Rhinebeck Bancorp | 10-Q: FY2025 Q3 Revenue: USD 19.7 M

Revenue: As of FY2025 Q3, the actual value is USD 19.7 M.

EPS: As of FY2025 Q3, the actual value is USD 0.25.

EBIT: As of FY2025 Q3, the actual value is USD -8.692 M.

Segment Revenue

• Interest and Dividend Income: Total interest and dividend income for the three months ended September 30, 2025 was $17,759,000, compared to $16,004,000 for the same period in 2024. For the nine months ended September 30, 2025, total interest and dividend income was $51,152,000, compared to $47,239,000 for the same period in 2024.

Operational Metrics

• Net Income: Net income for the three months ended September 30, 2025 was $2,695,000, compared to a net loss of $8,062,000 for the same period in 2024. For the nine months ended September 30, 2025, net income was $7,709,000, compared to a net loss of $5,966,000 for the same period in 2024.
• Provision for Credit Losses: The provision for credit losses for the three months ended September 30, 2025 was $904,000, compared to $889,000 for the same period in 2024. For the nine months ended September 30, 2025, the provision was $1,156,000, compared to $1,419,000 for the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: Net cash provided by operating activities for the nine months ended September 30, 2025 was $8,971,000, compared to $4,891,000 for the same period in 2024.

Unique Metrics

• Non-Interest Income: Non-interest income for the three months ended September 30, 2025 was $1,939,000, compared to a net loss of $9,992,000 for the same period in 2024. For the nine months ended September 30, 2025, non-interest income was $5,292,000, compared to a net loss of $6,796,000 for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The Bank has decided to discontinue originating residential mortgages directly and has partnered with Homestead Funding Corporation to originate mortgages on its behalf. This strategic shift is in response to industry dynamics, including the rise of digital platforms and competition from non-bank lenders.
• Non-Core Business: The Bank plans to close its Middletown branch effective January 27, 2026, as part of its strategy to enhance operational efficiency and position the Bank for long-term growth. Customer accounts will be transferred to the nearest branch by year-end 2025.