Recent Insider Transactions • May 22
Insider recently sold US$66k worth of stock On the 19th of May, Philip Bronzi sold around 4k shares on-market at roughly US$15.92 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$177k more than they bought in the last 12 months. Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: US$0.20 (vs US$0.21 in 1Q 2025) First quarter 2026 results: EPS: US$0.20 (down from US$0.21 in 1Q 2025). Revenue: US$12.6m (up 1.2% from 1Q 2025). Net income: US$2.22m (down 3.1% from 1Q 2025). Profit margin: 18% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Announcement • Apr 16
Rhinebeck Bancorp, Inc., Annual General Meeting, May 19, 2026 Rhinebeck Bancorp, Inc., Annual General Meeting, May 19, 2026. Location: 2 jefferson plaza, new york, poughkeepsie United States Announcement • Apr 14
Rhinebeck Bancorp Inc Appoints Michael Vitale as Executive Vice President, Head of Commercial Banking Rhinebeck Bancorp Inc. announced the appointment of Michael Vitale as Executive Vice President, Head of Commercial Banking. In this role, Vitale will lead the Bank's commercial banking division and work closely with lending teams across the organization to expand commercial loan growth while maintaining a strong focus on credit quality. He will also help drive the continued expansion of treasury management services and relationship-based banking solutions for business clients throughout the Hudson Valley and surrounding markets. Vitale brings nearly two decades of commercial banking experience to Rhinebeck Bank. Prior to joining the Bank, he served in senior leadership roles at Webster Bank, and previously held positions at Sterling National Bank, The Westchester Bank and JPMorgan Chase, building extensive experience in commercial lending, relationship management, and credit analysis. He also serves as a Non-Board Loan Committee Member of the Leviticus Fund, community development financial institution (CDFI) that provides financing and support for projects aimed at improving the lives of low-income and vulnerable individuals in the New York tri-state area. Vitale earned a Bachelor of Science in Economics and Mathematics from Fairfield University and was recognized by the Business Council of Westchester as a 2024 Rising Star, 40 Under 40 honoree. Reported Earnings • Mar 16
Full year 2025 earnings released: EPS: US$0.93 (vs US$0.80 loss in FY 2024) Full year 2025 results: EPS: US$0.93 (up from US$0.80 loss in FY 2024). Revenue: US$51.7m (up 100% from FY 2024). Net income: US$10.0m (up US$18.7m from FY 2024). Profit margin: 19% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Net interest margin (NIM): 3.89% (up from 3.17% in FY 2024). Cost-to-income ratio: 73.1% (down from 82.3% in FY 2024). Non-performing loans: 0.39% (down from 0.42% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Mar 14
Rhinebeck Bancorp, Inc. has filed a Follow-on Equity Offering in the amount of $89.125 million. Rhinebeck Bancorp, Inc. has filed a Follow-on Equity Offering in the amount of $89.125 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 8,912,500
Price\Range: $10
Discount Per Security: $0.35
Transaction Features: Bank Conversion; ESOP Related Offering Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$15.13, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 56% over the past three years. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: US$0.93 (vs US$0.80 loss in FY 2024) Full year 2025 results: EPS: US$0.93 (up from US$0.80 loss in FY 2024). Revenue: US$51.7m (up 100% from FY 2024). Net income: US$10.0m (up US$18.7m from FY 2024). Profit margin: 19% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jan 30
Rhinebeck Bancorp, Inc. Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2025 Rhinebeck Bancorp, Inc. reported net charge offs for the fourth quarter ended December 31, 2025. Net charge-offs decreased by $600,000 from $971,000 for the fourth quarter of 2024 to $371,000 for the fourth quarter of 2025. The decrease was primarily due to a charge-off on a commercial loan of $524,000 in the fourth quarter of 2024. Recent Insider Transactions • Dec 07
Insider recently sold US$56k worth of stock On the 3rd of December, Philip Bronzi sold around 5k shares on-market at roughly US$11.08 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$101k more than they bought in the last 12 months. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: US$0.25 (vs US$0.75 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.25 (up from US$0.75 loss in 3Q 2024). Net income: US$2.70m (up US$10.8m from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Oct 29
Rhinebeck Bancorp, Inc. Reports Net Charge Offs for the Third Quarter Ended September 30, 2025 Rhinebeck Bancorp, Inc. reported net charge offs for the third quarter ended September 30, 2025. Net charge-offs increased by $619,000 from $344,000 for the third quarter of 2024 to $963,000 for the third quarter of 2025. Recent Insider Transactions Derivative • Sep 14
CEO, President & Director exercised options and sold US$358k worth of stock On the 9th of September, Michael Quinn exercised 95.10k options at around US$6.57, then sold 56k of the shares acquired at an average of US$13.00 per share and kept the remainder. For the year to December 2018, Michael's total compensation was 82% salary and 18% non-salary. Since March 2025, Michael has owned 62.48k shares directly. Company insiders have collectively sold US$185k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 05
Chief Credit Officer & Senior VP recently sold US$65k worth of stock On the 29th of August, James McCardle sold around 5k shares on-market at roughly US$13.08 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$86k more than they bought in the last 12 months. New Risk • Aug 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Announcement • Mar 23
Michael J. Quinn Intends to Retire from CEO of Rhinebeck Bancorp, Inc., Rhinebeck Bank and Rhinebeck Bancorp, MHC On March 21, 2025, Michael J. Quinn advised Rhinebeck Bancorp, Inc. (the Company"), Rhinebeck Bank (the Bank"), and Rhinebeck Bancorp, MHC (the MHC"), that after 40 years of service to the Bank, he intended to retire from his positions as Chief Executive Officer of the Company, the Bank, and the MHC. Mr. Quinn will remain in his roles as a director, trustee, President and Chief Executive Officer until the earlier of the end of the year or until a successor is found to ensure an orderly transition. The Board of Directors of the Bank has formed a Search Committee in accordance with the Bank's succession plan to find a successor to Mr. Quinn. Michael J. Quinn will retire following an extraordinary 40-year career with the Bank, including 20 years as CEO. During his tenure, Mr. Quinn led the Bank through a period of transformational change expanding its footprint, increasing assets by 246% successfully transitioning to a publicly traded company, and deepening its community impact. Announcement • Mar 22
Michael J. Quinn Intends to Retire from Director and President of Rhinebeck Bancorp, Inc., Rhinebeck Bank and Trustee and president of Rhinebeck Bancorp On March 21, 2025, Michael J. Quinn advised Rhinebeck Bancorp, Inc. (the Company"), Rhinebeck Bank (the Bank"), and Rhinebeck Bancorp, MHC (the MHC"), that after 40 years of service to the Bank, he intended to retire: (1) as a Trustee of the MHC, and as a Director of the Company and the Bank; and (2) from his positions as Chief Executive Officer and President of the Company, the Bank, and the MHC. Mr. Quinn will remain in his roles as a director, trustee, President and Chief Executive Officer until the earlier of the end of the year or until a successor is found to ensure an orderly transition. The Board of Directors of the Bank has formed a Search Committee in accordance with the Bank's succession plan to find a successor to Mr. Quinn. Announcement • Jan 31
Rhinebeck Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 Rhinebeck Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2024. For the quarter, the company reported Net charge-offs increased $325,000 from $646,000 for the fourth quarter of 2023 to $971,000 for the fourth quarter of 2024. The increase was primarily due to a commercial loan charge-off of $524,000 in the fourth quarter of 2024. Buy Or Sell Opportunity • Oct 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to US$8.99. The fair value is estimated to be US$7.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. Announcement • Oct 25
Rhinebeck Bancorp, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2024 Rhinebeck Bancorp, Inc. reported Net charge-offs for the third quarter ended September 30, 2024. Net charge-offs decreased $41,000 from $385,000 for the third quarter of 2023 to $344,000 for the third quarter of 2024. The decrease was primarily due to decreased net charge-offs in indirect automobile loans of $216,000 and recoveries in residential real estate and commercial loans in the third quarter of 2023. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: US$0.091 (vs US$0.13 in 2Q 2023) Second quarter 2024 results: EPS: US$0.091 (down from US$0.13 in 2Q 2023). Revenue: US$10.2m (down 8.2% from 2Q 2023). Net income: US$975.0k (down 32% from 2Q 2023). Profit margin: 9.6% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jun 26
Rhinebeck Bancorp, Inc. Announces Chief Financial Officer Changes Rhinebeck Bancorp, Inc. announced the appointment of Kevin Nihillas Chief Financial Officer. Nihill replaced former Chief Financial Officer, Michael McDermott, who retired from the Bank after 23 years of service. Nihill brings a wealth of banking and corporate finance experience to his new role, having most recently served as Executive Vice President, Chief Financial Officer at St. Mary's Bank, a credit union in Manchester, NH. His career experience also includes service as Senior Vice President, Treasurer at Berkshire Bank, headquartered in Pittsfield, MA. Throughout his career, Nihill maintained an exemplary track record of leading cross-functional teams on a diverse array of projects. In his new role, he will be responsible for directing and controlling the Company's accounting and financial operations, including required financial, regulatory, and tax reporting duties and managing the Bank's budgeting process. A Chartered Financial Analyst (CFA), Nihill holds a Master of Business Administration in Finance degree from Rensselaer Polytechnic Institute in Troy, NY and is also a graduate of Cornell University. Nihill resides in Castleton-on-Hudson, NY with his wife and two children. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: US$0.10 (vs US$0.073 in 1Q 2023) First quarter 2024 results: EPS: US$0.10 (up from US$0.073 in 1Q 2023). Revenue: US$10.3m (flat on 1Q 2023). Net income: US$1.12m (up 41% from 1Q 2023). Profit margin: 11% (up from 7.8% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Apr 16
Rhinebeck Bancorp, Inc., Annual General Meeting, May 21, 2024 Rhinebeck Bancorp, Inc., Annual General Meeting, May 21, 2024, at 11:00 US Eastern Standard Time. Agenda: To consider the election of three directors to serve for a term of three years; to consider the ratification of the appointment of Wolf & Company, P.C. to serve as the independent registered public accounting firm for the fiscal year ending December 31, 2024; and to consider the transaction of any other business that may properly come before the meeting and any adjournment or postponement of the meeting. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: US$0.41 (vs US$0.65 in FY 2022) Full year 2023 results: EPS: US$0.41 (down from US$0.65 in FY 2022). Revenue: US$41.7m (down 10.0% from FY 2022). Net income: US$4.40m (down 37% from FY 2022). Profit margin: 11% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.06% (down from 3.45% in FY 2022). Cost-to-income ratio: 83.3% (up from 78.4% in FY 2022). Non-performing loans: 0.41% (down from 0.45% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 15
Now 20% undervalued Over the last 90 days, the stock has risen 25% to US$8.30. The fair value is estimated to be US$10.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. Buy Or Sell Opportunity • Feb 23
Now 20% undervalued Over the last 90 days, the stock has risen 32% to US$8.53. The fair value is estimated to be US$10.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. Buy Or Sell Opportunity • Feb 14
Now 20% undervalued Over the last 90 days, the stock has risen 31% to US$8.50. The fair value is estimated to be US$10.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. Announcement • Feb 01
Rhinebeck Bancorp, Inc. Announces Retirement of Michael J. McDermott as Chief Financial Officer, Effective May 31, 2024 On January 31, 2024, Rhinebeck Bancorp, Inc. (the Company) announced the retirement of Michael J. McDermott as Chief Financial Officer of the Company. The retirement is effective May 31, 2024. Mr. McDermott has served as its chief financial officer since 2001. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$0.41 (vs US$0.65 in FY 2022) Full year 2023 results: EPS: US$0.41 (down from US$0.65 in FY 2022). Revenue: US$42.0m (down 9.2% from FY 2022). Net income: US$4.40m (down 37% from FY 2022). Profit margin: 11% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 19
Now 21% undervalued Over the last 90 days, the stock has risen 34% to US$8.52. The fair value is estimated to be US$10.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 9.3%. Buying Opportunity • Jan 16
Now 20% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be US$10.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 9.3%. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$7.98, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 9x in the Banks industry in the US. Total loss to shareholders of 5.6% over the past three years. Announcement • Oct 31
Rhinebeck Bancorp, Inc. Announces Promotion of Mark Malone to Chief Retail Officer Rhinebeck Bancorp, Inc. announced promotion of Mark Malone to chief retail officer. He had joined the bank in 2012 and was most recently, a senior vice president of retail banking. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: US$0.12 (vs US$0.19 in 3Q 2022) Third quarter 2023 results: EPS: US$0.12 (down from US$0.19 in 3Q 2022). Revenue: US$10.4m (down 13% from 3Q 2022). Net income: US$1.24m (down 41% from 3Q 2022). Profit margin: 12% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Sep 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Donald Beeler was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$76.7m market cap). Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: US$0.13 (vs US$0.19 in 2Q 2022) Second quarter 2023 results: EPS: US$0.13 (down from US$0.19 in 2Q 2022). Revenue: US$11.1m (down 7.6% from 2Q 2022). Net income: US$1.43m (down 30% from 2Q 2022). Profit margin: 13% (down from 17% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Buying Opportunity • Jul 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be US$8.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 9.0%. Buying Opportunity • Jun 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be US$8.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 9.0%. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: US$0.65 (vs US$1.07 in FY 2021) Full year 2022 results: EPS: US$0.65 (down from US$1.07 in FY 2021). Revenue: US$46.3m (down 8.3% from FY 2021). Net income: US$7.00m (down 40% from FY 2021). Profit margin: 15% (down from 23% in FY 2021). Net interest margin (NIM): 3.45% (no change from 3.45% in FY 2021). Cost-to-income ratio: 78.4% (up from 75.8% in FY 2021). Non-performing loans: 0.45% (down from 0.78% in FY 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Rhinebeck Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2022 Rhinebeck Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2022. For the fourth quarter of 2022, the company reported net charge-off of $851,000 for the fourth quarter of 2022. Reported Earnings • Jan 28
Full year 2022 earnings released: EPS: US$0.65 (vs US$1.07 in FY 2021) Full year 2022 results: EPS: US$0.65 (down from US$1.07 in FY 2021). Revenue: US$46.3m (down 8.3% from FY 2021). Net income: US$7.00m (down 40% from FY 2021). Profit margin: 15% (down from 23% in FY 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: US$0.19 (vs US$0.25 in 3Q 2021) Third quarter 2022 results: EPS: US$0.19 (down from US$0.25 in 3Q 2021). Revenue: US$11.9m (down 5.6% from 3Q 2021). Net income: US$2.11m (down 22% from 3Q 2021). Profit margin: 18% (down from 21% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Oct 29
Rhinebeck Bancorp, Inc. Announces Net Charge Off for the Third Quarter Ended September 30, 2022 Rhinebeck Bancorp, Inc. announced net charge off for the third quarter ended September 30, 2022. For the quarter, the company announced that Net charge-offs increased $84,000 to $222,000 from $138,000 for the comparable quarter in 2021 primarily due to increased charge-offs in its indirect automobile portfolio as loan balances increased. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.19 (vs US$0.24 in 2Q 2021) Second quarter 2022 results: EPS: US$0.19 (down from US$0.24 in 2Q 2021). Revenue: US$12.0m (flat on 2Q 2021). Net income: US$2.03m (down 21% from 2Q 2021). Profit margin: 17% (down from 21% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: US$0.19 (vs US$0.31 in 1Q 2021) First quarter 2022 results: EPS: US$0.19 (down from US$0.31 in 1Q 2021). Revenue: US$11.6m (down 4.0% from 1Q 2021). Net income: US$2.05m (down 38% from 1Q 2021). Profit margin: 18% (down from 28% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Steven Howell was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Rhinebeck Bancorp, Inc., Annual General Meeting, May 24, 2022 Rhinebeck Bancorp, Inc., Annual General Meeting, May 24, 2022, at 11:00 US Eastern Standard Time. Agenda: To consider the election of three directors to serve for a term of three years; to consider the ratification of the appointment of wolf & company, p.c. to serve as the independent registered public accounting firm for the fiscal year ending december 31, 2022; and to consider the transaction of any other business that may properly come before the meeting and any adjournment or postponement of the meeting. (note: the board of directors is not aware of any other business to come before the meeting. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.07 (up from US$0.55 in FY 2020). Revenue: US$50.5m (up 35% from FY 2020). Net income: US$11.6m (up 95% from FY 2020). Profit margin: 23% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS US$0.25 (vs US$0.11 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$12.7m (up 43% from 3Q 2020). Net income: US$2.69m (up 134% from 3Q 2020). Profit margin: 21% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS US$0.24 (vs US$0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$12.1m (up 43% from 2Q 2020). Net income: US$2.57m (up 90% from 2Q 2020). Profit margin: 21% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 05
First quarter 2021 earnings released: EPS US$0.31 (vs US$0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$12.1m (up 39% from 1Q 2020). Net income: US$3.32m (up 209% from 1Q 2020). Profit margin: 28% (up from 12% in 1Q 2020). The increase in margin was driven by higher revenue. Announcement • Apr 30
Rhinebeck Bancorp, Inc. Announces Net Charge-Offs for the Quarter Ended March 31, 2021 Rhinebeck Bancorp, Inc. announced net charge-offs for the quarter ended March 31, 2021. Net charge-offs for the quarter ended March 31, 2021 totaled $303,000 compared to $535,000 for the respective period in 2020, as charge-offs fell and recoveries improved period over period. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS US$0.55 (vs US$0.56 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: US$37.5m (up 6.0% from FY 2019). Net income: US$5.92m (flat on FY 2019). Profit margin: 16% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.56% (down from 3.76% in FY 2019). Cost-to-income ratio: 67.3% (down from 73.7% in FY 2019). Non-performing loans: 0.72% (down from 1.13% in FY 2019). Is New 90 Day High Low • Feb 25
New 90-day high: US$9.93 The company is up 21% from its price of US$8.20 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 7.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day high: US$9.37 The company is up 28% from its price of US$7.33 on 10 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 5.0% over the same period. Reported Earnings • Feb 05
Full year 2020 earnings released: EPS US$0.55 (vs US$0.56 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: US$37.5m (up 6.0% from FY 2019). Net income: US$5.92m (flat on FY 2019). Profit margin: 16% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 13
New 90-day high: US$9.32 The company is up 32% from its price of US$7.06 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 17% share price gain to US$9.02, the stock is trading at a trailing P/E ratio of 18.2x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 12x in the Mortgage industry in the US. Total return to shareholders over the past year is a loss of 17%. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS US$0.11 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$8.87m (down 6.3% from 3Q 2019). Net income: US$1.15m (down 45% from 3Q 2019). Profit margin: 13% (down from 22% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Is New 90 Day High Low • Nov 10
New 90-day high: US$7.20 The company is up 6.0% from its price of US$6.79 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Mortgage industry, which is down 2.0% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of US$5.31m, down 2.1% from the prior year. Total revenue was US$35.3m over the last 12 months, up 2.0% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day low: US$6.36 The company is down 5.0% from its price of US$6.70 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Mortgage industry, which is down 25% over the same period.