y.,
Feb. 3, 2021 /PRNewswire/ --
Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ: RBKB), the
holding company of Rhinebeck Bank
(the "Bank"), reported net income for the three months ended
December 31, 2020 of $2.3 million ($0.21
per basic and diluted share), compared with $1.7 million ($0.16
per basic and diluted share) for the comparable prior year period,
which was an increase of $604,000, or
34.7%. Net income for the year ended December 31, 2020 was $5.9
million ($0.55 per basic and
diluted share), compared with $6.0
million ($0.56 per basic and
diluted share for the year ended December
31, 2019, a decrease of $46,000, or 0.8%. 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 year over year. Increased gain on sales of loans had a
significant positive impact on our net income quarter over quarter
and for the year.
COVID-19 Impact
Loan Deferrals. We continue working with
borrowers through this challenging economic environment. Over the
year ended December 31, 2020, the
Bank had approved 2,095 loan deferrals totaling $122.6 million, not including 138 loans, totaling
$24.5 million, previously sold in the
secondary market and serviced for others. As of that date, 90.5% of
the Bank-owned loans, with balances of $117.7 million, performed in accordance with
their contractual terms. The majority of the modifications granted
to customers expired during the third quarter of 2020, and at
December 31, 2020, we had 194 loans
totaling $40.2 million of remaining
deferrals outstanding and all were performing in accordance with
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 continue participating in the Paycheck Protection Program
("PPP") passed by Congress as a stimulus response to the potential
negative economic impacts of COVID-19. The program
discontinued accepting new loan applications on August 8, 2020 and was reopened January 11, 2021. As of December 31, 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. As of December 31, 2020,
there were $75.4 million of PPP loans
outstanding.
Other financial highlights:
- Total assets grew $154.9 million,
or 15.9%, to $1.13 billion at
December 31, 2020 from $973.9 million at December
31, 2019.
- Net loans increased $80.3
million, or 10.1%, to $873.8
million at December 31, 2020
from $793.5 million at December 31, 2019.
- Our allowance for loan losses as a percent of total gross loans
increased 58 basis points to 1.33% at December 31, 2020 from 0.75% at December 31, 2019.
- Total deposit balances were $929.4
million at December 31, 2020,
increasing $156.0 million, or 20.2%,
from $773.3 million at December 31, 2019.
- Our efficiency ratio improved 9.3%, falling to 66.19% for the
fourth quarter of 2020 from 72.98% for the same quarter of 2019.
Our efficiency ratio improved 8.7%, falling to 67.29% for the year
ended December 31, 2020 from 73.73%
for the year ended December 31,
2019.
President and Chief Executive Officer Michael J. Quinn said, "This past year presented
challenges not seen in our lifetimes and I am proud of our staff's
response to the crisis. We were able to pivot to a work from home
environment while meeting the challenges of processing a large
number of PPP loan requests and achieving a 15.9% increase in
assets along with a 20.2% increase in deposits. Our efficiency
ratio improved by 8.7% year over year driven by increases in net
interest and noninterest income. During the year, we were able to
maintain a net interest margin of 3.56%, which while down 20 basis
points year over year, did show signs of improvement during the
fourth quarter of 2020 despite the continuing low-rate environment.
I am happy to say that efforts to expand in Orange County have progressed with expected
branch openings in early 2021."
Income Statement Analysis
Net interest income increased $1.8
million, or 21.2%, to $10.1
million for the three months ended December 31, 2020, from $8.3 million for the three months ended
December 31, 2019. Net interest
income for 2020 increased $4.1
million, or 12.8%, to $36.4
million compared to $32.2
million for the prior year. The increase was primarily
driven by higher interest-earning asset balances and the favorable
impact of lower rates on 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 PPP loans was the primary reason our net
interest margin declined 20 basis points to 3.56% for the year
ended December 31, 2020 compared to
3.76% for 2019. The net interest margin increased 15 basis points
to 3.80% for the three months ended December
31, 2020 from 3.65% for the same period in 2019 as efforts
to reduce interest expense were realized.
We recorded a provision for loan losses of $1.4 million for the fourth quarter of 2020 as
compared to $450,000 for the
comparable prior year period. The provision was $7.1 million for the year ended December 31, 2020, an increase of $4.7 million, or 190.2% as compared to the year
ended December 31, 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 December 31,
2020 totaled $362,000 compared
to $2.4 million for the respective
period in 2019. For the year ended December 31, 2020, net charge-offs were
$1.5 million, a decrease of
$1.7 million, or 53.7%, when compared
to the comparative 2019 period. The decreases were specifically due
to two large commercial real estate loans totaling $1.8 million that became impaired and were
partially charged off in the fourth quarter of 2019.
Non-interest income totaled $2.9
million for the three months ended December 31, 2020, an increase of $1.4 million, or 96.5%, 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
$915,000, or 196.8%, a gain from the
sale of other real estate owned of $456,000 and a $169,000 increase in investment advisory income.
The gain was partially offset by a $112,000 decrease in service charges on deposit
accounts. Non-interest income increased $2.7 million, or 47.5%, to $8.3 million for the year ended December 31, 2020. In the year ended
December 31, 2020, net gain on the
sale of loans increased $2.6 million,
or 221.3%, sales of other real estate owned increased $498,000 and investment advisory income increased
$344,000, or 36.4%. These
increases were offset by a $548,000
decrease in service charges on deposit accounts and a $219,000 decrease in other non-interest income
due primarily to the increased amortization on mortgage servicing
rights. The Bank sold $95.0 million
of loans in 2020 compared to $48.0
million of loans in 2019 as the favorable rate environment
encouraged refinancing. The increases in advisory income resulted
as money flowed into the market and as investors took interest in
the safety of annuities. The decrease in service charges on deposit
accounts was primarily due to a decrease in overdraft fees and
reduced transaction activity due to regulatory restrictions and the
pandemic.
For the fourth quarter of 2020, non-interest expense totaled
$8.6 million, an increase of
$1.4 million, or 20.2%, over the
comparable 2019 period. The increase was primarily due to an
increase in salaries and benefits of $568,000, which was primarily attributable to
annual merit increases, production incentives and employee benefit
expense increases. The increased expense also reflected an
increase in professional fees of $194,000 as legal and consulting fees increased,
and a $512,000 increase in other
non-interest expense. For the year ended December 31, 2020, non-interest expense totaled
$30.1 million, an increase of
$2.1 million, or 7.7%, over 2019.
Salaries and benefits increased $1.2
million, or 7.5%, which was primarily attributable to annual
merit increases, production incentives and employee benefit expense
increases. FDIC deposit insurance increased $319,000, or 66.7%, due to an assessment credit
received in the prior year, professional fees increased
$262,000 as legal and consulting fees
increased, and other noninterest expense increased $409,000, or 8.6%. The increase in other
noninterest expense was primarily due to an initial estimated
reserve of $350,000 for potential
consumer compliance issues in the Bank's indirect automobile
portfolio. However, additional reserves in the future may be
required.
Balance Sheet Analysis
Total assets were $1.13 billion at
December 31, 2020, representing an
increase of $154.9 million, or 15.9%,
from $973.9 million at December 31, 2019. Cash and due from banks
increased $81.5 million from
December 31, 2019, to $93.5 million, primarily due to an increase in
deposits held at the Federal Reserve Bank of New York. Net loans increased $80.3 million, or 10.1%, and included
$74.2 million of outstanding SBA
PPP loan balances, an increase of $16.0
million, or 4.3%, in our indirect automobile portfolio and
an increase of $15.4 million, or
5.7%, in commercial real estate loans. Excluding PPP loan
balances, commercial and industrial loans decreased $10.7 million, or 11.8%. Other assets also
include the right-of-use asset ("ROUA") of $6.3 million at December
31, 2020 due to the current year adoption of the Accounting
Standards Update 2016-02, Leases (Topic 842).
Past due loans increased $403,000,
or 2.3%, between December 31, 2019
and December 31, 2020 finishing at
$18.0 million, or 2.1% of total
loans, from $17.6 million, or 2.2% of
total loans, at year-end 2019. During the same timeframe,
non-performing assets decreased $3.9
million or 37.4%, to $6.5
million due to the reduction of non-accrual loans and the
sale of several foreclosed properties totaling $2.9 million in 2020. Our reserve as a percentage
of total gross loans was 1.33% at December
31, 2020 as compared to 0.75% at December 31, 2019.
As of December 31, 2020, total
liabilities increased $148.3 million,
or 17.2%, to $1.01 billion, mainly
due to a $156.0 million increase in
deposits due to the inflow of cash from PPP loans and an apparent
flight to safety as some investors may have fled the stock market
volatility. The lease liability, which offsets the ROUA, was
$6.3 million at December 31, 2020 and also contributed to the
increase. A decrease of $15.6 million
in Federal Home Loan Bank advances partially offset the increase in
the other liabilities.
Stockholders' equity increased $6.6
million to $116.5 million at
December 31, 2020, primarily due to
net income of $5.9 million and a
$1.2 million increase in the net
unrealized gain on available for sale securities. The Company's
ratio of average equity to average assets was 10.56% for the year
ended December 31, 2020 and 11.42%
for the year ended December 31,
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 Income (Unaudited)
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Interest and
Dividend Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
11,214
|
|
$
|
9,979
|
|
$
|
42,215
|
|
$
|
38,255
|
|
Interest and dividends
on securities
|
|
|
343
|
|
|
695
|
|
|
2,133
|
|
|
2,671
|
|
Other income
|
|
|
11
|
|
|
9
|
|
|
47
|
|
|
60
|
|
Total interest and
dividend income
|
|
|
11,568
|
|
|
10,683
|
|
|
44,395
|
|
|
40,986
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
deposits
|
|
|
1,242
|
|
|
2,009
|
|
|
6,671
|
|
|
6,989
|
|
Interest expense on
borrowings
|
|
|
276
|
|
|
382
|
|
|
1,348
|
|
|
1,750
|
|
Total interest
expense
|
|
|
1,518
|
|
|
2,391
|
|
|
8,019
|
|
|
8,739
|
|
Net interest
income
|
|
|
10,050
|
|
|
8,292
|
|
|
36,376
|
|
|
32,247
|
|
Provision for loan
losses
|
|
|
1,433
|
|
|
450
|
|
|
7,138
|
|
|
2,460
|
|
Net interest income
after provision for loan losses
|
|
|
8,617
|
|
|
7,842
|
|
|
29,238
|
|
|
29,787
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
571
|
|
|
683
|
|
|
2,276
|
|
|
2,824
|
|
Net realized loss on
sales and calls of securities
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
|
(69)
|
|
Net gain on sales of
loans
|
|
|
1,380
|
|
|
465
|
|
|
3,762
|
|
|
1,171
|
|
Increase in cash
surrender value of life insurance
|
|
|
90
|
|
|
98
|
|
|
380
|
|
|
398
|
|
Net gain from sale of
other real estate owned
|
|
|
456
|
|
|
—
|
|
|
498
|
|
|
—
|
|
Other real estate owned
income
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
28
|
|
Gain on disposal of
premises and equipment
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
Investment advisory
income
|
|
|
346
|
|
|
177
|
|
|
1,288
|
|
|
944
|
|
Other
|
|
|
54
|
|
|
71
|
|
|
115
|
|
|
334
|
|
Total noninterest
income
|
|
|
2,897
|
|
|
1,474
|
|
|
8,303
|
|
|
5,630
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
4,492
|
|
|
3,924
|
|
|
16,797
|
|
|
15,631
|
|
Occupancy
|
|
|
932
|
|
|
859
|
|
|
3,545
|
|
|
3,490
|
|
Data
processing
|
|
|
359
|
|
|
337
|
|
|
1,399
|
|
|
1,340
|
|
Professional
fees
|
|
|
593
|
|
|
399
|
|
|
1,648
|
|
|
1,386
|
|
Marketing
|
|
|
186
|
|
|
198
|
|
|
506
|
|
|
666
|
|
FDIC deposit insurance
and other insurance
|
|
|
184
|
|
|
161
|
|
|
797
|
|
|
478
|
|
Other real estate owned
expense
|
|
|
74
|
|
|
12
|
|
|
154
|
|
|
123
|
|
Amortization of
intangible assets
|
|
|
10
|
|
|
10
|
|
|
42
|
|
|
43
|
|
Other
|
|
|
1,739
|
|
|
1,227
|
|
|
5,177
|
|
|
4,768
|
|
Total noninterest
expense
|
|
|
8,569
|
|
|
7,127
|
|
|
30,065
|
|
|
27,925
|
|
Income before income
taxes
|
|
|
2,945
|
|
|
2,189
|
|
|
7,476
|
|
|
7,492
|
|
Provision for
income taxes
|
|
|
601
|
|
|
449
|
|
|
1,559
|
|
|
1,529
|
|
Net income
|
|
$
|
2,344
|
|
$
|
1,740
|
|
$
|
5,917
|
|
$
|
5,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.21
|
|
$
|
0.16
|
|
$
|
0.55
|
|
$
|
0.56
|
|
Diluted
|
|
$
|
0.21
|
|
$
|
0.16
|
|
$
|
0.55
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
10,737,777
|
|
|
10,715,956
|
|
|
10,729,596
|
|
|
10,707,776
|
|
Weighted average
shares outstanding, diluted
|
|
|
10,768,167
|
|
|
10,715,956
|
|
|
10,739,841
|
|
|
10,707,776
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Consolidated
Statements of Financial Condition (Unaudited)
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
93,485
|
|
$
|
11,978
|
Available for sale
securities (at fair value)
|
|
|
102,933
|
|
|
114,832
|
Loans receivable (net
of allowance for loan losses of $11,633 and $5,954,
respectively)
|
|
|
873,813
|
|
|
793,471
|
Federal Home Loan
Bank stock
|
|
|
2,787
|
|
|
3,435
|
Accrued interest
receivable
|
|
|
3,819
|
|
|
2,903
|
Cash surrender value
of life insurance
|
|
|
18,877
|
|
|
18,457
|
Deferred tax assets
(net of valuation allowance of $1,760 and $1,202,
respectively)
|
|
|
3,703
|
|
|
2,255
|
Premises and
equipment, net
|
|
|
18,839
|
|
|
18,338
|
Other real estate
owned
|
|
|
139
|
|
|
1,417
|
Goodwill
|
|
|
1,410
|
|
|
1,410
|
Intangible assets,
net
|
|
|
199
|
|
|
241
|
Other
assets
|
|
|
8,825
|
|
|
5,209
|
Total
assets
|
|
$
|
1,128,829
|
|
$
|
973,946
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
244,344
|
|
$
|
179,236
|
Interest
bearing
|
|
|
685,020
|
|
|
594,107
|
Total
deposits
|
|
|
929,364
|
|
|
773,343
|
|
|
|
|
|
|
|
Mortgagors' escrow
accounts
|
|
|
8,494
|
|
|
8,106
|
Advances from the
Federal Home Loan Bank
|
|
|
50,674
|
|
|
66,304
|
Subordinated
debt
|
|
|
5,155
|
|
|
5,155
|
Accrued expenses and
other liabilities
|
|
|
18,643
|
|
|
11,156
|
Total
liabilities
|
|
|
1,012,330
|
|
|
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
|
|
|
46,038
|
|
|
45,869
|
Unearned common stock
held by the employee stock ownership plan ("ESOP")
|
|
|
(3,928)
|
|
|
(4,146)
|
Retained
earnings
|
|
|
78,069
|
|
|
72,152
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
Net unrealized gain
(loss) on available for sale securities, net of taxes
|
|
|
993
|
|
|
(195)
|
Defined benefit pension
plan, net of taxes
|
|
|
(4,784)
|
|
|
(3,909)
|
Total accumulated
other comprehensive loss
|
|
|
(3,791)
|
|
|
(4,104)
|
Total stockholders'
equity
|
|
|
116,499
|
|
|
109,882
|
Total liabilities and
stockholders' equity
|
|
$
|
1,128,829
|
|
$
|
973,946
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Selected Ratios
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
Performance
Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.84
|
%
|
0.72
|
%
|
|
0.55
|
%
|
0.65
|
%
|
Return on average
equity (3)
|
|
8.02
|
%
|
6.32
|
%
|
|
5.17
|
%
|
5.73
|
%
|
Net interest margin
(4)
|
|
3.80
|
%
|
3.65
|
%
|
|
3.56
|
%
|
3.76
|
%
|
Efficiency ratio
(5)
|
|
66.19
|
%
|
72.98
|
%
|
|
67.29
|
%
|
73.73
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
142.37
|
%
|
137.49
|
%
|
|
140.37
|
%
|
137.50
|
%
|
Total gross loans to
total deposits
|
|
94.32
|
%
|
102.09
|
%
|
|
94.32
|
%
|
102.09
|
%
|
Average equity to
average assets (6)
|
|
10.45
|
%
|
11.43
|
%
|
|
10.56
|
%
|
11.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of total gross loans
|
|
1.33
|
%
|
0.75
|
%
|
|
1.33
|
%
|
0.75
|
%
|
Allowance for loan
losses as a percent of non-performing loans
|
|
183.63
|
%
|
66.74
|
%
|
|
183.63
|
%
|
66.74
|
%
|
Net (charge-offs)
recoveries to average outstanding loans during the
period
|
|
(0.04)
|
%
|
(0.31)
|
%
|
|
(0.17)
|
%
|
(0.43)
|
%
|
Non-performing loans
as a percent of total gross loans
|
|
0.72
|
%
|
1.13
|
%
|
|
0.72
|
%
|
1.13
|
%
|
Non-performing assets
as a percent of total assets
|
|
0.57
|
%
|
1.06
|
%
|
|
0.57
|
%
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios (7):
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk-weighted assets)
|
|
12.72
|
%
|
12.13
|
%
|
|
12.72
|
%
|
12.13
|
%
|
Total capital (to
risk-weighted assets)
|
|
13.97
|
%
|
12.83
|
%
|
|
13.97
|
%
|
12.83
|
%
|
Common equity Tier 1
capital (to risk-weighted assets)
|
|
12.72
|
%
|
12.13
|
%
|
|
12.72
|
%
|
12.13
|
%
|
Tier 1 leverage ratio
(to average total assets)
|
|
9.95
|
%
|
10.84
|
%
|
|
9.95
|
%
|
10.84
|
%
|
|
|
____________________
|
(1)
|
Performance ratios
for the three months ended December 31, 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.
|
(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.