Rhinebeck Bancorp Q2 net income up 180% to $2.7 mln

Overview

• Rhinebeck Bancorp Q2 net income rises 179.6% yr/yr to $2.7 mln

• Net interest income for Q2 increases 27.1% to $11.5 mln

• Net interest margin improves to 3.97% from 3.04% last year

Result Drivers

• NET INTEREST INCOME - Driven by higher yields on interest-earning assets and lower costs on interest-bearing liabilities

• CREDIT LOSSES - Decrease in provision for credit losses due to lower loan balances and improved credit quality

• NON-INTEREST EXPENSE - Increase primarily due to higher salaries, marketing, and retail banking costs

Key Details

Press Release: ID:nACS4WkPta