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what it is
Rhinebeck takes local deposits and turns them into home, business, commercial property, and auto loans across four New York counties.
how it gets paid
Last year Rhinebeck Bancorp made $69M in revenue. commercial real estate loans was the main engine at $24.2M, or 35% of sales.
why it's growing
Revenue grew 8.9% last year. Recent quarters show a sharp swing versus 2024’s loss quarters as net interest income recovered — not triple-digit “growth” in the ordinary sense.
what just happened
Latest reported quarter (Q3 2025): about $14M total revenue (interest + noninterest), EPS ~$0.25 — up from a loss in the year-ago quarter.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
25.5x trailing p/e — priced about right
-$0.80 fy2024 eps est
$6M fy2024 rev est
xvary composite: 55/100 — below average
What they do
Rhinebeck takes local deposits and turns them into home, business, commercial property, and auto loans across four New York counties.
This is a community bank, which means proximity is the product. Rhinebeck had $1.32 billion in assets and 157 employees as of September 30, 2025, serving Dutchess, Ulster, Orange, and Albany counties. When your business loan, checking account, and mortgage all sit with one local bank, switching is a hassle, and that hassle helps keep deposits sticky.
How they make money
$69M
annual revenue · their business grew +8.9% last year
commercial real estate loans
$24.2M
one- to four-family residential loans
$17.3M
commercial business loans
$10.4M
indirect automobile loans
$8.3M
investment securities and advisory fees
$8.8M
The products that matter
funds local home lending
Residential mortgage loans
core lending book · Hudson Valley exposure
This sits inside a bank funded by $1.02B of deposits, so local housing demand does a lot of the heavy lifting.
regional concentration
higher-yield business credit
Commercial business lending
profit swing factor · credit-sensitive
This is where management tries to earn more than a 0.79% return on assets, but higher yields come with higher credit risk.
margin lever
Key numbers
-$0.80
fy2024 eps est
~$69M
annual revenue (approx.)
25.5x
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- long-term debt $75M (30% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RBKB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q3 2025: revenue ~$14M and EPS ~$0.25, rebounding from a loss in the year-ago quarter.
Nine-month 2025 EPS reached about $0.70 versus a nine-month 2024 loss — that improvement is real, but it is not the same as a single quarter printing $0.70. Full-year 2024 remained a loss year (~$0.80 per share on a GAAP view).
~$14M
revenue (Q3)
~$0.25
eps (Q3)
—
bank metric
the number that mattered
The number that mattered was returning to positive quarterly EPS (~$0.25 in Q3 2025) after 2024’s loss quarters — proof the spread business can earn again while you track nine-month and full-year cleanup.
source: company earnings report, 2026
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What could go wrong
The top risk for Rhinebeck Bancorp is second-step conversion dilution — because this is a small bank, and adding 8.9 million shares can overwhelm whatever operating improvement management delivers next.
high
Second-step conversion dilution
The plan is to issue 8.9 million shares at $10. Against 10.86M shares outstanding, that implies potential dilution of more than 80% if fully subscribed.
Per-share value can get watered down even if the bank itself gets bigger.
high
Subpar profitability
Return on assets is 0.79% and return on equity is 7.77%. Those numbers are positive, but they trail what stronger sub-$2B banks typically produce.
If profitability stays here, the stock remains a turnaround story without much actual turning.
med
Deposit pressure
Deposits fell 0.9% from the prior year to $1.02B. For a bank that lives on spread income, funding costs and funding stability are the whole game.
If deposits keep slipping, net interest margin recovery gets harder.
med
Regional concentration
This bank is tied to one geography: the Hudson Valley. Residential mortgage and commercial lending both lean on the same local economy.
A soft regional housing or credit market would hit both loan growth and credit quality at once.
Four identified risks. The combination that matters is simple: 0.79% return on assets today, plus potential 80%+ dilution tomorrow.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital event
Conversion sizing and pricing
The 8.9 million-share offering at $10 is the event that can rewrite the per-share math. This is the card that matters most.
profitability
Return on assets above 1%
0.79% is not enough. If management gets ROA above 1%, the turnaround story starts sounding like a business result instead of a hope.
earnings
Q1 2026 earnings report
Expected on or around apr 22, 2026. Watch net interest margin and deposits first. The EPS line matters, but those two numbers explain it.
management
New CEO execution
Matthew J. Smith took over on sept 16, 2025. If deposits stabilize and profitability improves, you'll see it in the spread business before you see it anywhere else.
Analyst rankings
earnings predictability
25 / 100
Low predictability. In human-speak, analysts do not trust this bank to produce smooth, boring quarters yet.
price stability
85 / 100
The stock itself has been steadier than the business story. Small banks can do that right up until they don't.
source: institutional data
Institutional activity
institutional ownership data for RBKB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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