Form 8-K

8-K — Rhinebeck Bancorp, Inc.

Accession: 0001751783-26-000015

Filed: 2026-04-23

Period: 2026-04-23

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-20260423x8k.htm (Primary)

EX-99.1 (rbkb-20260423xex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: rbkb-20260423x8k.htm · Sequence: 1

Rhinebeck Bancorp, Inc_April 23, 2026

0001751783false00017517832026-04-232026-04-23

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): April 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 April 23, 2026, Rhinebeck Bancorp, Inc. issued a press release announcing the 2026 first 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 April 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: April 23, 2026

By: /s/ Kevin Nihill

Kevin Nihill

Chief Financial Officer

EX-99.1

Filename: rbkb-20260423xex99d1.htm · Sequence: 2

Rhinebeck Bancorp, Inc. Reports

Results for the Quarter Ended March 31, 2026

News provided by

Rhinebeck Bancorp, Inc.

Poughkeepsie, New York, April 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 March 31, 2026 of $2.2 million ($0.20 per basic and diluted share), which was $72,000, or 3.1%, lower than the comparable prior year period of $2.3 million ($0.21 per basic and diluted share).

The decrease in net income for the quarter ended March 31, 2026 as compared to the quarter ended March 31, 2025 was primarily due to a decrease in non-interest income and an increase in non-interest expense, offset by a decrease in the provision for credit losses and an increase in net interest income. The Company’s return on average assets and return on average equity were 0.70% and 6.50% for the first quarter of 2026, respectively, as compared to 0.73% and 7.49% for the first quarter of 2025, respectively.

President and Chief Executive Officer Matthew Smith said, "We delivered a solid first quarter, with results demonstrating continued earnings stability. Return on average assets was 0.70%, supported by consistent net interest income and effective expense control. Net interest margin remained strong at 3.77% for the quarter, reflecting ongoing balance sheet discipline and stable funding costs. During the quarter, deposits showed positive momentum, including meaningful growth in March, while loan production continues to face headwinds due to competitive pricing pressure. Credit quality continues to perform well, with low levels of non-performing assets and net charge-offs during the period. Our capital and liquidity positions remain robust and provide flexibility as we advance key strategic initiatives, including the pending second step conversion. We remain well positioned for the remainder of the year and focused on delivering consistent performance."

Income Statement Analysis

Net interest income increased $157,000, or 1.4%, to $11.2 million for the three months ended March 31, 2026, from $11.0 million for the three months ended March 31, 2025. The increase was primarily due to lower costs on interest-bearing liabilities, partially offset by lower yields on interest-earning assets. The net interest margin decreased by two basis points to 3.77% and the interest rate spread improved two basis points from 3.13% for the three months ended March 31, 2025 to 3.15% for the three months ended March 31, 2026, reflecting slightly better pricing on assets versus liabilities.

For the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, the average yield declined by 12 basis points to 5.59% due to the lower interest rate environment. The average balance of interest-earning assets increased by $22.6 million, or 1.9%, to $1.20 billion due to a $63.2 million increase in the average balance of cash and cash equivalents, offset by a $42.0 million decrease in the average balance of loans. The average balance of interest-bearing liabilities increased by $17.7 million, or 2.0%, primarily due to a $69.1 million increase in the average balance of deposits, partially offset by a $51.2 million decrease in the average balance of FHLB advances. The cost of interest-bearing liabilities decreased by 14 basis points to 2.44% due to the lower interest rate environment and the maturation of higher-yielding FHLB advances.

The provision for credit losses on loans decreased by $282,000, or 79.9%, from $353,000 for the quarter ended March 31, 2025 to $71,000 for the current quarter. The decrease was primarily attributable to decreased loan production during the quarter. Net charge-offs increased $38,000 from $510,000 for the first quarter of 2025 to $548,000 for the first quarter of 2026. The increase was primarily due to increased net charge-offs of $176,000 in indirect automobile loans and $44,000 in consumer loans, substantially offset by decreased net charge-offs of $183,000 in commercial loans. The percentage of overdue account balances to total loans decreased to 1.44% as of March 31, 2026 from 1.52% as of December 31, 2025, while non-performing assets decreased $235,000, or 6.4%, to $3.5 million at March 31, 2026.

Non-interest income totaled $1.5 million for the three months ended March 31, 2026, a decrease of $285,000, or 16.3%, from the comparable period in 2025, due primarily to a decrease of $232,000, or 55.8%, in other non-interest income investment as swap fee income decreased. Investment advisory fee income decreased $33,000, net gain on sale of loans decreased $28,000 and service charges on deposit accounts also decreased by $9,000. These decreases were only slightly offset by a $10,000 increase in the cash surrender value of life insurance and a $7,000 gain on the disposal of premises and equipment.

For the first quarter of 2026, non-interest expense totaled $9.7 million, an increase of $230,000, or 2.4%, compared to the same period in 2025. This increase was primarily driven by higher salaries and benefits expense of $399,000, reflecting increased compensation and medical insurance costs, as well as higher occupancy costs of $152,000 due to increased repair expenses and a rise in data processing costs of $84,000. These increases were partially offset by declines in professional fees of $84,000, FDIC insurance expense of $78,000, marketing expenses of $55,000, and amortization of intangible assets of $13,000.

Balance Sheet Analysis

Total assets decreased by $16.9 million to $1.28 billion at March 31, 2026, compared to $1.30 billion at March 31, 2025. The decline was primarily attributable to a $16.6 million, or 1.7%, decrease in loans receivable, reflecting a $17.7 million reduction in indirect automobile loans in line with a strategic decision to reduce their concentration in the portfolio. Available-for-sale securities declined by $6.0 million, or 3.7%, primarily due to $6.6 million in paydowns, calls, and maturities and a $507,000 increase in unrealized losses, partially offset by $992,000 in purchases. Other assets decreased by $3.7 million, largely due to a decline in the fair value of the Company’s interest rate swaps. These decreases were partially offset by an increase in cash and cash equivalents of $10.9 million, or 10.7%, driven by higher balances held at the FHLB and the Federal Reserve Bank of New York.

Past due loans decreased $945,000, or 6.5%, between December 31, 2025 and March 31, 2026, finishing at $13.6 million, or 1.44% of total loans, down 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. The allowance for credit losses was 0.84% of total loans and 227.65% of non-performing loans at March 31, 2026 as compared to 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025. Non-performing assets totaled $3.5 million at March 31, 2026, a decrease of $235,000, from $3.7 million at December 31, 2025.

Total liabilities decreased by $18.7 million, or 1.6%, to $1.15 billion at March 31, 2026. The decline was primarily driven by a $20.0 million, or 79.5%, reduction in borrowings and a $3.7 million, or 14.6%, decrease in accrued expenses and other liabilities, due to a decrease in deferred compensation with the retirement of a director and deferred stock conversion costs. These decreases were partially offset by a $6.2 million, or 0.6%, increase in deposits. The growth in deposits was attributable to a $7.8 million, or 0.9%, increase in interest-bearing deposits, while non-interest-bearing deposits declined by $1.6 million, or 0.7%. Uninsured deposits were approximately 27.5% and 27.9% of the Bank’s total deposits as of March 31, 2026 and December 31, 2025, respectively.

Stockholders' equity increased $1.8 million, or 1.3%, to $138.6 million at March 31, 2026. The increase was primarily due to $2.2 million in net income partially offset by $400,000 increase in the net unrealized loss on available-for-sale securities. The Company's ratio of average equity to average assets was 10.69% for the three months ended March 31, 2026 and 10.09% for the year ended December 31, 2025.

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 thirteen 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, 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 potential retaliatory responses, the impact of any federal government shutdown, 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 effect of our rating under the Community Reinvestment Act, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or a breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s or the Bank’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 March 31,

2026

2025

Interest and Dividend Income

Interest and fees on loans

14,338

15,008

Interest and dividends on securities

1,412

1,351

Other interest income

861

279

Total interest and dividend income

16,611

16,638

Interest Expense

Interest expense on deposits

5,173

4,762

Interest expense on borrowings

244

839

Total interest expense

5,417

5,601

Net interest income

11,194

11,037

Provision for Credit Losses

353

Net interest income after provision for credit losses

11,123

10,684

Non-interest Income

Service charges on deposit accounts

764

773

Net gain on sales of loans

Increase in cash surrender value of life insurance

198

188

Net gain on disposal of premises and equipment

—

Investment advisory income

303

336

Other

184

416

Total non-interest income

1,466

1,751

Non-interest Expense

Salaries and employee benefits

5,533

5,134

Occupancy

1,223

1,071

Data processing

609

525

Professional fees

393

477

Marketing

145

200

FDIC deposit insurance and other insurance

219

297

Amortization of intangible assets

Other

1,609

1,784

Total non-interest expense

9,738

9,508

Net income before income taxes

2,851

2,927

Net Provision for Income Taxes

635

639

Net income

2,216

2,288

Earnings per common share:

Basic

0.20

0.21

Diluted

0.20

0.21

Weighted average shares outstanding, basic

10,843,195

10,777,044

Weighted average shares outstanding, diluted

10,983,362

10,923,364

Rhinebeck Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

March 31,

December 31,

2026

2025

Assets

Cash and due from banks

17,593

15,893

Federal funds sold

92,125

83,157

Interest-bearing depository accounts

3,186

2,936

Total cash and cash equivalents

112,904

101,986

Available-for-sale securities (at fair value)

156,160

162,203

Loans receivable (net of allowance for credit losses of $7,888 and $8,353, respectively)

936,751

953,385

Federal Home Loan Bank stock

1,057

1,957

Accrued interest receivable

4,708

4,882

Cash surrender value of life insurance

31,193

30,996

Deferred tax assets (net of valuation allowance of $667 and $809, respectively)

4,551

4,941

Premises and equipment, net

13,480

13,621

Goodwill

2,235

Intangible assets, net

106

Other assets

21,729

25,454

Total assets

1,284,867

1,301,766

Liabilities and Stockholders’ Equity

Liabilities

Deposits

Non-interest bearing

225,671

227,272

Interest bearing

877,821

870,068

Total deposits

1,103,492

1,097,340

Mortgagors’ escrow accounts

7,890

9,399

Advances from the Federal Home Loan Bank

5,153

25,153

Subordinated debt

5,155

Accrued expenses and other liabilities

24,535

27,867

Total liabilities

1,146,225

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 11,152,973 and 11,141,033 at March 31, 2026 and December 31, 2025, respectively)

112

Additional paid-in capital

45,679

45,710

Unearned common stock held by the employee stock ownership plan

(2,782)

(2,837)

Retained earnings

103,963

101,797

Accumulated other comprehensive loss:

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

(6,655)

(6,255)

Defined benefit pension plan, net of taxes

(1,675)

Total accumulated other comprehensive loss

(8,330)

(7,930)

Total stockholders’ equity

138,642

136,852

Total liabilities and stockholders’ equity

1,284,867

1,301,766

Rhinebeck Bancorp, Inc. and Subsidiary

Average Balance Sheet (Unaudited)

(Dollars in thousands)

For the Three Months Ended March 31,

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

91,651

861

3.81

28,428

279

3.98

Loans(1)

950,001

14,338

6.12

992,023

15,008

6.14

Available-for-sale securities

160,915

1,374

3.46

157,219

1,261

3.25

Other interest-earning assets

2,053

7.51

4,349

8.39

Total interest-earning assets

1,204,620

16,611

5.59

1,182,019

16,638

5.71

Non-interest-earning assets

88,085

87,097

Total assets

1,292,705

1,269,116

Liabilities and equity:

NOW accounts

122,879

0.24

126,085

0.17

Money market accounts

233,086

1,458

2.54

206,019

1,235

2.43

Savings accounts

129,399

130

0.41

132,949

124

0.38

Certificates of deposit

378,093

3,493

3.75

329,337

3,330

4.10

Total interest-bearing deposits

863,457

5,153

2.42

794,390

4,742

2.42

Escrow accounts

7,357

1.10

7,575

1.12

Federal Home Loan Bank advances

23,782

164

2.80

74,963

752

4.07

Subordinated debt

5,155

6.29

5,155

6.77

Total other interest-bearing liabilities

36,294

264

2.95

87,693

859

3.97

Total interest-bearing liabilities

899,751

5,417

2.44

882,083

5,601

2.58

Non-interest-bearing deposits

227,211

234,295

Other non-interest-bearing liabilities

27,545

28,802

Total liabilities

1,154,507

1,145,180

Total stockholders’ equity

138,198

123,936

Total liabilities and stockholders’ equity

1,292,705

1,269,116

Net interest income

11,194

11,037

Interest rate spread

3.15

3.13

Net interest margin(2)

3.77

3.79

Average interest-earning assets to average interest-bearing liabilities

133.88

134.00

(1)

Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $32,000 and $53,000 for the three months ended March 31, 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

Year Ended

March 31,

December 31,

2026

2025

Performance Ratios (1):

Return on average assets (2)

0.70

0.73

0.78

Return on average equity (3)

6.50

7.49

7.77

Net interest margin (4)

3.77

3.79

3.89

Efficiency ratio

76.92

74.35

73.12

Average interest-earning assets to average interest-bearing liabilities

133.88

134.00

134.72

Total gross loans to total deposits

85.31

94.75

87.32

Average equity to average assets (5)

10.69

9.77

10.09

Asset Quality Ratios:

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

0.84

0.86

0.87

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

227.65

239.35

225.76

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

0.23

0.21

0.20

Non-performing loans as a percent of total gross loans

0.37

0.36

0.39

Non-performing assets as a percent of total assets

0.27

0.28

Capital Ratios (6):

Tier 1 capital (to risk-weighted assets)

14.15

12.10

13.57

Total capital (to risk-weighted assets)

14.95

12.91

14.40

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

14.15

12.10

13.57

Tier 1 leverage ratio (to average total assets)

10.94

10.17

10.62

Other Data:

Book value per common share

$ 12.43

$ 11.35

$ 12.28

Tangible book value per common share(7)

$ 12.22

$ 11.14

$ 12.07

(1) Ratios for the three month periods ended March 31, 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)

March 31,

December 31,

2026

2025

Book value per common share

Total shareholders' equity (book value) (GAAP)

138,642

125,975

136,852

Total shares outstanding

11,153

11,095

11,141

Book value per common share

12.43

11.35

12.28

Tangible common equity

Total shareholders' equity (book value) (GAAP)

138,642

125,975

136,852

Goodwill

(2,235)

Intangible assets, net

(99)

(146)

(106)

Tangible common equity (non-GAAP)

136,308

123,594

134,511

Tangible book value per common share

Tangible common equity (non-GAAP)

136,308

123,594

134,511

Total shares outstanding

11,153

11,095

11,141

Tangible book value per common share (non-GAAP)

12.22

11.14

12.07

SOURCE Rhinebeck Bancorp, Inc.