# EDGAR Filing Document

**Accession Number:** 0001751783
**File Stem:** 0001751783-25-000042
**Filing Date:** 2025-8
**Character Count:** 179868
**Document Hash:** 6b2ac2d0ec3a1e9dbb6487c82709b40c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001751783-25-000042.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001751783-25-000042

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rhinebeck Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0001751783
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38779
- **FILM NUMBER:** 251206603

**BUSINESS ADDRESS:**
- **STREET 1:** 2 JEFFERSON PLAZA
- **CITY:** POUGHKEEPSIE
- **STATE:** NY
- **ZIP:** 12601
- **BUSINESS PHONE:** 845-454-8555

**MAIL ADDRESS:**
- **STREET 1:** 2 JEFFERSON PLAZA
- **CITY:** POUGHKEEPSIE
- **STATE:** NY
- **ZIP:** 12601

?xml version='1.0' encoding='ASCII'? Rhinebeck Bancorp, Inc._June 30, 2025

[**Table of Contents**](#TOC)

------

**United States**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the Quarterly Period Ended June 30, 2025**

**or**

☐ **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File No. 001-38779**

**Rhinebeck Bancorp, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Maryland** | **83-2117268** |
| **(State or other jurisdiction ofincorporation or organization)** | **(I.R.S. EmployerIdentification Number)** |
| **2 Jefferson Plaza, Poughkeepsie, New York** | **12601** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(845) 454-8555**

**(Registrant's telephone number)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | RBKB | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.

Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes &nbsp;&nbsp;&nbsp;&nbsp;☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
|  | Emerging growth company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of August 1, 2025, there were 11,105,330 shares of the Registrant's common stock, par value $0.01 per share, outstanding.

------

[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I. FINANCIAL INFORMATION**](#PART1FINANCIALINFORMATION_216594) | [**PART I. FINANCIAL INFORMATION**](#PART1FINANCIALINFORMATION_216594) | 1 |
| [Item 1.](#ITEM1_989707) | [Financial Statements (Unaudited)](#ITEM1_989707) | 1 |
|  | [Consolidated Statements of Financial Condition at June 30, 2025 and December 31, 2024](#ConsolidatedStatementsofFinancialConditi) | 1 |
|  | [Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024](#ConsolidatedStatementsofIncome_639202)  | 2 |
|  | [Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024](#ConsolidatedStatementsofComprehensiveInc) | 3 |
|  | [Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024](#ConsolidatedStatementsofJune30Stockholde) | 4 |
|  | [Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#ConsolidatedStatementsofCashFlows_303705) | 5 |
|  | [Notes to Consolidated Financial Statements](#a1NatureofBusinessandSignificantAccounti) | 6 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysis_46) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysis_46) | 38 |
| [Item 3.](#Item3QuantitativeandQualitative_495491) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitative_495491) | 49 |
| [Item 4.](#Item4ControlsandProcedures_747562) | [Controls and Procedures](#Item4ControlsandProcedures_747562) | 49 |
| [**PART II. OTHER INFORMATION**](#PART2OTHERINFORMATION_365372) | [**PART II. OTHER INFORMATION**](#PART2OTHERINFORMATION_365372) | 50 |
| [Item 1.](#Item1LegalProceedings_840143) | [Legal Proceedings](#Item1LegalProceedings_840143) | 50 |
| [Item 1A.](#Item1ARiskFactors_432979) | [Risk Factors](#Item1ARiskFactors_432979) | 50 |
| [Item 2.](#Item2UnregisteredSalesofEquity_731980) | [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#Item2UnregisteredSalesofEquity_731980)  | 50 |
| [Item 3.](#Item3DefaultsUponSeniorSecurities_945656) | [Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_945656) | 50 |
| [Item 4.](#Item4MineSafetyDisclosures_36118) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_36118) | 50 |
| [Item 5.](#Item5OtherInformation_339531) | [Other Information](#Item5OtherInformation_339531) | 50 |
| [Item 6.](#Item6Exhibits_702394) | [Exhibits](#Item6Exhibits_702394) | 51 |
|  | [SIGNATURES](#SIGNATURES_427418) | 52 |

---

[**Table of Contents**](#TOC)

PART I — FINANCIAL INFORMATION

#### ITEM 1.

#### Rhinebeck Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| **Assets** |  |  |
| Cash and due from banks | $21627 | $18561 |
| Federal funds sold | 65544 | 18309 |
| Interest bearing depository accounts | 2451 | 614 |
| Total cash and cash equivalents | 89622 | 37484 |
| Available for sale securities (at fair value) | 141340 | 159947 |
| Loans receivable (net of allowance for credit losses of $8,231 and $8,539, respectively) | 960803 | 971779 |
| Federal Home Loan Bank stock | 2023 | 3960 |
| Accrued interest receivable | 4502 | 4435 |
| Cash surrender value of life insurance | 30575 | 30193 |
| Deferred tax assets (net of valuation allowance of $1,065 and $1,336, respectively) | 6626 | 8114 |
| Premises and equipment, net | 13781 | 14105 |
| Goodwill | 2235 | 2235 |
| Intangible assets, net | 129 | 166 |
| Other assets | 22613 | 23347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1274249 | $1255765 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Liabilities** |  |  |
| Deposits |  |  |
| &nbsp;&nbsp;Non-interest bearing | $239486 | $238126 |
| &nbsp;&nbsp;Interest bearing | 831322 | 782657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1070808 | 1020783 |
| Mortgagors' escrow accounts | 12749 | 9425 |
| Advances from the Federal Home Loan Bank  | 26603 | 69773 |
| Subordinated debt | 5155 | 5155 |
| Accrued expenses and other liabilities | 29977 | 28796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1145292 | 1133932 |
| **Stockholders' Equity** |  |  |
| Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued) |  |  |
| Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,105,330 at June 30, 2025 and 11,094,828 at December 31, 2024) | 111 | 111 |
| Additional paid-in capital | 45909 | 45946 |
| Unearned common stock held by the employee stock ownership plan  | (2946) | (3055) |
| Retained earnings | 96780 | 91766 |
| Accumulated other comprehensive loss: |  |  |
| &nbsp;&nbsp;Net unrealized loss on available for sale securities, net of taxes | (7883) | (10480) |
| &nbsp;&nbsp;Defined benefit pension plan, net of taxes | (3014) | (2455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated other comprehensive loss | (10897) | (12935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 128957 | 121833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1274249 | $1255765 |

---

*See accompanying notes to consolidated financial statements*

[**Table of Contents**](#TOC)

Consolidated Statements of Income (Unaudited)

(In thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Interest and Dividend Income** |  |  |  |  |
| &nbsp;&nbsp;Interest and fees on loans | $15066 | $14432 | $30074 | $28729 |
| &nbsp;&nbsp;Interest and dividends on securities | 1275 | 957 | 2626 | 1994 |
| &nbsp;&nbsp;Other income | 414 | 295 | 693 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 16755 | 15684 | 33393 | 31235 |
| **Interest Expense** |  |  |  |  |
| &nbsp;&nbsp;Interest expense on deposits | 4866 | 5370 | 9628 | 10504 |
| &nbsp;&nbsp;Interest expense on borrowings | 397 | 1269 | 1236 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 5263 | 6639 | 10864 | 13378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 11492 | 9045 | 22529 | 17857 |
| **(Credit to) Provision for Credit Losses** | (101) | 447 | 252 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 11593 | 8598 | 22277 | 17327 |
| **Non-interest Income** |  |  |  |  |
| &nbsp;&nbsp;Service charges on deposit accounts | 728 | 736 | 1501 | 1479 |
| &nbsp;&nbsp;Net gain on sales of loans | 69 | 35 | 107 | 81 |
| &nbsp;&nbsp;Increase in cash surrender value of life insurance | 194 | 188 | 382 | 372 |
| &nbsp;&nbsp;Net gain from sale of other real estate owned |  |  |  | 4 |
| &nbsp;&nbsp;Net loss on disposal of premises and equipment |  |  |  | (18) |
| &nbsp;&nbsp;Investment advisory income | 269 | 378 | 605 | 759 |
| &nbsp;&nbsp;Other | 342 | 269 | 758 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 1602 | 1606 | 3353 | 3196 |
| **Non-interest Expense** |  |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | 5242 | 4912 | 10376 | 9904 |
| &nbsp;&nbsp;Occupancy | 1115 | 1062 | 2186 | 2115 |
| &nbsp;&nbsp;Data processing | 534 | 521 | 1059 | 1016 |
| &nbsp;&nbsp;Professional fees | 492 | 458 | 969 | 872 |
| &nbsp;&nbsp;Marketing | 223 | 115 | 423 | 236 |
| &nbsp;&nbsp;FDIC deposit insurance and other insurance | 295 | 261 | 592 | 514 |
| &nbsp;&nbsp;Amortization of intangible assets | 17 | 20 | 37 | 41 |
| &nbsp;&nbsp;Other | 1789 | 1598 | 3573 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 9707 | 8947 | 19215 | 17824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 3488 | 1257 | 6415 | 2699 |
| **Net Provision for Income Taxes** | 762 | 282 | 1401 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $2726 | $975 | $5014 | $2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.25 | $0.09 | $0.47 | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.25 | $0.09 | $0.46 | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding, basic | 10787446 | 10753460 | 10782259 | 10750733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding, diluted | 10954124 | 10819751 | 10939842 | 10832303 |

---

*See accompanying notes to consolidated financial statements*

[**Table of Contents**](#TOC)

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net Income** | $2726 | $975 | $5014 | $2096 |
| **Other Comprehensive Income** |  |  |  |  |
| &nbsp;&nbsp;Unrealized holding gains arising during the period | 1021 | 1113 | 3287 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains on available for sale securities | 1021 | 1113 | 3287 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect | (214) | (234) | (690) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains on available for sale securities, net of tax | 807 | 879 | 2597 | 299 |
| Defined benefit pension plan: |  |  |  |  |
| &nbsp;&nbsp;Actuarial (losses) gains arising during the period | (634) | 183 | (634) | 183 |
| &nbsp;&nbsp;Reclassification adjustment for amortization of net actuarial loss (a)  | (74) | (149) | (74) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | (708) | 34 | (708) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect (b) | 149 | (7) | 149 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit pension plan gains, net of tax | (559) | 27 | (559) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: | 248 | 906 | 2038 | 326 |
| **Total Comprehensive Income** | $2974 | $1881 | $7052 | $2422 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in other non-interest expense on the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes ($15) for both the three and six months ended June 30, 2025 and ($31) for the three and six months ended June 30, 2024, for tax effect of amortization of net actuarial loss, which are included in the provision for income taxes on the consolidated statements of income.

*See accompanying notes to consolidated financial statements*

[**Table of Contents**](#TOC)

Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

(In thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br><br>**Common**<br>**Stock** | <br>**Additional**<br>**Paid-in**<br>**Capital** | **Unearned**<br>**Common**<br>**Stock Held**<br>**by the ESOP** | <br><br>**Retained**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Loss** | <br><br>**Total** |
| **Balance at December 31, 2023** | $111 | $45959 | $(3273) | $100386 | $(29498) | $113685 |
| &nbsp;&nbsp;Net income |  |  |  | 1121 |  | 1121 |
| &nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (580) | (580) |
| &nbsp;&nbsp;ESOP shares committed to be allocated |  | (8) | 54 |  |  | 46 |
| **Balance at March 31, 2024**  | $111 | $45951 | $(3219) | $101507 | $(30078) | $114272 |
| &nbsp;&nbsp;Net income |  |  |  | 975 |  | 975 |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  | 906 | 906 |
| &nbsp;&nbsp;ESOP shares committed to be allocated |  | (12) | 55 |  |  | 43 |
| **Balance at June 30, 2024**  | $111 | $45939 | $(3164) | $102482 | $(29172) | $116196 |
| **Balance at December 31, 2024** | $111 | $45946 | $(3055) | $91766 | $(12935) | $121833 |
| &nbsp;&nbsp;Net income |  |  |  | 2288 |  | 2288 |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  | 1790 | 1790 |
| &nbsp;&nbsp;ESOP shares committed to be allocated |  |  | 55 |  |  | 55 |
| &nbsp;&nbsp;Share-based compensation expense |  | 9 |  |  |  | 9 |
| **Balance at March 31, 2025**  | $111 | $45955 | $(3000) | $94054 | $(11145) | $125975 |
| &nbsp;&nbsp;Net income |  |  |  | 2726 |  | 2726 |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  | 248 | 248 |
| &nbsp;&nbsp;ESOP shares committed to be allocated |  | 6 | 54 |  |  | 60 |
| &nbsp;&nbsp;Share-based compensation expense |  | 10 |  |  |  | 10 |
| &nbsp;&nbsp;Exercise of options (37,000 shares) |  |  |  |  |  |  |
| &nbsp;&nbsp;Share redemption for tax withholding on exercised options (26,498 shares) |  | (62) |  |  |  | (62) |
| **Balance at June 30, 2025**  | $111 | $45909 | $(2946) | $96780 | $(10897) | $128957 |

---

*See accompanying notes to consolidated financial statements*

[**Table of Contents**](#TOC)

Consolidated Statements of Cash Flows (Unaudited)

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;Net income | $5014 | $2096 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion of premiums and discounts on investments, net | (88) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of other real estate owned |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 252 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans originated for sale | (3973) | (2673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of loans | 3145 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of loans | (107) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 37 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 622 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from disposal of premises and equipment |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 946 | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender value of insurance | (382) | (372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in accrued interest receivable | (67) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense of earned ESOP shares | 115 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in other assets | 734 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in accrued expenses and other liabilities | 474 | 4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 6741 | 8467 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;Proceeds from maturities and principal repayments of securities | 24608 | 17997 |
| &nbsp;&nbsp;Purchases of securities | (2626) |  |
| &nbsp;&nbsp;Net purchases of FHLB Stock | 1937 | 2104 |
| &nbsp;&nbsp;Net decrease in loans | 11659 | 25285 |
| &nbsp;&nbsp;Purchases of bank premises and equipment | (298) | (373) |
| &nbsp;&nbsp;Proceeds from disposal of premises and equipment |  | 2891 |
| &nbsp;&nbsp;Proceeds from sale of other real estate owned |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 35280 | 47933 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;Net increase (decrease) in demand deposits, NOW, money market and savings accounts | 32173 | (18314) |
| &nbsp;&nbsp;Net increase in time deposits | 17852 | 19760 |
| &nbsp;&nbsp;Net decrease in mortgagors' escrow accounts | 3324 | 2754 |
| &nbsp;&nbsp;Net decrease in short-term debt | (45000) | (30000) |
| &nbsp;&nbsp;Net increase (decrease) in long-term debt | 1830 | (18291) |
| &nbsp;&nbsp;Share redemption for tax withholding on exercised options | (62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 10117 | (44091) |
| &nbsp;&nbsp;Net increase in cash and cash equivalents | 52138 | 12309 |
| **Cash and Cash Equivalents** |  |  |
| &nbsp;&nbsp;Beginning balance | 37484 | 22129 |
| &nbsp;&nbsp;Ending balance | $89622 | $34438 |
| **Supplemental Disclosures of Cash Flow Information** |  |  |
| &nbsp;&nbsp;Cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $11057 | $13515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $431 | $690 |

---

*See accompanying notes to consolidated financial statements*

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Business and Significant Accounting Policies

The financial statements include the accounts of Rhinebeck Bancorp, Inc. (the "Company"), a stock holding company, and its wholly-owned subsidiary, Rhinebeck Bank (the "Bank"), a New York chartered stock savings bank. The primary purpose of the Company is to act as a holding company for the Bank. The Bank provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties. Financial services, including investment advisory and financial product sales, are offered through a division of the Bank doing business as Rhinebeck Asset Management.

The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or for any other period.

The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of the Company at and for the year ended December 31, 2024 contained in the Company's [Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm), as filed with the Securities and Exchange Commission on March 25, 2025 (the "Annual Report on Form 10-K").

For more information regarding the Company's significant accounting policies, see the Notes to the Consolidated Financial Statements in the Company's [Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm) As of June 30, 2025, the critical accounting policies of the Company have not changed materially from those disclosed in the [Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm). See Note 1 of the Consolidated Financial Statements– Nature of Business and Significant Accounting Policies.

#### Basis of Financial Statements Presentation
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses ("ACL"), the evaluation of goodwill for impairment and the valuation of deferred tax assets.

#### Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

#### Reclassifications
Certain amounts in the prior year consolidated financial statements may be reclassified as required to conform to the current year's presentation. These reclassifications have no effect on our previously reported net income or shareholders' equity. From and after January 1, 2025, the Company reclassified swap income in its consolidated financial statements. In the consolidated statements of income for the three and six months ended June 30, 2024, amounts of $92 and $176, respectively, previously reported in "Interest and Fees on Loans" were reclassified to "Other Non-Interest Income." These amounts were reclassified to conform to the current year's presentation.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

#### Impact of Recent Accounting Pronouncements
In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, "Disclosure Improvements," which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. In annual periods, this requires disclosure of an entity's accounting policy related to the entity's presentation of cash flows associated with derivative instruments and the related gains and losses in the statement of cash flows. This also requires disclosure of the methods used in the diluted earnings per share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. The effective dates of ASU 2023-06 will be the date on which the Securities Exchange Commission's removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740), Improvements to Income Tax Disclosures." ASU 2023-09 requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The guidance will be effective for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025, with an allowance for early adoption. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures", which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense captions. The guidance will be effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively or retrospectively. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company's consolidated financial statements.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

2.&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | <br><br>**Amortized Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br><br>**Fair Value** |
| U.S. Treasury securities | $12966 | $86 | $(53) | $12999 |
| U.S. government agency mortgage-backed securities–residential | 97425 | 35 | (7961) | 89499 |
| U.S. government agency securities | 22003 |  | (430) | 21573 |
| Municipal securities<sup>(1)</sup> | 2220 |  | (161) | 2059 |
| Corporate bonds | 16049 | 23 | (1291) | 14781 |
| Other | 656 |  | (227) | 429 |
| &nbsp;&nbsp;Total | $151319 | $144 | $(10123) | $141340 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | <br><br>**Amortized Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br><br>**Fair Value** |
| U.S. Treasury securities | $29841 | $6 | $(154) | $29693 |
| U.S. government agency mortgage-backed securities–residential | 103948 |  | (10456) | 93492 |
| U.S. government agency securities | 22010 |  | (844) | 21166 |
| Municipal securities<sup>(1)</sup> | 2717 |  | (224) | 2493 |
| Corporate bonds | 14054 |  | (1471) | 12583 |
| Other | 642 |  | (122) | 520 |
| &nbsp;&nbsp;Total | $173212 | $6 | $(13271) | $159947 |

---

<sup>(1)</sup> The issuers of municipal securities are all within New York State.

The following tables present the fair value and unrealized losses of the Company's available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized

loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
|  | <br>**Fair Value** | **Unrealized**<br>**Losses** | <br>**Fair Value** | **Unrealized**<br>**Losses** | <br>**Fair Value** | **Unrealized**<br>**Losses** |
| U.S. Treasury securities | $5010 | $(8) | $2999 | $(45) | $8009 | $(53) |
| U.S. government agency mortgage-backed securities-residential | 30764 | (278) | 54838 | (7683) | 85602 | (7961) |
| U.S. government agency securities |  |  | 22003 | (430) | 22003 | (430) |
| Municipal securities |  |  | 2120 | (161) | 2120 | (161) |
| Corporate bonds |  |  | 14054 | (1291) | 14054 | (1291) |
| Other |  |  | 656 | (227) | 656 | (227) |
| &nbsp;&nbsp;Total | $35774 | $(286) | $96670 | $(9837) | $132444 | $(10123) |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
|  | <br>**Fair Value** | **Unrealized**<br>**Losses** | <br>**Fair Value** | **Unrealized**<br>**Losses** | <br>**Fair Value** | **Unrealized**<br>**Losses** |
| U.S. Treasury securities | $9957 | $(22) | $4866 | $(132) | $14823 | $(154) |
| U.S. government agency mortgage-backed securities-residential | 44577 | (1074) | 48915 | (9382) | 93492 | (10456) |
| U.S. government agency securities |  |  | 21166 | (844) | 21166 | (844) |
| Municipal securities |  |  | 2493 | (224) | 2493 | (224) |
| Corporate bonds |  |  | 12583 | (1471) | 12583 | (1471) |
| Other |  |  | 497 | (122) | 497 | (122) |
| &nbsp;&nbsp;Total | $54534 | $(1096) | $90520 | $(12175) | $145054 | $(13271) |

---

At June 30, 2025, the Company had 164 individual available for sale securities in an unrealized loss position with unrealized losses totaling $10,123 with an aggregate depreciation of 7.64% from the Company's amortized cost.

The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security's amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset-backed securities, state and municipal securities, and corporate bonds have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available for sale securities was recorded as of June 30, 2025.

Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The amortized cost and fair value of available for sale debt securities at June 30, 2025 and December 31, 2024, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Maturity: |  |  |  |  |
| &nbsp;&nbsp;Within 1 year | $20011 | $19852 | $34394 | $34056 |
| &nbsp;&nbsp;After 1 but within 5 years | 18679 | 18305 | 20901 | 20113 |
| &nbsp;&nbsp;After 5 but within 10 years | 14548 | 13255 | 13327 | 11766 |
| &nbsp;&nbsp;After 10 years |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Maturities | 53238 | 51412 | 68622 | 65935 |
| &nbsp;&nbsp;Mortgage-backed securities | 97425 | 89499 | 103948 | 93492 |
| &nbsp;&nbsp;Other | 656 | 429 | 642 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $151319 | $141340 | $173212 | $159947 |

---

At June 30, 2025 and December 31, 2024, available for sale securities with a carrying value of $87,029 and $101,395, respectively, were pledged to secure Federal Home Loan Bank of New York ("FHLB") borrowings. In addition, at June 30, 2025 and December 31, 2024, $958 and $937 of available for sale securities were pledged to secure borrowings at the Federal Reserve Bank of New York ("FRB"), respectively.

During the six months ended June 30, 2025, there were no sales of available for sale securities and no realized gains or losses.

The Company elected not to measure an allowance for credit losses for accrued interest receivable, because a timely write-off policy exists. A security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual status is reversed against interest income. There were no securities on non-accrual status and therefore there was no accrued interest related to securities reversed against interest income for the periods ended June 30, 2025 or December 31, 2024. Total accrued interest receivable on available for sale securities totaled $504 and $498 at June 30, 2025 and December 31, 2024, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition of this Form 10-Q.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

3.&nbsp;&nbsp;&nbsp;&nbsp;Loans and Allowance for Credit Losses

A summary of the Company's loan portfolio is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Commercial real estate loans: |  |  |
| &nbsp;&nbsp;Construction | $24726 | $26611 |
| &nbsp;&nbsp;Non-residential | 372352 | 350962 |
| &nbsp;&nbsp;Multi-family | 108380 | 105030 |
| Residential real estate loans | 94030 | 86651 |
| Commercial and industrial loans | 90882 | 91517 |
| Consumer loans: |  |  |
| &nbsp;&nbsp;Indirect automobile | 256107 | 295669 |
| &nbsp;&nbsp;Home equity | 11747 | 11656 |
| &nbsp;&nbsp;Other consumer | 6321 | 6830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross loans | 964545 | 974926 |
| &nbsp;&nbsp;Dealer reserves | 4489 | 5392 |
| &nbsp;&nbsp;Allowance for credit losses | (8231) | (8539) |
| Total net loans | $960803 | $971779 |

---

At June 30, 2025, the unpaid principal balances of loans held for sale, included in the residential real estate category above was $935. There were no unpaid principal balances of loans held for sale at December 31, 2024.

The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | <br><br>**Current** | <br>**30-59 Days**<br>**Past Due** | <br>**60-89 Days**<br>**Past Due** | **Greater Than**<br>**90 Days Past**<br>**Due** | <br>**Total Loans**<br>**Receivable** | <br><br>**Non-accrual** |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;Construction | $24726 | $— | $— | $— | $24726 | $— |
| &nbsp;&nbsp;Non-residential | 371194 |  |  | 1158 | 372352 | 1158 |
| &nbsp;&nbsp;Multifamily | 108367 |  | 13 |  | 108380 |  |
| Residential real estate | 91820 | 1015 | 1148 | 47 | 94030 | 970 |
| Commercial and industrial | 90436 | 123 | 152 | 171 | 90882 | 171 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;Indirect automobile | 247622 | 6971 | 935 | 579 | 256107 | 593 |
| &nbsp;&nbsp;Home equity | 11609 | 138 |  |  | 11747 |  |
| &nbsp;&nbsp;Other consumer | 6125 | 155 | 26 | 15 | 6321 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $951899 | $8402 | $2274 | $1970 | $964545 | $2907 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | <br><br>**Current** | <br>**30-59 Days**<br>**Past Due** | <br>**60-89 Days**<br>**Past Due** | **Greater Than**<br>**90 Days Past**<br>**Due** | <br>**Total Loans**<br>**Receivable** | <br><br>**Non-accrual** |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;Construction | $26611 | $— | $— | $— | $26611 | $— |
| &nbsp;&nbsp;Non-residential | 348220 | 873 |  | 1869 | 350962 | 1869 |
| &nbsp;&nbsp;Multifamily | 105008 | 22 |  |  | 105030 |  |
| Residential real estate | 85961 | 604 |  | 86 | 86651 | 1182 |
| Commercial and industrial | 91090 | 57 | 159 | 211 | 91517 | 319 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;Indirect automobile | 283458 | 10062 | 1593 | 556 | 295669 | 590 |
| &nbsp;&nbsp;Home equity | 11173 | 153 | 156 | 174 | 11656 | 174 |
| &nbsp;&nbsp;Other consumer | 6689 | 121 | 20 |  | 6830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $958210 | $11892 | $1928 | $2896 | $974926 | $4134 |

---

All of our non-accrual loans are individually analyzed for credit loss. The Company has one individually analyzed home equity loan of $98 that was accruing interest at June 30, 2025.

The following table presents the Company's amortized cost basis of non-accrual loans for which there is no related ACL:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Commercial real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-residential | $1158 | $1869 |
| &nbsp;&nbsp;Residential real estate | 970 | 1182 |
| &nbsp;&nbsp;Commercial and industrial | 154 | 299 |
| &nbsp;&nbsp;Consumer: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect automobile | 116 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2398 | $3655 |

---

The following table presents the Company's amortized cost basis of only those non-accrual loans with a related ACL:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | Non-accrual loans | Related ACL | Non-accrual loans | Related ACL |
| &nbsp;&nbsp;Commercial and industrial | $17 | $17 | $20 | $20 |
| &nbsp;&nbsp;Consumer: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect automobile | 477 | 133 | 459 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 15 | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $509 | $163 | $479 | $159 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

During the six months ended June 30, 2025, $41 in accrued interest was reversed for non-accrual loans. Total accrued interest receivable associated with loans totaled $3,998 and $3,937 at June 30, 2025 and December 31, 2024, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition.

Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $0 and $37 at June 30, 2025 and December 31, 2024, respectively, and are all individually analyzed for credit loss.

The Company transfers a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company's accompanying statements of financial condition. The Company and participating lenders share ratably in any gains or losses that may result from a loan's performance under its contractual terms. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At June 30, 2025 and December 31, 2024, the Company was servicing loans for participants aggregating $54,034 and $54,390, respectively.

The Company also services certain loans that it has sold to third parties. The aggregate balances of loans serviced for others were $259,213 and $266,547 as of June 30, 2025 and December 31, 2024, respectively. Included in these are loans serviced for the Federal Home Loan Mortgage Corporation with recourse provisions, whereby the Company is obligated to bear all costs when a default, including foreclosure, occurs. At June 30, 2025 and December 31, 2024, the maximum contingent liability associated with loans sold with recourse was $475 and $805, respectively, which is not recorded in the consolidated financial statements. Losses are borne in priority order by the borrower, private mortgage insurance and the Company. The Company has never repurchased any loans or incurred any losses under these recourse provisions.

The balances of capitalized servicing rights included in other assets at June 30, 2025 and December 31, 2024 were $1,418 and $1,592, respectively. Fair value exceeds carrying value, and thus, no impairment charges related to servicing rights were recognized during the six months ended June 30, 2025 or the year ended December 31, 2024.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

Activity in the Company's ACL for loans for the three and six months ended June 30, 2025 is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $3049 | $612 | $673 | $3911 | $161 | $8406 |
| &nbsp;&nbsp;Provision for (reversal of) credit losses  | 61 | 110 | (25) | (267) | 37 | (84) |
| &nbsp;&nbsp;Loans charged-off |  |  |  | (476) | (31) | (507) |
| &nbsp;&nbsp;Recoveries |  |  |  | 408 | 8 | 416 |
| Ending balance | $3110 | $722 | $648 | $3576 | $175 | $8231 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
| **Allowance for credit losses:** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Beginning balance | $2988 | $575 | $684 | $4133 | $159 | $8539 |
| &nbsp;&nbsp;Provision for (reversal of) credit losses  | 122 | 147 | 136 | (131) | 19 | 293 |
| &nbsp;&nbsp;Loans charged-off |  |  | (175) | (1260) | (31) | (1466) |
| &nbsp;&nbsp;Recoveries |  |  | 3 | 834 | 28 | 865 |
| Ending balance | $3110 | $722 | $648 | $3576 | $175 | $8231 |

---

Activity in the Company's ACL for loans for the three and six months ended June 30, 2024 is summarized in the tables below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial**<br>**Real Estate** | **Residential**<br>**Real Estate** | **Commercial**<br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $3039 | $355 | $566 | $3914 | $99 | $7973 |
| &nbsp;&nbsp;Provision for credit losses  | 58 | 22 | 57 | 249 | 48 | 434 |
| &nbsp;&nbsp;Loans charged-off | (291) |  | (48) | (918) | (50) | (1307) |
| &nbsp;&nbsp;Recoveries |  |  | 1 | 453 | 20 | 474 |
| Ending balance | $2806 | $377 | $576 | $3698 | $117 | $7574 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial**<br>**Real Estate** | **Residential**<br>**Real Estate** | **Commercial**<br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $2716 | $346 | $606 | $4348 | $108 | $8124 |
| &nbsp;&nbsp;Provision for credit losses  | 381 | 31 | 51 | 11 | 59 | 533 |
| &nbsp;&nbsp;Loans charged-off | (291) |  | (82) | (1813) | (81) | (2267) |
| &nbsp;&nbsp;Recoveries |  |  | 1 | 1152 | 31 | 1184 |
| Ending balance | $2806 | $377 | $576 | $3698 | $117 | $7574 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The Company has also recorded an ACL for unfunded commitments, which was recorded in other liabilities. The provision for unfunded commitments is recorded within the provision for credit losses on the Company's income statement. Activity in the Company's ACL for unfunded commitments for the three and six months ended June 30, 2025 and 2024 is summarized in the tables below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $92 | $5 | $103 | $— | $20 | $220 |
| &nbsp;&nbsp;(Reversal of) provision for credit losses  | (19) | (2) | 4 |  |  | (17) |
| Ending balance | $73 | $3 | $107 | $— | $20 | $203 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $119 | $1 | $104 | $— | $20 | $244 |
| &nbsp;&nbsp;(Reversal of) provision for credit losses  | (46) | 2 | 3 |  |  | (41) |
| Ending balance | $73 | $3 | $107 | $— | $20 | $203 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $158 | $— | $71 | $— | $12 | $241 |
| &nbsp;&nbsp;Provision for (reversal of) credit losses  | 2 | 3 | 9 |  | (1) | 13 |
| Ending balance | $160 | $3 | $80 | $— | $11 | $254 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial** <br>**Real Estate** | <br>**Residential** | **Commercial** <br>**and Industrial** | <br>**Indirect** | <br>**Consumer** | <br>**Totals** |
|  | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **Allowance for credit losses:** |  |  |  |  |  |  |
| Beginning balance | $172 | $— | $72 | $— | $13 | $257 |
| &nbsp;&nbsp;(Reversal of) provision for credit losses  | (12) | 3 | 8 |  | (2) | (3) |
| Ending balance | $160 | $3 | $80 | $— | $11 | $254 |

---

The following table summarizes the provision for credit losses for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| (Reversal of) provision for credit losses - loans | $(84) | $434 | $293 | $533 |
| (Reversal of) provision for credit losses - unfunded commitments | (17) | 13 | (41) | (3) |
| (Reversal of) provision for credit losses | $(101) | $447 | $252 | $530 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

In the normal course of business, the Company grants loans to officers, directors and other related parties. Balances and activity of such loans during the periods presented were not material.

On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, multifamily, construction and commercial loans. To assist in the review process, the Company engages an independent third-party to review a significant portion of loans within these segments. Consumer loans are rated as performing or non-performing based on payment status in accordance with regulatory retail credit guidance. Management uses the results of these reviews as part of its annual review process. In addition, management utilizes delinquency reports, the watch list and other loan reports to monitor credit quality of other loan segments.

*Credit Quality Indicators*. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on all loans at origination and is updated on a quarterly basis for loans risk rated Watch, Special Mention, Substandard, or Doubtful.

The Company uses the following definitions for risk ratings:

*Watch* – Loans classified as watch exhibit weaknesses that require more than usual monitoring. Issues may include deteriorating financial condition, payments made after due date but within 30 days, adverse industry conditions or management problems.

*Special Mention* – Loans classified as special mention exhibit signs of further deterioration but still generally make payments within 30 days. This is a transitional rating and loans should typically not be rated Special Mention for more than 12 months.

*Substandard* – Loans classified as substandard possess weaknesses that jeopardize the ultimate collection of the principal and interest outstanding. These loans exhibit continued financial losses, ongoing delinquency, overall poor financial condition, and/or insufficient collateral. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

*Doubtful* – Loans classified as non-performing have all the weaknesses of substandard loans, and have deteriorated to the level that there is a high probability of substantial loss.

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered *Pass* rated loans.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The following table presents the credit risk profile of the Company's loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the six months ended June 30, 2025, and by fiscal year of origination as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving**<br>**Loans**<br>**Amortized Cost** | <br>**Total** |
| **Commercial construction** |  |  |  |  |  |  |  |  |
| Pass | $1200 | $- | $- | $- | $- | $- | $- | $1200 |
| Watch | 327 | 8199 | 15000 | - | - | - | - | 23526 |
| Total commercial construction | 1527 | 8199 | 15000 | - | - | - | - | 24726 |
| **Commercial non-residential**  |  |  |  |  |  |  |  |  |
| Pass | $38061 | $45292 | $36545 | $36557 | $26525 | $78144 | $- | $261124 |
| Watch | 5419 | 8453 | 18239 | 19899 | 2545 | 40639 | - | 95194 |
| Special mention | - | - | - | 1622 | 852 | 5672 | - | 8146 |
| Substandard | - | - | - | 4140 | - | 3748 | - | 7888 |
| Total commercial non-residential | 43480 | 53745 | 54784 | 62218 | 29922 | 128203 | - | 372352 |
| **Multifamily** |  |  |  |  |  |  |  |  |
| Pass | $4813 | $743 | $1383 | $18234 | $34041 | $7201 | $- | $66415 |
| Watch | - | 5653 | 10223 | 10893 | 5591 | 9605 | - | 41965 |
| Total multifamily | 4813 | 6396 | 11606 | 29127 | 39632 | 16806 | - | 108380 |
| **Residential** |  |  |  |  |  |  |  |  |
| Performing | $10727 | $15313 | $26183 | $22553 | $1971 | $16313 | $- | $93060 |
| Non-performing | - | - | - | - | - | 970 | - | 970 |
| Total residential | 10727 | 15313 | 26183 | 22553 | 1971 | 17283 | - | 94030 |
| **Commercial and industrial** |  |  |  |  |  |  |  |  |
| Pass | $3666 | $11037 | $8389 | $16002 | $6634 | $1061 | $18524 | $65313 |
| Watch | 2870 | 2876 | 668 | 5147 | 184 | 1152 | 11584 | 24481 |
| Special mention | - | - | - | 481 | 106 | 89 | 250 | 926 |
| Substandard | - | - | - | - | 37 | 86 | 39 | 162 |
| Total commercial and industrial | 6536 | 13913 | 9057 | 21630 | 6961 | 2388 | 30397 | 90882 |
| Current-period gross write-offs |  | 10 | - | - | - | 165 | - | 175 |
| **Indirect automobile** |  |  |  |  |  |  |  |  |
| Performing | $11188 | $28083 | $46356 | $59526 | $80395 | $29966 | $- | $255514 |
| Non-performing | 22 | 62 | 117 | 186 | 125 | 81 | - | 593 |
| Total indirect automobile | 11210 | 28145 | 46473 | 59712 | 80520 | 30047 | - | 256107 |
| Current-period gross write-offs | 9 | 208 | 230 | 458 | 268 | 87 | - | 1260 |
| **Home equity** |  |  |  |  |  |  |  |  |
| Performing | $292 | $210 | $- | $- | $- | $3317 | $7928 | $11747 |
| Total home equity | 292 | 210 | - | - | - | 3317 | 7928 | 11747 |
| **Other consumer** |  |  |  |  |  |  |  |  |
| Performing | $1160 | $2020 | $1308 | $1315 | $257 | $27 | $219 | $6306 |
| Non-performing | - | - | 15 | - | - | - | - | 15 |
| Total other consumer | 1160 | 2020 | 1323 | 1315 | 257 | 27 | 219 | 6321 |
| Current-period gross write-offs | 11 | 14 | - | 6 | - | - | - | 31 |
| **Total Loans** |  |  |  |  |  |  |  |  |
| Pass/performing | $71107 | $102698 | $120164 | $154187 | $149823 | $136029 | $26671 | $760679 |
| Watch | 8616 | 25181 | 44130 | 35939 | 8320 | 51396 | 11584 | 185166 |
| Special mention | 0 | - | 0 | 2103 | 958 | 5761 | 250 | 9072 |
| Substandard | - | - | - | 4140 | 37 | 3834 | 39 | 8050 |
| Non-performing | 22 | 62 | 132 | 186 | 125 | 1051 | - | 1578 |
| Total Loans | $79745 | $127941 | $164426 | $196555 | $159263 | $198071 | $38544 | $964545 |
| Total Current-period gross write-offs | $20 | $232 | $230 | $464 | $268 | $252 | $- | $1466 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The following table presents the credit risk profile of the Company's loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the year ended December 31, 2024, and by fiscal year of origination as of December 31, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | **Loans by Origination Year** | | |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving**<br>**Loans**<br>**Amortized Cost** | <br>**Total** |
| **Commercial construction** |  |  |  |  |  |  |  |  |
| Watch | $6509 | $17261 | $2841 | $- | $- | $- | $- | $26611 |
| Total commercial construction | 6509 | 17261 | 2841 | - | - | - | - | 26611 |
| **Commercial non-residential**  |  |  |  |  |  |  |  |  |
| Pass | $46429 | $36900 | $47082 | $27329 | $16104 | $69260 | $- | $243104 |
| Watch | 8515 | 14336 | 16201 | 7341 | 10952 | 33799 | - | 91144 |
| Special mention | - | - | 3009 | 873 | 322 | 5745 | - | 9949 |
| Substandard | - | - | 2834 | - | - | 3931 | - | 6765 |
| Total commercial non-residential | 54944 | 51236 | 69126 | 35543 | 27378 | 112735 | - | 350962 |
| Current-period gross write-offs | - | - | - | - | - | 291 | - | 291 |
| **Multifamily** |  |  |  |  |  |  |  |  |
| Pass | $- | $1398 | $18410 | $28939 | $2034 | $5296 | $- | $56077 |
| Watch | 5673 | 10235 | 11027 | 11863 | - | 10155 | - | 48953 |
| Total multifamily | 5673 | 11633 | 29437 | 40802 | 2034 | 15451 | - | 105030 |
| **Residential** |  |  |  |  |  |  |  |  |
| Performing | $15456 | $26755 | $23922 | $2032 | $2638 | $14666 | $- | $85469 |
| Non-performing | - | - | - | - | - | 1182 | - | 1182 |
| Total residential | 15456 | 26755 | 23922 | 2032 | 2638 | 15848 | - | 86651 |
| **Commercial and industrial** |  |  |  |  |  |  |  |  |
| Pass | $13386 | $9810 | $19044 | $7944 | $650 | $957 | $17303 | $69094 |
| Watch | 3269 | 745 | 5667 | 191 | 365 | 1081 | 10004 | 21322 |
| Special mention | - | - | 506 | 191 | 98 | 6 | - | 801 |
| Substandard | - | - | - | - | - | 103 | 38 | 141 |
| Doubtful | - | - | - | - | - | 159 | - | 159 |
| Total commercial and industrial | 16655 | 10555 | 25217 | 8326 | 1113 | 2306 | 27345 | 91517 |
| Current-period gross write-offs | - | 40 | - | 7 | - | 561 | - | 608 |
| **Indirect automobile** |  |  |  |  |  |  |  |  |
| Performing | $54048 | $72083 | $104879 | $42286 | $15440 | $6343 | $- | $295079 |
| Non-performing | 46 | 78 | 182 | 187 | 62 | 35 | - | 590 |
| Total indirect automobile | 54094 | 72161 | 105061 | 42473 | 15502 | 6378 | - | 295669 |
| Current-period gross write-offs | 171 | 812 | 1533 | 665 | 256 | 189 | - | 3626 |
| **Home equity** |  |  |  |  |  |  |  |  |
| Performing | $341 | $- | $- | $- | $- | $3684 | $7457 | $11482 |
| Non-performing | - | - | - | - | - | 174 | - | 174 |
| Total home equity | 341 | - | - | - | - | 3858 | 7457 | 11656 |
| **Other consumer** |  |  |  |  |  |  |  |  |
| Performing | $2581 | $1703 | $1829 | $400 | $89 | $11 | $217 | $6830 |
| Total other consumer | 2581 | 1703 | 1829 | 400 | 89 | 11 | 217 | 6830 |
| Current-period gross write-offs | 12 | 82 | 73 | 6 | 24 | 4 | - | 201 |
| **Total Loans** |  |  |  |  |  |  |  |  |
| Pass/performing | $132241 | $148649 | $215166 | $108930 | $36955 | $100217 | $24977 | $767135 |
| Watch | 23966 | 42577 | 35736 | 19395 | 11317 | 45035 | 10004 | 188030 |
| Special mention | 0 | - | 3515 | 1064 | 420 | 5751 | - | 10750 |
| Substandard | - | - | 2834 | - | 0 | 4034 | 38 | 6906 |
| Doubtful | - | - | - | - | - | 159 | - | 159 |
| Non-performing | 46 | 78 | 182 | 187 | 62 | 1391 | - | 1946 |
| Total Loans | $156253 | $191304 | $257433 | $129576 | $48754 | $156587 | $35019 | $974926 |
| Total Current-period gross write-offs | $183 | $934 | $1606 | $678 | $280 | $1045 | $- | $4726 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

4.&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and Intangible Assets

The Company evaluates goodwill annually in the fourth quarter of the fiscal year or more often if events occur or circumstances change that indicate an impairment may exist. Management has determined that no write-down was required for the first six months of 2025 or 2024.

The changes in the carrying value of the customer list and core deposit intangibles, net of accumulated amortization and impairment, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  | **2025** | **2024** |
| Beginning balance | $166 | $246 |
| Amortization | (37) | (41) |
| Ending balance | $129 | $205 |

---

Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles are based upon the application of the income approach. The Company recognized $17 and $20 of amortization expense related to its intangible assets for the three months ended June 30, 2025 and 2024, respectively. The Company recognized $37 and $41 of amortization expense related to its intangible assets for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows:

---

| | |
|:---|:---|
| 2025 | $23 |
| 2026 | 29 |
| 2027 | 21 |
| 2028 | 16 |
| 2029 | 13 |
| Thereafter  | 27 |
| Total | $129 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

5.&nbsp;&nbsp;&nbsp;&nbsp;Deposits

Deposits balances are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,**<br>**2024** |
| Non-interest bearing demand deposits | $239486 | $238126 |
| Interest bearing accounts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW<sup>(1)</sup> | 122143 | 123466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 133517 | 132648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 220171 | 188904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time certificates of deposit | 355491 | 337639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing accounts | 831322 | 782657 |
| Total deposits | $1070808 | $1020783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Negotiable order of withdrawal

The Company participates in a reciprocal deposit program with other financial institutions that provides access to Federal Deposit Insurance Corporation ("FDIC") insurance for deposit products with aggregate amounts exceeding the current limits for depositors. At June 30, 2025 and December 31, 2024, total reciprocal deposits were $39,138 and $38,909, respectively. Included in time certificates of deposit at June 30, 2025 and December 31, 2024 were reciprocal deposits totaling $21,255 and $25,427, respectively, with original maturities of one to three years. Reciprocal deposits included in money market accounts totaled $17,882 and $13,482 at June 30, 2025 and December 31, 2024, respectively.

The Company had no brokered deposits at either June 30, 2025 or December 31, 2024. Time certificates of deposit in denominations of $250 or greater were $100,557 and $95,591 as of June 30, 2025 and December 31, 2024, respectively.

Contractual maturities of time certificates of deposit at June 30, 2025 are summarized below:

---

| | |
|:---|:---|
|  | **June 30,** <br>**2025** |
| Within 1 year | $281263 |
| 1 – 2 years | 70350 |
| 2 – 3 years | 1157 |
| 3 – 4 years | 1615 |
| 4 – 5 years | 1106 |
| &nbsp;&nbsp;Total | $355491 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

6.&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt and FHLB Stock

#### FHLB Borrowings and Stock
The Bank is a member of the FHLB. Borrowings with the FHLB require collateralization through the pledge of specific loans and securities. The Bank also has access to a preapproved secured line of credit with the FHLB which was not to exceed $637,023 and $627,265 at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024, the Bank had pledged assets of $319,587 and $306,410, respectively. At June 30, 2025 and December 31, 2024, the Company had no outstanding overnight line of credit balances with the FHLB. These borrowings would mature the following business day. The Company also had structured borrowings of $26,603. The outstanding principal amounts and the related terms and rates of FHLB advances at June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Term** | **Principal** | **Maturity** | **Rate** | **Due in one year** | **Long term** |
| Fixed medium-term | $722 | October 31, 2025 | 4.87% | $722 | $— |
| Fixed medium-term | 728 | December 5, 2025 | 4.34% | 728 |  |
| Fixed medium-term | 1233 | September 21, 2026 | 5.20% |  | 1233 |
| Fixed medium-term | 381 | November 9, 2026 | 5.04% |  | 381 |
| Fixed medium-term | 969 | May 3, 2027 | 4.99% |  | 969 |
| Fixed medium-term | 740 | June 21, 2027 | 4.73% |  | 740 |
| Fixed medium-term | 20000 | May 2, 2028 | 3.88% |  | 20000 |
| Fixed medium-term | 1830 | June 27, 2028 | 3.91% |  | 1830 |
| Total | $26603 | Weighted Average Rate | 4.06% | $1450 | $25153 |

---

The Bank is required to maintain an investment in FHLB capital stock, as collateral, in an amount equal to a certain percentage of its outstanding debt. FHLB stock is considered restricted stock and is carried at cost. The Bank evaluates FHLB stock for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either June 30, 2025 or December 31, 2024.

#### Subordinated Debt
In addition to the Bank, the Company has one other wholly-owned subsidiary, RSB Capital Trust I (the "Trust"). In 2005, the Trust issued $5,000 of pooled trust preferred securities in a private placement and issued 155 shares of common stock at $1 par value per share, to the Company. The Trust, which has no independent assets or operations, was formed in 2005 for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of junior subordinated debentures. The proceeds from the issuance of the trust preferred securities were down-streamed to the Bank and are currently considered Tier 1 capital for purposes of determining the Bank's capital ratios. The duration of the Trust is 30 years.

The subordinated debt securities of $5,155 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, provides a full and unconditional guarantee of amounts on the capital securities. The rate on the subordinated debentures, which bear interest at the three-month term Secured Overnight Financing Rate ("SOFR") plus 2% and a relative spread adjustment of 0.26%, was 6.59% and 7.78% at June 30, 2025 and December 31, 2024, respectively. The subordinated debentures mature on May 23, 2035.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

#### Other Borrowings
The Bank has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at either June 30, 2025 or December 31, 2024.

The Bank also has an unsecured, uncommitted $50,000 line of credit with Pacific Coast Bankers Bank. There were no advances outstanding under this line of credit at either June 30, 2025 or December 31, 2024.

7. Employee Benefits

#### Pension Plan
The Bank maintains a noncontributory defined benefit pension plan covering substantially all of its employees 21 years of age or older who had completed at least one year of service as of June 30, 2012, the effective date on which the Board of Directors of the Bank voted to freeze the defined benefit plan.

The following table sets forth the plan's funded status and amounts recognized in the Company's consolidated statements of financial condition:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Projected and accumulated benefit obligation | $(17859) | $(16652) |
| Plan assets at fair value | 18387 | 17916 |
| Funded status included in accrued expenses and other liabilities | $528 | $1264 |

---

The net periodic pension cost and amounts recognized in other expense are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,**  | **Six months ended June 30,**  |
|  | **2025** | **2024** |
| Interest cost | $445 | $426 |
| Expected return on plan assets | (491) | (499) |
| Amortization of unrecognized loss | 74 | 149 |
| Net periodic cost  | $28 | $76 |

---

The expected long-term rate of return on plan assets has been determined by applying historical average investment returns from published indexes relating to the current allocation of assets in the plan. Plan assets are invested in pooled separate accounts consisting of underlying investments in nine diversified investment funds.

As of June 30, 2025, the investment funds included five equity funds and three fixed income bond funds, each with its own investment objectives, investment strategies and risks, as detailed in the Company's investment policy statement. The Company determines the appropriate strategic asset allocation versus plan liabilities, as governed by the investment policy statement.

The assets of the plan are invested under the supervision of the Company's investment committee in accordance with the investment policy statement. The investment options of the plan are chosen in a manner consistent with generally accepted standards of fiduciary responsibility. The investment performance of the Company's individual investment managers, with the assistance of the Company's investment consultant, is monitored on a quarterly basis and is reviewed at least annually relative to the objectives and guidelines as stated in the Company's investment policy statement.

The Company did not contribute to the plan in the first six months of 2025 or 2024.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The fair value of the Company's pension plan assets, by fair value hierarchy, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Investment in separate accounts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | $12840 | $— | $— | $12840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 5547 |  |  | 5547 |
| Total assets at fair value | $18387 | $— | $— | $18387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Investment in separate accounts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | $12489 | $— | $— | $12489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 5427 |  |  | 5427 |
| Total assets at fair value | $17916 | $— | $— | $17916 |

---

The pooled separate accounts are valued at the net asset per unit, based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities. Net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.

For a detailed disclosure on the Bank's pension and employee benefits plans, please refer to Note 9 of the Company's Consolidated Financial Statements for the year ended December 31, 2024 included in the [Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm)

#### Defined Contribution Plan
The Bank sponsors a 401(k) defined contribution plan. Participants are permitted, in accordance with the provisions of Section 401(k) of the Internal Revenue Code, to contribute up to 25% of their earnings (as defined) into the plan with the Bank matching up to 6%, subject to Internal Revenue Service limitations. The Bank's contributions charged to operations amounted to $569 and $535 for the six months ended June 30, 2025 and 2024, respectively.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

#### Deferred Compensation Arrangements

#### Directors' Plan, (formerly the "Trustees Plan")
The Bank's Deferred Compensation Plan for Fees of Directors, as amended and restated effective January 1, 2005 (the "Directors' Plan"), covers directors who elect to defer receipt of all or a portion of their fees until separation from service. Upon resignation, retirement, or death, the participant's total deferred compensation, including earnings thereon, will be paid out. At June 30, 2025 and December 31, 2024, total amounts due to participants of $3,764 and $3,804, respectively, were included in accrued expenses and other liabilities. Total expenses related to the Directors' Plan were $177 and $126 for the six months ended June 30, 2025 and 2024, respectively, which were included in other non-interest expense in the consolidated statements of income.

#### Executive Long-Term Incentive and Retention Plan
The Bank maintains an Executive Long-Term Incentive and Retention Plan (the "Executive Plan"). Participation in the Executive Plan is limited to officers of the Company designated as participants by the Board of Directors. Under the Executive Plan, the Board of Directors may grant annual incentive awards equal to a percentage of a participant's base salary at the rate in effect on the last day of the Executive Plan year, as determined by the Board of Directors based on the attainment of criteria established annually by the Board of Directors. Incentive awards under the Executive Plan are credited to the participant's incentive benefit account as of the last day of the Executive Plan year to which the award relates and earn interest at a rate determined annually by the Board of Directors. Participants vest in their benefit accounts in accordance with the vesting schedule approved by the Board of Directors, which ranges from one to five years of service. At June 30, 2025 and December 31, 2024, $1,751 and $1,653, respectively, was included in accrued expenses and other liabilities, which represents the cumulative amounts deferred and earnings thereon. The Company recognized expenses of $455 and $151 for the six months ended June 30, 2025 and 2024, respectively, related to this plan, which are included in salaries and employee benefits expense and other non-interest expense in the consolidated statements of income.

#### Group Term Replacement Plan
Under the terms of the "Group Term Replacement Plan," the Company provides postretirement life insurance benefits to certain officers. The liability related to these postretirement benefits is accrued over the individual participants' service period and aggregated $1,735 and $1,711 at June 30, 2025 and December 31, 2024, respectively. The Company recognized expenses of $24 and $26 for the six months ended June 30, 2025 and 2024, respectively, related to this plan, which are included in salaries and employee benefits expense in the consolidated statements of income.

#### Other Director and Officer Postretirement Benefits
The Company has fee continuation agreements with certain directors and a supplemental retirement agreement with an executive officer, each of which provide fixed postretirement benefits to be paid to the directors or the officer, or their beneficiaries, for periods ranging from 15 to 20 years. In addition, the Company has agreements with certain directors which provide certain postretirement life insurance benefits. The liability related to these postretirement benefits is accrued over the individual participants' service period and aggregated $2,135 and $2,113 at June 30, 2025 and December 31, 2024, respectively. The Company recognized expenses of $69 and $28 for the six months ended June 30, 2025 and 2024, respectively, related to these benefits, which are included in other non-interest expenses in the consolidated statements of income.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

#### Employee Stock Ownership Plan
On January 1, 2019, the Bank established an Employee Stock Ownership Plan ("ESOP") to provide Company stock to eligible employees. The plan is a tax-qualified retirement plan for the benefit of Bank employees. On January 16, 2019, the Company granted a loan to the ESOP to purchase 436,425 shares of the Company's common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company is payable annually over 20 years at a rate per annum equal to the Prime Rate, reset annually on January 1st (7.50% at January 1, 2025). Loan payments are funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2025 was $3,484. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 21,821 through 2039.

Shares held by the ESOP include the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Allocated | 130926 | 109105 |
| Committed to be allocated | 10908 | 21821 |
| Unallocated | 294591 | 305499 |
| Paid out to participants | (23622) | (23622) |
| &nbsp;&nbsp;Total shares | 412803 | 412803 |

---

The fair value of unallocated shares was $3,456 at June 30, 2025.

Total compensation expense recognized in connection with the ESOP for the six months ended June 30, 2025 and 2024 was $115 and $89, respectively.

#### Share-Based Compensation Plan
On May 26, 2020, stockholders of the Company approved the 2020 Equity Incentive Plan (the "EIP"). The EIP authorizes the issuance to participants of up to 763,743 shares of Rhinebeck Bancorp common stock pursuant to grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units. Of this number, the maximum number of shares of Rhinebeck Bancorp common stock that may be issued under the EIP pursuant to the exercise of stock options is 545,531 shares, and the maximum number of shares of Rhinebeck Bancorp common stock that may be issued as restricted stock awards or restricted stock units is 218,212 shares. These amounts represented 4.90% and 1.96%, respectively, of the number of shares of common stock issued in the stock offering of Rhinebeck Bancorp.

Pursuant to the terms of the EIP, on August 25, 2020, the Board of Directors granted restricted stock and stock options to employees and directors. All of these awards vested annually over a three-year period from the date of the grant and the term of each option is ten years. As of June 30, 2025, there were 105,146 stock options and 34,778 restricted stock awards that remained available for future grants.

The fair value of each option granted under the EIP is estimated on the date of grant using the Black-Scholes Option-Pricing Model. The expected volatility is based on the historical volatility of a peer group of comparable SEC-reporting bank holding companies. The dividend yield assumption is based on the Company's expectation of dividend payouts. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant. The Company has elected to recognize forfeitures as they occur.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

A summary of options under the 2020 EIP as of June 30, 2025 is presented below:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Weighted -**  | **Weighted-Average** |
|  | **Number of**  | **Average**  | **Remaining Contractual**  |
|  | **Shares** | **Exercise Price** | **Term (in Years)** |
| Options outstanding at beginning of year | 412930 | $6.62 | 5.23 |
| Exercised | (37000) | 6.57 | - |
| Options outstanding at June 30, 2025 | 375930 | $6.62 | 4.70 |
| Options exercisable at June 30, 2025 | 375930 | $6.62 | 4.70 |

---

At June 30, 2025, the aggregate intrinsic value of the stock options outstanding, which fluctuates based on changes in the fair market value of the Company's stock, was $1,920. The aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's closing stock price on the last trading day of period and the weighted-average exercise price, multiplied by the number of shares) that would have been issued had all option holders exercised their options on June 30, 2025.

The following table summarizes the Company's restricted stock activity for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | <br>**Number**<br>**of Shares** | **Weighted-Average**<br>**Grant Date**<br>**Fair Value per Share** |
| Non-vested restricted stock at beginning of year | 15000 | $7.94 |
| Non-vested restricted stock at June 30, 2025 | 15000 | $7.94 |

---

As of June 30, 2025, there was $80 of unrecognized compensation cost related to the nonvested restricted stock awards granted under the 2020 EIP. The cost is expected to be recognized over a remaining period of 2.02 years.

For the six months ended June 30, 2025 and 2024, share-based compensation of options and restricted stock under the plan totaled $20 and $0, respectively.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

8. Leases

As of June 30, 2025, the Company leased real estate for seven branch offices and two administrative offices under various lease agreements. One lease is classified as a short-term lease, while the remaining leases are classified as operating leases.

The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present the value of the minimum lease payments. The Company's leases have maturities which range from 2026 to 2048, some of which include lessee options to extend the lease term. If the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. The weighted average remaining life of the lease terms for these leases was 15.4 years and 15.7 years as of June 30, 2025 and December 31, 2024, respectively. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at each lease commencement date. The weighted average discount rate for operating leases as of June 30, 2025 and December 31, 2024 was 3.94% and 3.91%, respectively.

The components of lease cost (included in occupancy expense on the Consolidated Statements of Income) for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Lease cost:** |  |  |  |  |
| &nbsp;&nbsp;Operating lease cost | $200 | $181 | $400 | $363 |
| &nbsp;&nbsp;Short-term lease cost | 5 | - | 10 | - |
| Total lease cost | $205 | $181 | $410 | $363 |

---

The right-of-use asset, included in other assets, was $7,051 and $7,307 and the corresponding lease liability, included in accrued expenses and other liabilities, was $7,154 and $7,386, as of June 30, 2025 and December 31, 2024, respectively.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Years ending December 31:** |  |
| 2025 | $382 |
| 2026 | 745 |
| 2027 | 705 |
| 2028 | 708 |
| 2029 | 714 |
| Thereafter | 6814 |
| Total future minimum lease payments | 10068 |
| Amounts representing interest | (2914) |
| Present Value of Net Future Minimum Lease Payments | $7154 |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

9. Commitments and Contingencies and Derivatives

#### Legal Matters
The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company's financial condition or results of operations.

#### Employment Agreements
The Company has entered into employment agreements with certain officers. The agreements provide for base salaries and incentive compensation based on performance criteria outlined in the agreements. The agreements also provide for insurance and various other benefits.

**Financial Instruments with Off-Balance-Sheet Risk**

In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit, which include new loan commitments, undisbursed portions of construction loans and other lines of credit and loans sold with recourse. We are obligated under a recourse provision associated with certain first mortgage renovation loans sold in the secondary market to bear all costs when a default, including a foreclosure, occurs. These financial instruments involve, to varying degrees, elements of interest rate risk in excess of the amounts recognized in the statements of financial condition. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

Financial instruments whose contract amounts represent off-balance sheet credit risk are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Commitments to extend credit summarized as follows: |  |  |
| &nbsp;&nbsp;Future loan commitments | $4524 | $5556 |
| &nbsp;&nbsp;Undisbursed construction loans | 14930 | 23617 |
| &nbsp;&nbsp;Undisbursed home equity lines of credit | 10422 | 10357 |
| &nbsp;&nbsp;Undisbursed commercial and other line of credit | 86938 | 79107 |
| &nbsp;&nbsp;Standby letters of credit | 4327 | 3022 |
| &nbsp;&nbsp;Credit card lines | 4815 | 2701 |
| &nbsp;&nbsp;Loans sold with recourse | 475 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $126431 | $125165 |

---

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon an extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, deposits and securities.

[**Table of Contents**](#TOC)

#### Rhinebeck Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

**Interest Rate Swaps**

Summary information regarding these derivatives is presented below:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,**<br>**2024** |
| Notational amount | $204141 | $151867 |
| Fair value | $7452 | $6458 |
| Weighted average pay rates | 5.71% | 5.48% |
| Weighted average receive rates | 6.39% | 6.67% |
| Weighted average maturity (in years) | 6.23 | 7.45 |
| Number of Contracts | 34 | 24 |

---

In addition, as of June 30, 2025, the Company has one forward rate swap with a notional value of $12,938 and a fair value of $379 with an effective date of September 2, 2025. This forward swap has a fixed weighted average pay rate of 6.49% and the related weighted average adjustable receive rate will be determined at the time the forward swap becomes effective. As of December 31, 2024, there were three forward swaps with a notional value of $19,161, a fair value of $285 and a fixed average pay rate of 6.28%.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

10. Regulatory Matters

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below) of total, common equity Tier 1 and additional Tier I capital (as defined in 12 C.F.R. § 324.20) to risk-weighted assets and of Tier I capital to average assets. Management believes, as of June 30, 2025 and December 31, 2024, that the Bank met all capital adequacy requirements to which it was subject.

The most recent notification from the FDIC categorized the Bank as "well capitalized" under the regulatory framework. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, common equity Tier 1, Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since then which management believes have changed the Bank's category.

The Bank's actual capital amounts and ratios were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **To be Well Capitalized under**  | **To be Well Capitalized under**  |
|  |  |  | **For Capital Adequacy** | **For Capital Adequacy** | **Prompt Corrective Action** | **Prompt Corrective Action** |
|  | **Actual** | **Actual** | **Purposes** | **Purposes** | **Provisions** | **Provisions** |
|  | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Rhinebeck Bank** |  |  |  |  |  |  |
| Total capital (to risk-weighted assets) | $142130 | 13.45% | $84510 | 8.00% | $105638 | 10.00% |
| Tier 1 capital (to risk-weighted assets) | 133697 | 12.66% | 63383 | 6.00% | 84510 | 8.00% |
| Common equity tier one capital (to risk weighted assets) | 133697 | 12.66% | 47537 | 4.50% | 68665 | 6.50% |
| Tier 1 capital (to average assets) | 133697 | 10.64% | 50266 | 4.00% | 62833 | 5.00% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Rhinebeck Bank** |  |  |  |  |  |  |
| Total capital (to risk-weighted assets) | $135450 | 12.63% | $85821 | 8.00% | $107276 | 10.00% |
| Tier 1 capital (to risk-weighted assets) | 126668 | 11.81% | 64366 | 6.00% | 85821 | 8.00% |
| Common equity tier one capital (to risk weighted assets) | 126668 | 11.81% | 48274 | 4.50% | 69729 | 6.50% |
| Tier 1 capital (to average assets) | 126668 | 10.07% | 50292 | 4.00% | 62865 | 5.00% |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

11. Fair Value

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. A description of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial and non-financial instruments not recorded at fair value, is set forth below.

**Cash and Cash Equivalents**

The carrying amount is a reasonable estimate of fair value.

**Available for Sale Securities**

Where quoted prices are available in an active market for identical securities, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include marketable equity securities and U.S. Treasury obligations. If quoted prices are not available, then fair values are estimated by using pricing models (i.e., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include government agency bonds, mortgage-backed securities and municipal bonds. Level 3 securities include securities for which significant unobservable inputs are utilized. Available for sale securities are recorded at fair value on a recurring basis.

**FHLB Stock**

The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB.

**Loans**

Loans receivable are carried at cost. For variable rate loans, which reprice frequently, carrying values are a reasonable estimate of fair values adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using the year end rates, estimated using local market data, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral-dependent individually analyzed loans are recorded to reflect partial write-downs based on the observable market price or current appraised value of collateral.

**Other Real Estate Owned**

Other real estate owned represents real estate acquired through foreclosure and is carried at fair value less estimated selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. These assets are included as Level 3 fair values, based upon the lowest level of input that is utilized in the fair value measurements.

**Accrued Interest**

The carrying amounts of accrued interest approximate fair value.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

**Mortgage Servicing Rights**

The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated future net servicing income. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value and are included in other assets on the consolidated statements of financial condition.

**Deposits**

Deposit liabilities are carried at cost. The fair value of NOW, savings and money market deposits is the amount payable on demand at the reporting date. The fair value of time certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities estimated using local market data to a schedule of aggregated expected maturities on such deposits.

**Mortgagors' Escrow Accounts**

The fair value is estimated using a discounted cash flow calculation that applies interest rates currently being offered on deposited escrow accounts of similarly expected maturities.

**Advances from the FHLB**

The fair value of the advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances.

**Subordinated Debt**

Based on the floating rate characteristic of these instruments, the carrying value is considered to approximate fair value.

**Off-Balance-Sheet Instruments**

Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standings. Such amounts are not significant.

**Loan Level Interest Rate Swaps**

The fair value is based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves.

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Balance** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets (Level 1)** | <br>**Significant**<br>**Observable**<br>**Inputs (Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs (Level 3)** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities | $12999 | $12999 | $— | $— |
| &nbsp;&nbsp;U.S. government agency mortgage-backed securities-residential | 89499 |  | 89499 |  |
| &nbsp;&nbsp;U.S. government agency securities | 21573 |  | 21573 |  |
| &nbsp;&nbsp;Municipal securities | 2059 |  | 1959 | 100 |
| &nbsp;&nbsp;Corporate bonds | 14781 |  | 14781 |  |
| &nbsp;&nbsp;Other | 429 |  | 429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total available for sale securities | 141340 | 12999 | 128241 | 100 |
| &nbsp;&nbsp;Loan level interest rate swaps | 7831 |  | 7831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $149171 | $12999 | $136072 | $100 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Loan level interest rate swaps | $7831 | $— | $7831 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $7831 | $— | $7831 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities | $29693 | $29693 | $— | $— |
| &nbsp;&nbsp;U.S. government agency mortgage-backed securities – residential | 93492 |  | 93492 |  |
| &nbsp;&nbsp;U.S. government agency securities | 21166 |  | 21166 |  |
| &nbsp;&nbsp;Municipal securities | 2493 |  | 2393 | 100 |
| &nbsp;&nbsp;Corporate bonds | 12583 |  | 12583 |  |
| &nbsp;&nbsp;Other | 520 |  | 520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total available for sale securities | 159947 | 29693 | 130154 | 100 |
| &nbsp;&nbsp;Loan level interest rate swaps | 6743 |  | 6743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $166690 | $29693 | $136897 | $100 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Loan level interest rate swaps | $6743 | $— | $6743 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $6743 | $— | $6743 | $— |

---

[**Table of Contents**](#TOC)

Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Balance** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets (Level 1)** | <br>**Significant**<br>**Observable**<br>**Inputs (Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs (Level 3)** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| Individually analyzed loans, with specific reserves | $346 | $— | $— | $346 |
| Total | $346 | $— | $— | $346 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| Individually analyzed loans, with specific reserves | $320 | $— | $320 |
| Total | $320 | $— | $320 |

---

Loans that were individually analyzed using the fair value of the collateral had recorded investments of $509 and $479 with valuation allowances of $163 and $159 and fair values of $346 and $320 at June 30, 2025 and December 31, 2024, respectively. The valuation allowance represents specific allocations to the allowance for credit losses.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** |
|  | **Fair Value** <br>**Estimate** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | **Range**<br>**(Weighted Average)** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| Individually analyzed loans, with specific reserves | $346 | Appraisal of collateral<br><sup>(1)</sup>  | Liquidation expenses<br><sup>(3)</sup>  | 0% to 8% |
|  |  |  | Appraisal adjustments<br><sup>(2)</sup>  | 0% to 20%  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| Individually analyzed loans, with specific reserves | $320 | Appraisal of collateral<br><sup>(1)</sup>  | Liquidation expenses<br><sup>(3)</sup>  | 0% to 8% |
|  |  |  | Appraisal adjustments<br><sup>(2)</sup>  | 0% to 20%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraised value.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated costs to sell.

The estimated fair value amounts for 2025 and 2024 have been measured as of their respective reporting dates and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each year-end.

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Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful.

As of the following dates, the carrying value and fair values of the Company's financial instruments were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  | | June 30, 2025 Using | June 30, 2025 Using | June 30, 2025 Using | June 30, 2025 Using |
|  | <br>Carrying Value | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $89622 | $89622 | $— | $— | $89622 |
| &nbsp;&nbsp;Available for sale securities  | 141340 | 12999 | 128241 | 100 | 141340 |
| &nbsp;&nbsp;Loan level interest rate swaps | 7831 |  | 7831 |  | 7831 |
| &nbsp;&nbsp;FHLB stock  | 2023 |  | 2023 |  | 2023 |
| &nbsp;&nbsp;Loans, net  | 960803 |  |  | 944969 | 944969 |
| &nbsp;&nbsp;Accrued interest receivable | 4502 |  | 4502 |  | 4502 |
| &nbsp;&nbsp;Mortgage servicing rights  | 1418 |  |  | 4169 | 4169 |
| Financial Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits  | $1070808 | $— | $1027043 | $— | $1027043 |
| &nbsp;&nbsp;Mortgagors' escrow accounts | 12749 |  | 12749 |  | 12749 |
| &nbsp;&nbsp;FHLB advances  | 26603 |  | 26181 |  | 26181 |
| &nbsp;&nbsp;Subordinated debt  | 5155 |  | 5155 |  | 5155 |
| &nbsp;&nbsp;Loan level interest rate swaps  | 7831 |  | 7831 |  | 7831 |
| &nbsp;&nbsp;Accrued interest payable  | 749 |  | 749 |  | 749 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  | | December 31, 2024 Using | December 31, 2024 Using | December 31, 2024 Using | December 31, 2024 Using |
|  | <br>Carrying Value | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $37484 | $37484 | $— | $— | $37484 |
| &nbsp;&nbsp;Available for sale securities  | 159947 | 29693 | 130154 | 100 | 159947 |
| &nbsp;&nbsp;Loan level interest rate swaps | 6743 |  | 6743 |  | 6743 |
| &nbsp;&nbsp;FHLB stock  | 3960 |  | 3960 |  | 3960 |
| &nbsp;&nbsp;Loans, net  | 971779 |  |  | 955123 | 955123 |
| &nbsp;&nbsp;Accrued interest receivable | 4435 |  | 4435 |  | 4435 |
| &nbsp;&nbsp;Mortgage servicing rights  | 1592 |  |  | 4370 | 4370 |
| Financial Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits  | $1020783 | $— | $968878 | $— | $968878 |
| &nbsp;&nbsp;Mortgagors' escrow accounts | 9425 |  | 9425 |  | 9425 |
| &nbsp;&nbsp;FHLB advances  | 69773 |  | 69071 |  | 69071 |
| &nbsp;&nbsp;Subordinated debt  | 5155 |  | 5155 |  | 5155 |
| &nbsp;&nbsp;Loan level interest rate swaps  | 6743 |  | 6743 |  | 6743 |
| &nbsp;&nbsp;Accrued interest payable  | 943 |  | 943 |  | 943 |

---

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Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

**12. Accumulated Other Comprehensive Loss**

The components of accumulated other comprehensive loss at June 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,**<br>**2024** |
| Securities available for sale: |  |  |
| &nbsp;&nbsp;Net unrealized loss on securities available for sale | $(9979) | $(13266) |
| &nbsp;&nbsp;Related deferred tax<sup>(1)</sup> | 2096 | 2786 |
| Net accumulated other comprehensive loss  | (7883) | (10480) |
| Defined benefit pension plan: |  |  |
| &nbsp;&nbsp;Unrecognized net actuarial loss and prior service cost | (3815) | (3108) |
| &nbsp;&nbsp;Related deferred tax<sup>(1)</sup> | 801 | 653 |
| Net accumulated other comprehensive loss  | (3014) | (2455) |
| Total accumulated other comprehensive loss | $(10897) | $(12935) |

---

(1) Related deferred tax is calculated using an income tax rate of 21.0%.

**13. Segment Reporting**

The Company is a bank holding company, whose principal activity is the ownership and management of its wholly-owned subsidiary, Rhinebeck Bank. As a community-focused financial institution, the Company's operations primarily involve offering loan and deposit products and providing financial advisory services to customers. Since management evaluates performance and makes strategic decisions based on a single, integrated banking operation, the Company is considered to have one reportable segment for financial reporting purposes.

Management makes operating decisions and assesses performance based on an ongoing review of these banking operations, The accounting policies of the banking operations segment are the same as those described in the summary of significant accounting policies. The Company's reportable segment is determined by the Chief Executive Officer, who serves as the chief operating decision maker ("CODM"). The CODM assesses the Company's products and services, which primarily consist of banking operations, and evaluates performance based on financial data provided.

Interest income from loans and other earning assets, and income from fee-based businesses provide banking operation revenue. Interest expense on deposits and other sources of funding, provisions for credit losses, and operating expenses, primarily salaries and employee benefits, occupancy, furniture and equipment, and data processing and communications, provide the significant expenses of banking operations. The Company currently operates as a single-segment and all operations are domestic.

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Notes to Consolidated Financial Statements (Unaudited)

(Dollars in thousands, except share and per share data)

14. Earnings Per Share

Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. For the three months ended June 30, 2024, there were 15,000 options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. There were no anti-dilutive options for the three and six months ended June 30, 2025 and for the six months ended June 30, 2024. Options with an exercise price greater than the average market price of the common shares are considered anti-dilutive. Unearned ESOP shares are not deemed outstanding for earnings per share calculations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income applicable to common stock | $2726 | $975 | $5014 | $2096 |
| Average number of common shares outstanding | 11084776 | 11072607 | 11082316 | 11072607 |
| Less: Average unearned ESOP shares | 297330 | 319147 | 300057 | 321874 |
| Average number of common shares outstanding used to calculate basic earnings per common share | 10787446 | 10753460 | 10782259 | 10750733 |
| Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 7297 |  | 6467 |  |
| Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 159381 | 66291 | 151116 | 81570 |
| Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 10954124 | 10819751 | 10939842 | 10832303 |
| Earnings per Common share: |  |  |  |  |
| Basic | $0.25 | $0.09 | $0.47 | $0.19 |
| Diluted  | $0.25 | $0.09 | $0.46 | $0.19 |

---

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#### Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations

#### General
Management's discussion and analysis of financial condition and results of operations at June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024, is intended to assist in understanding the financial condition and results of operations of the Company and the Bank. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q.

#### Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements, which can be identified by the use of words such as "estimate," "approximate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "intend," "predict," "forecast," "improve," "continue," "will," "would," "should," "could," "may" and words of similar meaning. These forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements of our goals, intentions and expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements regarding our business plans, prospects, growth and operating strategies, and financial condition and results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements regarding the quality of our loan and investment portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Forward-looking statements, by their nature, are subject to risks and uncertainties.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

● general economic conditions, either nationally or in our market area, including potential recessionary conditions or slowed economic growth caused by supply chain disruption or otherwise;

● changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;

● changes in the level and direction of loan delinquencies and charge-offs and changes in the estimates or methodology used in the calculation of the allowance for credit losses;

● our ability to access cost-effective funding;

● fluctuations in real estate values and both residential and commercial real estate market conditions;

● demand for loans and deposits in our market area;

● our ability to implement our business strategies;

● the effect of our rating under the Community Reinvestment Act;

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● our ability to manage or reduce expenses;

● competition among depository and other financial institutions;

● inflation and changes in market interest rates that affect our margins and yields, the fair value of financial instruments, our volume of loan originations and loan sales, or the level of defaults, losses and prepayments on loans, whether held in portfolio or sold in the secondary market;

● adverse changes in the securities markets;

● changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, Federal Deposit Insurance Corporation premiums and capital requirements, and changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System;

● the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;

● negative financial impact from potential supervisory action, regulatory penalties and/or settlements;

● our ability to manage interest rate risk, market risk, credit risk and operational risk;

● our ability to enter new markets successfully and capitalize on growth opportunities;

● our ability to successfully integrate into our operations any assets, liabilities or systems we may acquire, as well as new management personnel or customers, and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;

● changes in investor sentiment and consumer spending, borrowing and savings habits;

● the current or anticipated impact of military conflict, terrorism or other geopolitical events;

● changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

● our ability to retain key employees;

● a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;

● system failures or cybersecurity threats against our informational technology and those of our third-party providers and vendors;

● the failure to maintain current technologies and to successfully implement future information technology enhancements;

● our compensation expense associated with equity allocated or awarded to our employees;

● changes in the financial condition, results of operations or prospects of issuers of securities that we own; and

● conditions relating to pandemics, or other public health emergencies.

Additional factors that may affect our results are discussed in our [Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm) and Quarterly Reports on Form 10-Q under the heading "Risk Factors." Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Accordingly, you should not place undue reliance on such statements.

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**Critical Accounting Policies**

Our most significant accounting policies are described in Note 1 to the consolidated financial statements. Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. We consider these policies to be our critical accounting estimates. The judgment and assumptions made are based upon historical experience, future forecasts, and/or other factors that management believes to be reasonable. Because of the nature of the judgment and assumptions, actual results could differ from estimates, which could have a material effect on our financial condition and results of operations. We consider the allowance for credit losses to be our most critical accounting policy.

**Allowance for Credit Losses**

The Company's allowance for credit losses is its estimate of credit losses currently expected in the loan portfolio, on unfunded lending commitments, and on its available-for-sale securities portfolio over the expected life of those assets. While these estimates are based on substantive methods for determining the required allowance, actual outcomes may differ significantly from estimated results, especially when determining required allowances for larger, complex commercial credits or unfunded lending commitments to commercial borrowers. Consumer loans, including indirect automobile loans and single family residential real estate, are smaller and generally behave in a similar manner, and loss estimates for these credits are considered more predictable. Additionally, the Company estimates the allowance for credit losses as a calculation of expected lifetime credit losses utilizing a forward-looking forecast of macroeconomic conditions, which may differ significantly from actual results. Further discussion of the methodology used in establishing the allowance is provided in Note 3 to the Notes to the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies" in our [Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm) as filed with the Securities and Exchange Commission on March 25, 2025.

#### Comparison of Financial Condition at June 30, 2025 and December 31, 2024
***Total Assets.*** Total assets increased by $18.5 million, or 1.5%, to $1.27 billion as of June 30, 2025, due primarily to an increase in cash and cash equivalents of $52.1 million, or 139.1%. This increase was partially offset by decreases in available for sale securities which declined by $18.6 million, or 11.6%, and loans receivable, which declined by $11.0 million, or 1.1%, to $960.8 million.

***Cash and Cash Equivalents.*** Cash and cash equivalents increased $52.1 million, or 139.1%, to $89.6 million at June 30, 2025 from $37.5 million at December 31, 2024, primarily due to a $47.2 million, or 258.0%, increase in federal funds sold, as well as increases in deposits held at the FHLB, Federal Reserve Bank of New York and other interest-bearing depository accounts. The increase was primarily driven by higher interest-bearing deposits and decreases in available for sale securities and loans receivable.

***Investment Securities Available for Sale.*** Available for sale securities declined $18.6 million, or 11.6%, to $141.3 million at June 30, 2025 from $159.9 million at December 31, 2024, primarily due to $24.6 million in paydowns, calls, and maturities, partially offset by a $3.3 million reduction in unrealized losses and $2.6 million in purchases.

***Net Loans.*** Net loans receivable decreased $11.0 million, or 1.1%, to $960.8 million at June 30, 2025, compared to $971.8 million at December 31, 2024. This decrease reflects a decrease in consumer loans of $40.0 million, partially offset by growth in our commercial real estate and residential real estate loan portfolios of $22.9 million and $7.4 million, respectively. The decrease in consumer loans was primarily the result of a strategic reduction in indirect automobile loans of $39.6 million. At June 30, 2025, indirect automobile loans were 20.1% of assets, compared to 23.5% at December 31, 2024. The increase in commercial real estate loans was primarily due to a $21.4 million increase in non-residential real estate loans and a $3.4 million increase in multi-family commercial real estate loans, partially offset by a $1.9 million decrease in commercial construction loans. Non-accrual loans decreased by $1.2 million, or 29.7%, from $4.1 million at December 31, 2024 to $2.9 million at June 30, 2025.

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***Total Liabilities.*** Total liabilities increased $11.4 million, or 1.0%, to $1.15 billion at June 30, 2025. The increase was primarily driven by a $50.0 million increase in total deposits and a $3.3 million increase in mortgagors' escrow accounts, partially offset by a decrease in FHLB advances of $43.2 million, or 61.9%.

***Deposits.*** Deposits increased $50.0 million, or 4.9%, to $1.07 billion at June 30, 2025 from $1.02 billion at December 31, 2024. Interest-bearing deposits increased $48.7 million, or 6.2%, while non-interest-bearing deposits increased $1.4 million, or 0.6%. The increase in interest-bearing deposits was primarily due to increases in money market accounts of $31.3 million and in certificates of deposit of $17.9 million, which reflected the Bank's promotion of higher-yielding products in response to customer demand for better interest rates. These increases were only slightly offset by a decrease in NOW accounts of $1.3 million.

We participate in reciprocal deposit programs, obtained through the Certificate Deposit Account Registry Service (CDARS) and IntraFi Cash Service (ICS) networks, that provide access to FDIC-insured deposit products in aggregate amounts exceeding the current limits for depositors. This allows us to maintain deposits that might otherwise be uninsured. Our reciprocal deposits obtained through the CDARS and ICS networks totaled $39.1 million and $38.9 million at June 30, 2025 and December 31, 2024, respectively. We had no brokered deposits at either June 30, 2025 or December 31, 2024.

***Mortgagors' Escrow Accounts.*** Mortgagors' escrow accounts increased $3.3 million, or 35.3%, to $12.7 million at June 30, 2025 from $9.4 million at December 31, 2024, primarily due to the timing of property tax and insurance disbursements.

***Advances from the Federal Home Loan Bank.*** FHLB advances declined $43.2 million, or 61.9%, to $26.6 million at June 30, 2025 from $69.8 million at December 31, 2024. The reduction reflects the Company's use of excess liquidity from the maturity of securities, lower loan origination activity and increased deposits to pay down borrowings.

***Stockholders' Equity.*** Stockholders' equity increased $7.1 million, or 5.8%, to $129.0 million at June 30, 2025 from $121.8 million at December 31, 2024. The increase was primarily due to $5.0 million in net income and a $2.0 million decrease in accumulated other comprehensive loss reflecting the results of the balance sheet restructuring. In the fourth quarter of 2024, the Company sold $92 million of available for sale securities. The Company's book value per share was $11.61 at June 30, 2025, compared to $10.98 at December 31, 2024. The ratio of stockholders' equity to total assets increased to 10.12% from 9.70% over the same period. Unearned common stock held by the Bank's employee stock ownership plan was $2.9 million and $3.1 million at June 30, 2025 and December 31, 2024, respectively.

**Comparison of Operating Results for the Three and Six Months Ended June 30, 2025 and 2024**

***Net Income.*** Net income for the second quarter of 2025 was $2.7 million, compared to $975,000 for the second quarter of 2024. Diluted earnings per share were $0.25 for the second quarter of 2025, up from $0.09 for the same quarter of 2024. Interest and dividend income increased $1.1 million, or 6.8%, while interest expense decreased $1.4 million, or 20.7%. The provision for credit losses decreased $548,000, or 122.6%. Non-interest income remained relatively flat decreasing $4,000, or 0.2%, and non-interest expense increased $760,000, or 8.5%. The provision for income taxes increased $480,000, or 170.2%, between the comparable quarters.

Net income for the first half of 2025 was $5.0 million, compared to $2.1 million for the first half of 2024. Diluted earnings per share were $0.46 for the first six months of 2025, up from $0.19 for the same period of 2024. Interest and dividend income increased $2.2 million, or 6.9%, while interest expense decreased $2.5 million, or 18.8%. The provision for credit losses decreased $278,000, or 52.5%. Non-interest income rose $157,000, or 4.9%, and non-interest expense increased $1.4 million, or 7.8%. The provision for income taxes increased $798,000, or 132.3%, between the comparable periods.

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***Net Interest Income.*** Net interest income increased $2.4 million, or 27.1%, to $11.5 million for the three months ended June 30, 2025. The ratio of average interest-earning assets to average interest-bearing liabilities rose 2.4% to 135.11%, while the net interest margin expanded by 93 basis points to 3.97% compared to the same quarter in 2024. The increase in the net interest margin was primarily due to a higher yield on loans and securities, coupled with a decline in the cost of interest-bearing liabilities. Interest rate spread improved 100 basis points from 2.33% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025, reflecting an increase in the yield on assets versus a decrease in the cost of liabilities. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available for sale securities.

Net interest income increased $4.7 million, or 26.2%, to $22.5 million for the six months ended June 30, 2025. The ratio of average interest-earning assets to average interest-bearing liabilities rose 2.0% to 134.55%, while the net interest margin rose by 91 basis points to 3.88% compared to the same period in 2024. The increase in the net interest margin was primarily due to a higher yield on loans and securities, coupled with a decline in the cost of interest-bearing liabilities. Interest rate spread improved 97 basis points from 2.26% for the six months ended June 30, 2024 to 3.23% for the six months ended June 30, 2025, reflecting better pricing on assets versus liabilities. The balance sheet restructuring in the second half of 2024 significantly increased the yield on our available for sale securities.

***Interest Income.*** Interest income increased $1.1 million, or 6.8%, to $16.8 million for the three months ended June 30, 2025, compared to $15.7 million for the same quarter in 2024. The increase was primarily due to higher yields on loans and securities, partially offset by a decrease in the average balance of interest-earning assets. The average yield on interest-earning assets increased by 50 basis points to 5.78%, while the average balance of interest-earning assets declined by $33.3 million, or 2.8%, to $1.16 billion. The average yield on loans increased 33 basis points, to 6.18%, and the average yield on available for sale securities increased 150 basis points, to 3.37%. The average balance of loans decreased $13.6 million, and the average balance of available-for-sale securities declined $33.6 million, compared to the three months ended June 30, 2024.

Interest income increased $2.2 million, or 6.9%, to $33.4 million for the six months ended June 30, 2025, compared to $31.2 million for the same period in 2024. The increase was primarily due to higher yields on loans and securities, partially offset by a decrease in the average balance of interest-earning assets. The average yield on interest-earning assets increased by 56 basis points to 5.75%, while the average balance of interest-earning assets declined by $37.8 million, or 3.1%, to $1.17 billion. The average yield on loans increased 39 basis points, to 6.16%, and the average yield on available-for-sale securities increased 146 basis points, to 3.31%. The average balance of loans decreased $15.6 million, and the average balance of available-for-sale securities declined $33.7 million, compared to the six months ended June 30, 2024.

***Interest Expense.*** Interest expense decreased $1.4 million, or 20.7%, to $5.3 million for the three months ended June 30, 2025, compared to $6.6 million for the same quarter in 2024. The average cost of interest-bearing liabilities declined by 50 basis points, to 2.45%, reflecting lower funding costs and a favorable shift in funding mix. The average balance of total interest-bearing liabilities decreased $45.7 million, or 5.1%, to $859.9 million, primarily due to a $61.6 million decline in the average balance of Federal Home Loan Bank advances, which fell from $95.3 million to $33.7 million. The average cost of these advances also declined by 103 basis points, from 4.73% to 3.70%.

Interest expense decreased $2.5 million, or 18.8%, to $10.9 million for the six months ended June 30, 2025, compared to $13.4 million for the same period in 2024. The average cost of interest-bearing liabilities declined by 41 basis points, to 2.52%, reflecting lower funding costs and a favorable shift in funding mix. The average balance of total interest-bearing liabilities decreased $46.0 million, or 5.0%, to $870.9 million, primarily due to a $54.9 million decline in the average balance of Federal Home Loan Bank advances, which fell from $109.1 million to $54.2 million. The average cost of these advances also declined by 89 basis points, from 4.84% to 3.95%.

***Provision for Credit Losses.*** The provision for credit losses decreased by $548,000, or 122.6%, from $447,000 for the quarter ended June 30, 2024 to a credit of $101,000 for the current quarter. The decrease in the provision was primarily due to lower loan balances and a decrease in net charge-offs. Net charge-offs decreased $742,000 from $833,000 for the second quarter of 2024 to $91,000 for the second quarter of 2025. The decrease was primarily due to decreased net charge-offs in indirect automobile loans of $397,000 and second quarter 2024 charge-offs on commercial real estate property of $291,000.

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Year-to-date, the provision for credit losses decreased by $278,000, or 52.5%, from $530,000 for the six months ended June 30, 2024 to $252,000 for the six months ended June 30, 2025. The decrease in the provision was primarily due to lower loan balances and a decrease in net charge-offs. Net charge-offs decreased $481,000, or 44.5% to $601,000 for the first six months of 2025 as compared to $1.1 million for the first six months of 2024. The decrease was primarily due to decreased net charge-offs in indirect automobile loans of $235,000 as well as the 2024 charge-offs in commercial real estate of $291,000. The percentage of overdue account balances to total loans decreased to 1.31% at June 30, 2025 from 1.71% at December 31, 2024, while non-performing assets decreased $1.2 million, or 29.7%, to $2.9 million at June 30, 2025.

***Non-Interest Income.*** Non-interest income totaled $1.6 million for the three months ended June 30, 2025, a decrease of $4,000, or 0.2%, from the comparable period in 2024, due primarily to a decrease of $109,000, or 28.8%, in investment advisory income, resulting from departmental turnover and unpredictable economic conditions. This decrease was substantially offset by an increase in other non-interest income of $73,000, or 27.1%, as swap income increased and an increase on gains on sales of loans of $34,000 as we sold $2.7 million of residential mortgage loans in the second quarter of 2025 as compared to sales of $1.3 million in the second quarter of 2024.

Non-interest income totaled $3.4 million for the six months ended June 30, 2025, an increase of $157,000, or 4.9%, from the comparable period in 2024, due primarily to an increase of $239,000, or 46.1%, in other non-interest income as swap income increased, partially offset by a decrease in investment advisory income of $154,000 resulting from departmental turnover and unpredictable economic conditions. Additional increases included a $26,000 gain on sales of loans, a $22,000 increase in service charges on deposit accounts, an $18,000 gain on the disposal of premises and equipment, and a $10,000 increase in the cash surrender value of bank-owned life insurance.

***Non-Interest Expense.*** For the second quarter of 2025, non-interest expense rose to $9.7 million, reflecting a $760,000, or 8.5%, increase compared to the same period in 2024. The increase was broad-based, with nearly all major expense categories rising. Salaries and employee benefits rose $330,000, or 6.7%, primarily due to increased production commissions. Other non-interest expense grew by $191,000, or 12.0%, driven primarily by higher retail banking costs. Marketing expense rose by $108,000, or 93.9%, largely due to promotional initiatives associated with the launch of higher-yielding deposit products. Occupancy expense increased by $53,000, or 5.0%, due to higher branch repair costs. Additionally, professional fees, FDIC insurance expense, and data processing fees increased by $34,000, $34,000, and $13,000, respectively.

For the six months ended June 30, 2025, non-interest expense totaled $19.2 million, an increase of $1.4 million, or 7.8%, compared to $17.8 million for the same period in 2024. The increase was primarily due to higher compensation and operating costs across multiple categories. Salaries and employee benefits increased by $472,000, or 4.8%, driven primarily by higher incentive-based compensation and annual merit increases. Other non-interest expense increased by $447,000, or 14.3%, primarily due to higher retail banking and administrative costs. Marketing expense increased by $187,000, or 79.2%, related to promotional campaigns for new deposit products. Professional fees rose by $97,000, or 11.1%, reflecting increased consulting and legal services. Additionally, FDIC deposit insurance and other insurance rose $78,000, or 15.2%, and occupancy expense increased $71,000, or 3.4%, due to facilities-related costs. Data processing expense also increased by $43,000, or 4.2%.

***Income Taxes.*** The provision for income taxes increased $480,000, or 170.2%, totaling $762,000 for the three months ended June 30, 2025, compared to $282,000 for the same period in 2024. The increased income tax provision corresponds to higher pre-tax income during the quarter. The effective tax rate was 21.85% for the three months ended June 30, 2025 as compared to 22.43% for the three months ended June 30, 2024.

The provision for income taxes increased $798,000, or 132.3%, totaling $1.4 million for the six months ended June 30, 2025, compared to $603,000 for the same period in 2024. The increased income tax provision corresponds to higher pre-tax income during the period. The effective tax rate was 21.84% for the six months ended June 30, 2025 as compared to 22.34% for the six months ended June 30, 2024.

[**Table of Contents**](#TOC)

#### Average Balance Sheets for the Three and Six Months Ended June 30, 2025 and 2024
The following tables set forth average balance sheets, average yields and costs, and certain other information for the periods indicated. All average balances are daily average balances, the yields set forth below include the effect of deferred fees and discounts and premiums that are amortized or accreted to interest income (dollars in thousands).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,**  | **For the Three Months Ended June 30,**  | **For the Three Months Ended June 30,**  | **For the Three Months Ended June 30,**  | **For the Three Months Ended June 30,**  | **For the Three Months Ended June 30,**  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average**<br>**Balance** | **Interest and**<br>**Dividends** | <br>**Yield/Cost**<sup>(3)</sup> | **Average**<br>**Balance** | **Interest and**<br>**Dividends** | <br>**Yield/Cost**<sup>(3)</sup> |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest bearing depository accounts and federal funds sold | $37527 | $414 | 4.42% | $20837 | $295 | 5.69% |
| &nbsp;&nbsp;Loans<sup>(1)</sup> | 978022 | 15066 | 6.18% | 991632 | 14432 | 5.85% |
| &nbsp;&nbsp;Available for sale securities | 143756 | 1208 | 3.37% | 177330 | 823 | 1.87% |
| &nbsp;&nbsp;Other interest-earning assets | 2496 | 67 | 10.77% | 5258 | 134 | 10.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 1161801 | 16755 | 5.78% | 1195057 | 15684 | 5.28% |
| Non-interest-earning assets | 87246 |  |  | 89125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1249047 |  |  | $1284182 |  |  |
| **Liabilities and equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;NOW accounts | $118195 | $58 | 0.20% | $125039 | $43 | 0.14% |
| &nbsp;&nbsp;Money market accounts | 215295 | 1353 | 2.52% | 184187 | 1224 | 2.67% |
| &nbsp;&nbsp;Savings accounts | 134314 | 130 | 0.39% | 142546 | 128 | 0.36% |
| &nbsp;&nbsp;Certificates of deposit | 342425 | 3295 | 3.86% | 339600 | 3945 | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 810229 | 4836 | 2.39% | 791372 | 5340 | 2.71% |
| &nbsp;&nbsp;Escrow accounts | 10847 | 30 | 1.11% | 10192 | 30 | 1.18% |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 33686 | 311 | 3.70% | 95290 | 1121 | 4.73% |
| &nbsp;&nbsp;Subordinated debt | 5155 | 86 | 6.69% | 5155 | 99 | 7.72% |
| &nbsp;&nbsp;Other interest-bearing liabilities |  |  | —% | 3655 | 49 | 5.39% |
| &nbsp;&nbsp;Total other interest-bearing liabilities | 49688 | 427 | 3.45% | 114292 | 1299 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 859917 | 5263 | 2.45% | 905664 | 6639 | 2.95% |
| &nbsp;&nbsp;Non-interest-bearing deposits | 231573 |  |  | 236515 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 29950 |  |  | 27604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1121440 |  |  | 1169783 |  |  |
| &nbsp;&nbsp;Total stockholders' equity | 127607 |  |  | 114399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1249047 |  |  | $1284182 |  |  |
| &nbsp;&nbsp;Net interest income |  | $11492 |  |  | $9045 |  |
| &nbsp;&nbsp;Interest rate spread |  |  | 3.33% |  |  | 2.33% |
| &nbsp;&nbsp;Net interest margin<sup>(2)</sup> |  |  | 3.97% |  |  | 3.04% |
| &nbsp;&nbsp;Average interest-earning assets to average interest-bearing liabilities |  |  | 135.11% |  |  | 131.95% |

---

<sup>(1)</sup> Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $86,000 and $16,000 for the three months ended June 30, 2025 and 2024, respectively.

<sup>(2)</sup> Represents the difference between interest earned and interest paid, divided by average total interest earning assets.

<sup>(3)</sup> Annualized.

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,**  | **For the Six Months Ended June 30,**  | **For the Six Months Ended June 30,**  | **For the Six Months Ended June 30,**  | **For the Six Months Ended June 30,**  | **For the Six Months Ended June 30,**  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average**<br>**Balance** | **Interest and**<br>**Dividends** | <br>**Yield/Cost**<sup>(3)</sup> | **Average**<br>**Balance** | **Interest and**<br>**Dividends** | <br>**Yield/Cost**<sup>(3)</sup> |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest bearing depository accounts  | $33003 | $693 | 4.23% | $19056 | $512 | 5.40% |
| &nbsp;&nbsp;Loans<sup>(1)</sup> | 984984 | 30074 | 6.16% | 1000622 | 28729 | 5.77% |
| &nbsp;&nbsp;Available for sale securities | 150450 | 2469 | 3.31% | 184115 | 1693 | 1.85% |
| &nbsp;&nbsp;Other interest-earning assets | 3417 | 157 | 9.27% | 5850 | 301 | 10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 1171854 | 33393 | 5.75% | 1209643 | 31235 | 5.19% |
| Non-interest-earning assets | 87172 |  |  | 88994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1259026 |  |  | $1298637 |  |  |
| **Liabilities and equity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;NOW accounts | $122118 | $111 | 0.18% | $124409 | $85 | 0.14% |
| &nbsp;&nbsp;Money market accounts | 210683 | 2588 | 2.48% | 186542 | 2483 | 2.68% |
| &nbsp;&nbsp;Savings accounts | 133635 | 254 | 0.38% | 144831 | 260 | 0.36% |
| &nbsp;&nbsp;Certificates of deposit | 335917 | 6625 | 3.98% | 336471 | 7626 | 4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 802353 | 9578 | 2.41% | 792253 | 10454 | 2.65% |
| &nbsp;&nbsp;Escrow accounts | 9220 | 51 | 1.12% | 8604 | 50 | 1.17% |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 54211 | 1063 | 3.95% | 109141 | 2628 | 4.84% |
| &nbsp;&nbsp;Subordinated debt | 5155 | 172 | 6.73% | 5155 | 197 | 7.69% |
| &nbsp;&nbsp;Other interest-bearing liabilities |  |  | —% | 1828 | 49 | 5.39% |
| &nbsp;&nbsp;Total other interest-bearing liabilities | 68586 | 1286 | 3.78% | 124728 | 2924 | 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 870939 | 10864 | 2.52% | 916981 | 13378 | 2.93% |
| &nbsp;&nbsp;Non-interest-bearing deposits | 232926 |  |  | 239766 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 29379 |  |  | 27112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1133244 |  |  | 1183859 |  |  |
| &nbsp;&nbsp;Total stockholders' equity | 125782 |  |  | 114778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1259026 |  |  | $1298637 |  |  |
| &nbsp;&nbsp;Net interest income |  | $22529 |  |  | $17857 |  |
| &nbsp;&nbsp;Interest rate spread |  |  | 3.23% |  |  | 2.26% |
| &nbsp;&nbsp;Net interest margin<sup>(2)</sup> |  |  | 3.88% |  |  | 2.97% |
| &nbsp;&nbsp;Average interest-earning assets to average interest-bearing liabilities |  |  | 134.55% |  |  | 131.92% |

---

<sup>(1)</sup> Non-accruing loans are included in the outstanding loan balance. Deferred loan fees included in interest income totaled $140,000 and $33,000 for the six months ended June 30, 2025 and 2024, respectively.

<sup>(2)</sup> Represents the difference between interest earned and interest paid, divided by average total interest earning assets.

<sup>(3)</sup> Annualized.

[**Table of Contents**](#TOC)

#### Rate/Volume Analysis
The following table presents the effects of changing rates and volumes on our net interest income for the period indicated (in thousands). The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the rate and volume columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. The Company did not have any excludable out-of-period items or adjustments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Compared to Three Months Ended**  | **Compared to Three Months Ended**  | **Compared to Three Months Ended**  | **Compared to Six Months Ended**  | **Compared to Six Months Ended**  | **Compared to Six Months Ended**  |
|  | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **Due to** | **Due to** | **Due to** | **Due to** | **Due to** | **Due to** |
|  | **Volume** | **Rate** | **Net** | **Volume** | **Rate** | **Net** |
| **Interest income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest bearing depository accounts | $195 | $(76) | $119 | $312 | $(131) | $181 |
| &nbsp;&nbsp;Loans receivable | (200) | 834 | 634 | (455) | 1800 | 1345 |
| &nbsp;&nbsp;Available for sale securities | (180) | 565 | 385 | (355) | 1131 | 776 |
| &nbsp;&nbsp;Other interest-earning assets | (74) | 7 | (67) | (115) | (29) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | (259) | 1330 | 1071 | (613) | 2771 | 2158 |
| **Interest expense:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 125 | (629) | (504) | 131 | (1008) | (877) |
| &nbsp;&nbsp;Escrow accounts | 2 | (2) |  | 3 | (2) | 1 |
| &nbsp;&nbsp;Federal Home Loan Bank advances | (608) | (202) | (810) | (1143) | (421) | (1564) |
| &nbsp;&nbsp;Subordinated debt |  | (13) | (13) |  | (25) | (25) |
| &nbsp;&nbsp;Other interest-bearing liabilities | (49) |  | (49) | (49) |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | (530) | (846) | (1376) | (1058) | (1456) | (2514) |
| &nbsp;&nbsp;Net increase in net interest income | $271 | $2176 | $2447 | $445 | $4227 | $4672 |

---

#### Management of Market Risk
***General.*** The majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of loans and securities, have longer maturities than our liabilities, consisting primarily of deposits and Federal Home Loan Bank advances. As a result, a principal part of our business strategy is to manage our exposure to changes in market interest rates. Accordingly, the Board of Directors maintains a management-level Asset/Liability Management Committee (the "ALCO"), which takes primary responsibility for reviewing the Company's asset/liability management process and related procedures, establishing and monitoring reporting systems and ascertaining that established asset/liability strategies are being maintained. On at least a quarterly basis, the ALCO reviews and reports to the Board asset/liability management outcomes from various modeling scenarios. The ALCO also implements any changes in strategies and reviews the performance of any specific asset/liability management actions that have been implemented.

We manage our interest rate risk to minimize the exposure of our earnings and capital to changes in market interest rates. We have implemented the following strategies to manage our interest rate risk: originating loans with adjustable interest rates or with shorter terms, promoting core deposit products, and adjusting the interest rates and maturities of funding sources, as necessary. By following these strategies, we believe that we are better positioned to react to changes in market interest rates.

[**Table of Contents**](#TOC)

***Net Economic Value Simulation.*** We analyze the Bank's sensitivity to changes in interest rates through a net economic value of equity ("EVE") model. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet contracts. The EVE ratio represents the dollar amount of our EVE divided by the present value of our total assets for a given interest rate scenario. EVE attempts to quantify our economic value using a discounted cash flow methodology while the EVE ratio reflects that value as a form of capital ratio. We estimate what our EVE would be at a specific date. We then forecast what the EVE might be at the same date throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve. We currently calculate the EVE under scenarios where interest rates increase and decrease 100, 200, 300 and 400 basis points from current market rates.

The following table presents the estimated changes in the Bank's EVE that would result from changes in market interest rates at June 30, 2025 (dollars in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  |  | **Net Economic Value as a**  | **Net Economic Value as a**  |
| | **Net Economic Value** | **Net Economic Value** | **Net Economic Value** | **Percentage of Assets** | **Percentage of Assets** |
| <br>**Basis Point Change in Interest Rates** | **Dollar**<br>**Amount** | **Dollar**<br>**Change** | **Percent**<br>**Change** | **EVE**<br>**Ratio** | **Percent**<br>**Change** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |  |  |
| 400 | $149332 | $(31233) | (17.3)% | 12.76% | (11.1)% |
| 300 | 156729 | (23836) | (13.2)% | 13.17% | (8.3)% |
| 200 | 164514 | (16051) | (8.9)% | 13.58% | (5.4)% |
| 100 | 172627 | (7938) | (4.4)% | 13.98% | (2.6)% |
| 0 | 180565 |  | —% | 14.35% | —% |
| (100) | 176813 | (3752) | (2.1)% | 13.80% | (3.8)% |
| (200) | 168099 | (12466) | (6.9)% | 12.89% | (10.2)% |
| (300) | 151105 | (29460) | (16.3)% | 11.39% | (20.6)% |
| (400) | 126579 | (53986) | (29.9)% | 9.35% | (34.8)% |

---

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The above table assumes that the composition of our interest-sensitive assets and liabilities existing at the date indicated remains constant uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the table provides an indication of our interest rate risk exposure at a point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our EVE and will likely differ from actual results.

#### Liquidity Management
We maintain liquid assets at levels we consider adequate to meet both our short-term and long-term liquidity needs. We adjust our liquidity levels to fund deposit outflows, repay our borrowings and to fund loan commitments. We also adjust liquidity as appropriate to meet asset and liability management objectives.

Our primary sources of liquidity are deposits, loan sales, amortization and prepayment of loans and mortgage-backed securities, maturities, sales and calls of investment securities and other short-term investments, earnings, funds provided from operations, as well as access to FHLB advances and other borrowings. While scheduled principal repayments on loans and mortgage-backed securities are a relatively predictable source of funds, deposit flows and loan and security sales and prepayments are greatly influenced by market interest rates, economic conditions, and rates offered by our competition. We set the interest rates on our deposits to maintain a desired level of total deposits.

[**Table of Contents**](#TOC)

As reflected in the Consolidated Statements of Cash Flows, net cash provided by operating activities was $6.7 million for the six months ended June 30, 2025, compared to $8.5 million for the same period in 2024. These amounts differ from our net income because of a variety of cash receipts and disbursements that did not affect net income for the respective periods. Net cash provided by investing activities totaled $35.3 million in the first half of 2025, a decrease from $47.9 million in the prior-year period, driven primarily by a decrease in net loans of $11.7 million in the first six months of 2025 versus a net reduction in loans of $25.3 million in the comparable 2024 period as well as $24.6 million of securities proceeds in the first half of 2025 compared to $17.8 million in the first half of 2024. Cash flows from financing activities reflected a net cash inflow of $10.1 million in the current period, compared to a net cash outflow of $44.1 million in the prior-year period, with the reduced outflows mainly resulting from changes in deposit balances and short-term debt repayments. As a result of these activities, cash and cash equivalents increased by $52.1 million during the period to $89.6 million as of June 30, 2025, from a beginning balance of $37.5 million.

At June 30, 2025, we had the following main sources of availability of liquid funds and borrowings:

---

| | |
|:---|:---|
| (In thousands) | **Total** |
| Available liquid funds: |  |
| &nbsp;&nbsp;Cash and cash equivalents | $89622 |
| &nbsp;&nbsp;Unencumbered securities | 58412 |
| Availability of borrowings: |  |
| &nbsp;&nbsp;Zions Bank line of credit | 10000 |
| &nbsp;&nbsp;Pacific Coast Bankers Bank line of credit | 50000 |
| &nbsp;&nbsp;FHLB secured line of credit | 292929 |
| &nbsp;&nbsp;FRB secured line of credit | 186623 |
| Total available sources of funds | $687586 |

---

The Bank has access to a preapproved secured line of credit with the FHLB. At June 30, 2025, the Bank had pledged $466.8 million of assets to the FHLB, which resulted in a secured line of credit of $319.5 million. At June 30, 2025, the Bank had borrowed $26.6 million under this line, with remaining secured borrowing capacity of $292.9 million.

We also have commitments and obligations under our post-retirement plan and other benefit plans and our off-balance sheet financial instruments, as described in Note 7 and Note 9 to the consolidated financial statements of this Quarterly Report on Form 10-Q.

#### Impact of Inflation and Changing Prices
The financial statements and related notes of the Company have been prepared in accordance with GAAP. GAAP generally requires the measurement of financial condition and operating results in terms of historical dollars without consideration for changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of our operations. Unlike industrial companies, our assets and liabilities are primarily monetary in nature. As a result, changes in market interest rates have a greater impact on performance than the effects of inflation.

[**Table of Contents**](#TOC)

#### Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk
For information regarding market risk, see "Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operation - Management of Market Risk."

#### Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures
An evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of June 30, 2025. Based on that evaluation, the Company's management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company's disclosure controls and procedures were effective.

There were no changes in the Company's internal controls over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

[**Table of Contents**](#TOC)

#### PART II — OTHER INFORMATION

#### Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings
We are periodically involved in legal proceedings, such as employment-related claims against us, claims to enforce liens, foreclosure or condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans, and other issues incidental to our business. As of the date of this Quarterly Report on Form 10-Q, we are not a party to any pending legal proceedings that we believe would have a material effect on our financial condition, results of operations or cash flows.

#### Item 1A.&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors
For a summary of risk factors relevant to the Company, see Part I, Item 1A, "Risk Factors," in the [2024 Form 10-K](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000012/rbkb-20241231x10k.htm) and the [Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1751783/000175178325000026/rbkb-20250331x10q.htm) for the period ended March 31, 2025. There have been no material changes to risk factors relevant to the Company's operations since December 31, 2024 and March 31, 2025. Additional risks not presently known to the Company, or that the Company currently deems immaterial, may also adversely affect the business, financial condition or results of operations.

#### Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
In September 2022, the Board approved a stock repurchase plan pursuant to which the Company is authorized to repurchase up to 247,506 shares of its common stock, of which 47,506 shares remain available for repurchase. The repurchase plan has no expiration date. No shares were repurchased under the stock repurchase plan during the three months ended June 30, 2025.

There were no sales of unregistered securities during the quarter ended June 30, 2025.

#### Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities
None.

#### Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures
Not applicable.

#### Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Director and Section 16 Officer Rule 10b5-1 Trading Arrangements**

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

[**Table of Contents**](#TOC)

#### Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits
3.1 [Articles of Incorporation of Rhinebeck Bancorp, Inc. (Incorporated by reference to E xhibit 3.1 to the Registration Statement on Form S-1 of Rhinebeck Bancorp, Inc. (File no. 333-227266), originally filed with the Securities and Exchange Commission on September 10, 2018.)](http://www.sec.gov/Archives/edgar/data/1751783/000114420418048865/tv502109_ex3-1.htm)

3.2 [Bylaws of Rhinebeck Bancorp, Inc. (Incorporated by reference t o Exhibit 3.1 to the Current Report on Form 8-K of Rhinebeck Bancorp, Inc. (File no. 00 1-38779), filed with the Securities and Exchange Commission on September 27, 2019.)](http://www.sec.gov/Archives/edgar/data/1751783/000175178319000003/rbkb-20190924ex3124d6571.htm)

4.0 [Form of Common Stock Certificate of Rhinebeck Bancorp, Inc. (Incorporated by reference to E xhibit 4 to the Registration Statement on Form S-1 of Rhinebeck Bancorp, Inc. (File no. 333-227266), originally filed with the Securities and Exchange Commission on September 10, 2018.)](http://www.sec.gov/Archives/edgar/data/1751783/000114420418048865/tv502109_ex4.htm)

31.1 [Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](rbkb-20250630xex31d1.htm)

31.2 [Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](rbkb-20250630xex31d2.htm)

32.1 [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](rbkb-20250630xex32d1.htm)

101.0 The following materials for the period ended June 30, 2025, formatted in inline XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements

104.0 The cover page from Rhinebeck Bancorp's Form 10-Q for the quarterly period ended June 30, 2025, formatted in inline XBRL (contained in Exhibit 101.0)

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **RHINEBECK BANCORP, INC.** | **RHINEBECK BANCORP, INC.** |
| Date: August 12, 2025 |  | /s/ Michael J. Quinn |
|  |  | Michael J. Quinn<br>President and Chief Executive Officer |
| Date: August 12, 2025 |  | /s/ Kevin Nihill |
|  |  | Kevin Nihill<br>Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION**

**302 OF THE SARBANES-OXLEY ACT OF 2002**

**Certification of Chief Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael J. Quinn, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Rhinebeck Bancorp, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) for the registrant and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| August 12, 2025 | /s/ Michael J. Quinn |
|  | Michael J. Quinn |
|  | President and Chief Executive Officer |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION**

**302 OF THE SARBANES-OXLEY ACT OF 2002**

**Certification of Chief Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kevin Nihill, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Rhinebeck Bancorp, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) for the registrant and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| ove<br>|  |
| August 12, 2025 | /s/ Kevin Nihill |
|  | Kevin Nihill |
|  | Chief Financial Officer |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATE PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to 18 U.S.C. § 1350, Michael J. Quinn, President and Chief Executive Officer of Rhinebeck Bancorp, Inc. (the "Company"), and Kevin Nihill, Chief Financial Officer of the Company, each certify in their capacity as officers of the Company that they have reviewed the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the "Report") and that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of Sections 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| August 12, 2025 | /s/ Michael J. Quinn |
|  | Michael J. Quinn |
|  | President and Chief Executive Officer |
| August 12, 2025 | /s/ Kevin Nihill |
|  | Kevin Nihill |
|  | Chief Financial Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

------