Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when RBKB files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsRhinebeck Bancorp completes second-step conversion, raises $88.8M at $10/share
Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
-
high
Completed second-step conversion on July 21, 2026, eliminating mutual holding company structure and raising $88.8M gross proceeds by selling 8.88M shares at $10.00 per share; existing public shareholders received 1.3978 new shares for each old share.
Exhibit 99.1 view on EDGAR → -
high
Q2 2026 net income of $2.6M ($0.24/diluted share) declined 4.0% year-over-year; six-month net income of $4.8M ($0.44/diluted share) down 3.6%, driven by higher non-interest expense partially offset by higher net interest income.
Exhibit 99.1 view on EDGAR → -
medium
Net interest margin compressed 19 basis points to 3.78% and interest rate spread narrowed 13 basis points to 3.20% despite 1.2% growth in net interest income to $11.6M, reflecting lower yields on earning assets.
Exhibit 99.1 view on EDGAR → -
medium
Asset quality improved with past-due loans declining 34.6% to $9.5M (1.03% of total loans) from year-end 2025, driven by more conservative underwriting in indirect automobile loans; non-performing assets decreased to $3.4M.
Exhibit 99.1 view on EDGAR → -
medium
Deposits grew $185.6M to $1.28B, including $156.0M in stock subscription funds held in segregated account; excluding subscription funds, core deposits increased $29.6M (2.7%) while FHLB borrowings declined $20.0M (79.5%).
Exhibit 99.1 view on EDGAR →
Summary
Rhinebeck Bancorp completed its second-step conversion on July 21, 2026, eliminating the mutual holding company structure and raising $88.8 million in gross proceeds by selling 8.88 million shares at $10.00 per share. Existing public shareholders received 1.3978 new shares for each old share held, and the company will have 15.6 million shares outstanding post-transaction.
The conversion provides the company with substantial capital to support future growth and strategic initiatives. The company reported Q2 2026 net income of $2.6 million, or $0.24 per diluted share, down 4.0% from the prior year quarter, primarily due to higher non-interest expense.
Net interest income grew 1.2% to $11.6 million, but the net interest margin compressed 19 basis points to 3.78% as yields on earning assets declined in the current rate environment. Asset quality improved notably, with past-due loans declining 34.6% to 1.03% of total loans, reflecting more conservative underwriting standards in the indirect automobile portfolio. Core deposits (excluding the $156 million in stock subscription funds) grew 2.7% from year-end while the company reduced FHLB borrowings by 79.5%, strengthening its funding profile.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Rhinebeck Bancorp announced Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On July 23, 2026, Rhinebeck Bancorp, Inc. issued a press release announcing the 2026 second quarter financial results.
The company disclosed its second quarter 2026 financial results through a press release. The 8-K body does not contain the actual financial figures; those would be in the attached Exhibit 99.1 press release, which was not provided in the input text.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Total liabilities increased by $165.5 million, or 14.2%, to $1.33 billion at June 30, 2026, primarily driven by a $185.6 million, or 16.9%, increase in deposits which included $156.0 million in stock subscriptions, and a $3.8 million increase in mortgagors’ escrow accounts. The increases were slightly offset by a reduction in borrowings of $20.0 million, or 79.5%. The growth in deposits was attributable to a $170.1 million, or 19.6%, increase in interest-bearing deposits, which included $156.0 million in stock subscription deposits, while non-interest-bearing deposits increased by $15.5 million, or 6.8%. Uninsured deposits were approximately 36.7% and 27.9% of the Bank’s total deposits as of June 30, 2026 and December 31, 2025, respectively. Excluding the $156.0 million of funds collected and held on deposit in a segregated account in connection with the Company's stock offering in the second quarter of 2026, the Company's uninsured deposits to total deposits totaled 28.0% at June 30, 2026.
Deposits increased $185.6 million to $1.28 billion, including $156.0 million in stock subscription funds held in a segregated account. Excluding subscription funds, deposits grew $29.6 million, or 2.7%, from year-end. Uninsured deposits were 36.7% of total deposits, but only 28.0% excluding the subscription funds. The company reduced FHLB borrowings by $20.0 million, or 79.5%.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 24, 2026 · How we verify