Rhinebeck Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Rhinebeck Bancorp, Inc. has filed its 2023 10-K report detailing financial performance and position.</b>

AI Summary

Rhinebeck Bancorp, Inc. (RBKB) filed a Annual Report (10-K) with the SEC on March 26, 2024. Rhinebeck Bancorp, Inc. filed its 2023 Form 10-K on March 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is savings institutions, not federally chartered. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Retained Earnings, and Additional Paid-In Capital are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Rhinebeck Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Rhinebeck Bancorp's financial health and operational results for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's balance sheet, income statement, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: low — Rhinebeck Bancorp, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a stable operational status.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-K to understand Rhinebeck Bancorp's performance trends and strategic direction.

Key Numbers

• 2023 — Fiscal Year End (Conformed Period of Report)
• 2024-03-26 — Filing Date (Filed as of date)
• 120 — Public Document Count (Number of documents in the filing)
• 6036 — SIC Code (Standard Industrial Classification for Savings Institutions)

Key Players & Entities

• Rhinebeck Bancorp, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 26, 2024 (date) — Filing date
• December 31, 2023 (date) — Period of report
• 6036 (other) — Standard Industrial Classification
• MD (other) — State of incorporation
• NY (other) — State of business address
• 845-454-8555 (other) — Business phone number

FAQ

Industry Context

Rhinebeck Bancorp operates within the savings institutions sector, which is characterized by deposit-taking and lending activities, primarily focused on residential mortgages and consumer loans.

Regulatory Implications

As a savings institution, Rhinebeck Bancorp is subject to regulations from federal and state authorities governing financial institutions, including capital requirements, lending practices, and consumer protection laws.

What Investors Should Do

1. Analyze the consolidated balance sheets for 2023 and 2022 to understand changes in assets, liabilities, and equity.
2. Review the consolidated statements of operations for 2023, 2022, and 2021 to identify trends in revenue, expenses, and net income.
3. Examine the notes to the financial statements for disclosures on accounting policies, commitments, contingencies, and other relevant information.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K, so there is no prior filing to compare against within this specific request.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share RBKB The NASDAQ Stock Mar
• $1.31 b — ompany had consolidated total assets of $1.31 billion, total deposits of $1.03 billion
• $1.03 billion — ets of $1.31 billion, total deposits of $1.03 billion and stockholders' equity of $113.7 mill
• $113.7 million — .03 billion and stockholders' equity of $113.7 million. The Company's executive offices are lo
• $94,578 — or which information was available) was $94,578 in Dutchess County, $91,806 in Orange C
• $91,806 — ilable) was $94,578 in Dutchess County, $91,806 in Orange County, $77,197 in Ulster Cou
• $77,197 — chess County, $91,806 in Orange County, $77,197 in Ulster County and $78,829 in Albany
• $78,829 — ge County, $77,197 in Ulster County and $78,829 in Albany County, compared to $75,149 i
• $75,149 — d $78,829 in Albany County, compared to $75,149 in the U.S. and $81,386 in New York Sta
• $81,386 — ty, compared to $75,149 in the U.S. and $81,386 in New York State as a whole. Based on
• $1.8 million — residential construction loans totaling $1.8 million and $2.3 million at December 31, 2023 a
• $2.3 million — ruction loans totaling $1.8 million and $2.3 million at December 31, 2023 and 2022, respecti
• $908,000 — ) Includes loans held for sale totaling $908,000 and $247,000 at December 31, 2023 and 2
• $247,000 — ans held for sale totaling $908,000 and $247,000 at December 31, 2023 and 2022, respecti
• $272,000 — d at the dates indicated. (4) Includes $272,000 and $537,000 in U.S. Small Business Adm

Filing Documents

• rbkb-20231231x10k.htm (10-K) — 5294KB
• rbkb-20231231xex21.htm (EX-21) — 3KB
• rbkb-20231231xex23.htm (EX-23) — 3KB
• rbkb-20231231xex31d1.htm (EX-31.1) — 15KB
• rbkb-20231231xex31d2.htm (EX-31.2) — 16KB
• rbkb-20231231xex32.htm (EX-32) — 10KB
• rbkb-20231231xex97.htm (EX-97) — 33KB
• rbkb-20231231x10k010.jpg (GRAPHIC) — 14KB
• rbkb-20231231x10k011.jpg (GRAPHIC) — 9KB
• 0001751783-24-000009.txt (&nbsp;) — 22839KB
• rbkb-20231231.xsd (EX-101.SCH) — 78KB
• rbkb-20231231_cal.xml (EX-101.CAL) — 148KB
• rbkb-20231231_def.xml (EX-101.DEF) — 441KB
• rbkb-20231231_lab.xml (EX-101.LAB) — 818KB
• rbkb-20231231_pre.xml (EX-101.PRE) — 761KB
• rbkb-20231231x10k_htm.xml (XML) — 5834KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 32 Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [ Reserved] 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III Item 10. Directors, Executive Officers and Corporate Governance 65 Item 11.

Executive Compensation

Executive Compensation 65 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 PART IV Item 15. Exhibits and Financial Statement Schedules 66 Item 16. Form 10-K Summary 67

Signatures

Signatures i Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This annual report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "intend," "predict," "forecast," "improve," "continue," "will," "would," "should," "could," "may" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Forward looking statements, by their nature, are subject to risks and uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, either nationally or in our market area, including potential recessionary conditions; changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the Allowance for credit losses; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio and percentage of uninsured deposits; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement our business strategie

Business

Item 1. Business Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, Inc., (the "Company") a Maryland corporation, was incorporated in August 2018. On January 16, 2019, the Company became the holding company for Rhinebeck Bank (the "Bank") when it completed the reorganization of the Company and the Bank into a two-tier mutual holding company form of organization. The Company is regulated by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") and the New York State Department of Financial Services (the "NYSDFS"). The consolidated financial results contained herein reflect the consolidated accounts of the Company and the Bank. At December 31, 2023, the Company had consolidated total assets of $1.31 billion, total deposits of $1.03 billion and stockholders' equity of $113.7 million. The Company's executive offices are located at 2 Jefferson Plaza, Poughkeepsie, New York 12601. The telephone number at this address is (845) 454-8555. Our website address is www.Rhinebeckbank.com. Information on this website is not and should not be considered a part of this report. The Company files interim, quarterly and annual reports with the Securities and Exchange Commission (the "SEC"). The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers such as the Company that file electronically with the SEC. All filed SEC reports and interim filings can also be obtained from the Bank's website (www.Rhinebeckbank.com), on the "Investor Relations" page, without charge from Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, MHC Rhinebeck Bancorp, MHC, a New York-chartered non-stock corporation, is a mutual holding company that owns 57.31% of the outstanding common stock of Rhinebeck Bancorp, Inc. Rhinebeck Bank Rhinebeck Bank is a New York-chartered stock savings bank that was organized in 1860. The Bank provides a full range of banking and financial services to consumer and commercia

View Full Filing

View this 10-K filing on SEC EDGAR