POUGHKEEPSIE, N.Y.,
July 30, 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
June 30, 2020 of $1.3 million ($0.13
per basic and diluted share), which was $127,000, or 10.4%, more than the comparable
prior year period, and net income for the six months ended
June 30, 2020 of $2.4 million ($0.23
per basic and diluted share), which was $291,000, or 13.6%, greater than the same period
last year.
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 a price of $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
Operational Readiness. Since mid-March, the
Company and the Bank have felt the impact of this global pandemic.
In response to the state of emergency, the Bank had temporarily
suspended lobby services, which were re-opened on June 1, 2020. Drive-thru, mobile, and
online banking had become the Bank's primary channels of serving
customers during that time and remain important channels as
New York State moves through
phases of reopening. Various operational measures remain in effect
to encourage social distancing and enhanced cleaning and sanitizing
procedures continue at all office, drive-thru locations and ATM
terminals. A Work Place Safety Program was established in May to
demonstrate the Bank's commitment to providing employees a safe and
healthy work place. A phased/staggered return of non-branch staff
began in June and will continue over the next several months. The
wearing of face masks is now mandatory in all Bank locations and
employee wellness is monitored daily. We continue to watch the
latest COVID-19 developments and are following guidance provided by
the Centers for Disease Control, as well as federal, state and
local agencies.
Paycheck Protection Program. As part of the
Coronavirus Aid, Relief, and Economic Security Act (the "CARES
Act") enacted on March 27, 2020, the
Payroll Protection Program ("PPP") Loan Program allocated
$660 billion in funds to assist small
businesses. Rhinebeck Bank, as a
qualified U.S. Small Business Administration ("SBA") lender, is an
authorized participant in this program.
As of June 29, 2020, we had
received 673 applications for $90.2
million of loans under the PPP. We received SBA approval for
651 applications totaling $89.3
million and we had funded 647 loans for $88.7 million. To fund 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 funding at the
Federal Reserve's discount window. The term of these loans mirrored
the actual maturity of the underlying collateral and have a fixed
interest rate of 0.35%. As of June 30,
2020, we had received $70.1
million in such funding and have paid back all but
$12.1 million, as concerns for
liquidity during this period have been less than initial
expectations.
Loan Deferrals. As of June 29, 2020, the Bank had received 2,289
deferral requests from 1,986 customers. Although the final amount
of payments deferred is not known until the deferral application is
completed by collections staff, approximately $4.9 million of payments have been deferred. Of
these deferrals, 155 were for agency backed service mortgages
representing $741,000 in
payments.
Other financial highlights:
- Total assets grew $154.4 million,
or 15.9%, to $1.1 billion at
June 30, 2020 from $973.9 million at December
31, 2019.
- Gross loans increased $99.3
million, or 12.6%, to $888.8
million at June 30, 2020 from
$789.5 million at December 31, 2019.
- Total deposit balances were $910.0
million at June 30, 2020,
increasing $136.7 million, or 17.7%,
from $773.3 million at December 31, 2019.
- Our efficiency ratio improved 16.3%, falling to 63.07% for the
second quarter of 2020 from 75.35% in the same quarter of 2019. On
a year to date basis, our efficiency ratio improved 11.1% falling
to 68.25% for the six months ended June 30,
2020 from 76.79% over the same period in 2019.
Michael J. Quinn, President and
Chief Executive Officer, said: "The COVID-19 pandemic has
impacted the Bank's mid-year earnings. Economic uncertainties
resulted in larger than expected additions to our loan loss
provisions, mainly based on qualitative factors. We remain
committed to our plan for asset growth, increasing efficiencies,
and to continue improvements in the underlying earnings outlook of
the Bank. I commend our staff for all their efforts during
this difficult time in meeting our customers' needs."
Income Statement Analysis
Net interest income increased $1.1
million, or 13.3%, to $9.0
million for the three months ended June 30, 2020, from $7.9
million for the three months ended June 30, 2019. Year to date net interest income
increased $1.8 million or 11.7%, to
$17.3 million when compared to
$15.5 million for the prior year
six-month period. The increase in interest income was mostly
driven by higher interest-earning asset balances. This additional
revenue was offset by decreases in deposit pricing and borrowing
costs that were primarily driven by competitive market forces and
the changing interest rate environment.
Our net interest margin declined 34 basis points to 3.41% for
the three months ended June 30, 2020
when compared to 3.75% for the same prior year quarter. Year to
date, the net interest margin decreased 26 basis points to 3.51%
for the six months ended June 30,
2020 from 3.77% for the same period in 2019. The decline in
the net interest margin was primarily due to lower earning
asset yields which have fallen due to the significant decline in
the interest rate environment and the addition of lower yielding
PPP loans. The total cost of funds also decreased due to reduced
costs on interest-bearing deposits and borrowings.
We recorded a provision for loan losses of $2.3 million for the second quarter of 2020 as
compared to $780,000 for the
comparable prior year period. The provision was $3.5 million for the six months ended
June 30, 2020, an increase of
$1.9 million, or 121.5% as compared
to the six months ended June 30,
2019. The increase in the provision was mainly attributable
to the significant negative impact of the change in qualitative
factors reflecting the diminished economic environment resulting
from the COVID-19 pandemic and the resultant risk the pandemic
poses 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 amount of loans to borrowers that had their loan
payments deferred because they had been negatively impacted by the
pandemic. Net charge-offs for the quarter ended June 30,
2020 totaled $303,000 compared
to $105,000 for the respective period
in 2019. For the six-month period ended June 30, 2020, net charge-offs were $837,000, an increase of $489,000, or 140.5%, when compared to the
comparative 2019 period. The increase was due to higher charge-offs
in our indirect automobile book which grew by $27.1 million, or 8.0%, in loan balances between
periods and was further impacted by the economic environment as a
result of the COVID-19 pandemic.
Non-interest income totaled $1.8
million for the three months ended June 30, 2020; an increase of $317,000, or 22.1%, from the comparable period in
the prior year. Net gain on the sale of loans increased
$690,000, or 274.9% which was offset
by a $219,000 decrease in service
charges on deposit accounts, a $79,000 decrease in investment advisory income
and a $110,000 decrease in other
non-interest income. Non-interest income increased
$613,000, or 22.7%, to $3.3 million for the six months ended
June 30, 2020. In the six
months ended June 30, 2020, net gain
on the sale of loans increased $989,000, or 237.2% while investment advisory
income increased $20,000 to
$562,000. These increases were
offset by a $265,000 decrease in
service charges on deposit accounts and a $124,000 decrease in other non-interest income
affected primarily by the amortization of mortgage servicing
rights.
For the second quarter of 2020, non-interest expenses decreased
$283,000, or 4.0%, to $6.8 million over the comparable 2019
period. The decrease was primarily due to decreased
automobile loan expenses as automobile lending volume decreased as
a result of COVID-19. Fees such as dealer loan fees, appraisal and
loan review fees were all substantially lower during the second
quarter of 2020. For the six months ended June 30, 2020, non-interest expenses increased
$98,000, or 0.7%, to $14.1 million over the comparative six-month
period in 2019. Salaries and benefits increased $317,000, or 4.0%, which was primarily
attributable to annual merit increases, production incentives and
employee benefit expense increases. This increase was substantially
offset by the decreased automobile loan fees described above.
Balance Sheet Analysis
Total assets were $1.1 billion at
June 30, 2020, representing an
increase of $154.4 million, or 15.9%,
from $973.9 million at December 31, 2019. Cash and due from banks
increased $62.6 million from
December 31, 2019, to $74.6 million, primarily due to an increase in
deposits held at the Federal Reserve Bank of New York. Net loans increased $93.8 million, or 11.8%, and included
$89.1 million of outstanding SBA
PPP loan balances and a $4.9 million
increase on our indirect automobile portfolio. Other assets also
include the right-of-use asset of $6.5
million at June 30, 2020 due
to the adoption of the Accounting Standards Update 2016-02, Leases
(Topic 842).
Past due loans increased $5.7
million, or 32.6%, between December
31, 2019 and June 30, 2020
finishing at $23.3 million, or 2.6%,
of total loans, up from 2.2% at year-end 2019. During the same
timeframe, non-performing assets increased $1.0 million or 9.7%, to $11.3 million. Our reserve as a percentage of
total gross loans was 0.96% at June 30,
2020 as compared to 0.75% at December
31, 2019.
During the first six months of 2020, total liabilities increased
$150.6 million, or 17.4%, to
$1.0 billion, mainly due to a
$136.7 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
establishment of a $6.5 million lease
liability, an increase of $4.8
million in Federal Home Loan Bank and Federal Reserve Bank
advances and a $3.3 million increase
in mortgagors' escrow accounts also contributed to the increase in
liabilities.
Stockholders' equity increased $3.8
million to $113.7 million at
June 30, 2020, primarily due to net
income of $2.4 million and a net
unrealized gain on available for sale securities. The Company's
ratio of average equity to average assets was 10.80% for the six
months ended June 30, 2020 and 11.24%
for the six months ended June 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 when and how the
economy may be reopened. 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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Interest and
Dividend Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,569
|
|
$
|
9,401
|
|
$
|
20,615
|
|
$
|
18,116
|
|
Interest and dividends
on securities
|
|
|
631
|
|
|
713
|
|
|
1,314
|
|
|
1,321
|
|
Other income
|
|
|
13
|
|
|
6
|
|
|
24
|
|
|
41
|
|
Total interest and
dividend income
|
|
|
11,213
|
|
|
10,120
|
|
|
21,953
|
|
|
19,478
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
deposits
|
|
|
1,859
|
|
|
1,641
|
|
|
3,876
|
|
|
3,023
|
|
Interest expense on
borrowings
|
|
|
377
|
|
|
558
|
|
|
779
|
|
|
964
|
|
Total interest
expense
|
|
|
2,236
|
|
|
2,199
|
|
|
4,655
|
|
|
3,987
|
|
Net interest
income
|
|
|
8,977
|
|
|
7,921
|
|
|
17,298
|
|
|
15,491
|
|
Provision for loan
losses
|
|
|
2,255
|
|
|
780
|
|
|
3,455
|
|
|
1,560
|
|
Net interest income
after provision for loan losses
|
|
|
6,722
|
|
|
7,141
|
|
|
13,843
|
|
|
13,931
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
495
|
|
|
714
|
|
|
1,147
|
|
|
1,412
|
|
Net realized loss on
sales and calls of securities
|
|
|
—
|
|
|
(40)
|
|
|
(29)
|
|
|
(40)
|
|
Net gain on sales of
loans
|
|
|
941
|
|
|
251
|
|
|
1,406
|
|
|
417
|
|
Increase in cash
surrender value of life insurance
|
|
|
96
|
|
|
100
|
|
|
193
|
|
|
200
|
|
Other real estate owned
income
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
11
|
|
Investment advisory
income
|
|
|
250
|
|
|
329
|
|
|
562
|
|
|
542
|
|
Other
|
|
|
(32)
|
|
|
78
|
|
|
31
|
|
|
155
|
|
Total noninterest
income
|
|
|
1,750
|
|
|
1,433
|
|
|
3,310
|
|
|
2,697
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
3,995
|
|
|
3,942
|
|
|
8,147
|
|
|
7,830
|
|
Occupancy
|
|
|
878
|
|
|
898
|
|
|
1,728
|
|
|
1,793
|
|
Data
processing
|
|
|
361
|
|
|
343
|
|
|
715
|
|
|
650
|
|
Professional
fees
|
|
|
353
|
|
|
360
|
|
|
675
|
|
|
626
|
|
Marketing
|
|
|
82
|
|
|
147
|
|
|
225
|
|
|
302
|
|
FDIC deposit insurance
and other insurance
|
|
|
197
|
|
|
147
|
|
|
365
|
|
|
288
|
|
Other real estate owned
expense
|
|
|
9
|
|
|
(1)
|
|
|
26
|
|
|
38
|
|
Amortization of
intangible assets
|
|
|
10
|
|
|
11
|
|
|
21
|
|
|
22
|
|
Other
|
|
|
880
|
|
|
1,201
|
|
|
2,162
|
|
|
2,417
|
|
Total noninterest
expense
|
|
|
6,765
|
|
|
7,048
|
|
|
14,064
|
|
|
13,966
|
|
Income before income
taxes
|
|
|
1,707
|
|
|
1,526
|
|
|
3,089
|
|
|
2,662
|
|
Provision for
income taxes
|
|
|
359
|
|
|
305
|
|
|
666
|
|
|
530
|
|
Net income
|
|
$
|
1,348
|
|
$
|
1,221
|
|
$
|
2,423
|
|
$
|
2,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
$
|
0.11
|
|
$
|
0.23
|
|
$
|
0.20
|
|
Diluted
|
|
$
|
0.13
|
|
$
|
0.11
|
|
$
|
0.23
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
10,726,867
|
|
|
10,705,047
|
|
|
10,724,140
|
|
|
10,702,320
|
|
Weighted average
shares outstanding, diluted
|
|
|
10,726,867
|
|
|
10,705,047
|
|
|
10,724,140
|
|
|
10,702,320
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Consolidated
Statements of Financial Condition (Unaudited)
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2020
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
74,574
|
|
$
|
11,978
|
|
Available for sale
securities (at fair value)
|
|
|
105,138
|
|
|
114,832
|
|
Loans receivable (net
of allowance for loan losses of $8,572 and $5,954,
respectively)
|
|
|
887,320
|
|
|
793,471
|
|
Federal Home Loan
Bank stock
|
|
|
3,162
|
|
|
3,435
|
|
Accrued interest
receivable
|
|
|
3,676
|
|
|
2,903
|
|
Cash surrender value
of life insurance
|
|
|
18,650
|
|
|
18,457
|
|
Deferred tax assets
(net of valuation allowance of $1,582 and $1,202,
respectively)
|
|
|
3,033
|
|
|
2,255
|
|
Premises and
equipment, net
|
|
|
18,622
|
|
|
18,338
|
|
Other real estate
owned
|
|
|
1,178
|
|
|
1,417
|
|
Goodwill
|
|
|
1,410
|
|
|
1,410
|
|
Intangible assets,
net
|
|
|
220
|
|
|
241
|
|
Other
assets
|
|
|
11,347
|
|
|
5,209
|
|
Total
assets
|
|
$
|
1,128,330
|
|
$
|
973,946
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
247,800
|
|
$
|
179,236
|
|
Interest
bearing
|
|
|
662,239
|
|
|
594,107
|
|
Total
deposits
|
|
|
910,039
|
|
|
773,343
|
|
|
|
|
|
|
|
|
|
Mortgagors' escrow
accounts
|
|
|
11,366
|
|
|
8,106
|
|
Advances from the
Federal Home Loan Bank
|
|
|
59,016
|
|
|
66,304
|
|
Federal Reserve Bank
borrowings
|
|
|
12,080
|
|
|
—
|
|
Subordinated
debt
|
|
|
5,155
|
|
|
5,155
|
|
Accrued expenses and
other liabilities
|
|
|
16,994
|
|
|
11,156
|
|
Total
liabilities
|
|
|
1,014,650
|
|
|
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
|
|
|
45,852
|
|
|
45,869
|
|
Unearned common stock
held by the employee stock ownership plan ("ESOP")
|
|
|
(4,037)
|
|
|
(4,146)
|
|
Retained
earnings
|
|
|
74,575
|
|
|
72,152
|
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
|
Net unrealized gain
(loss) on available for sale securities, net of taxes
|
|
|
1,842
|
|
|
(195)
|
|
Defined benefit pension
plan, net of taxes
|
|
|
(4,663)
|
|
|
(3,909)
|
|
Total accumulated
other comprehensive loss
|
|
|
(2,821)
|
|
|
(4,104)
|
|
Total stockholders'
equity
|
|
|
113,680
|
|
|
109,882
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,128,330
|
|
$
|
973,946
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Selected Ratios
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six
Months Ended
|
|
Year
Ended
|
|
|
June
30,
|
|
|
June
30,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
2019
|
Performance
Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.48
|
%
|
0.54
|
%
|
|
0.46
|
%
|
0.49
|
%
|
0.65
|
%
|
Return on average
equity (3)
|
|
4.73
|
%
|
4.71
|
%
|
|
4.29
|
%
|
4.34
|
%
|
5.73
|
%
|
Net interest margin
(4)
|
|
3.41
|
%
|
3.75
|
%
|
|
3.51
|
%
|
3.77
|
%
|
3.76
|
%
|
Efficiency ratio
(5)
|
|
63.07
|
%
|
75.35
|
%
|
|
68.25
|
%
|
76.79
|
%
|
73.73
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
139.72
|
%
|
136.49
|
%
|
|
137.89
|
%
|
137.65
|
%
|
137.50
|
%
|
Total gross loans to
total deposits
|
|
97.66
|
%
|
102.65
|
%
|
|
97.66
|
%
|
102.65
|
%
|
102.09
|
%
|
Average equity to
average assets (6)
|
|
10.26
|
%
|
11.54
|
%
|
|
10.80
|
%
|
11.24
|
%
|
11.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of total gross loans
|
|
0.96
|
%
|
1.07
|
%
|
|
0.96
|
%
|
1.07
|
%
|
0.75
|
%
|
Allowance for loan
losses as a percent of non-performing loans
|
|
84.35
|
%
|
127.77
|
%
|
|
84.35
|
%
|
127.77
|
%
|
66.74
|
%
|
Net charge-offs to
average outstanding loans during the period
|
|
0.03
|
%
|
0.01
|
%
|
|
0.10
|
%
|
0.05
|
%
|
0.43
|
%
|
Non-performing loans
as a percent of total gross loans
|
|
1.14
|
%
|
0.84
|
%
|
|
1.14
|
%
|
0.84
|
%
|
1.13
|
%
|
Non-performing assets
as a percent of total assets
|
|
1.01
|
%
|
0.85
|
%
|
|
1.01
|
%
|
0.85
|
%
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk-weighted assets)
|
|
12.30
|
%
|
12.62
|
%
|
|
12.30
|
%
|
12.62
|
%
|
12.13
|
%
|
Total capital (to
risk-weighted assets)
|
|
13.29
|
%
|
13.62
|
%
|
|
13.29
|
%
|
13.62
|
%
|
12.83
|
%
|
Common equity Tier 1
capital (to risk-weighted assets)
|
|
12.30
|
%
|
12.62
|
%
|
|
12.30
|
%
|
12.62
|
%
|
12.13
|
%
|
Tier 1 leverage ratio
(to average total assets)
|
|
9.80
|
%
|
11.04
|
%
|
|
9.80
|
%
|
11.04
|
%
|
10.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Performance ratios
for the three and six months ended June 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.
|
(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.