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Rhinebeck Bancorp Inc. (RBKB-2.79%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total assets to $1.26 billion from $1.31 billion at the end of the previous year. This decrease is attributed to reductions in net loans receivable and available-for-sale securities.
Net loans receivable decreased by $37.1 million, or 3.7%, primarily due to a strategic reduction in indirect automobile loans. The company reported an increase in commercial real estate loans and residential real estate loans.
Total deposits decreased by $9.7 million, or 0.9%, to $1.02 billion, with a shift in deposit composition towards time deposits as depositors sought higher interest rates.
Net interest income increased slightly by $266,000, or 0.7%, to $38.2 million, driven by higher yields on interest-earning assets. However, interest expense also rose by $2.8 million, or 12.5%, due to increased costs on interest-bearing liabilities.
The company recorded a net loss of $8.6 million for the year, compared to net income of $4.4 million in the previous year. This loss was primarily due to a $16.0 million loss on the sale of securities as part of a balance sheet restructuring.
Non-performing loans were 0.42% of total loans at the end of 2024, with the allowance for credit losses standing at $8.5 million, or 0.88% of total loans.
The filing details the company's focus on managing interest rate risk, increasing core deposits, and controlling non-interest expenses as part of its business strategy.
Rhinebeck Bancorp acknowledges the competitive environment in its market area and highlights its efforts to maintain strong asset quality and manage credit risk effectively.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rhinebeck Bancorp Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.