Business Description

Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, Inc., (the “Company”) a Maryland corporation, was incorporated in August 2018. On January 16, 2019, the Company became the holding company for Rhinebeck Bank (the “Bank”) when it completed the reorganization of the Company and the Bank into a two-tier mutual holding company form of organization. The Company is regulated by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the New York State Department of Financial Services (the “NYSDFS”). The consolidated financial results contained herein reflect the consolidated accounts of the Company and the Bank. At December 31, 2025, the Company had consolidated total assets of $1.30 billion, total deposits of $1.10 billion and stockholders’ equity of $136.9 million. The Company’s executive offices are located at 2 Jefferson Plaza, Poughkeepsie, New York 12601. The telephone number at this address is (845) 454-8555. Our website address is www.Rhinebeckbank.com. Information on this website is not and should not be considered a part of this report. The Company files interim, quarterly and annual reports with the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers such as the Company that file electronically with the SEC. All filed SEC reports and interim filings can also be obtained from the Bank’s website (www.Rhinebeckbank.com), on the “Investor Relations” page, without charge from Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, MHC Rhinebeck Bancorp, MHC, a New York-chartered non-stock corporation, is a mutual holding company that owns 57.0% of the outstanding common stock of Rhinebeck Bancorp, Inc. On February 10, 2026, Rhinebeck Bancorp, MHC adopted a Plan of Conversion and Reorganization, pursuant to which Rhinebeck Bancorp, MHC is proposing to convert from the mutual holding company structure to the fully public stock holding company structure, in a transaction commonly referred to as a “second-step conversion.” The second-step conversion requires the approval of the NYSDFS and the Federal Reserve Board, as well as the depositors of Rhinebeck Bank and the stockholders of the Company. Rhinebeck Bank Rhinebeck Bank is a New York-chartered stock savings bank that was organized in 1860. We provide a full range of banking and financial services to consumer and commercial customers through our corporate office and 12 branches located in Dutchess, Orange and Ulster Counties. We also maintain a representative office in Albany County to originate indirect automobile and commercial loans and a representative office in Dutchess County for financial services. Financial services, including investment advisory and financial product sales, are offered through a division of the Bank doing business as Rhinebeck Asset Management (“RAM”). Our primary business activity is accepting deposits from the general public and using those funds together with borrowings, primarily to originate commercial real estate loans (which includes multi-family real estate loans and commercial construction loans), commercial business loans and indirect automobile loans (automobile loans referred to us by automobile dealerships) and to purchase one- to four-family residential real estate loans and investment securities. We offer a variety of deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts and individual retirement accounts. We also offer alternative delivery channels, including ATMs, online banking and bill pay, mobile banking with mobile deposit and bill pay, Automated Clearing House origination, remote deposit capture and telephone banking. 1 Table of Contents We are subject to regulation and examination by the NYSDFS and by the Federal Deposit Insurance Corporation (the “FDIC”). Market Area Our primary market area encompasses Dutchess, Orange, Ulster and Albany Counties (and their contiguous counties), which are located in the Hudson Valley region of New York. Our retail banking offices (and the representative offices noted above) are located in these four counties and serve the surrounding areas. The Hudson Valley region has a diversified economy and representative industries include education, health, government, leisure and hospitality and professional business services.…