Rhinebeck Bancorp Q2 net income falls 4% on higher costs
Rhinebeck Bancorp Q2 net income falls 4% on higher costs
Overview
U.S. community bank's Q2 net income fell 4% yr/yr on higher non-interest expense
Net interest income and non-interest income both increased from prior year
Company completed second-step conversion and $88.8 mln stock offering after quarter-end
Outlook
Company says it will deploy capital prudently to expand commercial banking capabilities
Rhinebeck Bancorp plans to advance retail and digital deposit initiatives and invest in infrastructure
Result Drivers
HIGHER NON-INTEREST EXPENSE - Q2 net income decline was mainly due to increased salaries, professional fees, and data processing costs
MODEST NET INTEREST INCOME GROWTH - Net interest income rose 1.2% on higher interest-earning asset balances and lower costs on interest-bearing liabilities, partly offset by lower yields and higher liability balances
NON-INTEREST INCOME INCREASE - Non-interest income rose 8.8% year-over-year, mainly due to higher investment advisory fees, offset by lower gains from loan sales
Company press release: ID:nACSfSYTJa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $2.62 mln |
|
Q2 Net Interest Income |
| $11.63 mln |
|
Q2 Net Interest Margin |
| 3.78% |
|
Q2 Pretax Profit |
| $3.38 mln |
|
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)