Form 8-K

8-K — Rhinebeck Bancorp, Inc.

Accession: 0001751783-26-000035

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001751783

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — rbkb-20260723x8k.htm (Primary)

EX-99.1 (rbkb-20260723xex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: rbkb-20260723x8k.htm · Sequence: 1

Rhinebeck Bancorp, Inc_July 23, 2026

0001751783false00017517832026-07-232026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 23, 2026

Rhinebeck Bancorp, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland

001-38779

83-2117268

(State or Other Jurisdiction)

of Incorporation)

(Commission File No.)

(I.R.S. Employer

Identification No.)

2 Jefferson Plaza, Poughkeepsie, New York

12601

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code:(845) 454-8555

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

RBKB

The NASDAQ Stock Market, LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On July 23, 2026, Rhinebeck Bancorp, Inc. issued a press release announcing the 2026 second quarter financial results.

A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference herein. The information contained in this Item 2.02, including the information set forth in the press release and incorporated by reference herein, is being “furnished” and not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits:

99.1 Rhinebeck Bancorp, Inc. Press Release dated July 23, 2026.

104Cover Page Interactive Data File (embedded within the inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

RHINEBECK BANCORP, INC.

DATE: July 23, 2026

By: /s/ Kevin Nihill

Kevin Nihill

Chief Financial Officer

EX-99.1

Filename: rbkb-20260723xex99d1.htm · Sequence: 2

Rhinebeck Bancorp, Inc. Reports

Results for the Quarter Ended June 30, 2026 and Completes Second-Step Conversion

News provided by

Rhinebeck Bancorp, Inc.

Poughkeepsie, New York, July 23, 2026 /ACCESSWIRE/ 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, 2026 of $2.6 million ($0.24 per basic and diluted share), which was $110,000, or 4.0%, lower than the comparable prior year period of $2.7 million ($0.25 per basic and diluted share). Net income for the six months ended June 30, 2026 of $4.8 million ($0.45 per basic and $0.44 per diluted share) was $182,000, or 3.6%, lower than the same period last year.

On July 21, 2026, Rhinebeck Bancorp, MHC, the former mutual holding company parent of the Company, completed its second-step conversion, after which Rhinebeck Bancorp, MHC ceased to exist. In connection with the second-step conversion, the Company conducted a public stock offering in which it sold 8,880,210 shares of its common stock at a price of $10.00 per share for total gross proceeds of $88.8 million. As part of the transaction, each outstanding share of Rhinebeck Bancorp, Inc., common stock owned by the public stockholders as of the closing date was converted into new shares of Rhinebeck Bancorp common stock based on an exchange ratio of 1.3978 shares of Rhinebeck Bancorp common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, Rhinebeck Bancorp, Inc. will have 15,638,237 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares. Earnings per share and other share information disclosed throughout this release do not reflect the effect of the Company’s conversion and related stock offering.

Financial highlights:

● Second-quarter net income of $2.6 million, or $0.24 per diluted share

● Net interest income increased 1.2% year-over-year

● Non-interest income increased 8.8% year-over-year

● Past-due loans decreased 34.6% from year-end

● Deposits increased $29.6 million, or 2.7%, from December 31, 2025, excluding stock subscription funds

● Second-step conversion completed July 21, generating $88.8 million in gross proceeds

The decrease in net income for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025 was primarily due to an increase in non-interest expense, offset by an increase in net interest income and non-interest income. The Company’s return on average assets and return on average equity were 0.79% and 7.56% for the second quarter of 2026, respectively, as compared to 0.88% and 8.57% for the second quarter of 2025, respectively. The decrease in net income for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025 was primarily due to an increase in non-interest expense and a decrease in non-interest income, partially offset by an increase in net interest income and a decrease in the provision for credit losses. The Company’s return on average assets and return on average equity were 0.75% and 7.03% for the first six months of 2026, respectively, as compared to 0.80% and 8.04% for the first six months of 2025, respectively.

President and Chief Executive Officer Matthew Smith said, “During the second quarter, we continued to make progress in repositioning the franchise for sustainable growth and profitability. Our results reflected increased net interest and non-interest income, continued discipline in managing funding costs, and meaningful improvement in past-due loans. We are also investing in talent, technology, and capabilities that will broaden our growth opportunities and strengthen the organization over time. The successful completion of our second-step conversion following quarter-end represents an important milestone for Rhinebeck Bancorp, Inc. and significantly strengthens our capital position. We remain focused on deploying that capital prudently as we expand our commercial banking capabilities, advance our retail and digital deposit initiatives, and invest in the infrastructure necessary to support responsible, sustainable growth.”

Income Statement Analysis

Net interest income increased $140,000, or 1.2%, to $11.6 million for the three months ended June 30, 2026, from $11.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest-earning asset balances and lower costs on interest-bearing liabilities, partially offset by lower yields on interest-earning assets and higher interest-bearing liability balances. The net interest margin decreased by 19 basis points to 3.78% and the interest rate spread decreased 13 basis points from 3.33% for the three months ended June 30, 2025 to 3.20% for the three months ended June 30, 2026. For the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, the average balance of interest-earning assets increased by $73.5 million, or 6.3%, to $1.24 billion due to a $92.5 million increase in the average balance of cash and cash equivalents and a $19.7 million increase in the average balance of available for sale securities, offset by a $37.5 million decrease in the average balance of loans, while the average yield decreased by 26 basis points to 5.52% due to the lower interest rate environment and a higher composition of lower-yielding assets. The average balance of interest-bearing liabilities increased by $68.4 million, or 8.0%, primarily due to a $73.5 million increase in the average balance of deposits, partially offset by a $28.5 million decrease in the average balance of FHLB advances. The cost of interest-bearing liabilities decreased by 13 basis points to 2.32% due to the lower interest rate environment and the maturation of higher-yielding FHLB advances.

Year-to-date net interest income increased $297,000, or 1.3%, to $22.8 million from $22.5 million for the prior year six-month period, primarily due to higher interest-earning assets and lower costs on interest bearing liabilities, offset by a decreased yield on interest-earning assets and an increase in the balance of interest-bearing liabilities. The net interest margin decreased by 11 basis points to 3.77% for the six months ended June 30, 2026 from 3.88% for the six months ended June 30, 2025. The interest rate spread decreased by five basis points, from 3.23% for the six months ended June 30, 2025, to 3.18% for the same period in 2026. For the six months ended June 30, 2026, the average balance of interest-earning assets increased by $48.2 million, or 4.1%, to $1.22 billion while the average yield decreased by 19 basis points to 5.56%, when compared to the six months ended June 30, 2025. The average balance of interest-bearing liabilities increased by $43.1 million, or 5.0%, primarily due to an increase in the average balance of deposits, partially offset by a decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 14 basis points to 2.38% due to the lower interest rate environment.

The provision for credit losses increased by $90,000, or 89.1%, from a $101,000 credit for the quarter ended June 30, 2025 to an $11,000 credit for the current quarter. Net charge-offs increased $12,000, from $91,000 for the second quarter of 2025 to $103,000 for the second quarter of 2026. The increase was primarily due to increased net charge-offs of $47,000 in indirect automobile loans, substantially offset by decreased net charge-offs of $36,000 in consumer loans.

Year-to-date, the provision for credit losses decreased by $192,000, or 76.2%, from $252,000 for the six months ended June 30, 2025 to $60,000 for the six months ended June 30, 2026. The decrease in the provision was primarily due to lower loan balances, particularly indirect automobile loans. Net charge-offs increased $49,000, or 8.2% to $650,000 for the first six months of 2026 as compared to $601,000 for the first six months of 2025. The increase was primarily due to increased net charge-offs in indirect automobile loans of $223,000, substantially offset by a decrease of $182,000 in net charge-offs of commercial loans. The percentage of overdue account balances to total loans decreased to 1.03% as of June 30, 2026 from 1.52% as of December 31, 2025, while non-performing assets decreased $312,000, or 8.4%, to $3.4 million at June 30, 2026.

Non-interest income totaled $1.7 million for the three months ended June 30, 2026, an increase of $141,000, or 8.8%, from the comparable period in 2025, due primarily to an increase of $155,000, or 57.6%, in investment advisory fee income offset by a $69,000 decrease in net gain on sale of loans as we discontinued originating residential mortgage loans directly.

Non-interest income totaled $3.2 million for the six months ended June 30, 2026, a decrease of $144,000, or 4.3%, from the comparable period in 2025, driven primarily by a decrease of $207,000, or 27.3%, in other non-interest income and a $107,000 decrease in net gain on sales of loans. These decreases were partially offset by an increase in investment advisory income of $122,000.

For the three months ended June 30, 2026, non-interest expense totaled $10.0 million, an increase of $301,000, or 3.1%, compared to the same period in 2025. This increase was primarily driven by higher salaries and employee benefits of $296,000, higher professional fees of $144,000, and a rise in data processing costs of $71,000. These increases were partially offset by decreases in other non-interest expenses of $85,000, marketing expenses of $85,000, and FDIC deposit insurance and other insurance of $42,000.

For the six months ended June 30, 2026, non-interest expense totaled $19.7 million, an increase of $531,000, or 2.8%, compared to $19.2 million for the same period in 2025. The variance was primarily driven by a $695,000, or 6.7%, increase in salaries and employee benefits, reflecting increased compensation and medical insurance costs, and higher occupancy and data processing expenses, which rose $164,000 and $155,000, respectively. These operational increases were partially offset by a $260,000 decrease in other expenses, a $140,000 decrease in marketing expenses, and a $120,000 decrease in FDIC deposit insurance costs.

Balance Sheet Analysis

Total assets increased by $168.3 million, or 12.9%, to $1.47 billion at June 30, 2026, compared to $1.30 billion at December 31, 2025. The increase was primarily attributable to a $202.6 million, or 198.6%, increase in cash and cash equivalents reflecting $156.0 million in stock subscriptions awaiting the closing of the stock offering. Available-for-sale securities increased by $9.2 million, or 5.7%, primarily due to $22.4 million in purchases, partially offset by $12.7 million in paydowns, calls, and maturities and a $740,000 increase in unrealized losses. The increase in total assets was partially offset by a decrease in loans receivable of $34.9 million, reflecting a $25.7 million reduction in indirect automobile loans in line with a strategic decision to reduce their concentration in the portfolio and an $11.6 million reduction in commercial real estate loans and a $4.4 million reduction in commercial and industrial loans, partially offset by an increase of $6.7 million in residential real estate loans. Other assets decreased by $7.2 million, largely due to a decrease in the fair value of the Company’s interest rate swaps.

Past due loans decreased $5.0 million, or 34.6%, between December 31, 2025 and June 30, 2026, to $9.5 million, or 1.03% of total loans, from $14.5 million, or 1.52% of total loans at year-end 2025. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards as well as a decrease in these loan balances. The allowance for credit losses was 0.83% of total loans and 227.06% of non-performing loans at June 30, 2026 as compared to 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025. Non-performing assets totaled $3.4 million at June 30, 2026, a decrease of $312,000 from $3.7 million at December 31, 2025.

Total liabilities increased by $165.5 million, or 14.2%, to $1.33 billion at June 30, 2026, primarily driven by a $185.6 million, or 16.9%, increase in deposits which included $156.0 million in stock subscriptions, and a $3.8 million increase in mortgagors’ escrow accounts. The increases were slightly offset by a reduction in borrowings of $20.0 million, or 79.5%. The growth in deposits was attributable to a $170.1 million, or 19.6%, increase in interest-bearing deposits, which included $156.0 million in stock subscription deposits, while non-interest-bearing deposits increased by $15.5 million, or 6.8%. Uninsured deposits were approximately 36.7% and 27.9% of the Bank’s total deposits as of June 30, 2026 and December 31, 2025, respectively. Excluding the $156.0 million of funds collected and held on deposit in a segregated account in connection with the Company's stock offering in the second quarter of 2026, the Company's uninsured deposits to total deposits totaled 28.0% at June 30, 2026.

Stockholders' equity increased $2.8 million, or 2.0%, to $139.6 million at June 30, 2026. The increase was primarily due to $4.8 million in net income partially offset by a $1.8 million repurchase of common stock and a $733,000 increase in the net unrealized loss on available-for-sale securities. The Company's ratio of average equity to average assets was 10.59% for the six months ended June 30, 2026 and 10.09% for the year ended December 31, 2025.

About Rhinebeck Bancorp

Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the holding company of Rhinebeck Bank. 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 twelve branches and three 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, fluctuations in real estate values, general economic conditions or conditions within the securities markets, potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in asset quality, loan sale volumes, charge-offs and credit loss provisions, changes in economic assumptions that may impact our allowance for credit losses calculation, changes in demand for our products and services, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, the ability to attract, develop and retain qualified personnel in a competitive labor market, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors.

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Interest and Dividend Income

Interest and fees on loans

14,449

15,066

28,787

30,074

Interest and dividends on securities

1,360

1,275

2,772

2,626

Other interest income

1,204

414

2,065

693

Total interest and dividend income

17,013

16,755

33,624

33,393

Interest Expense

Interest expense on deposits

5,304

4,866

10,477

9,628

Interest expense on borrowings

397

321

1,236

Total interest expense

5,381

5,263

10,798

10,864

Net interest income

11,632

11,492

22,826

22,529

(Credit to) Provision for Credit Losses on loans

(11)

(101)

252

Net interest income after provision for credit losses on loans

11,643

11,593

22,766

22,277

Non-interest Income

Service charges on deposit accounts

744

728

1,508

1,501

Net gain on sales of loans

—

107

Increase in cash surrender value of life insurance

203

194

401

382

Net gain on disposal of premises and equipment

—

Investment advisory income

424

269

727

605

Other

357

342

551

758

Total non-interest income

1,743

1,602

3,209

3,353

Non-interest Expense

Salaries and employee benefits

5,538

5,242

11,071

10,376

Occupancy

1,127

1,115

2,350

2,186

Data processing

605

534

1,214

1,059

Professional fees

636

492

1,029

969

Marketing

138

223

283

423

FDIC deposit insurance and other insurance

253

295

472

592

Amortization of intangible assets

Other

1,704

1,789

3,313

3,573

Total non-interest expense

10,008

9,707

19,746

19,215

Net income before income taxes

3,378

3,488

6,229

6,415

Net Provision for Income Taxes

762

1,397

1,401

Net income

2,616

2,726

4,832

5,014

Earnings per common share:

Basic

0.24

0.25

0.45

0.47

Diluted

0.24

0.25

0.44

0.46

Weighted average shares outstanding, basic

10,829,944

10,787,446

10,836,517

10,782,259

Weighted average shares outstanding, diluted

10,958,117

10,954,124

10,970,534

10,939,842

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

June 30,

December 31,

2026

2025

Assets

Cash and due from banks

20,974

15,893

Federal funds sold

279,963

83,157

Interest-bearing depository accounts

3,626

2,936

Total cash and cash equivalents

304,563

101,986

Available-for-sale securities (at fair value)

171,368

162,203

Loans receivable (net of allowance for credit losses of $7,695 and $8,353, respectively)

918,477

953,385

Federal Home Loan Bank stock

1,153

1,957

Accrued interest receivable

4,592

4,882

Cash surrender value of life insurance

31,397

30,996

Deferred tax assets (net of valuation allowance of $663 and $809, respectively)

4,623

4,941

Premises and equipment, net

13,249

13,621

Goodwill

2,235

Intangible assets, net

106

Other assets

18,303

25,454

Total assets

1,470,052

1,301,766

Liabilities and Stockholders’ Equity

Liabilities

Deposits

Non-interest bearing

242,774

227,272

Interest bearing

1,040,198

870,068

Total deposits

1,282,972

1,097,340

Mortgagors’ escrow accounts

13,206

9,399

Advances from the Federal Home Loan Bank

5,153

25,153

Subordinated debt

5,155

Accrued expenses and other liabilities

23,963

27,867

Total liabilities

1,330,449

1,164,914

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 11,180,786 and 11,141,033 at June 30, 2026 and December 31, 2025, respectively)

112

Additional paid-in capital

44,906

45,710

Unearned common stock held by the employee stock ownership plan

(2,728)

(2,837)

Retained earnings

105,976

101,797

Accumulated other comprehensive loss:

Net unrealized loss on available-for-sale securities, net of taxes

(6,840)

(6,255)

Defined benefit pension plan, net of taxes

(1,823)

(1,675)

Total accumulated other comprehensive loss

(8,663)

(7,930)

Total stockholders’ equity

139,603

136,852

Total liabilities and stockholders’ equity

1,470,052

1,301,766

Rhinebeck Bancorp, Inc. and Subsidiary

Average Balance Sheet (Unaudited)

(Dollars in thousands)

For the Three Months Ended June 30,

2026

2025

Average

Interest and

Average

Interest and

Balance

Dividends

Yield/Cost(3)

Balance

Dividends

Yield/Cost(3)

Assets:

Interest-bearing depository accounts and federal funds sold

130,061

1,204

3.71

37,527

414

4.42

Loans(1)

940,474

14,449

6.16

978,022

15,066

6.18

Available-for-sale securities

163,432

1,338

3.28

143,756

1,208

3.37

Other interest-earning assets

1,303

6.77

2,496

10.77

Total interest-earning assets

1,235,270

17,013

5.52

1,161,801

16,755

5.78

Non-interest-earning assets

87,498

87,246

Total assets

1,322,768

1,249,047

Liabilities and equity:

Subscription Deposits

20,824

0.15

—

NOW accounts

131,146

0.24

118,195

0.20

Money market accounts

238,920

1,523

2.56

215,295

1,353

2.52

Savings accounts

130,554

120

0.37

134,314

130

0.39

Certificates of deposit

385,544

3,543

3.69

342,425

3,295

3.86

Total interest-bearing deposits

906,988

5,274

2.33

810,229

4,836

2.39

Escrow accounts

11,060

1.09

10,847

1.11

Federal Home Loan Bank advances

5,154

—

33,686

311

3.70

Subordinated debt

5,155

5.99

5,155

6.69

Total other interest-bearing liabilities

21,369

107

2.01

49,688

427

3.45

Total interest-bearing liabilities

928,357

5,381

2.32

859,917

5,263

2.45

Non-interest-bearing deposits

231,793

231,573

Other non-interest-bearing liabilities

23,753

29,950

Total liabilities

1,183,903

1,121,440

Total stockholders’ equity

138,865

127,607

Total liabilities and stockholders’ equity

1,322,768

1,249,047

Net interest income

11,632

11,492

Interest rate spread

3.20

3.33

Net interest margin(2)

3.78

3.97

Average interest-earning assets to average interest-bearing liabilities

133.06

135.11

(1)

Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $52,000 and $86,000 for the three months ended June 30, 2026 and 2025, respectively.

(2)

Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.

(3)

Annualized.

For the Six Months Ended June 30,

2026

2025

Average

Interest and

Average

Interest and

Balance

Dividends

Yield/Cost

Balance

Dividends

Yield/Cost

(Dollars in thousands)

Assets:

Interest-bearing depository accounts

110,962

2,065

3.75

33,003

693

4.23

Loans(1)

945,212

28,787

6.14

984,984

30,074

6.16

Available-for-sale securities

162,181

2,712

3.37

150,450

2,469

3.31

Other interest-earning assets

1,676

7.22

3,417

157

9.27

Total interest-earning assets

1,220,031

33,624

5.56

1,171,854

33,393

5.75

Non-interest-earning assets

87,789

87,172

Total assets

1,307,820

1,259,026

Liabilities and equity:

Subscription Deposits

10,412

0.15

—

NOW accounts

127,035

152

0.24

122,118

111

0.18

Money market accounts

236,019

2,981

2.55

210,683

2,588

2.48

Savings accounts

129,980

249

0.39

133,635

254

0.38

Certificates of deposit

381,839

7,037

3.72

335,917

6,625

3.98

Total interest-bearing deposits

885,285

10,427

2.38

802,353

9,578

2.41

Escrow accounts

9,219

1.09

9,220

1.12

Federal Home Loan Bank advances

14,416

164

2.29

54,211

1,063

3.95

Subordinated debt

5,155

157

6.14

5,155

172

6.73

Total other interest-bearing liabilities

28,790

371

2.60

68,586

1,286

3.78

Total interest-bearing liabilities

914,075

10,798

2.38

870,939

10,864

2.52

Non-interest-bearing deposits

229,573

232,926

Other non-interest-bearing liabilities

25,638

29,379

Total liabilities

1,169,286

1,133,244

Total stockholders’ equity

138,534

125,782

Total liabilities and stockholders’ equity

1,307,820

1,259,026

Net interest income

22,826

22,529

Interest rate spread

3.18

3.23

Net interest margin(2)

3.77

3.88

Average interest-earning assets to average interest-bearing liabilities

133.47

134.55

(1)

Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $84,000 and $140,000 for the six months ended June 30, 2026 and 2025, respectively.

(2)

Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.

(3)

Annualized.

Rhinebeck Bancorp, Inc. and Subsidiary

Selected Ratios (Unaudited)

Three Months Ended

Six Months Ended

Year Ended

June 30,

December 31,

2026

2025

2026

2025

Performance Ratios (1):

Return on average assets (2)

0.79

0.88

0.75

0.80

0.78

Return on average equity (3)

7.56

8.57

7.03

8.04

7.77

Net interest margin (4)

3.78

3.97

3.77

3.88

3.89

Efficiency ratio

74.83

74.13

75.84

74.24

73.12

Average interest-earning assets to average interest-bearing liabilities

133.06

135.11

133.47

134.55

134.72

Total gross loans to total deposits

71.94

90.08

71.94

90.08

87.32

Average equity to average assets (5)

10.50

10.22

10.59

9.99

10.09

Asset Quality Ratios:

Allowance for credit losses on loans as a percent of total gross loans

0.83

0.85

0.83

0.85

0.87

Allowance for credit losses on loans as a percent of non-performing loans

227.06

283.14

227.06

283.14

225.76

Net charge-offs to average outstanding loans during the period (1)

0.04

0.14

0.12

0.20

Non-performing loans as a percent of total gross loans

0.37

0.30

0.37

0.30

0.39

Non-performing assets as a percent of total assets

0.23

0.28

Capital Ratios (6):

Tier 1 capital (to risk-weighted assets)

14.61

12.66

14.61

12.66

13.57

Total capital (to risk-weighted assets)

15.41

13.45

15.41

13.45

14.40

Common equity Tier 1 capital (to risk-weighted assets)

14.61

12.66

14.61

12.66

13.57

Tier 1 leverage ratio (to average total assets)

10.93

10.64

10.93

10.64

10.62

Other Data:

Book value per common share

$ 12.49

$ 11.61

$ 12.28

Tangible book value per common share(7)

$ 12.28

$ 11.40

$ 12.07

(1) Ratios for the three and six month periods ended June 30, 2026 and 2025 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 average equity divided by average total assets.

(6) 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 of less than $3.0 billion.

(7) 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)

June 30,

December 31,

2026

2025

Book value per common share

Total shareholders' equity (book value) (GAAP)

139,603

128,957

136,852

Total shares outstanding

11,181

11,105

11,141

Book value per common share

12.49

11.61

12.28

Tangible common equity

Total shareholders' equity (book value) (GAAP)

139,603

128,957

136,852

Goodwill

(2,235)

Intangible assets, net

(92)

(129)

(106)

Tangible common equity (non-GAAP)

137,276

126,593

134,511

Tangible book value per common share

Tangible common equity (non-GAAP)

137,276

126,593

134,511

Total shares outstanding

11,181

11,105

11,141

Tangible book value per common share (non-GAAP)

12.28

11.40

12.07

SOURCE Rhinebeck Bancorp, Inc.