POUGHKEEPSIE, N.Y., Oct. 27,
2022 /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, 2022 of $2.1
million ($0.19 per basic and
diluted share), which was $578,000,
or 21.5%, less than the comparable prior year period. Net income
for the nine months ended September 30,
2022 of $6.2 million
($0.57 per basic and $0.56 per diluted share) was $2.4 million, or 27.8%, less than the same period
last year.
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The decrease in net income was primarily due to an increase in
the provision for loan losses of $1.5
million and $3.3 million for
the three and nine months ended September
30, 2022, respectively. The Company recorded a credit to
loan losses for both the three and nine months ended September 30, 2021 as compared to an expense for
the three and nine months ended September
30, 2022. For both 2022 periods, an increase in net interest
income was further offset by a decrease in non-interest income and
an increase in non-interest expense. The Company's return on
average assets and return on average equity were 0.64% and 7.29%,
respectively, for the third quarter of 2022 as compared to 0.85%
and 8.60%, respectively, for the third quarter of 2021. The
Company's return on average assets and return on average equity
were 0.64% and 7.00%, respectively, for the first nine months of
2022 as compared to 0.96% and 9.48%, respectively, for the first
nine months of 2021.
President and Chief Executive Officer Michael J. Quinn said, "We continue to focus on
managing our balance sheet to improve our net interest margin in a
challenging interest rate environment. Our net interest margin
increased to 3.55% as of September 30,
2022, an increase of 11 basis points from our results as of
September 30, 2021. This was
accomplished by both pricing decisions and an increase of our loan
to asset ratio to 73.59% from the prior year's 66.73%. However,
future gains will depend on pressures to reprice deposits upward in
the coming months. Our previously announced settlement with the
New York State Department of
Financial Services, regarding indirect auto dealer pricing, allows
us to focus on the growth of the Bank and finding efficiencies in
our operations. As previously stated, all financial impacts of the
settlement were recognized in prior periods."
Income Statement Analysis
Net interest income increased $1.0
million, or 10.3%, to $11.1
million for the three months ended September 30, 2022, from $10.1 million for the three months ended
September 30, 2021. Year to date net
interest income increased $3.1
million, or 10.7%, to $32.1
million compared to $29.0
million for the prior year nine-month period. In comparing
the third quarter of 2022 to the same quarter in 2021, the
improvement was driven by higher interest-earning asset balances
and higher investment yields, partially offset by lower yields on
loans and higher costs for deposits and borrowings. For the three
months ended September 30, 2022, the
average balances of interest-earning assets grew by $51.3 million to $1.22
billion and the average yields improved by 32 basis points
to 4.08%, while the cost of interest-bearing liabilities increased
by 19 basis points to 0.68%. When comparing year to date periods,
the average balance of interest-earning assets grew by $80.3 million while the average yields increased
by 7 basis points to 3.91%. The cost of interest-bearing
liabilities fell by 7 basis points to 0.51%.
The provision for loan losses increased by $1.5 million, from a credit of $954,000 for the quarter ended September 30, 2021 to an expense of $545,000 for the current quarter. The provision
for loan losses increased by $3.3
million, from a credit of $2.2
million for the nine months ended September 30, 2021 to an expense of $1.1 million for the nine months ended
September 30, 2022. In 2021, the
credit to the provision for the three and nine months ended
September 30, 2021 was primarily
attributable to a decline in loan balances, exclusive of PPP loans,
a reduction in specific allocations to the allowance for loan
losses and a general improvement in economic conditions as our
customers showed signs of recovering from the pandemic. An increase
in indirect automobile loan balances in 2022 was the primary factor
leading to the increase in the provision.
Net charge-offs increased $84,000
to $222,000 for the quarter ended
September 30, 2022 from $138,000 for the comparable quarter in 2021
primarily due to increased charge-offs in our indirect automobile
portfolio as loan balances increased. Net charge-offs for the nine
months ended September 30, 2022
totaled $179,000 compared to net
charge-offs of $428,000 for the
comparable period in 2021. The year-to-date decrease in 2022 was
primarily due to a $143,000 recovery
of a residential mortgage loan, pricing gains on the sales of
repossessed vehicles as used car prices have risen significantly,
and an improvement in the overall economic environment. There was a
general overall improvement in loan quality during the first nine
months of 2022 as the percentage of overdue account balances to
total loans decreased to 1.45% as of September 30, 2022 from 1.58% as of December 31, 2021 and non-performing assets
decreased $2.0 million.
Non-interest income totaled $1.4
million for the three months ended September 30, 2022, a decrease of $250,000, or 15.3%, from the comparable period in
the prior year, due primarily to a decrease in the net gain on
sales of mortgage loans as activity decreased due to fewer
originations in the increasing interest rate environment and as
some higher-rate loans were added to the portfolio. Gain on sales
of mortgage loans decreased $355,000,
or 70.7%, compared to the prior year quarter as the Company sold
$5.1 million of residential mortgage
loans in the third quarter of 2022 as compared to $16.3 million in the third quarter of 2021. The
net decrease was partially offset by an increase in service charges
on deposit accounts of $49,000, or
7.4%, as transaction volume increased and an increase in other
non-interest income of $67,000.
For the nine months ended September 30,
2022, total non-interest income decreased $1.1 million, or 19.8%, from the comparable
period in the prior year. The reduction between periods was mostly
due to the decrease in the gain on the sale of mortgage loans of
$1.3 million, or 61.5%, the 2021
one-time gain from the collection of a life insurance claim of
$195,000 and a net realized loss in
2022 from the sale of securities of $170,000, partially offset by an increase in
service charges on deposit accounts of $234,000, an improvement in investment advisory
income of $120,000, a $69,000 increase in the cash value of life
insurance, and a net improvement of $167,000 in other income items.
For the third quarter of 2022, non-interest expense totaled
$9.2 million, an increase of
$101,000, or 1.1%, over the
comparable 2021 period. The increase was primarily due to an
increase in salaries and benefits of $195,000, or 3.8%, due to new hires, annual merit
increases, production incentives and employee benefit increases, as
well as the competitive pressures of the current job market. For
the three months ended September 30,
2022, occupancy expenses increased $37,000, or 3.5%, primarily resulting from
inflationary pressures on our service contracts. Data processing
costs increased $29,000, FDIC
insurance costs increased $25,000 and
marketing expense increased by $21,000. These increases were partially offset by
decreased professional fees of $20,000 and a decrease in other non-interest
expenses of $179,000, or 10.7%.
For the nine months ended September 30,
2022, non-interest expense totaled $27.8 million, an increase of $1.9 million, or 7.2%, over the comparable 2021
period. The increase was primarily due to an increase in
salaries and benefits of $1.6
million, or 11.1%, due to branch expansion, new hires,
annual merit increases, production incentives and employee benefit
increases, as well as the competitive pressures of the current job
market. For the nine months ended September
30, 2022, occupancy expenses increased $342,000, or 11.2%, as a result of the additional
rent, depreciation and other expenses related to branch expansion.
The addition of branches was also primarily responsible for
increased data processing costs of $152,000, increased marketing expense of
$105,000 and increased FDIC insurance
costs of $60,000. These increases
were partially offset by decreased professional fees of
$83,000 and a decrease in other
non-interest expenses of $357,000, or
7.8%. The decrease in other non-interest expense was primarily due
a reserve put in place in 2021 for potential consumer compliance
issues in the Bank's indirect automobile portfolio.
On October 6, 2022, the Company
issued a press release announcing that the Bank and the
New York State Department of
Financial Services ("DFS") reached a settlement regarding claims
based on DFS's detection of statistical differences in dealer
reserve (i.e., dealer markup) charged by automobile dealers to
different borrower groups on loans purchased by the Bank through
its indirect automobile lending program for the years 2017 through
2021.
While the Bank did not agree with the findings and denied the
allegations, it agreed to a settlement so as not to engage in a
lengthy and costly legal challenge.
The Bank agreed to pay a civil monetary penalty of $950,000 and estimates that the restitution to
eligible impacted borrowers (approximately 3,766 loans) to be
approximately $501,000. The Bank has
fully reserved for this settlement and there should be no further
material negative impact on earnings.
Balance Sheet Analysis
Total assets increased $11.5
million, or 0.9%, to $1.29
billion at September 30, 2022
from $1.28 billion at December 31, 2021. Net loans increased
$96.3 million, or 11.3%, primarily
due to a large increase in our indirect automobile loan portfolio.
Indirect automobile loans increased $70.7
million, or 18.5%, and commercial real estate loans
increased $34.1 million, or 10.9%,
while commercial and industrial loans decreased $21.7 million, or 20.8%. Available for sale
securities decreased $51.3 million,
or 18.3%, primarily due to paydowns, sales, calls and maturities of
$49.3 million and an increase of
$32.0 million in unrealized market
losses, partially offset by $30.2
million in purchases. Cash and due from banks decreased
$44.0 million, or 61.0%, primarily
due to a decrease in deposits held at the Federal Reserve Bank of
New York as excess funds were used
to fund loans originations. Deferred tax assets increased
$6.9 million mostly in relation to
the increase in unrealized losses on securities.
Past due loans remained fairly stable between December 31, 2021 and September 30, 2022, finishing at $13.8 million, or 1.45% of total loans, up from
$13.5 million, or 1.58% of total
loans at year-end 2021. Our allowance for loan losses was 0.90% of
total loans and 181.76% of non-performing loans at September 30, 2022 as compared to 0.89% of total
loans and 113.01% of non-performing loans at December 31, 2021.
Total liabilities increased $30.7
million, or 2.7%, to $1.19
billion at September 30, 2022
from $1.16 billion at December 31, 2021. The increase was due to an
increase in deposits of $8.2 million,
or 0.7%. Interest bearing deposits increased $13.7 million, or 1.7%, while non-interest
bearing deposits decreased $5.5
million, or 1.7%. Increases in advances from the Federal
Home Loan Bank of $19.5 million and
accrued expenses and other liabilities of $6.2 million also contributed to the increase in
liabilities. The increase was partially offset by a decrease in
mortgagors' escrow accounts of $3.2
million.
Stockholders' equity decreased $19.2
million, or 15.2%, to $106.8
million at September 30, 2022,
primarily due to a $25.9 million
increase in accumulated other comprehensive loss related to current
market conditions, partially offset by net income of $6.2 million. The Company's ratio of average
equity to average assets was 9.17% for the nine months ended
September 30, 2022 and 10.02% for the
year ended December 31, 2021.
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier
holding company of Rhinebeck Bank
and is 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 fifteen
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, inflation, changes in the
interest rate environment, general economic conditions or
conditions within the securities markets, changes in asset quality,
loan sale volumes, charge-offs and loan loss provisions, changes in
demand for our products and services, legislative, accounting, tax
and regulatory changes, the continuing impact of the COVID-19
pandemic on our business and results of operation, political
developments, uncertainties or instability, catastrophic events,
acts of war or terrorism, natural disasters, such as earthquakes,
drought, pandemic diseases, extreme weather events, or breach of
our operational or security systems or infrastructure, including
cyberattacks 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.
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)
|
(In thousands, except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Interest and
Dividend Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
11,404
|
|
$
|
10,402
|
|
$
|
32,212
|
|
$
|
30,722
|
Interest and dividends
on securities
|
|
|
1,002
|
|
|
623
|
|
|
2,844
|
|
|
1,560
|
Other income
|
|
|
147
|
|
|
34
|
|
|
210
|
|
|
66
|
Total interest and
dividend income
|
|
|
12,553
|
|
|
11,059
|
|
|
35,266
|
|
|
32,348
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
deposits
|
|
|
1,262
|
|
|
866
|
|
|
2,773
|
|
|
2,816
|
Interest expense on
borrowings
|
|
|
194
|
|
|
134
|
|
|
415
|
|
|
562
|
Total interest
expense
|
|
|
1,456
|
|
|
1,000
|
|
|
3,188
|
|
|
3,378
|
Net interest
income
|
|
|
11,097
|
|
|
10,059
|
|
|
32,078
|
|
|
28,970
|
Provision for
(credit to) loan losses
|
|
|
545
|
|
|
(954)
|
|
|
1,112
|
|
|
(2,171)
|
Net interest income
after provision for (credit to) loan
losses
|
|
|
10,552
|
|
|
11,013
|
|
|
30,966
|
|
|
31,141
|
Non-interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
713
|
|
|
664
|
|
|
2,125
|
|
|
1,891
|
Net realized loss on
sales and calls of securities
|
|
|
(8)
|
|
|
—
|
|
|
(170)
|
|
|
—
|
Net gain on sales of
loans
|
|
|
147
|
|
|
502
|
|
|
840
|
|
|
2,179
|
Increase in cash
surrender value of life insurance
|
|
|
163
|
|
|
158
|
|
|
481
|
|
|
412
|
Net gain from sale of
other real estate owned
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
Gain on disposal of
premises and equipment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
Gain on life
insurance
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
Investment advisory
income
|
|
|
229
|
|
|
237
|
|
|
932
|
|
|
812
|
Other
|
|
|
145
|
|
|
78
|
|
|
395
|
|
|
228
|
Total non-interest
income
|
|
|
1,389
|
|
|
1,639
|
|
|
4,603
|
|
|
5,736
|
Non-interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
5,357
|
|
|
5,162
|
|
|
16,393
|
|
|
14,749
|
Occupancy
|
|
|
1,097
|
|
|
1,060
|
|
|
3,394
|
|
|
3,052
|
Data
processing
|
|
|
479
|
|
|
450
|
|
|
1,421
|
|
|
1,269
|
Professional
fees
|
|
|
419
|
|
|
439
|
|
|
1,292
|
|
|
1,375
|
Marketing
|
|
|
140
|
|
|
119
|
|
|
458
|
|
|
353
|
FDIC deposit insurance
and other insurance
|
|
|
226
|
|
|
201
|
|
|
602
|
|
|
542
|
Other real estate owned
expense
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
7
|
Amortization of
intangible assets
|
|
|
24
|
|
|
27
|
|
|
75
|
|
|
69
|
Other
|
|
|
1,497
|
|
|
1,676
|
|
|
4,194
|
|
|
4,551
|
Total non-interest
expense
|
|
|
9,239
|
|
|
9,138
|
|
|
27,829
|
|
|
25,967
|
Income before income
taxes
|
|
|
2,702
|
|
|
3,514
|
|
|
7,740
|
|
|
10,910
|
Provision for income
taxes
|
|
|
595
|
|
|
829
|
|
|
1,551
|
|
|
2,339
|
Net income
|
|
$
|
2,107
|
|
$
|
2,685
|
|
$
|
6,189
|
|
$
|
8,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.19
|
|
$
|
0.25
|
|
$
|
0.57
|
|
$
|
0.80
|
Diluted
|
|
$
|
0.19
|
|
$
|
0.25
|
|
$
|
0.56
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
10,844,240
|
|
|
10,774,038
|
|
|
10,826,862
|
|
|
10,755,342
|
Weighted average
shares outstanding, diluted
|
|
|
10,996,309
|
|
|
10,946,935
|
|
|
10,999,745
|
|
|
10,914,429
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Consolidated Statements
of Financial Condition (Unaudited)
|
(In thousands, except
share and per share data)
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2022
|
|
2021
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
28,110
|
|
$
|
72,091
|
Available for sale
securities (at fair value)
|
|
|
229,030
|
|
|
280,283
|
Loans receivable (net
of allowance for loan losses of $8,492 and $7,559,
respectively)
|
|
|
951,282
|
|
|
854,967
|
Federal Home Loan Bank
stock
|
|
|
2,350
|
|
|
1,322
|
Accrued interest
receivable
|
|
|
2,644
|
|
|
3,366
|
Cash surrender value of
life insurance
|
|
|
29,635
|
|
|
29,131
|
Deferred tax assets
(net of valuation allowance of $462 and $454,
respectively)
|
|
|
10,256
|
|
|
3,352
|
Premises and equipment,
net
|
|
|
18,858
|
|
|
19,183
|
Goodwill
|
|
|
2,235
|
|
|
2,235
|
Intangible assets,
net
|
|
|
358
|
|
|
433
|
Other assets
|
|
|
17,925
|
|
|
14,803
|
Total
assets
|
|
$
|
1,292,683
|
|
$
|
1,281,166
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Non-interest
bearing
|
|
$
|
309,319
|
|
$
|
314,814
|
Interest
bearing
|
|
|
800,873
|
|
|
787,185
|
Total
deposits
|
|
|
1,110,192
|
|
|
1,101,999
|
|
|
|
|
|
|
|
Mortgagors' escrow
accounts
|
|
|
5,895
|
|
|
9,130
|
Advances from the
Federal Home Loan Bank
|
|
|
37,541
|
|
|
18,041
|
Subordinated
debt
|
|
|
5,155
|
|
|
5,155
|
Accrued expenses and
other liabilities
|
|
|
27,098
|
|
|
20,872
|
Total
liabilities
|
|
|
1,185,881
|
|
|
1,155,197
|
|
|
|
|
|
|
|
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 11,284,565
at September 30, 2022 and 11,296,103 December 31, 2021)
|
|
|
113
|
|
|
113
|
Additional paid-in
capital
|
|
|
46,922
|
|
|
46,573
|
Unearned common stock
held by the employee stock ownership plan
|
|
|
(3,546)
|
|
|
(3,709)
|
Retained
earnings
|
|
|
95,816
|
|
|
89,627
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
Net unrealized loss on
available for sale securities, net of taxes
|
|
|
(28,034)
|
|
|
(2,734)
|
Defined benefit pension
plan, net of taxes
|
|
|
(4,469)
|
|
|
(3,901)
|
Total accumulated
other comprehensive loss
|
|
|
(32,503)
|
|
|
(6,635)
|
Total stockholders'
equity
|
|
|
106,802
|
|
|
125,969
|
Total liabilities and
stockholders' equity
|
|
$
|
1,292,683
|
|
$
|
1,281,166
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Selected Ratios
(Unaudited)
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months
Ended
|
|
Year
Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
December
31,
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
2021
|
Performance
Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.64
|
%
|
0.85
|
%
|
|
0.64
|
%
|
0.96
|
%
|
0.95
|
%
|
Return on average
equity (3)
|
|
7.29
|
%
|
8.60
|
%
|
|
7.00
|
%
|
9.48
|
%
|
9.49
|
%
|
Net interest margin
(4)
|
|
3.61
|
%
|
3.42
|
%
|
|
3.55
|
%
|
3.44
|
%
|
3.45
|
%
|
Efficiency ratio
(5)
|
|
73.99
|
%
|
78.12
|
%
|
|
75.87
|
%
|
74.82
|
%
|
75.82
|
%
|
Average
interest-earning assets to average
interest-bearing liabilities
|
|
142.62
|
%
|
145.46
|
%
|
|
143.50
|
%
|
144.42
|
%
|
144.89
|
%
|
Total gross loans to
total deposits
|
|
85.39
|
%
|
76.73
|
%
|
|
85.39
|
%
|
76.73
|
%
|
77.45
|
%
|
Average equity to
average assets (6)
|
|
8.79
|
%
|
9.93
|
%
|
|
9.17
|
%
|
10.09
|
%
|
10.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of total
gross loans
|
|
0.90
|
%
|
1.08
|
%
|
|
0.90
|
%
|
1.08
|
%
|
0.89
|
%
|
Allowance for loan
losses as a percent of non-
performing loans
|
|
181.76
|
%
|
145.64
|
%
|
|
181.76
|
%
|
145.64
|
%
|
113.01
|
%
|
Net recoveries
(charge-offs) to average
outstanding loans during the period
|
|
(0.02)
|
%
|
(0.02)
|
%
|
|
(0.02)
|
%
|
(0.05)
|
%
|
(0.05)
|
%
|
Non-performing loans as
a percent of total gross
loans
|
|
0.49
|
%
|
0.74
|
%
|
|
0.49
|
%
|
0.74
|
%
|
0.78
|
%
|
Non-performing assets
as a percent of total
assets
|
|
0.36
|
%
|
0.50
|
%
|
|
0.36
|
%
|
0.50
|
%
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
(7):
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk-weighted assets)
|
|
11.80
|
%
|
13.13
|
%
|
|
11.80
|
%
|
13.13
|
%
|
12.76
|
%
|
Total capital (to
risk-weighted assets)
|
|
12.57
|
%
|
14.12
|
%
|
|
12.57
|
%
|
14.12
|
%
|
13.54
|
%
|
Common equity Tier 1
capital (to risk-weighted
assets)
|
|
11.80
|
%
|
13.13
|
%
|
|
11.80
|
%
|
13.13
|
%
|
12.76
|
%
|
Tier 1 leverage ratio
(to average total assets)
|
|
9.83
|
%
|
9.58
|
%
|
|
9.83
|
%
|
9.58
|
%
|
9.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
|
|
|
|
|
$ 9.46
|
|
$ 10.99
|
|
$ 11.15
|
|
Tangible book value per
common share(8)
|
|
|
|
|
|
|
$ 9.23
|
|
$ 10.76
|
|
$ 10.92
|
|
(1)
|
Performance ratios for
the three and nine months ended September 30, 2022 and 2021 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.
|
(8)
|
Represents a non-GAAP
financial measure, see table below for a reconciliation of the
non-GAAP financial measures.
|
NON-GAAP FINANCIAL INFORMATION
This release contains financial information determined by
methods other than in accordance with generally accepted accounting
principles ("GAAP"). Such non-GAAP financial information includes
the following measure: "tangible book value per common share."
Management uses this non-GAAP measure because we believe that it
may provide useful supplemental information for evaluating our
operations and performance, as well as in managing and evaluating
our business and in discussions about our operations and
performance. Management believes this non-GAAP measure may also
provide users of our financial information with a meaningful
measure for assessing our financial results, as well as a
comparison to financial results for prior periods. This non-GAAP
measure should be viewed in addition to, and not as an alternative
to or substitute for, measures determined in accordance with GAAP
and are not necessarily comparable to other similarly titled
measures used by other companies. To the extent applicable,
reconciliations of these non-GAAP measures to the most directly
comparable measures as reported in accordance with GAAP are
included below.
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
per share data)
|
|
September 30,
|
|
|
December
31,
|
|
|
2022
|
|
2021
|
|
|
2021
|
Book value per
common share reconciliation
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (book value) (GAAP)
|
|
$
|
106,802
|
|
$
|
124,204
|
|
|
$
|
125,969
|
Total shares
outstanding
|
|
|
11,285
|
|
|
11,297
|
|
|
|
11,296
|
Book value per common
share
|
|
$
|
9.46
|
|
$
|
10.99
|
|
|
$
|
11.15
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
Total equity
(GAAP)
|
|
$
|
106,802
|
|
$
|
124,204
|
|
|
$
|
125,969
|
Goodwill
|
|
|
(2,235)
|
|
|
(2,235)
|
|
|
|
(2,235)
|
Intangible
assets
|
|
|
(358)
|
|
|
(460)
|
|
|
|
(433)
|
Tangible common equity
(non-GAAP)
|
|
$
|
104,209
|
|
$
|
121,509
|
|
|
$
|
123,301
|
Tangible book value
per common share
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
(non-GAAP)
|
|
$
|
104,209
|
|
$
|
121,509
|
|
|
$
|
123,301
|
Total shares
outstanding
|
|
|
11,285
|
|
|
11,297
|
|
|
|
11,296
|
Tangible book value per
common share
|
|
$
|
9.23
|
|
$
|
10.76
|
|
|
$
|
10.92
|
Contact: Michael J. Quinn, President and Chief Executive
Officer, Telephone: (845) 790-1501
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SOURCE Rhinebeck Bancorp, Inc.