Rhinebeck Bancorp, Inc. Announces Net Charge Off for the Third Quarter Ended September 30, 2022
October 27, 2022 at 04:25 pm EDT
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Rhinebeck Bancorp, Inc. announced net charge off for the third quarter ended September 30, 2022. For the quarter, the company announced that Net charge-offs increased $84,000 to $222,000 from $138,000 for the comparable quarter in 2021 primarily due to increased charge-offs in its indirect automobile portfolio as loan balances increased.
Rhinebeck Bancorp, Inc. is a holding company for Rhinebeck Bank (the Bank). The Bank provides a full range of banking and financial services to consumer and commercial customers through approximately 14 branches and over two representative offices located in Dutchess, Ulster, Orange, and Albany counties. The Bankâs primary business activity is accepting deposits from the public and using those funds, primarily to originate indirect automobile loans (automobile loans referred to as automobile dealerships), commercial real estate loans (which include multi-family real estate loans and commercial construction loans), commercial business loans and one-to four-family residential real estate loans, and to purchase investment securities. It offers various deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, and others. It also offers alternative delivery channels, including online banking and bill pay.
RHINEBECK BANCORP, INC. 
