Rhinebeck Bancorp, Inc.
For the period ended Mar 31, 2025. Filed May 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 13, 2025
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001751783-24-000046
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001751783-25-000026
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 2 previous paragraphs and 4 current paragraphs.
1 unchanged; 1 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
If we do not successfully manage the transition associated with the retirement of our Chief Executive Officer (“CEO”), it could be viewed negatively by our customers and shareholders and could have an adverse impact on our business.
Current report
On March 21, 2025, Michael J. Quinn announced his intention to retire as the Company’s CEO and as a member of the Board effective on the earlier of December 31, 2025 or when a successor is found to ensure an orderly transition. The Board of Directors of the Bank has formed a Search Committee to find a successor to Mr. Quinn. Leadership transitions can be difficult and may present challenges, including potential disruption to our operations and relationships with customers, regulators, vendors, and employees. If the CEO transition is not effectively managed, or if we are unable to identify and secure a qualified successor in a timely manner, our ability to execute our strategic initiatives and meet our financial and operational goals could be negatively impacted. Additionally, uncertainty surrounding the transition may affect employee morale and retention, and could hinder our ability to attract and hire key personnel.
Reworded paragraphs (1)
Previous wording
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.
Current wording
In addition to the other information contained in this Quarterly Report on Form 10-Q, the following risk factor represents a material update and addition to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.