Rhinebeck Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 26, 2023 at 04:40 pm EST
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Rhinebeck Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 9.76 million compared to USD 10.44 million a year ago. Net income was USD 0.808 million compared to USD 2.99 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to USD 0.27 a year ago.
For the full year, net interest income was USD 41.84 million compared to USD 39.41 million a year ago. Net income was USD 7 million compared to USD 11.56 million a year ago. Basic earnings per share from continuing operations was USD 0.65 compared to USD 1.07 a year ago. Diluted earnings per share from continuing operations was USD 0.64 compared to USD 1.06 a year ago.
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.