Rhinebeck Bancorp Inc
For the period ended Dec 31, 2023. Filed Mar 26, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 26, 2024
RBKB$13.26-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Dollars in thousands, except share and per share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year Ended December 31, | ||||||
| | 2023 | 2022 | ||||
| Cash Flows from Operating Activities | | | | | | |
| Net income | | $4,395 | | $6,997 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | ||||
| Amortization and accretion of premiums and discounts on investments, net | | 281 | | 230 | ||
| Net realized loss on sales and calls of securities | | — | | 170 | ||
| Provision for credit losses | | 1,702 | | 1,414 | ||
| Loans originated for sale | | (5,420) | | (20,090) | ||
| Proceeds from sale of loans | | 4,877 | | 24,656 | ||
| Net gain on sale of loans | | (118) | | (864) | ||
| Amortization of intangible assets | | 88 | | 99 | ||
| Depreciation and amortization | | 1,404 | | 1,555 | ||
| Write-down on branch held for sale | | | 375 | | | — |
| Net (gain) loss from disposal of premises and equipment | | (46) | | 38 | ||
| Deferred income tax (benefit) expense | | (352) | | 14 | ||
| Increase in cash surrender value of insurance | | (665) | | (640) | ||
| Gain on life insurance | | | (221) | | | — |
| Net increase in accrued interest receivable | | (361) | | (889) | ||
| Expense of earned ESOP shares | | 162 | | 216 | ||
| Share-based compensation expense | | | 396 | | | 615 |
| Net increase in other assets | | (1,398) | | (3,034) | ||
| Net increase in accrued expenses and other liabilities | | 1,949 | | 4,308 | ||
| Net cash provided by operating activities | | 7,048 | | 14,795 | ||
| Cash Flows from Investing Activities | | | ||||
| Proceeds from sales and calls of securities | | — | | 14,816 | ||
| Proceeds from maturities and principal repayments of securities | | 34,069 | | 39,407 | ||
| Purchases of securities | | — | | (30,224) | ||
| Net purchases of FHLB Stock | | (3,256) | | (1,936) | ||
| Net increase in loans | | (16,157) | | (144,517) | ||
| Purchases of bank owned life insurance | | (23) | | (23) | ||
| Purchases of bank premises and equipment | | (578) | | (1,132) | ||
| Net proceeds from life insurance | | | 672 | | | — |
| Net increase of other real estate owned | | (25) | | — | ||
| Net cash provided by (used in) investing activities | | 14,702 | | (123,609) | ||
| Cash Flows from Financing Activities | | | ||||
| Net decrease in demand deposits, NOW, money market and savings accounts | | (201,094) | | (31,549) | ||
| Net increase in time deposits | | 101,664 | | 59,483 | ||
| Net (decrease) increase in mortgagors' escrow accounts | | (458) | | 602 | ||
| Net increase in short-term debt | | 28,727 | | 34,505 | ||
| Net increase in long-term debt | | 41,614 | | 5,177 | ||
| Stock repurchase | | | (1,458) | | | (111) |
| Net cash (used in) provided by financing activities | | (31,005) | | 68,107 | ||
| Net decrease in cash and cash equivalents | | (9,255) | | (40,707) | ||
| Cash and Cash Equivalents | | | ||||
| Beginning balance | | 31,384 | | 72,091 | ||
| Ending balance | | $22,129 | | $31,384 | ||
| Supplemental Disclosures of Cash Flow Information | | | ||||
| Cash paid for: | | | ||||
| Interest | | $21,976 | | $6,070 | ||
| Income taxes | | $1,501 | | $1,898 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.