POUGHKEEPSIE, NY / ACCESS Newswire / January 29, 2026 / Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per share were $0.21 for the fourth quarter of 2025, compared to earnings per share of $0.25 for the third quarter of 2025 and diluted loss per share of $0.25 for the same quarter of 2024. Net income for the year ended December 31, 2025 totaled $10.0 million, compared to a net loss of $8.6 million for last year. Diluted earnings per share were $0.92 and diluted loss per share was $0.80 for the years ended December 31, 2025 and 2024, respectively. The results for the quarter and year-ended December 31, 2024 reflected $4.0 million and $16.0 million of loss on the sale of securities, respectively, from the previously disclosed balance sheet restructurings.

President and Chief Executive Officer Matthew Smith said, "We are pleased to report a strong turnaround in profitability in 2025, highlighted by full-year net income of $10.0 million and a return on average assets of 0.78%. Our 2025 results reflect disciplined balance sheet management, improved operating efficiency, and margin expansion in a challenging interest rate environment. Net interest margin increased to 3.89% for the year, driven by prudent pricing strategies and stable funding costs, while our efficiency ratio improved meaningfully to 73.12%. Asset quality remains strong, with non-performing assets at just 0.28% of total assets. We enter 2026 with a solid capital position, strong liquidity, and a continued focus on supporting our customers and communities while delivering sustainable value to shareholders."

Income Statement Analysis

Net interest income increased $1.7 million, or 16.3%, to $11.8 million for the three months ended December 31, 2025, from $10.2 million for the three months ended December 31, 2024. Net interest income for the three months ended September 30, 2025 was $12.0 million. The increase over prior year was primarily due to higher yields, higher average balances of interest-earning assets and lower costs on interest-bearing liabilities, partially offset by an increase in the average balance of interest-bearing liabilities. The interest rate spread improved 42 basis points from 2.78% for the three months ended December 31, 2024 to 3.20% for the three months ended December 31, 2025, as asset yields increased while liability costs decreased. For the three months ended December 31, 2025, when compared to the same period in 2024, the average yield of interest-earning assets improved by 30 basis points to 5.79% and the average balance of interest-earning assets increased by $55.8 million, or 4.8%, to $1.21 billion. The balance sheet restructuring in the fourth quarter of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities increased by $50.5 million, or 5.9%, primarily due to a $75.1 million increase in the average balance of interest-bearing deposits (primarily money market accounts and time deposits), partially offset by a $24.6 million decrease in the average balance of FHLB advances, while the cost of interest-bearing liabilities decreased by 12 basis points to 2.59% due to the lower market interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin was 3.87% for the three months ended December 31, 2025, compared to 3.93% for the three months ended September 30, 2025 and 3.50% for the three months ended December 31, 2024.

Year-to-date net interest income increased $8.7 million, or 23.1%, to $46.4 million compared to $37.7 million for the prior year primarily due to higher yields on interest-earning assets and lower costs on interest- bearing liabilities.The interest rate spread increased by 79 basis points, from 2.44% for the year ended December 31, 2024, to 3.23% for 2025, primarily due to favorable asset and liability pricing. For the year ended December 31, 2025, the average balance of interest-earning assets increased by $3.0 million, or 0.3%, to $1.19 billion while the average yieldimproved by 46 basis points to 5.77%, when compared to the year ended December 31, 2024. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available-for-sale securities. The average balance of interest-bearing liabilities decreased by $4.6 million, or 0.5%, primarily due to a decrease in the average balance of FHLB advances of $42.8 million, partially offset by a $38.7 million increase in the average balance of deposits (primarily money market accounts and time deposits), while the cost of interest-bearing liabilities decreased by 33 basis points to 2.54% due to the lower interest rate environment and less reliance on higher-costing FHLB advances. The net interest margin increased by 72 basis points to 3.89% for the year ended December 31, 2025 from 3.17% for the year ended December 31, 2024.

The provision for credit losses decreased by $878,000, or 63.6%, from $1.4 million for the quarter ended December 31, 2024 to $503,000 for the current quarter primarily due to lower loan balances and a decrease in net charge-offs. The provision for credit losses was $904,000 for the quarter ended September 30, 2025. Net charge-offs decreased by $600,000 from $971,000 for the fourth quarter of 2024 to $371,000 for the fourth quarter of 2025. The decrease was primarily due to a charge-off on a commercial loan of $524,000 in the fourth quarter of 2024.

The provision for credit losses decreased by $1.1 million, or 40.8%, from $2.8 million for the year ended December 31, 2024 to $1.7 million for the year ended December 31, 2025. The decrease in the provision was primarily due to decreases in net charge-offs on indirect automobile loans and commercial loans, partially offset by an increase in commercial real-estate loans. Net charge-offs decreased $462,000, or 19.3%, to $1.9 million for the year ended December 31, 2025 as compared to $2.4 million for the year ended December 31, 2024. The decrease was primarily due to decreased net charge-offs on indirect automobile and commercial loans, partially offset by increased net charge-offs on commercial real estate loans. The percentage of overdue account balances to total loans decreased to 1.52% at December 31, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $434,000, or 10.5%, to $3.7 million at December 31, 2025.

Non-interest income totaled $1.7 million for the three months ended December 31, 2025, compared to $1.9 million in the third quarter 2025 and a net loss of $2.2 million for the same period in 2024. The prior-year period included a $4.0 million loss on the sale of investment securities related to the Company's balance sheet restructuring. Excluding this loss, non-interest income would have decreased $178,000 from $1.9 million for the three months ended December 31, 2024 to $1.7 million for the current period. This decrease was primarily due to a $261,000 decrease in other non-interest income, particularly in swap income, partially offset by a $40,000, or 10.1%, increase in investment advisory income and a $27,000 increase in gain on sale of loans.

Non-interest income totaled $7.0 million for the year ended December 31, 2025, compared to a net loss of $9.0 million for 2024, representing an increase of $16.0 million. The net loss in 2024 was primarily attributable to a $16.0 million loss on the sale of investment securities in connection with the Company's 2024 balance sheet restructuring. Excluding this loss, non-interest income would have decreased by $86,000, from $7.1 million for the year ended December 31, 2024, to $7.0 million for the year ended December 31, 2025. The decrease in non-interest income reflected a $413,000 decrease in income related to life insurance proceeds recognized during the fourth quarter of 2024, a $22,000 decrease in investment advisory income and an $18,000 decrease on service charges on deposit accounts. These decreases were largely offset by a $223,000, or 18.4%, increase in other non-interest income, primarily due to higher swap income, and a $92,000 increase in gain on the sales of loans.

For the fourth quarter of 2025, non-interest expense rose to $10.1 million, reflecting a $135,000, or 1.4%, increase compared to the same period in 2024. Noninterest expense was $9.7 million in the third quarter of 2025. The increase over the prior year quarter was primarily due to an increase in salaries and employee benefits which rose $343,000, or 6.3%, primarily due to increased incentive compensation and production commissions. Data processing expenses increased $83,000 and marketing expenses increased $62,000. These increases were partially offset by a $211,000 decrease in professional fees and a $126,000 decrease in FDIC deposit insurance.

For the year ended December 31, 2025, non-interest expense totaled $39.0 million, representing an increase of $2.2 million, or 5.9%, compared to $36.8 million in 2024. The increase was driven primarily by higher compensation and operating costs across several categories. Salaries and employee benefits rose $1.2 million, or 6.1%, largely reflecting higher incentive-based compensation, production commissions, and annual merit increases implemented to attract and retain talent. Other non-interest expense increased $629,000, or 9.7%, primarily due to higher retail banking and administrative costs. Marketing expense increased $271,000, or 46.1%, data processing expense rose $145,000, or 7.1%, and occupancy expense increased $91,000, or 2.1%, reflecting higher facilities-related costs. These increases were partially offset by decreases in professional fees of $123,000, or 6.4%, and FDIC deposit insurance and other insurance costs of $63,000, or 5.7%.

Balance Sheet Analysis

Total assets increased by $46.0 million, or 3.7%, to $1.30 billion as of December 31, 2025. Cash and cash equivalents rose by $64.5 million, or 172.1%. Available-for-sale securities increased by $2.3 million, or 1.4%, primarily due to $49.0 million in purchases and a $5.3 million reduction in unrealized losses, partially offset by $52.3 million in paydowns, calls, and maturities. Loans receivable decreased by $18.4 million, or 1.9%, to $953.4 million, primarily reflecting a strategic decrease of $81.9 million in indirect automobile loans, in line with our decision to reduce their share of the portfolio, partially offset by a $52.1 million increase in commercial real estate loans and a $13.4 million increase in residential real estate loans.

Past due loans decreased $2.2 million, or 13.0%, to $14.5 million, or 1.52% of total loans at December 31, 2025, down from $16.7 million, or 1.71% of total loans, at December 31, 2024. The decrease was most notable in indirect automobile loans, reflecting the positive impact of more conservative underwriting standards. The allowance for credit losses was 0.87% of total loans and 225.76% of non-performing loans at December 31, 2025 as compared to 0.88% of total loans and 206.56% of non-performing loans at December 31, 2024. Non-performing assets totaled $3.7 million at December 31, 2025, a decrease of $434,000, or 10.5%, from $4.1 million at December 31, 2024.

Total liabilities increased by $31.0 million, or 2.7%, to $1.16 billion at December 31, 2025. The increase was primarily driven by a $76.6 million, or 7.5%, increase in deposits. The growth in deposits was attributable to an $87.4 million, or 11.2%, increase in interest-bearing deposits, partially offset by a decrease in non-interest-bearing deposits of $10.9 million, or 4.6%. Uninsured deposits were approximately 27.9% and 26.9% of the Bank's total deposits as of December 31, 2025 and December 31, 2024, respectively. The increase in deposits was partially offset by a $44.6 million, or 64.0%, reduction in borrowings as deposit growth allowed for excess cash to be used to pay down debt.

Stockholders' equity increased $15.0 million, or 12.3%, to $136.9 million at December 31, 2025. The increase was primarily due to net income of $10.0 million and a $5.0 million decrease in accumulated other comprehensive loss due to the balance sheet restructuring and the decreased interest rate environment. The Company's ratio of average equity to average assets was 10.09% for the year ended December 31, 2025 and 9.23% for the year ended December 31, 2024.

About Rhinebeck Bancorp

Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is the majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a New York chartered stock savings bank, which provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties in New York State. Financial services including comprehensive brokerage, investment advisory services, financial product sales and employee benefits are offered through Rhinebeck Asset Management, a division of the Bank.

Forward Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe", "expect", "anticipate", "estimate", "intend", "predict", "forecast", "improve", "continue", "will", "would", "should", "could", or "may". Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, fluctuations in real estate values, general economic conditions or conditions within the securities markets, potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies and potential retaliatory responses, the impact of any federal government shutdown, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in asset quality, loan sale volumes, charge-offs and credit loss provisions, changes in economic assumptions that may impact our allowance for credit losses calculation, changes in demand for our products and services, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, the effect of our rating under the Community Reinvestment Act, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters, such as earthquakes, drought, pandemics, extreme weather events, or a breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's or the Bank's financial condition and results of operations and the business in which the Company and the Bank are engaged.

Accordingly, you should not place undue reliance on forward-looking statements. Rhinebeck Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

The Company's summary consolidated statements of income and financial condition and other selected financial data follow:

Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)

	Three Months Ended
	December 31,		September 30,			December 31,			Year Ended December 31,
	2025		2025			2024			2025		2024
Interest and Dividend Income
Interest and fees on loans	$	15,371	$	15,712		$	14,463		$	61,157	$	57,835
Interest and dividends on securities		1,360		1,124			1,285			5,110		4,274
Other income		990		923			235			2,606		1,113
Total interest and dividend income		17,721		17,759			15,983			68,873		63,222
Interest Expense
Interest expense on deposits		5,446		5,443			5,223			20,517		21,294
Interest expense on borrowings		446		281			585			1,963		4,233
Total interest expense		5,892		5,724			5,808			22,480		25,527
Net interest income		11,829		12,035			10,175			46,393		37,695
Provision for Credit Losses		503		904			1,381			1,659		2,800
Net interest income after provision for credit losses		11,326		11,131			8,794			44,734		34,895
Non-interest Income (Loss)
Service charges on deposit accounts		744		739			750			2,984		3,002
Net realized loss on sales of securities		-		-			(4,045	)		-		(16,041	)
Net gain on sales of loans		56		89			29			252		160
Increase in cash surrender value of life insurance		200		198			187			780		751
Net gain from sale of other real estate owned		-		-			-			-		4
Net gain (loss) on disposal of premises and equipment		10		(1	)		-			9		(18	)
Gain on life insurance		-		-			1			-		413
Investment advisory income		438		467			398			1,510		1,532
Other		231		447			492			1,436		1,213
Total non-interest income (loss)		1,679		1,939			(2,188	)		6,971		(8,984	)
Non-interest Expense
Salaries and employee benefits		5,768		5,470			5,425			21,614		20,372
Occupancy		1,090		1,081			1,117			4,357		4,266
Data processing		603		524			520			2,186		2,041
Professional fees		337		501			548			1,807		1,930
Marketing		285		151			223			859		588
FDIC deposit insurance and other insurance		176		274			302			1,042		1,105
Amortization of intangible assets		7		16			20			60		80
Other		1,812		1,710			1,788			7,095		6,466
Total non-interest expense		10,078		9,727			9,943			39,020		36,848
Net income (loss) before income taxes		2,927		3,343			(3,337	)		12,685		(10,937	)
Net Provision (Benefit) for Income Taxes		591		648			(683	)		2,640		(2,317	)
Net income (loss)	$	2,336	$	2,695		$	(2,654	)	$	10,045	$	(8,620	)

Earnings (loss) per common share:
Basic	$	0.22	$	0.25		$	(0.25	)	$	0.93	$	(0.80	)
Diluted	$	0.21	$	0.25		$	(0.25	)	$	0.92	$	(0.80	)

Weighted average shares outstanding, basic		10,847,165		10,811,808			10,770,586			10,806,021		10,757,750
Weighted average shares outstanding, diluted		10,959,239		10,982,343			10,770,586			10,957,428		10,757,750

Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share and per share data)

	December 31,			September 30,			December 31,
	2025			2025			2024
Assets
Cash and due from banks	$	16,918		$	14,362		$	18,561
Federal funds sold		83,157			87,185			18,309
Interest-bearing depository accounts		1,911			1,918			614
Total cash and cash equivalents		101,986			103,465			37,484

Available-for-sale securities (at fair value)		162,203			148,920			159,947
Loans receivable (net of allowance for credit losses of $8,353, $8,196 and $8,539, respectively)		953,385			977,634			971,779
Federal Home Loan Bank stock		1,957			2,023			3,960
Accrued interest receivable		4,882			4,857			4,435
Cash surrender value of life insurance		30,996			30,796			30,193
Deferred tax assets (net of valuation allowance of $800, $928 and $1,336, respectively)		4,941			5,769			8,114
Premises and equipment, net		13,621			13,750			14,105
Goodwill		2,235			2,235			2,235
Intangible assets, net		106			113			166
Other assets		25,454			26,447			23,347
Total assets	$	1,301,766		$	1,316,009		$	1,255,765
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing	$	227,272		$	252,684		$	238,126
Interest bearing		870,068			863,144			782,657
Total deposits		1,097,340			1,115,828			1,020,783

Mortgagors' escrow accounts		9,399			4,084			9,425
Advances from the Federal Home Loan Bank		25,153			26,603			69,773
Subordinated debt		5,155			5,155			5,155
Accrued expenses and other liabilities		27,867			31,335			28,796
Total liabilities		1,164,914			1,183,005			1,133,932

Stockholders' Equity
Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued)		-			-			-
Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,141,033, 11,145,681 and 11,094,828 at December 31, September 30, 2025 and December 31, 2024, respectively)		112			112			111
Additional paid-in capital		45,710			45,799			45,946
Unearned common stock held by the employee stock ownership plan		(2,837	)		(2,891	)		(3,055	)
Retained earnings		101,797			99,475			91,766
Accumulated other comprehensive loss:
Net unrealized loss on available-for-sale securities, net of taxes		(6,255	)		(6,892	)		(10,480	)
Defined benefit pension plan, net of taxes		(1,675	)		(2,599	)		(2,455	)
Total accumulated other comprehensive loss		(7,930	)		(9,491	)		(12,935	)
Total stockholders' equity		136,852			133,004			121,833
Total liabilities and stockholders' equity	$	1,301,766		$	1,316,009		$	1,255,765

Rhinebeck Bancorp, Inc. and Subsidiary
Average Balance Sheet (Unaudited)
(Dollars in thousands)

	For the Three Months Ended December 31,
	2025							2024
	Average		Interest and					Average		Interest and
	Balance		Dividends		Yield/Cost⁽³⁾			Balance		Dividends		Yield/Cost⁽³⁾
Assets:
Interest-bearing depository accounts and federal funds sold	$	82,385	$	990		4.77	%	$	19,206	$	235		4.87	%
Loans⁽¹⁾		974,616		15,371		6.26	%		969,088		14,463		5.94	%
Available-for-sale securities		154,751		1,318		3.38	%		166,512		1,212		2.90	%
Other interest-earning assets		2,146		42		7.76	%		3,250		73		8.94	%
Total interest-earning assets		1,213,898		17,721		5.79	%		1,158,056		15,983		5.49	%
Non-interest-earning assets		90,180							88,239
Total assets	$	1,304,078						$	1,246,295
Liabilities and equity:
NOW accounts	$	120,791	$	71		0.23	%	$	123,333	$	47		0.15	%
Money market accounts		236,500		1,614		2.71	%		188,903		1,194		2.51	%
Savings accounts		127,565		132		0.41	%		136,106		125		0.37	%
Certificates of deposit		378,492		3,608		3.78	%		339,936		3,836		4.49	%
Total interest-bearing deposits		863,348		5,425		2.49	%		788,278		5,202		2.63	%
Escrow accounts		7,137		21		1.17	%		7,137		21		1.17	%
Federal Home Loan Bank advances		25,903		357		5.47	%		50,480		491		3.87	%
Subordinated debt		5,155		89		6.85	%		5,155		94		7.25	%
Total other interest-bearing liabilities		38,195		467		4.85	%		62,772		606		3.84	%
Total interest-bearing liabilities		901,543		5,892		2.59	%		851,050		5,808		2.71	%
Non-interest-bearing deposits		236,530							243,639
Other non-interest-bearing liabilities		31,138							28,837
Total liabilities		1,169,211							1,123,526
Total stockholders' equity		134,867							122,769
Total liabilities and stockholders' equity	$	1,304,078						$	1,246,295
Net interest income			$	11,829						$	10,175
Interest rate spread						3.20	%						2.78	%
Net interest margin⁽²⁾						3.87	%						3.50	%
Average interest-earning assets to average interest-bearing liabilities						134.65	%						136.07	%

______________________________________________________________

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $36,000 and $16,000 for the three months ended December 31, 2025 and 2024, respectively.
⁽²⁾ Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.
⁽³⁾ Annualized.

	For the Year Ended December 31,
	2025							2024
	Average		Interest and					Average		Interest and
	Balance		Dividends		Yield/Cost⁽³⁾			Balance		Dividends		Yield/Cost⁽³⁾
	(Dollars in thousands)
Assets:
Interest-bearing depository accounts	$	59,805	$	2,606		4.36	%	$	21,042	$	1,113		5.29	%
Loans⁽¹⁾		980,540		61,157		6.24	%		987,212		57,835		5.86	%
Available-for-sale securities		150,063		4,872		3.25	%		177,214		3,799		2.14	%
Other interest-earning assets		2,784		238		8.55	%		4,689		475		10.13	%
Total interest-earning assets		1,193,192		68,873		5.77	%		1,190,157		63,222		5.31	%
Non-interest-earning assets		88,381							88,221
Total assets	$	1,281,573						$	1,278,378
Liabilities and equity:
NOW accounts	$	120,816	$	245		0.20	%	$	124,061	$	175		0.14	%
Money market accounts		222,719		5,828		2.62	%		187,615		4,971		2.65	%
Savings accounts		132,153		520		0.39	%		141,189		511		0.36	%
Certificates of deposit		355,027		13,814		3.89	%		339,133		15,528		4.58	%
Total interest-bearing deposits		830,715		20,407		2.46	%		791,998		21,185		2.67	%
Escrow accounts		9,705		110		1.13	%		9,210		108		1.17	%
Federal Home Loan Bank advances		40,117		1,616		4.03	%		82,915		3,787		4.57	%
Subordinated debt		5,155		347		6.73	%		5,155		390		7.57	%
Other interest-bearing liabilities		-		-		-	%		1,043		57		5.47	%
Total other interest-bearing liabilities		54,977		2,073		3.77	%		98,323		4,342		4.42	%
Total interest-bearing liabilities		885,692		22,480		2.54	%		890,321		25,527		2.87	%
Non-interest-bearing deposits		236,431							242,603
Other non-interest-bearing liabilities		30,127							27,515
Total liabilities		1,152,250							1,160,439
Total stockholders' equity		129,323							117,939
Total liabilities and stockholders' equity	$	1,281,573						$	1,278,378
Net interest income			$	46,393						$	37,695
Interest rate spread						3.23	%						2.44	%
Net interest margin⁽²⁾						3.89	%						3.17	%
Average interest-earning assets to average interest-bearing liabilities						134.72	%						133.68	%

______________________________________________________________

⁽¹⁾ Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $218,000 and $60,000 for the year ended December 31, 2025 and 2024, respectively.
⁽²⁾ Represents the difference between interest earned and interest paid, divided by average total interest-earning assets.
⁽³⁾ Annualized.

Rhinebeck Bancorp, Inc. and Subsidiary
Selected Ratios (Unaudited)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2025			2025			2024			2025			2024
Performance Ratios⁽¹⁾:
Return on average assets ⁽²⁾		0.71	%		0.82	%		(0.85	)%		0.78	%		(0.67	)%
Return on average equity⁽³⁾		6.87	%		8.18	%		(8.60	)%		7.77	%		(7.31	)%
Net interest margin ⁽⁴⁾		3.87	%		3.93	%		3.50	%		3.89	%		3.17	%
Efficiency ratio, excluding impact of securities loss restructure⁽⁷⁾		74.61	%		69.61	%		82.64	%		73.12	%		82.34	%
Average interest-earning assets to average interest-bearing liabilities		134.65	%		135.11	%		136.07	%		134.72	%		133.68	%
Total gross loans to total deposits		87.32	%		87.99	%		95.51	%		87.32	%		95.51	%
Average equity to average assets⁽⁵⁾		10.34	%		10.03	%		9.85	%		10.09	%		9.23	%

Asset Quality Ratios:
Allowance for credit losses on loans as a percent of total gross loans		0.87	%		0.83	%		0.88	%		0.87	%		0.88	%
Allowance for credit losses on loans as a percent of non-performing loans		225.76	%		218.85	%		206.56	%		225.76	%		206.56	%
Net charge-offs to average outstanding loans during the period ⁽¹⁾		0.15	%		0.39	%		0.40	%		0.20	%		0.24	%
Non-performing loans as a percent of total gross loans		0.39	%		0.38	%		0.42	%		0.39	%		0.42	%
Non-performing assets as a percent of total assets		0.28	%		0.28	%		0.33	%		0.28	%		0.33	%

Capital Ratios⁽⁶⁾:
Tier 1 capital (to risk-weighted assets)		13.57	%		13.08	%		11.81	%		13.57	%		11.81	%
Total capital (to risk-weighted assets)		14.40	%		13.88	%		12.63	%		14.40	%		12.63	%
Common equity Tier 1 capital (to risk-weighted assets)		13.57	%		13.08	%		11.81	%		13.57	%		11.81	%
Tier 1 leverage ratio (to average total assets)		10.62	%		10.46	%		10.07	%		10.62	%		10.07	%

Other Data:
Book value per common share										$	12.28		$	10.98
Tangible book value per common share⁽⁷⁾										$	12.07		$	10.76

______________________________________________________________

⁽¹⁾ Ratios for the three month periods ended December 31, 2025,September 30, 2025 and December 31, 2024 are annualized.
⁽²⁾ Represents net income divided by average total assets.
⁽³⁾ Represents net income divided by average equity.
⁽⁴⁾ Represents net interest income as a percent of average interest-earning assets.
⁽⁵⁾ Represents average equity divided by average total assets.
⁽⁶⁾ Capital ratios are for Rhinebeck Bank only. Rhinebeck Bancorp, Inc. is not subject to the minimum consolidated capital requirements as a small bank holding company with assets of less than $3.0 billion.
⁽⁷⁾ Represents a non-GAAP financial measure, see table below for a reconciliation of the non-GAAP financial measures.

NON-GAAP FINANCIAL INFORMATION

This release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). Such non-GAAP financial information includes the following measures: tangible book value per common share, efficiency ratio and earnings per share excluding securities loss. Management uses these non-GAAP measures because we believe that they may provide useful supplemental information for evaluating our operations and performance, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results, as well as a comparison to financial results for prior periods. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included below. Loss on available-for-sale securities is excluded from the following calculations as management believes that this presentation provides further comparability of net income (loss), earnings (loss) per share and the efficiency ratio and is consistent with industry practice.

(In thousands, except per share data)	Three Months Ended December 31,					Twelve Months Ended December 31,
	2025		2024			2025		2024
Net income (loss) and earnings (loss) per share, reconciliation
Net Income (loss) (GAAP)	$	2,336	$	(2,654	)	$	10,045	$	(8,620	)
Exclude impact of securities loss restructure, net of tax		-		(3,196	)		-		(12,672	)
Net income excluding securities loss restructure (non-GAAP)	$	2,336	$	542		$	10,045	$	4,052

Basic earnings (loss) per share (GAAP)	$	0.22	$	(0.25	)	$	0.93	$	(0.80	)
Exclude impact of securities loss restructure, net of tax		-		0.30			-		1.18
Basic earnings per share excluding securities restructure, net of tax (non-GAAP)	$	0.22	$	0.05		$	0.93	$	0.38

Diluted earnings (loss) per share (GAAP)	$	0.21	$	(0.25	)	$	0.92	$	(0.80	)
Exclude impact of securities loss restructure, net of tax		-		0.30			-		1.17
Diluted earnings per share excluding securities loss restructure, net of tax (non-GAAP)	$	0.21	$	0.05		$	0.92	$	0.37

(In thousands, except per share data)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Efficiency ratio reconciliation
Non-interest expense (GAAP)	$	10,078		$	9,943		$	39,020		$	36,848

Net interest income (GAAP)		11,829			10,175			46,393			37,695
Non-interest (loss) income (GAAP)		1,679			(2,188	)		6,971			(8,984	)
Net interest income plus non-interest income (GAAP)	$	13,508		$	7,987		$	53,364		$	28,711

Less non-GAAP adjustments:
Net realized loss on sales and calls of securities		-			(4,045	)		-			(16,041	)
Net interest income plus non-interest income - as adjusted (non-GAAP)	$	13,508		$	12,032		$	53,364		$	44,752

Efficiency ratio (non- GAAP)		74.61	%		82.64	%		73.12	%		82.34	%

(In thousands, except per share data)	December 31,
	2025			2024
Book value per common share
Total shareholders' equity (book value) (GAAP)	$	136,852		$	121,833
Total shares outstanding		11,141			11,095
Book value per common share	$	12.28		$	10.98

Tangible common equity
Total shareholders' equity (book value) (GAAP)	$	136,852		$	121,833
Goodwill		(2,235	)		(2,235	)
Intangible assets, net		(106	)		(166	)
Tangible common equity (non-GAAP)	$	134,511		$	119,432

Tangible book value per common share
Tangible common equity (non-GAAP)	$	134,511		$	119,432
Total shares outstanding		11,141			11,095
Tangible book value per common share (non-GAAP)	$	12.07		$	10.76

Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2025