What the changes say
- Total assets increased by $46.0 million to $1.30 billion in 2025 as the balance sheet stabilized.
What changed since the prior 10-K
New
- NewRisk Related to Our Business Strategy
Our inability to tailor our retail delivery model to respond to consumer preferences in banking may negatively affect earnings
We are devoting time and resources to digital products and self-service channels, which could cause customer attrition if implementation fails.
- NewRisk Related to Our Business Strategy
We may pursue acquisitions of other financial institutions, branch offices, lines of business, or lift-outs of lending or deposit gathering teams from other financial institutions
We may pursue mergers and acquisitions of other financial institutions, branch offices, or deposit-gathering teams, which involve integration risks and potential dilution.
- NewRisks Related to Our Business and Operations
We may be subject to risks and losses resulting from fraudulent activities that could adversely impact our financial performance and results of operations
Fraudulent activities related to loans, ACH, wire, and ATM transactions could result in financial losses, litigation, and reputational damage.
- NewRisks Related to Our Business and Operations
We are a community bank and our ability to maintain our reputation is critical to the success of our business. The failure to do so may materially adversely affect our performance
As a community bank, our reputation for integrity is critical, and negative sentiment or social media could adversely impact our business.
- NewRisks Related to Our Wealth Management Business
Our wealth management business is subject to risks associated with the industry and strong competition for clients
Our wealth management division, Rhinebeck Asset Management, managed $243.0 million in assets subject to stock market fluctuations and large-scale withdrawals.
- NewRisks Related to Privacy, Security and Technology
Technological changes may adversely impact our business
Significant investments in new technology to modernize products may fail to recoup costs or heighten cyber and data security risks.
Dropped
- DroppedRisks Related to Laws and Regulations
Climate change and related legislative and regulatory initiatives may materially affect the Company’s business and results of operations
- DroppedRisks Related to Laws and Regulations
Loss of Emerging Growth Company Status May Increase Our Costs and Regulatory Burdens
- DroppedRisks Related to Privacy, Security and Technology
our reputation. Finally, depending on the type of incident, banking regulators can impose restrictions on our business and consumer laws may require reimbursement of customer losses
- DroppedRisks Related to Privacy, Security and Technology
Our inability to successfully implement technological change may adversely impact our business
- DroppedRisks Related to Our Business and Operations
Changes in the valuation of our securities portfolio may reduce our profits and our capital levels
- DroppedRisks Related to Our Business and Operations
The value of our goodwill may decline in the future
- DroppedRisks Relating to Ownership of Our Common Stock
Persons who have purchased stock will own a minority of the Company’s common stock and will not be able to exercise voting control over most matters put to a vote of stockholders
Reworded
- 95% rewrittenRisk Related to Our Business Strategy
Our long-term business strategy involves organic growth, and our financial condition and results of operations may be adversely affected if we fail to grow or fail to manage our growth effectively
Updated figures showing total assets increased to $1.30 billion at December 31, 2025, and described the transition from balance sheet reduction to organic growth.
Was: Our long-term business strategy involves moderate growth, and our financial condition and results of operations may be adversely affected if we fail to grow or fail to manage our growth effectively
- 92% rewrittenRisks Related to Economic Conditions
Inflation can have an adverse impact on our business and on our customers
Updated inflation discussion to note that price levels and interest rates remained elevated as of December 31, 2025.
- 92% rewrittenRisks Relating to Ownership of Our Common Stock
We may not pay any dividends on our common stock
Removed the definitive statement that we do not expect to pay cash dividends in the foreseeable future.
- 82% rewrittenRisks Related to Our Business and Operations
Our cost of operations is high relative to our assets. Our failure to maintain or reduce our operating expenses may reduce our profits
Updated non-interest expenses to $39.0 million for 2025 and reported an improved efficiency ratio of 73.12% compared to 82.34% in 2024.
- 54% rewrittenRisks Related to Privacy, Security and Technology
Systems failures or breaches of our network security could subject us to increased operating costs as well as litigation and other liabilities
Added reputation damage as a potential consequence of computer system failures and security breaches.
- 49% rewrittenRisks Related to Our Lending Activities
Our automobile loan portfolio exposes us to increased credit risks
Updated indirect automobile loans to $213.8 million (22.3% of total loans) at December 31, 2025, and added high loan-to-value ratios as a risk factor.
Was: Our automobile lending exposes us to increased credit risks
- 49% rewrittenRisks Related to Our Lending Activities
Our emphasis on commercial real estate and commercial business lending involves risks that could adversely affect our financial condition and results of operations
Updated commercial real estate and business loans to $626.3 million (65.4% of loan portfolio) at December 31, 2025.
- 42% rewrittenRisks Related to Our Business and Operations
Changes in management’s estimates and assumptions may have a material impact on our consolidated financial statements and our financial condition or operating results
Removed fair value measurements from the list of areas requiring significant management estimates and assumptions.
- 35% rewrittenRisks Related to Our Business and Operations
Our success depends on hiring and retaining certain key personnel
Was: Our success depends on retaining certain key personnel
- 31% rewrittenRisks Related to Economic Conditions
A decline in economic conditions could reduce demand for our products and services and/or result in increases in our level of non-performing loans, which could have an adverse effect on our results of operations
- 28% rewrittenRisks Related to Economic Conditions
Interruption of our customers' supply chains could negatively impact their business and operations and impact their ability to repay their loans
- 28% rewrittenRisks Related to Interest Rates
Changes in interest rates may reduce our profits
- 26% rewrittenRisks Related to Our Funding and Liquidity
A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on us
Was: A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on the Company
- 25% rewrittenRisks Related to Laws and Regulations
The fiscal, monetary and regulatory policies of the federal government and its agencies could have an adverse effect on our results of operations
- 21% rewrittenRisks Related to Privacy, Security and Technology
While our board of directors takes an active role in cybersecurity risk tolerance, we rely to a large degree on management and outside consultants in overseeing cybersecurity risk management
All 36 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Lending Activities
- 01Our emphasis on commercial real estate and commercial business lending involves risks that could adversely affect our financial condition and results of operations49% rewritten
- 02Our automobile loan portfolio exposes us to increased credit risks49% rewritten
- 03Our allowance for credit losses may not be sufficient to cover actual loan losses
- 04Our non-owner occupied commercial real estate loans may expose us to increased credit risk
- 05We are subject to environmental liability risk associated with lending activities
Risks Related to Economic Conditions
- 06Our business may be adversely affected by downturns in the local economy
- 07A decline in economic conditions could reduce demand for our products and services and/or result in increases in our level of non-performing loans, which could have an adverse effect on our results of operations31% rewritten
- 08Inflation can have an adverse impact on our business and on our customers92% rewritten
- 09Changes to trade policies and tariffs can have an adverse impact on our business and our customers
- 10Interruption of our customers' supply chains could negatively impact their business and operations and impact their ability to repay their loans28% rewritten
Risks Related to Interest Rates
- 11Changes in interest rates may reduce our profits28% rewritten
Risks Related to Our Funding and Liquidity
- 12Our inability to generate core deposits may cause us to rely more heavily on wholesale funding strategies for funding and liquidity needs, which could have an adverse effect on our net interest margin and profitability
- 13A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on us26% rewritten
Risk Related to Our Business Strategy
- 14Our long-term business strategy involves organic growth, and our financial condition and results of operations may be adversely affected if we fail to grow or fail to manage our growth effectively95% rewritten
- 15Our inability to tailor our retail delivery model to respond to consumer preferences in banking may negatively affect earningsNew
- 16We may pursue acquisitions of other financial institutions, branch offices, lines of business, or lift-outs of lending or deposit gathering teams from other financial institutions New
Risks Related to Laws and Regulations
- 17Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations
- 18The fiscal, monetary and regulatory policies of the federal government and its agencies could have an adverse effect on our results of operations25% rewritten
- 19Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions
- 20Changes in accounting standards could affect reported earnings
- 21We are subject to stringent capital requirements, which may adversely impact our return on equity, or constrain us from paying dividends or repurchasing shares
Risks Related to Our Business and Operations
- 22Strong competition within our market area may reduce our profits and slow growth
- 23Our cost of operations is high relative to our assets. Our failure to maintain or reduce our operating expenses may reduce our profits82% rewritten
- 24Our success depends on hiring and retaining certain key personnel35% rewritten
- 25Changes in management’s estimates and assumptions may have a material impact on our consolidated financial statements and our financial condition or operating results42% rewritten
- 26We may be subject to risks and losses resulting from fraudulent activities that could adversely impact our financial performance and results of operationsNew
- 27Our risk management framework may not be effective in mitigating risk and reducing the potential for significant losses
- 28We are a community bank and our ability to maintain our reputation is critical to the success of our business. The failure to do so may materially adversely affect our performanceNew
Risks Related to Our Wealth Management Business
- 29Our wealth management business is subject to risks associated with the industry and strong competition for clientsNew
Risks Related to Privacy, Security and Technology
- 30Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities
- 31Systems failures or breaches of our network security could subject us to increased operating costs as well as litigation and other liabilities54% rewritten
- 32While our board of directors takes an active role in cybersecurity risk tolerance, we rely to a large degree on management and outside consultants in overseeing cybersecurity risk management21% rewritten
- 33Technological changes may adversely impact our businessNew
Risks Relating to Ownership of Our Common Stock
- 34We may not pay any dividends on our common stock92% rewritten
- 35Our common stock is not heavily traded, and the stock price may fluctuate significantly
- 36The Company’s Articles of Incorporation and Bylaws and Maryland law may discourage a corporate takeover
Other Rhinebeck Bancorp 10-Ks
- FY2024 10-K risk factors37 risks
Heavy geographic concentration in the Hudson Valley region exposes the bank to local economic and real estate downturns. Indirect automobile loans represent 30.3% of the total loan portfolio, creating substantial credit risk. Commercial real estate and business loans comprise 58.9% of the loan portfolio. Loss of Emerging Growth Company status increases regulatory burdens and costs. Balance sheet restructuring reduced accumulated other comprehensive loss on securities from $26.1 million to $10.5 million.
Filed Mar 25, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.