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Analogy 1: **Wells Fargo, but for the Hudson Valley community.**

Analogy 2: **M&T Bank, but a smaller, hyper-local version focused on the Hudson Valley.**

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• Deposit Accounts: Offers a range of checking, savings, money market, and certificate of deposit accounts for both personal and business customers to manage their funds.
• Loan Products: Provides various lending solutions, including residential mortgages, home equity loans, auto loans, personal loans, and commercial real estate and business loans.
• Cash Management Services: Delivers services primarily for businesses, such as merchant services, remote deposit capture, and ACH services, to help manage daily financial operations efficiently.

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Rhinebeck Bancorp (RBKB), through its subsidiary Rhinebeck Bank, primarily serves individuals and small to medium-sized businesses within its operating market. It does not have "major customers" in the sense of a few large companies purchasing its services as primary clients. Instead, its customer base is broadly categorized as follows:

• Individuals and Households: This category includes consumers who utilize the bank's services for personal checking and savings accounts, mortgages, home equity loans, personal loans, and other retail banking products.
• Small to Medium-Sized Businesses (SMBs): This segment encompasses local businesses and organizations that rely on Rhinebeck Bank for commercial loans, lines of credit, business checking accounts, treasury management services, and other business banking solutions.
• Commercial Real Estate Investors and Developers: The bank provides financing for commercial real estate projects, including acquisition, development, and construction loans to investors and developers operating within its market area.

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Matthew J. Smith President & Chief Executive Officer

Matthew J. Smith was appointed President and Chief Executive Officer of Rhinebeck Bancorp and Rhinebeck Bank, effective October 20, 2025. He previously served as Senior Executive Vice President and Chief Operating Officer of Columbia Financial, Inc. and Columbia Bank. His extensive background also includes senior management roles focused on digital banking and product marketing at financial institutions such as Webster Bank, Sterling National Bank, Bridgewater Associates, and GE Capital, where he led strategic growth initiatives and multiple functions across finance, technology, and operations.

Kevin Nihill Chief Financial Officer and Treasurer

Kevin Nihill serves as the Chief Financial Officer and Treasurer of Rhinebeck Bancorp, Rhinebeck Bancorp, MHC, and Rhinebeck Bank.

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

Jamie J. Bloom is the Executive Vice President, Chief Banking Officer, and Chief Operating Officer at Rhinebeck Bank. She possesses over 30 years of financial services experience, beginning her career at Rhinebeck Bank in 1994. She also gained experience from larger institutions including Citibank, Wachovia, and Key Bank.

Karen E. Morgan-D'Amelio Chief Risk Officer, Corporate Secretary and General Counsel

Karen E. Morgan-D'Amelio, Esq. is the Chief Risk Officer, Corporate Secretary, and General Counsel of Rhinebeck Bank. Her background includes experience in private practice and managing attorney roles at financial institutions such as The Dime Savings Bank of NY, FSB, Washington Mutual, and J.P. Morgan Chase. She also served as a Deputy County Attorney for Nassau County, New York.

Philip J. Bronzi Chief Lending Officer

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

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The key risks to Rhinebeck Bancorp's business operations (NASDAQ: RBKB) are primarily tied to interest rate fluctuations, credit quality of its loan portfolio, and cybersecurity threats.

1. Interest Rate Risk: As a financial institution, Rhinebeck Bancorp's profitability is highly sensitive to changes in market interest rates. Its assets and liabilities are largely monetary in nature, meaning shifts in interest rates can significantly impact the bank's net interest income. The company's first-quarter 2025 report explicitly states that changes in the interest rate environment are factors that could cause actual results to differ materially from expected results. The report also highlighted how a balance sheet restructuring in the second half of 2024 positively impacted net interest income due to prevailing interest rates.
2. Credit Risk from Loan Portfolio: A primary business activity for Rhinebeck Bancorp is originating various types of loans, including indirect automobile loans, commercial real estate loans, commercial business loans, and one-to-four family residential real estate loans. This core lending activity inherently exposes the company to credit risk, which is the possibility that borrowers may be unable to repay their loans, leading to potential losses for the bank. Factors like fluctuations in real estate values and general economic conditions, including potential recessionary conditions, can exacerbate this risk.
3. Cybersecurity Risks: Rhinebeck Bancorp faces significantly increased cybersecurity risks. The expansion of remote work arrangements has created additional vulnerabilities for cybercriminals to exploit. The company's 2024 Annual Report on Form 10-K indicates that the Board of Directors has established oversight mechanisms to ensure effective governance in managing these threats, acknowledging their importance to operational integrity, shareholder confidence, and reputation.

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The emergence and increasing adoption of digital-first financial institutions (neobanks) and online lenders present a clear emerging threat. These entities leverage technology to offer banking services, often with lower overhead, superior digital user experiences, and competitive pricing, directly challenging the traditional branch-based business model and local customer relationships central to community banks like Rhinebeck Bancorp.

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Rhinebeck Bancorp (RBKB) operates primarily in the Hudson Valley region of New York, specifically in Albany, Dutchess, Orange, and Ulster Counties, along with their contiguous counties.

The addressable markets for Rhinebeck Bancorp's main products and services are as follows:

• Retail Banking (Deposits, Checking and Savings Accounts, Personal Loans, Mortgages): The deposit market for banks in the broader Hudson Valley region, encompassing Albany, Dutchess, Orange, Rensselaer, Saratoga, Schenectady, Sullivan, and Ulster counties, was approximately $58.8 billion as of June 30, 2021. More broadly, community banks in New York State held total deposits of approximately $281.3 billion as of December 13, 2024. The US retail banking market is forecast to increase by USD 92.1 billion at a CAGR of 4.2% between 2024 and 2029. The overall U.S. community banking market reached a valuation of USD 6.35 billion in 2024 and is projected to grow at a CAGR of 3.8%.
• Commercial Banking (Commercial Real Estate Loans, Commercial Business Loans): The US commercial banking market size is estimated at USD 226.44 billion in 2024 and is expected to reach USD 269.28 billion by 2029, growing at a CAGR of greater than 2%. Another estimate places the US commercial banking market size at USD 732.5 billion in 2025, forecasted to reach USD 915.45 billion by 2030 with a 4.56% CAGR.
• Mortgage Lending (Residential Mortgage and Construction Loans, Home Equity Loans): null
• Indirect Automobile Loans: null
• Wealth Management and Financial Planning (Investment Services, Retirement Planning, Trust and Estate Services): null

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Rhinebeck Bancorp (RBKB) is expected to drive future revenue growth over the next 2-3 years through several key strategies and operational improvements:

• Enhanced Net Interest Margin (NIM) from Balance Sheet Restructuring: The company has undertaken a strategic balance sheet restructuring, including the sale of lower-yielding investment securities and reinvestment in higher-yielding, shorter-duration assets. This initiative has already led to a significant increase in net interest income and an improved net interest margin. For example, in the third quarter of 2025, the net interest margin increased by 68 basis points to 3.93%, and year-to-date net interest income rose by $7.0 million, or 25.6%.
• Deposit Growth: Rhinebeck Bancorp has demonstrated strong growth in its deposit base, which provides a stable funding source for lending activities. In the third quarter of 2025, total deposits increased by $95.0 million, or 9.3%, primarily driven by an $80.5 million (10.3%) increase in interest-bearing deposits and a $14.6 million (6.1%) increase in non-interest-bearing deposits.
• Expansion in Commercial and Residential Real Estate Loans: The bank has shown a focus on increasing its loan portfolio, specifically noting growth in commercial and residential real estate loans. This targeted loan growth is a key component of revenue generation for a banking institution.
• Strategic Growth Initiatives Under New Leadership: With the appointment of Matthew J. Smith as President and CEO in 2025, the company is poised for renewed strategic growth initiatives. Mr. Smith's background includes senior management roles focused on digital banking, product marketing, and leading strategic growth initiatives, indicating a forward-looking approach to expanding the bank's business.

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Share Repurchases

• In September 2022, Rhinebeck Bancorp adopted a program to repurchase up to 247,506 shares of its common stock, representing approximately 5% of its outstanding common stock.
• As of August 2025, 47,506 shares remained available for repurchase under the September 2022 plan.
• A new program to repurchase up to 540,000 shares, approximately 5% of outstanding common stock, was adopted in August 2025, and is expected to commence after the completion of the September 2022 plan.

Share Issuance

• As of March 1, 2025, Rhinebeck Bancorp had 11,094,828 shares of common stock outstanding.
• By August 1, 2025, the number of outstanding common shares slightly increased to 11,105,330.
• The company proposed a new 2025 Equity Incentive Plan to enable more meaningful equity incentive awards, as the prior 2020 Equity Plan had limited shares remaining for issuance (105,146 stock options and 34,778 restricted stock awards as of December 31, 2024).

Outbound Investments

• In 2020, Rhinebeck Bank acquired two branch locations in Monroe and Warwick from ConnectOne Bank to expand its presence in Orange County.
• During 2021, the Bank expanded its commercial lending operations by opening a new office in Albany and made a multi-million dollar investment in the Newburgh Creative Neighborhood Loan Fund.
• In the second half of 2024, the company executed a balance sheet restructuring, selling available-for-sale securities and reinvesting in higher-yielding, shorter-duration assets to enhance long-term profitability.

Capital Expenditures

• Capital expenditures for June 2025 amounted to $182,000.
• In the first quarter of 2025, other non-interest expense, which can include certain capital outlays, increased by $256,000 or 16.8%, primarily driven by higher retail banking costs.