Rhinebeck Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
October 28, 2021 at 04:37 pm
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Rhinebeck Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported net interest income was USD 10.06 million compared to USD 9.03 million a year ago. Net income was USD 2.69 million compared to USD 1.15 million a year ago. Basic earnings per share from continuing operations was USD 0.25. Diluted earnings per share from continuing operations was USD 0.25.
For the nine months, net interest income was USD 28.97 million compared to USD 26.33 million a year ago. Net income was USD 8.57 million compared to USD 3.57 million a year ago. Basic earnings per share from continuing operations was USD 0.8 compared to USD 0.33 a year ago. Diluted earnings per share from continuing operations was USD 0.79 compared to USD 0.33 a year ago.
Rhinebeck Bancorp, Inc. is a holding company for Rhinebeck Bank (the Bank). The Bank provides a full range of banking and financial services to consumer and commercial customers through approximately 14 branches and over two representative offices located in Dutchess, Ulster, Orange, and Albany counties. The Bankâs primary business activity is accepting deposits from the public and using those funds, primarily to originate indirect automobile loans (automobile loans referred to as automobile dealerships), commercial real estate loans (which include multi-family real estate loans and commercial construction loans), commercial business loans and one-to four-family residential real estate loans, and to purchase investment securities. It offers various deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, and others. It also offers alternative delivery channels, including online banking and bill pay.