Rhinebeck Bancorp, Inc.

Rhinebeck Bancorp, Inc. announced the successful results of its subscription offering, conducted in connection with the mutual-to-stock conversion of Rhinebeck Bancorp, MHC. The offering was significantly oversubscribed by eligible depositors, with orders exceeding the maximum offering range. The company also confirmed that existing shareholders will receive 1.3978 new shares for each existing share, resulting in approximately 15,638,237 shares outstanding post-transaction. The conversion and offering are expected to close on July 21, 2026, with new shares commencing trading on July 22, 2026.

Rhinebeck Bancorp, Inc. announced that its stockholders and the depositors of Rhinebeck Bank approved the Amended and Restated Plan of Conversion and Reorganization. This plan will convert Rhinebeck Bancorp, MHC from a mutual holding company to a fully public stock holding company structure. The conversion's closing is contingent on final regulatory approvals and the sale of at least 6,587,500 shares of common stock, with the subscription offering having already expired.

Rhinebeck Bancorp, Inc. announced the commencement of a public offering of up to 8,912,500 shares of its common stock at $10.00 per share. This offering is part of the proposed conversion of Rhinebeck Bancorp, MHC from a mutual holding company to a fully stock holding company. The shares are initially offered in a subscription offering to eligible depositors and employee benefit plans, with any remaining shares potentially offered to the general public. The company must sell at least 6,587,500 shares to complete the conversion, which is also subject to regulatory and shareholder approvals.

Rhinebeck Bancorp, Inc., its parent mutual holding company, and Rhinebeck Bank entered into an Agency Agreement with Keefe, Bruyette & Woods, Inc. (KBW) on May 14, 2026. KBW will assist in the marketing of the company's common stock during its stock offering, serving as financial advisor, marketing agent, and records agent. KBW will receive a $50,000 management fee, a success fee ranging from 1.0% to 1.5% of offering proceeds, and a $45,000 records agent fee, with potential for an additional $15,000.

Rhinebeck Bancorp reported a net income of $2.22 million for the first quarter of 2026, a 3.15% decrease from $2.29 million in the prior year. Basic earnings per share also declined to $0.20 from $0.21. Despite a slight decrease in total interest and dividend income, net interest income increased by 1.42% to $11.19 million, primarily due to a decrease in interest expense. The company also saw a significant reduction in its provision for credit losses.

Rhinebeck Bancorp, Inc. reported a net income of $2.2 million for the first quarter ended March 31, 2026, resulting in $0.20 per basic and diluted share. This marks a 3.1% decrease from the $2.3 million ($0.21 per share) reported in the comparable prior year period. The decline was primarily attributed to a decrease in non-interest income and an increase in non-interest expense, which were partially offset by a decrease in the provision for credit losses and an increase in net interest income.