Think of it as a smaller, community-focused version of a major national bank like Chase or Bank of America, specifically serving the Hudson Valley region of New York.

Alternatively, it's the regional banking equivalent of a beloved local grocery chain like Wegmans or Hannaford in their respective regions—a full-service institution deeply rooted in and dedicated to the Hudson Valley.

• Deposits: Accounts where customers can store money securely and often earn interest.
• Automobile Loans: Financing provided to customers for the purchase of vehicles.
• Commercial Real Estate Loans: Lending for commercial properties, including multi-family housing, construction, and land development projects.
• Commercial Business Loans: Financial credit extended to businesses for operational needs, expansion, or other business-related purposes.
• Residential Real Estate Loans: Mortgages and other financing options for one-to four-family homes.
• Brokerage and Financial Services: Services assisting clients with investment transactions and broader financial planning.
• Life Insurance and Investment Products: Offerings that provide life coverage and various investment opportunities to individuals and businesses.

Rhinebeck Bancorp (RBKB) serves a diverse customer base, primarily within the Hudson Valley region of New York. As a bank, its major customers are categorized by the types of financial products and services they utilize, rather than specific named companies.

The company sells primarily to a combination of individuals and businesses. Its major customer categories include:

1. Individual Consumers: These customers utilize services such as deposits, automobile loans, one-to four-family residential real estate loans, brokerage and financial services, and personal life insurance and investment products.
2. Commercial Businesses: This category includes various businesses that require deposits, commercial business loans for operations and growth, and business-related brokerage, financial, and insurance products.
3. Commercial Real Estate Developers and Investors: This specialized segment of commercial customers seeks specific financing for multi-family real estate projects, commercial construction, and land development loans.

Matthew J. Smith President & Chief Executive Officer

Matthew J. Smith was appointed President and Chief Executive Officer of Rhinebeck Bancorp, Inc., Rhinebeck Bancorp, MHC, and Rhinebeck Bank, effective October 20, 2025. Prior to joining Rhinebeck, he served as Senior Executive Vice President and Chief Operating Officer at Columbia Financial, Inc. and Columbia Bank in New Jersey. His background also includes senior roles as Chief Digital Banking Officer and Head of Enterprise Product, Marketing, and Transformation at Webster Bank, and Chief Product and Marketing Strategy Officer at Sterling National Bank. Smith also held senior positions at Bridgewater Associates and GE Capital, where he led strategic growth initiatives and various functions across finance, technology, and operations. He holds an MBA in Corporate Finance and Risk Management from Iona University and a Bachelor of Science in Finance from La Salle University.

Kevin Nihill Chief Financial Officer and Treasurer

Kevin Nihill was appointed Chief Financial Officer for Rhinebeck Bancorp and Rhinebeck Bank, effective July 8, 2024. He succeeded Michael McDermott, who retired. Nihill brings over two decades of banking and corporate finance experience to his role, having previously served as Executive Vice President and Chief Financial Officer at St. Mary's Bank and Senior Vice President, Treasurer at Berkshire Bank. He is a Chartered Financial Analyst (CFA) and holds an MBA in Finance from Rensselaer Polytechnic Institute, in addition to being a Cornell University alumnus.

Jamie J. Bloom Executive Vice President, Chief Operating Officer and Chief Banking Officer

Jamie J. Bloom is the Executive Vice President, Chief Operating Officer, and Chief Banking Officer at Rhinebeck Bank, with over 30 years of experience in financial services. She began her banking career at Rhinebeck Bank in 1994 as Vice President of Sales. She subsequently gained experience at larger institutions such as Citibank, Wachovia, and Key Bank before returning to Rhinebeck Bank.

James T. McCardle, III Executive Vice President, Chief Credit and Risk Officer

James T. McCardle, III, is the Executive Vice President, Chief Credit and Risk Officer of Rhinebeck Bank, having joined the Bank in 2001. In this role, he oversees all areas of risk management for the Bank and is responsible for developing and implementing credit policies and procedures, underwriting and lending approval guidelines, and managing collection activities, including loan workouts. He is also involved in the Bank's strategic planning and budgeting.

Philip J. Bronzi Chief Lending Officer

Philip J. Bronzi serves as the Chief Lending Officer of Rhinebeck Bank.

The key risks to Rhinebeck Bancorp's business operations primarily stem from its regional concentration, intense market competition, and challenges related to asset quality and financial performance.

1. Adverse Impact from Downturns in the Local Economy: Rhinebeck Bancorp's operations are substantially concentrated within the Hudson Valley region of New York. As a result, a significant decline in the local economic conditions, such as increased unemployment or reduced business activity in Dutchess, Ulster, Orange, and Albany counties, could have a disproportionately severe effect on the bank's earnings and capital.
2. Intense Competition for Deposits and Loans: The company operates in a competitive financial services market and faces significant competition in attracting both deposits and loan customers. This competition can impact its ability to grow its customer base, maintain competitive interest rate margins, and expand its market share in the Hudson Valley region.
3. Asset Quality Concerns and Volatile Financial Performance: Rhinebeck Bancorp has experienced volatile financial performance and, at times, its asset quality has remained below industry standards. The bank has also seen a historical decline in earnings over certain five-year periods, although recent performance indicates profitability. Challenges in maintaining strong asset quality can lead to higher provisions for credit losses and negatively impact overall financial stability and returns on assets and equity.

The rise of digital-only banks and fintech companies, which offer banking and financial services with lower overhead, greater digital convenience, and often more competitive rates than traditional branch-based institutions, poses a clear emerging threat to Rhinebeck Bancorp's established business model for deposits, loans, and financial services.

Here are 3-5 expected drivers of future revenue growth for Rhinebeck Bancorp (RBKB) over the next 2-3 years:

1. Net Interest Margin (NIM) Expansion through Balance Sheet Restructuring: Rhinebeck Bancorp strategically repositioned its balance sheet in the second half of 2024 by selling lower-yielding investment securities and reinvesting the proceeds into higher-yielding assets. This move is anticipated to enhance the bank's earnings per share and significantly increase its net interest margin, which has already shown improvement. This strategy aims to improve profitability from its interest-earning assets.
2. Continued Growth in Core Lending Segments: The company's primary business activities are concentrated in originating commercial real estate loans (including multi-family and commercial construction), commercial business loans, and indirect automobile loans. Sustained growth in these core lending areas, particularly within its Hudson Valley market, will directly contribute to an increase in interest income and overall revenue.
3. Enhanced Capital-Raising Flexibility from Second-Step Conversion: Rhinebeck Bancorp, MHC adopted a Plan of Conversion and Reorganization in February 2026 to transition to a fully public stock holding company. This "second-step conversion" is expected to expand the company's capital-raising flexibility and broaden its public float, providing greater financial resources to support future growth initiatives, such as further loan portfolio expansion or strategic opportunities.
4. Deposit Growth and Optimized Funding Costs: An increase in deposits, particularly interest-bearing deposits, is a key driver for funding the bank's lending activities. Effective management of funding costs, coupled with deposit growth, allows the bank to expand its loan portfolio and improve its net interest income.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Rhinebeck Bancorp adopted a share repurchase program on September 15, 2022, authorizing the repurchase of up to 247,506 shares of its common stock, representing approximately 5% of its outstanding common stock (excluding shares held by Rhinebeck Bancorp, MHC).
• The company spent $78,000 on share buybacks in Q3 2023.
• The repurchase program initiated in 2022 has no expiration date, and the company may use funds from its upcoming second-step conversion for future repurchases.

Share Issuance

• Rhinebeck Bancorp is currently undertaking a "second-step" conversion to become a fully public stock holding company, offering between 6,587,500 and 8,912,500 shares of common stock at $10.00 per share.
• This significant share issuance is expected to be completed in the third quarter of 2026, pending necessary approvals.
• The independent appraisal for the conversion set a fully converted market value midpoint of $136.0 million, relative to the existing equity of $136.9 million as of December 31, 2025.

Outbound Investments

• In October 2020, Rhinebeck Bank acquired two leased branch offices in Orange County, New York, and their associated deposits, exceeding $50 million, from ConnectOne Bank.

Capital Expenditures

• Rhinebeck Bancorp invested $199,000 in capital expenditures during Q3 2025.
• The company's last 12-month capital expenditures to revenue ratio was 0.0%, indicating a relatively low level of reinvestment in the business through capital expenditures.