Rhinebeck Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2021
POUGHKEEPSIE, N.Y., April 29, 2021 /PRNewswire/ -- Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ:RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the three months ended March 31, 2021 of $3.3 million ($0.31 per basic and diluted share), compared with $1.1 million ($0.10 per basic and diluted share) for the comparable prior year period, which was an increase of $2.2 million, or 208.9%. The favorable variance in net income came largely from a $1.5 million increase in net interest income and a credit to the provision for loan losses of $69,000 in the first quarter of 2021 as compared to a provision for loan losses of $1.2 million for the first quarter of 2020
