POUGHKEEPSIE, N.Y.—Karen E. Morgan-D'Amelio, Chief Risk Officer, General Counsel, and Corporate Secretary at Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), recently sold a portion of her holdings in the company. According to a recent SEC filing, Morgan-D'Amelio sold a total of 1,430 shares of common stock on November 26, 2024. The shares were sold at prices ranging from $9.80 to $9.81, amounting to a total transaction value of $14,014.
Following these transactions, Morgan-D'Amelio now directly owns 1,536 shares of Rhinebeck Bancorp. Additionally, she holds indirect ownership of 4,941 shares through a 401(k) plan and 1,992 shares via an Employee Stock Ownership Plan (ESOP). The executive also retains stock options amounting to 22,000 shares, which are fully vested.
This sale is part of routine financial management by the executive, as indicated by the filing. Rhinebeck Bancorp, a savings institution based in Poughkeepsie, New York, continues to operate within the financial sector, offering a range of banking services.
In other recent news, Rhinebeck Bancorp has undergone significant changes in its portfolio and executive leadership. The company strategically repositioned its balance sheet, selling $71 million of available-for-sale securities and reinvesting the proceeds into new securities yielding 3.11% higher. The restructuring, which occurred in September 2024, is projected to increase the bank's earnings per share by $0.12 and its net interest margin by 0.17% over the next year. Despite a one-time pre-tax loss of $12.0 million from the sale, Rhinebeck maintains a strong capital position with over $40 million in cash and cash equivalents.
Rhinebeck Bancorp also announced the non-renewal of contracts for President and CEO Michael J. Quinn, and Jamie J. Bloom, EVP, COO & Chief Banking Officer, effective as of December 31, 2026. This decision is part of a shift in corporate strategy to standardize employment contracts. In a parallel development, Kevin Nihill has been appointed as the new Chief Financial Officer, succeeding Michael McDermott. Nihill, with over 20 years of experience in banking and corporate finance, will oversee financial operations, including reporting, regulatory compliance, tax duties, and budgeting. These recent developments reflect Rhinebeck Bancorp's commitment to strategic business objectives and leadership excellence.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Rhinebeck Bancorp's financial position and market performance. The company's market capitalization stands at $105.72 million, reflecting its current valuation in the market.
Notably, Rhinebeck Bancorp has demonstrated strong price performance recently. According to InvestingPro data, the company has seen a robust 22.24% price total return over the past three months, and an impressive 56.19% return over the past year. This aligns with an InvestingPro Tip highlighting the company's "Strong return over the last three months" and "High return over the last year."
However, it's important to note that despite the positive stock performance, Rhinebeck Bancorp faces some financial challenges. An InvestingPro Tip indicates that the company "Suffers from weak gross profit margins" and is "Not profitable over the last twelve months." This is reflected in the company's operating income margin of -17.83% for the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 5 more tips available for Rhinebeck Bancorp. These tips could provide valuable context for understanding the company's financial health and future prospects, especially in light of the recent insider sale by the Chief Risk Officer.
POUGHKEEPSIE, N.Y.—Karen E. Morgan-D'Amelio, Chief Risk Officer, General Counsel, and Corporate Secretary at Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), recently sold a portion of her holdings in the company. According to a recent SEC filing, Morgan-D'Amelio sold a total of 1,430 shares of common stock on November 26, 2024. The shares were sold at prices ranging from $9.80 to $9.81, amounting to a total transaction value of $14,014.
Following these transactions, Morgan-D'Amelio now directly owns 1,536 shares of Rhinebeck Bancorp. Additionally, she holds indirect ownership of 4,941 shares through a 401(k) plan and 1,992 shares via an Employee Stock Ownership Plan (ESOP). The executive also retains stock options amounting to 22,000 shares, which are fully vested.
This sale is part of routine financial management by the executive, as indicated by the filing. Rhinebeck Bancorp, a savings institution based in Poughkeepsie, New York, continues to operate within the financial sector, offering a range of banking services.
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