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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities          
Net income     $ 2,423 $ 2,132  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization and accretion of premiums and discounts on investments, net     285 85  
Net realized loss on sales and calls of securities     29 40  
Provision for loan losses $ 2,255 $ 780 3,455 1,560  
Loans originated for sale     (46,347) (19,458)  
Proceeds from sale of loans     46,621 17,941  
Net gain on sale of loans     (1,406) (417)  
Amortization of intangible assets 10 11 21 22 $ 43
Depreciation and amortization     669 645  
Deferred income tax benefit     (1,119) (260)  
Increase in cash surrender value of insurance (96) (100) (193) (200)  
Increase in accrued interest receivable     (773) (351)  
Expense of allocated ESOP shares     92    
(Increase) decrease in other assets     (6,138) 949  
Increase in accrued expenses and other liabilities     4,884 792  
Net cash provided by operating activities     2,503 3,480  
Cash Flows from Investing Activities          
Proceeds from sales and calls of securities     6,997 4,990  
Proceeds from maturities and principal repayments of securities     15,108 6,877  
Purchases of securities     (10,146) (18,832)  
Net sales (purchases) of FHLB Stock     273 (1,472)  
Net increase in loans     (96,173) (58,726)  
Purchases of bank premises and equipment     (953) (451)  
Net increase of other real estate owned     (31)    
Proceeds from sale of other real estate owned     270 107  
Net cash used in investing activities     (84,655) (67,507)  
Cash Flows from Financing Activities          
Net increase (decrease) in demand deposits, NOW, money market and savings accounts     122,381 (5,044)  
Net increase in time deposits     14,315 37,484  
Increase in mortgagors' escrow accounts     3,260 2,675  
Net increase (decrease) in short-term debt     11,923 (4,369)  
Net (decrease) increase in long-term debt     (7,131) 32,312  
Proceeds of stock subscriptions       9,814  
Return of unfulfilled stock subscriptions       (41,083)  
Offering expenses       (1,898)  
Loan to ESOP       (4,364)  
Return of capital to Rhinebeck Bancorp, MHC       (121)  
Net cash provided by financing activities     144,748 25,406  
Net increase (decrease) in cash and due from banks     62,596 (38,621)  
Cash and Due from Banks          
Beginning balance     11,978 50,590 50,590
Ending balance $ 74,574 $ 11,969 74,574 11,969 $ 11,978
Cash paid for:          
Interest     4,716 3,933  
Income taxes     $ 358 $ 740