Rhinebeck Bancorp, Inc. reported a net income of $2.7 million for the second quarter of 2025, a significant increase from $975,000 in the same period last year. This translates to earnings per share of $0.25, up from $0.09 in the prior year. For the first half of 2025, net income reached $5.0 million, compared to $2.1 million for the same period in 2024. The increase in profitability was driven by a rise in interest and dividend income, which grew by $1.1 million, or 6.8%, to $16.8 million for the quarter, and a decrease in interest expenses, which fell by $1.4 million, or 20.7%, to $5.3 million.
Total assets for Rhinebeck Bancorp increased by $18.5 million, or 1.5%, to $1.27 billion as of June 30, 2025. This growth was primarily attributed to a substantial increase in cash and cash equivalents, which rose by $52.1 million, or 139.1%, largely due to a $47.2 million increase in federal funds sold. However, the company experienced a decline in available-for-sale securities, which decreased by $18.6 million, or 11.6%, and loans receivable, which fell by $11.0 million, or 1.1%, to $960.8 million.
In terms of operational developments, total deposits increased by $50.0 million, or 4.9%, to $1.07 billion, with interest-bearing deposits rising by $48.7 million, or 6.2%. The growth in deposits was driven by a notable increase in money market accounts and certificates of deposit. Additionally, the company reported a decrease in non-accrual loans, which fell by $1.2 million, or 29.7%, to $2.9 million, indicating improved credit quality.
Looking ahead, Rhinebeck Bancorp's management expressed optimism about maintaining its growth trajectory, citing strategic initiatives aimed at enhancing customer engagement and expanding its product offerings. The company plans to continue focusing on improving its loan portfolio while managing interest rate risk effectively. The outlook remains positive, with expectations for further increases in net interest income and continued strength in deposit growth, supported by the bank's competitive positioning in the market.
About Rhinebeck Bancorp, Inc.
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