Rhinebeck Bancorp, Inc. reported a challenging financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company recorded a net loss of $8.1 million for Q3 2024, a significant decline from a net income of $1.2 million in Q3 2023. For the nine months, the net loss was $6.0 million, contrasting with a net income of $3.5 million in the prior year. This resulted in a diluted loss per share of $0.75 for Q3 2024, compared to earnings per share of $0.11 in Q3 2023.
Total interest and dividend income increased to $16.0 million for Q3 2024, up from $15.5 million in Q3 2023, while total interest expense rose to $6.3 million, reflecting a 7.9% increase. The net interest income after provision for credit losses was $8.8 million for Q3 2024, slightly higher than $8.7 million in Q3 2023. However, net interest income for the nine months decreased to $27.7 million, down from $28.8 million in the same period last year.
A notable factor contributing to the losses was a substantial non-interest loss of $10.0 million in Q3 2024, primarily due to a $12.0 million loss on the sale of investment securities. This was a stark contrast to a non-interest income of $1.6 million in Q3 2023. The company’s total non-interest expenses increased to $9.1 million for Q3 2024, driven by higher salaries and benefits.
On the balance sheet, total assets decreased to $1.27 billion as of September 30, 2024, down from $1.31 billion at the end of 2023. Loans receivable also fell by 4.4% to $964.9 million, while total deposits increased by 1.5% to $1.05 billion. The company’s stockholders' equity rose to $122.7 million, reflecting a 7.9% increase from the previous period.
Strategically, Rhinebeck Bancorp undertook a balance sheet restructuring, resulting in a decrease in available-for-sale securities by 11.9% due to the sale of lower-yielding securities. The company also reported a significant increase in cash and cash equivalents, which rose by 109.6% to $46.4 million.
Overall, Rhinebeck Bancorp faced significant challenges in profitability and revenue generation during the reported periods, with strategic adjustments aimed at improving its financial position moving forward.
About Rhinebeck Bancorp, Inc.
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