Rhinebeck Bancorp reported second quarter 2026 net income of $2.6 million, or $0.24 per diluted share, a 4.0% decrease from the prior year, primarily driven by higher non-interest expenses. The bank's total revenue, comprising net interest and non-interest income, grew to $13.4 million.
Key Highlights
- Diluted EPS of $0.24 beat analyst estimates of $0.20, while total revenue of $13.4 million exceeded the $12.7 million estimate.
- Net interest income increased 1.2% year-over-year to $11.6 million, while the net interest margin remained stable at 3.78%.
- Credit quality showed significant improvement, with past-due loans decreasing 34.6% to $9.5 million since the end of 2025.
- Subsequent to quarter-end, the company completed its second-step conversion on July 21, generating gross proceeds of $88.8 million.