{"id":520442,"date":"2021-07-29T16:28:17","date_gmt":"2021-07-29T20:28:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rhinebeck-bancorp-inc-reports-results-for-the-three-and-six-months-ended-june-30-2021\/"},"modified":"2021-07-29T16:28:17","modified_gmt":"2021-07-29T20:28:17","slug":"rhinebeck-bancorp-inc-reports-results-for-the-three-and-six-months-ended-june-30-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rhinebeck-bancorp-inc-reports-results-for-the-three-and-six-months-ended-june-30-2021\/","title":{"rendered":"Rhinebeck Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2021"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n POUGHKEEPSIE, N.Y.<\/span>, July 29, 2021<\/span> \/PRNewswire\/ —\u00a0Rhinebeck Bancorp, Inc. (the\u00a0“Company”) (NASDAQ: RBKB), the holding company of Rhinebeck Bank<\/span> (the “Bank”), reported net income for the three months ended June 30, 2021<\/span> of $2.6 million<\/span> ($0.24<\/span> per basic and $0.23<\/span> per diluted share), which was $1.2 million<\/span>, or 90.3%, more than the comparable prior year period, and net income for the six months ended June 30, 2021<\/span> of $5.9 million<\/span> ($0.55<\/span> per basic and $0.54<\/span> per diluted share), which was $3.5 million<\/span>, or 142.9%, greater than the same period last year.\u00a0 <\/p>\n

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The increase in net income came largely from a credit to the provision for loan losses of $1.1 million<\/span> in the second quarter of 2021 as compared to a provision for loan losses of $2.3 million<\/span> for the second quarter of 2020. For the six months ended June 30, 2021<\/span>, the Company recorded a provision credit of $1.2 million<\/span> compared to an expense of $3.5 million<\/span> for the six months ended June 30, 2020<\/span>, which represented a $4.7 million<\/span>, or 135.2%, overall decrease in the provision for loan losses. The Company’s return on average assets and return on average equity were 0.86% and 8.54%, respectively, in the second quarter of 2021 as compared to 0.48% and 4.73%, respectively, in the second quarter of 2020. The Company’s return on average assets and return on average equity were 1.01% and 9.95%, respectively, for the first six months of 2021 as compared to 0.46% and 4.29%, respectively, for the first six months of 2020.<\/p>\n

On March 12, 2021<\/span>, the Bank completed its acquisition of two\u00a0branches located in Warwick<\/span> and Monroe, New York<\/span> from ConnectOne Bank, assuming $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 successful. During the six months ended June 30, 2021<\/span>, the Bank granted 145 new loan deferrals totaling $2.2 million<\/span>. As of June 30, 2021<\/span>, we had 49 loans totaling $29.9 million<\/span> of remaining deferrals outstanding and all were performing in accordance with their contractual terms. <\/p>\n

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\n Paycheck Protection Program (“PPP”)<\/i>
\n <\/b>. The second round PPP program began accepting new loan applications on January 11, 2021<\/span> and ended on May 5, 2021<\/span>, when the Small Business Administration (“SBA”) announced that general funds for the program were depleted. We received SBA approval for 376 applications totaling $48.2 million<\/span> and all had been funded. At June 30, 2021<\/span>, we had $74.3 million<\/span> of PPP loans outstanding.<\/p>\n

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