{"id":484854,"date":"2021-04-29T16:31:23","date_gmt":"2021-04-29T20:31:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rhinebeck-bancorp-inc-reports-results-for-the-quarter-ended-march-31-2021\/"},"modified":"2021-04-29T16:31:23","modified_gmt":"2021-04-29T20:31:23","slug":"rhinebeck-bancorp-inc-reports-results-for-the-quarter-ended-march-31-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rhinebeck-bancorp-inc-reports-results-for-the-quarter-ended-march-31-2021\/","title":{"rendered":"Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2021"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n POUGHKEEPSIE, N.Y.<\/span>, April 29, 2021<\/span> \/PRNewswire\/ —\u00a0Rhinebeck Bancorp, Inc. (the\u00a0“Company”) (NASDAQ: RBKB), the holding company of Rhinebeck Bank<\/span><\/a> (the “Bank”), reported net income for the three months ended March 31, 2021<\/span> of $3.3 million<\/span> ($0.31<\/span> per basic and diluted share), compared with $1.1 million<\/span> ($0.10<\/span> per basic and diluted share) for the comparable prior year period, which was an increase of $2.2 million<\/span>, or 208.9%. The favorable variance in net income came largely from a $1.5 million<\/span> increase in net interest income and a credit to the provision for loan losses of $69,000<\/span> in the first quarter of 2021 as compared to a provision for loan losses of $1.2 million<\/span> for the first quarter of 2020. The Company’s return on average assets and return on average equity were 1.18% and 11.40%, respectively, in the first quarter of 2021 as compared to 0.44% and 3.85%, respectively, in the first quarter of 2020.<\/p>\n

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\n \"(PRNewsfoto\/Rhinebeck
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On October 26, 2020<\/span>, the Bank entered into a branch purchase and assumption agreement with ConnectOne Bank, to acquire two\u00a0branches located in Warwick<\/span> and Monroe, New York<\/span>, as well as certain deposits and other assets and liabilities. The transaction closed on March 12, 2021<\/span> with the transfer of $33.9 million<\/span> of deposits.<\/p>\n

\n COVID-19 Impact<\/b>\n <\/p>\n

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\n Loan Deferrals.<\/i>
\n <\/b>\u00a0 The Bank’s initiative to work with borrowers that were unable to meet their contractual obligations because of the effects of COVID-19 has been a successful effort overall. For the three months ended March 31, 2021<\/span>, the Bank granted 111 new loan deferrals totaling $1.7 million<\/span>. As of March\u00a031, 2021, we had 73 loans totaling $34.8 million<\/span> of remaining deferrals outstanding and all were performing in accordance with their contractual terms. Pursuant to the CARES Act, these loan deferrals are not included in our non-performing loans.<\/p>\n

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\n Paycheck Protection Program<\/i>
\n <\/b>. The second round PPP program began accepting new loan applications on January 11, 2021<\/span>. We received SBA approval for 338 applications totaling $46.6 million<\/span> and by quarter end 318 of these accounts totaling $45.2 million<\/span> had been funded. At March 31, 2021<\/span>, we had $92.1 million<\/span> of PPP loans outstanding.<\/p>\n

\n Other financial highlights:<\/b>\n <\/p>\n