Rhinebeck Bancorp, Inc. — Form 8-K
Filed July 23, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
On July 21, 2026, Rhinebeck Bancorp completed its second-step conversion from mutual to stock form, issuing 8,880,210 shares at $10.00/share for $88.8M gross proceeds. The conversion triggered a 1.3978-for-1 share exchange for existing public shareholders, resulting in 15,638,237 total shares outstanding post-transaction. Q2 2026 net income was $2.6M ($0.24/share), down 4.0% YoY; H1 2026 net income was $4.8M ($0.45/share basic), down 3.6% YoY, primarily due to higher non-interest expenses despite modest NII growth.
Why this rating
Major capital raise ($88.8M = ~197% of $45M market cap) significantly strengthens balance sheet; transformational event for small bank. Earnings slightly down but asset quality improving (past-due loans -34.6%). Conversion dilutes existing shareholders but provides substantial growth capital.
See more from July 23, 2026.
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