Rhinebeck Bancorp (RBKB) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $2.7 million (EPS $0.25), reversing a net loss of $8.1 million in Q3 2024; nine-month net income was $7.7 million (EPS $0.70) versus a $6.0 million loss in the prior year.

• Total assets grew 4.8% to $1.32 billion as of September 30, 2025, driven by higher cash and loan balances, while available-for-sale securities and deferred tax assets declined.

• The company discontinued direct residential mortgage originations, partnering with Homestead Funding Corporation, and announced the closure of its Middletown branch in early 2026.

• The prior year included a $12.0 million pre-tax loss from a balance sheet restructuring, which improved future earnings and asset yields.

Financial highlights

• Net interest income rose 24.5% year-over-year to $12.0 million for Q3 2025; nine-month net interest income increased 25.6% to $34.6 million.

• Interest and dividend income increased 11.0% to $17.8 million for Q3 2025; interest expense decreased 9.7% to $5.7 million.

• Non-interest income was $1.9 million for Q3 2025, up $11.9 million due to the absence of a prior-year $12.0 million restructuring loss; excluding this, non-interest income was relatively flat.

• Non-interest expense increased 7.1% to $9.7 million for Q3 2025, mainly from higher compensation and retail banking costs.

• Provision for credit losses was $904,000 for Q3 2025, up 1.7% year-over-year; net charge-offs increased due to a $629,000 commercial real estate charge-off.

Outlook and guidance

• Management remains focused on adapting to industry changes, enhancing operational efficiency, and maintaining strong liquidity and capital positions.

• Leadership emphasized a focus on sustainable growth, innovation, and risk discipline, aiming to build long-term value for shareholders and clients.

• No material changes to risk factors or forward-looking guidance were disclosed for the remainder of 2025.