Rhinebeck Bank is a community savings bank headquartered in Poughkeepsie, New York, serving the Hudson Valley region through 12 branches in Dutchess, Orange, and Ulster Counties. The bank takes deposits from local consumers and small- to medium-sized businesses and deploys those funds primarily into loans, which represent roughly 73% of total assets. The loan book is concentrated in commercial real estate (56% of total loans), with the remainder split among indirect auto loans (22%), residential real estate (10%), and commercial business loans (10%). Like most community banks, Rhinebeck earns a spread between the interest it charges on loans and the interest it pays on deposits. The bank is actively rotating out of indirect auto loans and into higher-yielding CRE and commercial business loans to improve its net interest margin. Non-interest-bearing demand deposits, roughly 22% of average deposits, provide low-cost funding that supports this margin. Rhinebeck also runs a small wealth management division, Rhinebeck Asset Management, which manages roughly $243M in client assets. A notable pending corporate event is the bank's planned second-step conversion from a two-tier mutual holding company structure to a fully public stock holding company, which would raise fresh capital, expand the public float, and enable the bank to pay dividends to public stockholders for the first time.