Rhinebeck Bancorp reported net income of $2.6 million for the quarter ended June 30, 2026, or $0.24 per basic and diluted share, down from $2.7 million a year earlier. For the six months ended June 30, 2026 the company reported net income of $4.8 million ($0.45 basic, $0.44 diluted), and completed a second-step conversion on July 21, 2026 that generated $88.8 million in gross proceeds. Total assets grew to $1.47 billion at June 30, 2026, driven largely by cash from stock subscription funds awaiting offering closing.

Financial Highlights

  • Net income: $2.616 million for Q2 2026 ($0.24 per basic and diluted share); $4.832 million year-to-date (six months) 2026.
  • Net interest income: $11.632 million for Q2 2026; $22.826 million year-to-date.
  • Non-interest income: $1.743 million for Q2 2026; $3.209 million year-to-date.
  • Non-interest expense: $10.008 million for Q2 2026; $19.746 million year-to-date.
  • Balance sheet: Total assets $1.470 billion at June 30, 2026; total deposits $1.283 billion; stockholders' equity $139.603 million.

Business Highlights

  • Completed second-step conversion on July 21, 2026; sold 8,880,210 shares at $10.00 per share, generating $88.8 million in gross proceeds and resulting in approximately 15,638,237 shares outstanding after the offering and share exchange (subject to fractional adjustments).
  • Company repositioning efforts continued with reductions in indirect automobile loan balances and commercial real estate and commercial & industrial loans, and an increase in residential real estate loans.
  • Past-due loans decreased 34.6% from December 31, 2025 to $9.5 million (1.03% of total loans) as of June 30, 2026, with notable improvement in indirect automobile loan delinquencies.
  • Investing in talent, technology and commercial banking capabilities to support planned growth in commercial lending, retail and digital deposit initiatives, and infrastructure enhancements.
  • Maintained capital strength: Tier 1 capital ratio for the bank of 14.61% and Tier 1 leverage ratio of 10.93% at June 30, 2026.

Original SEC Filing:

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