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Rhinebeck Bancorp, Inc. (RBKB) stock soared to a 52-week high this week, reaching a price level of $10.24. According to InvestingPro data, the stock has demonstrated remarkably low price volatility with a beta of 0.75, while posting an impressive 26% gain over the past six months. The regional bank’s shares have been on an upward trajectory, though financial metrics paint a complex picture. With a market capitalization of $109 million, Rhinebeck has witnessed a significant appreciation in its stock value, showing a 19% increase over the past year. However, the company currently faces profitability challenges, with negative earnings per share of -$0.80 in the last twelve months. Based on InvestingPro analysis, the stock appears to be trading above its Fair Value, with additional insights available through the subscription service.
In other recent news, Rhinebeck Bancorp has completed a strategic sale and reinvestment of its available-for-sale investment securities portfolio. The company sold $71 million in securities in September 2024 and an additional $21 million in December 2024. The proceeds from these sales were reinvested into new securities with yields 3.06% higher than the sold assets. This move is expected to enhance the bank’s earnings per share by $0.04 and increase its net interest margin by 0.04% over the next year, starting in the first quarter of 2025. Rhinebeck Bank’s President and CEO, Michael J. Quinn, stated that this restructuring will improve the company’s profitability and provide long-term benefits to shareholders and customers. The bank sold longer-term, low-yielding securities with a yield of 1.37% and reinvested in securities with a yield of 4.44%. Despite a one-time pre-tax loss of $4.1 million due to the transaction, the bank maintains a "well capitalized" status with robust liquidity metrics. Rhinebeck Bancorp holds over $35 million in cash, cash equivalents, and Treasury securities, along with an unused secured line of credit of over $250 million with the Federal Home Loan Bank of New York.
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