Rhinebeck Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2023. Net charge-offs decreased $205,000 from $851,000 for the fourth quarter of 2022 to net charge-offs of $646,000 for the fourth quarter of 2023. The decrease was primarily due to a commercial loan charge off in the fourth quarter of 2022 of $449,000.

Net charge-offs increased $1.1 million from $1.0 million for the year 2022 to $2.1 million for the year 2023. The increase was primarily due to a $710,000 charge-off of one commercial loan in the second quarter of 2023 and increased net charge-offs in indirect automobile loans of $642,000.