Capital allocation remains focused on retention, evidenced by the absence of dividends and minor buyback activity of $220,000 in 2026Q1, alongside tactical liquidity management through $6.6 million in securities sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 10.95M | 11.74M | 8.47M | 7.05M | 14.79M | 7.65M | 14.85M | 12.11M | 8.61M | 5.39M | 4.9M | 0 | 0 | 0 |
| Operating CF Growth % | 41.69% | 38.64% | 20.18% | -52.36% | 93.35% | -48.45% | 22.57% | 40.69% | 59.79% | 9.94% | - | - | - | - |
| Net Income | 9.97M | 10.04M | -8.62M | 4.39M | 7M | 11.56M | 5.92M | 5.96M | 4.36M | 3M | 2.69M | 857.21K | 923.26K | 1.39M |
| Depreciation & Amortization | 425K | 1.36M | 1.42M | 1.49M | 1.65M | 1.66M | 1.42M | 1.33M | 1.19M | 1.21M | 1.31M | 0 | 0 | 0 |
| Deferred Taxes | 1.9M | 1.84M | -2.58M | -352K | 14K | 1.11M | -1.53M | -94K | 102K | 1.92M | -19K | 0 | 0 | 0 |
| Other Non-Cash Items | 618K | 1.49M | 19.39M | 1.43M | 5.55M | -4.59M | 7.18M | 2.6M | 4.1M | -1.69M | 1.36M | -857.21K | -923.26K | -1.39M |
| Working Capital Changes | -2.09M | -3.28M | -1.35M | -475K | -255K | -2.92M | 1.47M | 2.07M | -1.14M | 945K | -448K | 0 | 0 | 0 |
| Cash from Investing | 31.07M | 21.16M | 74.75M | 14.7M | -123.61M | -135.73M | -74.12M | -132.08M | -104.07M | -23.96M | -72.87M | 0 | 0 | 0 |
| Purchase of Investments | -49.35M | -48.99M | -71.43M | 0 | -30.22M | -244.63M | -39.22M | -41.08M | -3.88M | -23.7M | -71.48M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 1.79M | 52.24M | 107.15M | 34.07M | 54.22M | 62.23M | 52.03M | 30.26M | 17.11M | 49.48M | 42.93M | 0 | 0 | 0 |
| Net Investment Activity | -47.57M | 3.25M | 35.72M | 34.07M | 24M | -182.4M | 12.81M | -10.82M | 13.22M | 25.78M | -28.55M | 0 | 0 | 0 |
| Acquisitions | 448K | 0 | 0 | 0 | 0 | 32.77M | 0 | 0 | 0 | 3.44M | 0 | 0 | 0 | 0 |
| Other Investing | 79.06M | 18.76M | 39.81M | -18.79M | -146.48M | 15.68M | -85.06M | -118.68M | -116.15M | -52.49M | -43.26M | 0 | 0 | 0 |
| Cash from Financing | 20.37M | 31.6M | -67.86M | -31M | 68.11M | 106.69M | 140.78M | 81.36M | 135.59M | 16.06M | 52.63M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -510K | -95K | 0 | -1.46M | -111K | -125K | 0 | -41.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 9.81M | 79.14M | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -403K | -95K | 0 | -1.46M | -111K | -125K | 0 | -31.27M | 79.14M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -3M | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Other Financing | 69.49M | 76.31M | -9.57M | -99.89M | 28.54M | 139.44M | 156.41M | 82.92M | 34.75M | 10.66M | 43.13M | 0 | 0 | 0 |
| Net Change in Cash | 62.39M | 64.5M | 15.36M | -9.26M | -40.71M | -21.39M | 81.51M | -38.61M | 40.13M | -2.52M | -15.34M | 0 | 0 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 101.99M | 37.48M | 22.13M | 31.38M | 72.09M | 93.48M | 11.98M | 50.59M | 10.46M | 12.98M | 28.32M | 0 | 0 | 0 |
| Cash at End | 112.9M | 101.99M | 37.48M | 22.13M | 31.38M | 72.09M | 93.48M | 11.98M | 50.59M | 10.46M | 12.98M | 0 | 0 | 0 |
| Interest Paid | 22.28M | 22.35M | 26.08M | 21.98M | 6.07M | 4.61M | 8.31M | 8.63M | 5.14M | 3.3M | 3.04M | 0 | 0 | 0 |
| Income Taxes Paid | 615K | 603K | 874K | 1.5M | 1.9M | 0 | 3.4M | 1.69M | 625K | 1.41M | 869K | 0 | 0 | 0 |
| Free Cash Flow | 10.07M | 10.89M | 7.68M | 6.47M | 13.66M | 5.88M | 12.98M | 9.52M | 7.46M | 4.69M | 3.84M | 0 | 0 | 0 |
| FCF Growth % | -35.5% | 41.85% | 18.69% | -52.65% | 132.44% | -54.71% | 36.29% | 27.61% | 59.1% | 22.14% | - | - | - | - |
Indirect auto credit volatility
As reported in recent financial statements, Rhinebeck Bancorp's net income of $2.2 million in 2026Q1 demonstrates a return to consistent profitability, providing the necessary internal capital generation to support the bank's ongoing loan growth while maintaining a stable regulatory capital buffer within its mutual holding structure.
The bank's ability to generate positive net income following the volatility of 2024 suggests that core operations are stabilizing. Investors should monitor whether this internal capital generation remains sufficient to fund loan growth without requiring external debt issuance, which has been inconsistent in recent quarters.
Based on the provided cash flow data, Rhinebeck Bancorp has actively managed its investment securities portfolio, with significant sales of $6.6 million in 2026Q1 following a period of heavy purchasing in late 2025, indicating a tactical approach to liquidity management amidst fluctuating interest rate environments.
The shift from net purchasing in 2025Q3 and 2025Q4 to net sales in 2026Q1 suggests management is utilizing the securities portfolio as a primary liquidity lever. This behavior implies that the bank may be prioritizing loan funding over maintaining a static investment duration, which warrants further investigation into potential yield-to-maturity impacts.
According to the bank's reported figures, the provision for credit losses has shown significant variance, ranging from a $101,000 reversal in 2025Q2 to a $904,000 expense in 2025Q3, highlighting the inherent sensitivity of the bank's indirect auto lending book to shifting economic conditions in the Hudson Valley.
The lack of a consistent relationship between net income and provisioning suggests that management is aggressively adjusting reserves to match perceived credit risk. This volatility may indicate that the bank's credit models are highly reactive, potentially leading to earnings swings that could obscure the underlying quality of the loan portfolio.
As indicated by the absence of dividend payments across the observed ten-quarter period, Rhinebeck Bancorp continues to prioritize capital retention over shareholder distributions, with minor buyback activity totaling $220,000 in 2026Q1 representing the only significant return of capital to minority shareholders during the recent fiscal cycle.
The focus on buybacks rather than dividends suggests a preference for reducing share count within the mutual holding company structure. This approach appears to be a defensive measure to preserve capital, though it may limit the stock's appeal to income-oriented investors who typically favor consistent dividend payouts.
Quick answers to the most common questions about buying RBKB stock.
Rhinebeck Bancorp, Inc. (RBKB) generated $11.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rhinebeck Bancorp, Inc. (RBKB) generated $10.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rhinebeck Bancorp, Inc. (RBKB) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rhinebeck Bancorp, Inc. (RBKB) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.