RBKB · Rhinebeck Bancorp, Inc.

Rhinebeck Bancorp's Q1 2026 results showed earnings stability with net income of $2.2 million, down modestly 3.1% from $2.3 million a year ago, primarily from a 16.3% drop in non-interest income (led by 55.8% lower swap fee income) and 2.4% higher non-interest expenses (driven by salaries +$399K, occupancy +$152K). These were offset by net interest income growth of 1.4% to $11.2 million, benefiting from 14bps lower costs on interest-bearing liabilities (2.44%) despite 12bps lower asset yields (5.59%), with NIM holding nearly steady at 3.77%. Provision expense plunged 79.9% to $71K on reduced loan production, while net charge-offs rose slightly to $548K, mainly in auto/consumer loans offset by commercial improvement. Credit metrics strengthened: overdue loans 1.44% (down from 1.52% at Dec 2025), non-performing assets $3.5M (-6.4%). Balance sheet contracted modestly with total assets at $1.28B (-$16.9M YoY), loans down 1.7% on strategic indirect auto reduction, offset by 0.6% deposit growth and robust $113M cash equivalents. CEO Smith highlighted deposit momentum, strong NIM discipline, low NPAs, and capital/liquidity for strategic initiatives like the pending second step conversion, positioning for consistent performance amid loan pricing pressures.