POUGHKEEPSIE, N.Y.,
July 29, 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 June 30, 2021 of $2.6 million ($0.24
per basic and $0.23 per diluted
share), which was $1.2 million, or
90.3%, more than the comparable prior year period, and net income
for the six months ended June 30,
2021 of $5.9 million
($0.55 per basic and $0.54 per diluted share), which was $3.5 million, or 142.9%, greater than the same
period last year.
The increase in net income came largely from a credit to the
provision for loan losses of $1.1
million in the second quarter of 2021 as compared to a
provision for loan losses of $2.3
million for the second quarter of 2020. For the six months
ended June 30, 2021, the Company
recorded a provision credit of $1.2
million compared to an expense of $3.5 million for the six months ended
June 30, 2020, which represented a
$4.7 million, or 135.2%, overall
decrease in the provision for loan losses. The Company's return on
average assets and return on average equity were 0.86% and 8.54%,
respectively, in the second quarter of 2021 as compared to 0.48%
and 4.73%, respectively, in the second quarter of 2020. The
Company's return on average assets and return on average equity
were 1.01% and 9.95%, respectively, for the first six months of
2021 as compared to 0.46% and 4.29%, respectively, for the first
six months of 2020.
On March 12, 2021, the Bank
completed its acquisition of two branches located in
Warwick and Monroe, New York from ConnectOne Bank,
assuming $33.9 million of
deposits.
COVID-19 Impact
Loan Deferrals. The Bank's initiative to
work with borrowers that were unable to meet their contractual
obligations because of the effects of COVID-19 has been successful.
During the six months ended June 30,
2021, the Bank granted 145 new loan deferrals totaling
$2.2 million. As of June 30, 2021, we had 49 loans totaling
$29.9 million of remaining deferrals
outstanding and all were performing in accordance with their
contractual terms.
Paycheck Protection Program ("PPP"). The second
round PPP program began accepting new loan applications on
January 11, 2021 and ended on
May 5, 2021, when the Small Business
Administration ("SBA") announced that general funds for the program
were depleted. We received SBA approval for 376 applications
totaling $48.2 million and all had
been funded. At June 30, 2021, we had
$74.3 million of PPP loans
outstanding.
Other financial highlights:
- Record net income of $5.9 million
in the first six months of 2021, a 142.9% increase over the first
six months of 2020.
- Our return on average equity increased to 9.95% for the first
six months of 2021 from 4.29% for the same six months of 2020.
- Total assets grew $81.4 million,
or 7.2%, to $1.21 billion at
June 30, 2021 from $1.13 billion at December
31, 2020.
- Total deposit balances were $1.03
billion at June 30, 2021,
increasing $97.8 million, or 10.5%,
from $929.4 million at December 31, 2020.
- Capital positions remain strong with a 9.69% Tier 1 Leverage
Ratio; a 13.08% Common Equity Tier 1 Ratio; a 13.08% Tier 1
Risk-Based Capital Ratio; and a 14.21% Total Risk-Based Capital
Ratio.
President and Chief Executive Officer Michael J. Quinn said, "Rhinebeck Bancorp
delivered strong results for the second quarter and year to date
periods. Our loan portfolio performed well in the first half
of 2021 with a large majority of deferred loans returning to their
contractual terms. Our expectations for this trend to
continue, along with signs of increasing loan demand in the
market-place, are reasons for our positive outlook for the balance
of the year."
Income Statement Analysis
Net interest income increased $152,000, or 1.7%, to $9.1
million for the three months ended June 30, 2021, from $9.0
million for the three months ended June 30, 2020. Year to date net interest income
increased $1.6 million or 9.3%, to
$18.9 million when compared to
$17.3 million for the prior year
six-month period. The increase was primarily driven by higher
interest-earning asset balances and lower costs for deposits and
borrowings, which were partially offset by lower yields on
interest-earning assets. Our net interest margin decreased 15 basis
points to 3.26% for the three months ended June 30, 2021 and decreased 6 basis points to
3.45% for the six months ended June 30,
2021. The decrease in the net interest margin in the
period-to-period comparisons primarily resulted from decreases in
the yields on total average interest-earning assets.
The provision for loan losses decreased by $3.4 million, or 150.9%, from $2.3 million for the quarter ended June 30, 2020, to a credit of $1.1 million for the current quarter. The
provision decreased by $4.7 million,
or 135.2%, from $3.5 million at
June 30, 2020 to a credit of
$1.2 million for the six months ended
June 30, 2021. The provision
increased in 2020 as a result of the onset of the COVID-19 pandemic
and related economic conditions. The credit for both the
three and six months ended June 30,
2021 was primarily attributable to a decline in loan
balances, exclusive of PPP and multi-family commercial real estate
loans, an improvement in credit quality and an improvement in the
general economy as our customers show signs of recovering from the
pandemic.
Recoveries outpaced charge-offs for the quarter ended June
30, 2021, totaling $13,000 in
net recoveries compared to $303,000
in net charge-offs for the respective period in 2020. For the
six-month period ended June 30, 2021,
net charge-offs were $290,000, a
decrease of $547,000, or 65.4%, when
compared to $837,000 in the
comparative 2020 period.
Non-interest income totaled $1.9
million for the three months ended June 30, 2021; an increase of $106,000, or 6.1%, from the comparable period in
the prior year. An increase in service charges on deposit accounts
of $123,000, or 24.8%, an increase in
investment advisory income of $108,000, or 43.2%, an increase of $132,000 in other non-interest income and an
increase of $64,000 in the cash
surrender value of life insurance was partially offset by a
decrease in the net gain on the sale of loans of $323,000, or 34.3%. Non-interest income
increased $787,000, or 23.8%, to
$4.1 million for the six months ended
June 30, 2021. In the six
months ended June 30, 2021, net gain
on the sale of loans increased $271,000, or 19.3%, while service charges on
deposit accounts increased $80,000,
or 7.0%. A gain related to the collection of life insurance
proceeds of $195,000 and an increase
in various other non-interest income items of $241,000, also contributed to the
increase.
For the second quarter of 2021, non-interest expense totaled
$8.9 million, an increase of
$2.1 million, or 31.2%, over the
comparable 2020 period. The increase was primarily due to an
increase in salaries and benefits of $1.0
million, or 25.0%, as the Company hired additional employees
for its new branches. Professional fees increased $175,000, or 49.6%, as legal expense and
consultant fees both increased over the second quarter of 2020. For
the three months ended June 30, 2021,
occupancy expenses also increased $160,000, or 18.2%, as a result of the additional
rent, depreciation, and other expenses related to the branch
expansion. The addition of branches was also primarily responsible
for increased data processing costs of $63,000 and a portion of the increased other
non-interest expenses. Other non-interest expenses increased
$664,000, or 75.5%, primarily due to
increased automobile loan expenses as lending volume had decreased
substantially in the second quarter of last year with the beginning
of the pandemic; as well as an additional estimated reserve for
potential consumer compliance issues in the Bank's indirect
automobile portfolio in this year. Additional reserves in the
future may be required but cannot be estimated at this time. For
the six months ended June 30, 2021,
non-interest expense increased $2.8
million, or 19.7%, to $16.8
million from $14.1 million
over the comparative period in 2020. The increase was primarily due
to an increase in salaries and benefits of $1.4 million, or 17.7%, due to new branch
employees as well as annual merit increases, production incentives
and employee benefit increases. Occupancy increased $264,000, or 15.3% and professional fees
increased $261,000, or 38.7%, while
data processing increased $104,000,
or 14.5%. Other non-interest expenses increased $713,000, or 33.0%.
Balance Sheet Analysis
Total assets were $1.21 billion at
June 30, 2021, representing an
increase of $81.4 million, or 7.2%,
from $1.13 billion at December 31, 2020. Available for sale securities
increased $99.0 million, or 96.2%,
primarily due to $126.6 million of
new purchases as we deployed excess cash received from PPP
borrower-related accounts and the additional deposits acquired in
the branch acquisitions. The increase in available for sale
securities was partially offset by paydowns, calls and maturities
of $26.2 million. Net loans decreased
$11.3 million, or 1.3%, primarily due
to production shortfalls of commercial, non-residential real estate
and indirect automobile loans which were partially offset by
production increases in new multi-family real estate and PPP loans.
Cash and due from banks decreased $21.6
million, or 23.1%, as excess cash from deposit growth was
used to purchase investment securities. The cash surrender value of
life insurance increased $9.9
million, as the Bank purchased $10.0
million in split-dollar life insurance policies for key
employees.
Past due loans decreased $6.9
million, or 38.2%, between December
31, 2020 and June 30, 2021,
finishing at $11.1 million, or 1.3%
of total loans, down from $18.0
million, or 2.1% of total loans at year-end 2020. Past due
loan balances have been positively impacted by the new round of PPP
loans and the economic stimulus received by customers along with a
recovering economy. Our allowance for loan losses as a percentage
of total gross loans was 1.17% at June 30,
2021 as compared to 1.33% at December
31, 2020.
As of June 30, 2021, total
liabilities increased $76.0 million,
or 7.5%, to $1.09 billion, primarily
due to an increase in deposits of $97.8
million. This increase was due to the acquisition of
$33.9 million in deposits from
ConnectOne Bank, an accumulation of liquidity by customers in
response to government stimulus actions, increases in PPP
borrower-related accounts and normal fluctuations in some of our
large business accounts. A decrease of $28.4
million in Federal Home Loan Bank advances partially offset
the increase in the other liabilities.
Stockholders' equity increased $5.4
million, or 4.6%, to $121.9
million at June 30, 2021,
primarily due to net income of $5.9
million partially offset by a $1.1
million decrease in accumulated other comprehensive loss
(gain) on available for sale securities, as net unrealized gain on
available for sale securities turned to a net unrealized loss. The
Company's ratio of average equity to average assets was 10.18% for
the six month period ended June 30,
2021 and 10.65% for the year ended December 31, 2020.
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 fourteen active 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, changes in demand for our
products and services 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
higher 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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Interest and
Dividend Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
9,650
|
|
$
|
10,569
|
|
$
|
20,320
|
|
$
|
20,615
|
|
Interest and dividends
on securities
|
|
|
574
|
|
|
631
|
|
|
937
|
|
|
1,314
|
|
Other income
|
|
|
13
|
|
|
13
|
|
|
32
|
|
|
24
|
|
Total interest and
dividend income
|
|
|
10,237
|
|
|
11,213
|
|
|
21,289
|
|
|
21,953
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on
deposits
|
|
|
930
|
|
|
1,859
|
|
|
1,950
|
|
|
3,876
|
|
Interest expense on
borrowings
|
|
|
178
|
|
|
377
|
|
|
428
|
|
|
779
|
|
Total interest
expense
|
|
|
1,108
|
|
|
2,236
|
|
|
2,378
|
|
|
4,655
|
|
Net interest
income
|
|
|
9,129
|
|
|
8,977
|
|
|
18,911
|
|
|
17,298
|
|
(Credit to)
provision for loan losses
|
|
|
(1,148)
|
|
|
2,255
|
|
|
(1,217)
|
|
|
3,455
|
|
Net interest income
after (credit to) provision for loan losses
|
|
|
10,277
|
|
|
6,722
|
|
|
20,128
|
|
|
13,843
|
|
Non-interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
618
|
|
|
495
|
|
|
1,227
|
|
|
1,147
|
|
Net realized loss on
sales and calls of securities
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
Net gain on sales of
loans
|
|
|
618
|
|
|
941
|
|
|
1,677
|
|
|
1,406
|
|
Increase in cash
surrender value of life insurance
|
|
|
160
|
|
|
96
|
|
|
254
|
|
|
193
|
|
Net gain from sale of
other real estate owned
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Gain on disposal of
premises and equipment
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
Gain on life
insurance
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
—
|
|
Investment advisory
income
|
|
|
358
|
|
|
250
|
|
|
575
|
|
|
562
|
|
Other
|
|
|
100
|
|
|
(32)
|
|
|
150
|
|
|
31
|
|
Total non-interest
income
|
|
|
1,856
|
|
|
1,750
|
|
|
4,097
|
|
|
3,310
|
|
Non-interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
4,995
|
|
|
3,995
|
|
|
9,587
|
|
|
8,147
|
|
Occupancy
|
|
|
1,038
|
|
|
878
|
|
|
1,992
|
|
|
1,728
|
|
Data
processing
|
|
|
424
|
|
|
361
|
|
|
819
|
|
|
715
|
|
Professional
fees
|
|
|
528
|
|
|
353
|
|
|
936
|
|
|
675
|
|
Marketing
|
|
|
146
|
|
|
82
|
|
|
234
|
|
|
225
|
|
FDIC deposit insurance
and other insurance
|
|
|
170
|
|
|
197
|
|
|
341
|
|
|
365
|
|
Other real estate owned
expense
|
|
|
2
|
|
|
9
|
|
|
3
|
|
|
26
|
|
Amortization of
intangible assets
|
|
|
29
|
|
|
10
|
|
|
42
|
|
|
21
|
|
Other
|
|
|
1,544
|
|
|
880
|
|
|
2,875
|
|
|
2,162
|
|
Total non-interest
expense
|
|
|
8,876
|
|
|
6,765
|
|
|
16,829
|
|
|
14,064
|
|
Income before income
taxes
|
|
|
3,257
|
|
|
1,707
|
|
|
7,396
|
|
|
3,089
|
|
Provision for
income taxes
|
|
|
692
|
|
|
359
|
|
|
1,510
|
|
|
666
|
|
Net income
|
|
$
|
2,565
|
|
$
|
1,348
|
|
$
|
5,886
|
|
$
|
2,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.24
|
|
$
|
0.13
|
|
$
|
0.55
|
|
$
|
0.23
|
|
Diluted
|
|
$
|
0.23
|
|
$
|
0.13
|
|
$
|
0.54
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
10,748,688
|
|
|
10,726,867
|
|
|
10,745,961
|
|
|
10,724,140
|
|
Weighted average
shares outstanding, diluted
|
|
|
10,928,343
|
|
|
10,726,867
|
|
|
10,902,916
|
|
|
10,724,140
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
|
Consolidated
Statements of Financial Condition (Unaudited)
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
71,930
|
|
$
|
93,485
|
|
Available for sale
securities (at fair value)
|
|
|
201,938
|
|
|
102,933
|
|
Loans receivable (net
of allowance for loan losses of $10,126 and $11,633,
respectively)
|
|
|
862,519
|
|
|
873,813
|
|
Federal Home Loan
Bank stock
|
|
|
1,511
|
|
|
2,787
|
|
Accrued interest
receivable
|
|
|
3,867
|
|
|
3,819
|
|
Cash surrender value
of life insurance
|
|
|
28,790
|
|
|
18,877
|
|
Deferred tax assets
(net of valuation allowance of $1,776 and $1,760,
respectively)
|
|
|
3,893
|
|
|
3,703
|
|
Premises and
equipment, net
|
|
|
19,171
|
|
|
18,839
|
|
Other real estate
owned
|
|
|
89
|
|
|
139
|
|
Goodwill
|
|
|
2,235
|
|
|
1,410
|
|
Intangible assets,
net
|
|
|
487
|
|
|
199
|
|
Other
assets
|
|
|
13,758
|
|
|
8,825
|
|
Total
assets
|
|
$
|
1,210,188
|
|
$
|
1,128,829
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Non-interest
bearing
|
|
$
|
289,490
|
|
$
|
244,344
|
|
Interest
bearing
|
|
|
737,701
|
|
|
685,020
|
|
Total
deposits
|
|
|
1,027,191
|
|
|
929,364
|
|
|
|
|
|
|
|
|
|
Mortgagors' escrow
accounts
|
|
|
11,809
|
|
|
8,494
|
|
Advances from the
Federal Home Loan Bank
|
|
|
22,239
|
|
|
50,674
|
|
Subordinated
debt
|
|
|
5,155
|
|
|
5,155
|
|
Accrued expenses and
other liabilities
|
|
|
21,932
|
|
|
18,643
|
|
Total
liabilities
|
|
|
1,088,326
|
|
|
1,012,330
|
|
|
|
|
|
|
|
|
|
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
|
|
|
46,346
|
|
|
46,038
|
|
Unearned common stock
held by the employee stock ownership plan ("ESOP")
|
|
|
(3,819)
|
|
|
(3,928)
|
|
Retained
earnings
|
|
|
83,955
|
|
|
78,069
|
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
|
Net unrealized (loss)
gain on available for sale securities, net of taxes
|
|
|
(126)
|
|
|
993
|
|
Defined benefit pension
plan, net of taxes
|
|
|
(4,605)
|
|
|
(4,784)
|
|
Total accumulated
other comprehensive loss
|
|
|
(4,731)
|
|
|
(3,791)
|
|
Total stockholders'
equity
|
|
|
121,862
|
|
|
116,499
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,210,188
|
|
$
|
1,128,829
|
|
Rhinebeck
Bancorp, Inc. and Subsidiary
|
Selected Ratios
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six
Months Ended
|
|
Year
Ended
|
|
|
June
30,
|
|
|
June
30,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
2020
|
Performance
Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.86
|
%
|
0.48
|
%
|
|
1.01
|
%
|
0.46
|
%
|
0.55
|
%
|
Return on average
equity (3)
|
|
8.54
|
%
|
4.73
|
%
|
|
9.95
|
%
|
4.29
|
%
|
5.17
|
%
|
Net interest margin
(4)
|
|
3.26
|
%
|
3.41
|
%
|
|
3.45
|
%
|
3.51
|
%
|
3.56
|
%
|
Efficiency ratio
(5)
|
|
80.80
|
%
|
63.07
|
%
|
|
73.14
|
%
|
68.25
|
%
|
67.29
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
143.82
|
%
|
139.72
|
%
|
|
143.86
|
%
|
137.89
|
%
|
140.37
|
%
|
Total gross loans to
total deposits
|
|
84.20
|
%
|
97.66
|
%
|
|
84.20
|
%
|
97.66
|
%
|
94.32
|
%
|
Average equity to
average assets (6)
|
|
10.05
|
%
|
10.26
|
%
|
|
10.18
|
%
|
10.80
|
%
|
10.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of total gross loans
|
|
1.17
|
%
|
0.96
|
%
|
|
1.17
|
%
|
0.96
|
%
|
1.33
|
%
|
Allowance for loan
losses as a percent of non-performing loans
|
|
151.70
|
%
|
84.35
|
%
|
|
151.70
|
%
|
84.35
|
%
|
183.63
|
%
|
Net charge-offs to
average outstanding loans during the period
|
|
0.00
|
%
|
(0.03)
|
%
|
|
(0.03)
|
%
|
(0.10)
|
%
|
(0.17)
|
%
|
Non-performing loans
as a percent of total gross loans
|
|
0.77
|
%
|
1.14
|
%
|
|
0.77
|
%
|
1.14
|
%
|
0.72
|
%
|
Non-performing assets
as a percent of total assets
|
|
0.56
|
%
|
1.01
|
%
|
|
0.56
|
%
|
1.01
|
%
|
0.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk-weighted assets)
|
|
13.08
|
%
|
12.30
|
%
|
|
13.08
|
%
|
12.30
|
%
|
12.72
|
%
|
Total capital (to
risk-weighted assets)
|
|
14.21
|
%
|
13.29
|
%
|
|
14.21
|
%
|
13.29
|
%
|
13.97
|
%
|
Common equity Tier 1
capital (to risk-weighted assets)
|
|
13.08
|
%
|
12.30
|
%
|
|
13.08
|
%
|
12.30
|
%
|
12.72
|
%
|
Tier 1 leverage ratio
(to average total assets)
|
|
9.69
|
%
|
9.80
|
%
|
|
9.69
|
%
|
9.80
|
%
|
9.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
|
|
|
|
|
$ 10.95
|
|
$ 10.21
|
|
$ 10.46
|
|
Tangible book value
per common share(8)
|
|
|
|
|
|
|
$ 10.70
|
|
$ 10.06
|
|
$ 10.32
|
|
|
|
(1)
|
Performance ratios
for the three and six months ended June 30, 2021 and 2020 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 they 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)
|
|
June
30,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
2020
|
Book value per
common share reconciliation
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (book value) (GAAP)
|
|
$
|
121,862
|
|
$
|
113,680
|
|
$
|
116,499
|
Total shares
outstanding
|
|
|
11,133.29
|
|
|
11,133.29
|
|
|
11,133.29
|
Book value per common
share
|
|
$
|
10.95
|
|
$
|
10.21
|
|
$
|
10.46
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
Total equity
(GAAP)
|
|
$
|
121,862
|
|
$
|
113,680
|
|
$
|
116,499
|
Goodwill
|
|
|
(2,235)
|
|
|
(1,410)
|
|
|
(1,410)
|
Intangible
assets
|
|
|
(487)
|
|
|
(220)
|
|
|
(199)
|
Tangible common equity
(non-GAAP)
|
|
$
|
119,140
|
|
$
|
112,050
|
|
$
|
114,890
|
Tangible book
value per common share
|
|
|
|
|
|
|
|
|
|
Tangible common
equity (non-GAAP)
|
|
$
|
119,140
|
|
$
|
112,050
|
|
$
|
114,890
|
Total shares
outstanding
|
|
|
11,133.29
|
|
|
11,133.29
|
|
|
11,133.29
|
Tangible book value per
common share
|
|
$
|
10.70
|
|
$
|
10.06
|
|
$
|
10.32
|
Contact: Michael J. Quinn,
President and Chief Executive Officer, Telephone: (845)
790-1501
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SOURCE Rhinebeck Bancorp, Inc.