Rhinebeck Bancorp Inc

Other than noted below, there have been no material changes to the risk factors applicable to the Company from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Our Needs to Improve rating under The Community Reinvestment Act may restrict our operations and limit our ability to pursue certain strategic opportunities.

On May 1, 2024, the Bank received a CRA rating from the FDIC of “Needs to Improve” for the period from January 23, 2019 to August 1, 2022. A “Needs to Improve” rating may result in restrictions on certain expansionary activities, including certain mergers and acquisitions and the establishment and relocation of bank branches. The rating will also result in a loss of expedited processing of applications to undertake certain activities. A “Needs to Improve” rating could have an impact on the Bank’s relationships with certain states, counties, municipalities or other public agencies to the extent applicable law, regulation or policy limits, restricts or influences whether such entity may do business with a bank that has a below “Satisfactory” rating.

These restrictions, among others, will remain in place at least until the Bank’s next CRA rating is publicly released by the FDIC. The Bank's next CRA examination will be conducted by the New York State Department of Financial Services and is scheduled to begin on September 30, 2024. The precise timing of the examination and any results therefrom will not be known until after the completion of the examination.