<SEC-DOCUMENT>0000943374-20-000353.txt : 20200701
<SEC-HEADER>0000943374-20-000353.hdr.sgml : 20200701
<ACCEPTANCE-DATETIME>20200629174241
ACCESSION NUMBER:		0000943374-20-000353
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200629
DATE AS OF CHANGE:		20200630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rhinebeck Bancorp, Inc.
		CENTRAL INDEX KEY:			0001751783
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38779
		FILM NUMBER:		20997808

	BUSINESS ADDRESS:	
		STREET 1:		2 JEFFERSON PLAZA
		CITY:			POUGHKEEPSIE
		STATE:			NY
		ZIP:			12601
		BUSINESS PHONE:		845-454-8555

	MAIL ADDRESS:	
		STREET 1:		2 JEFFERSON PLAZA
		CITY:			POUGHKEEPSIE
		STATE:			NY
		ZIP:			12601
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form11k.htm
<DESCRIPTION>RHINEBECK BANK 401(K) PLAN - FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">FORM&#160;11-K</div>
    <div style="text-align: center;"><br>
    </div>
    <div style="margin: 0px 0px 0px 36pt; font-weight: bold; text-align: center; text-indent: -18pt;">FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO </div>
    <div style="text-align: center; text-indent: -18pt; margin-left: 36pt; margin-bottom: 6pt; font-weight: bold;">SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="text-indent: -18pt; margin-left: 36pt; margin-bottom: 6pt;">&#8999;&#160;&#160;&#160;<font style="font-weight: bold;">Annual Report Pursuant to Section&#160;15(d)&#160;of the Securities Exchange Act of 1934</font></div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">For the Fiscal Year Ended December 31, 2019</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">or</div>
    <div style="text-indent: -18pt; margin-left: 36pt; margin-bottom: 6pt;">&#9633;&#160;&#160;&#160;<font style="font-weight: bold;">Transition Report Pursuant to Section&#160;15(d)&#160;of the Securities Exchange Act of 1934</font></div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">For the transition period from<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>to<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Commission File No.&#160;001&#8209;38779</div>
    <div style="text-align: center;"><br>
    </div>
    <div><br>
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              <div style="margin-left: 18pt;">A.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Full title of the plan and the address of the plan, if different from that of the issuer named below:</div>
            </td>
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    <div><br>
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    <div style="text-align: center; margin-left: 18pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
    <div><br>
    </div>
    <div>
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              <div style="margin-left: 18pt;">B.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</div>
            </td>
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    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Rhinebeck Bancorp, Inc.</div>
    <div style="text-align: center; font-weight: bold;">2 Jefferson Plaza</div>
    <div style="text-align: center; font-weight: bold;">Poughkeepsie, NY 12601</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
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            <td colspan="5" style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
            </td>
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          <tr>
            <td colspan="5" style="width: 100%; vertical-align: bottom;">
              <div>Table of Contents</div>
            </td>
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            <td colspan="5" style="width: 100%; vertical-align: bottom;">
              <div>December 31, 2019 and 2018</div>
            </td>
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          <tr>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
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      <br>
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            <td style="width: 87.23%; vertical-align: top;">&#160;</td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center;">&#160;&#160; <u>Page</u> <br>
              </div>
              <div style="text-align: right;"><u> <br>
                </u></div>
            </td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">1</div>
            </td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="font-weight: bold;">Financial Statements</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; text-align: center;">&#160;</td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="text-indent: 18pt;">Statements of Net Assets Available for Benefits</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">3</div>
            </td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="text-indent: 18pt;">Statement of Changes in Net Assets Available for Benefits</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">4</div>
            </td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="text-indent: 18pt;">Notes to Financial Statements</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">5</div>
            </td>
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              <div style="font-weight: bold;">Supplementary Information</div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; text-align: center;">&#160;</td>
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            <td style="width: 87.23%; vertical-align: top;">
              <div style="text-indent: 18pt;">Schedule H, Line 4(i)&#160;-&#160;Schedule of Assets (Held at End of Year)</div>
            </td>
            <td style="width: 12.77%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">13</div>
            </td>
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            <td style="width: 87.23%; vertical-align: top;">&#160;</td>
            <td style="width: 12.77%; vertical-align: top; text-align: center;">&#160;</td>
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      <div><br>
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      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
      <div><br>
      </div>
      <div><img src="image00005.jpg"></div>
      <div style="margin-bottom: 10pt;">
        <div style="text-align: center; font-weight: bold;"><br>
        </div>
        <div style="text-align: left;">&#160; <br>
        </div>
        <div style="text-align: left;">To the Board of Directors, Plan Administrator, and Plan Participants of Rhinebeck Bank 401(k) Plan</div>
        <div style="text-align: left;">&#160;</div>
        <div style="text-align: left; font-weight: bold;">Opinion on the Financial Statements</div>
        <div style="text-align: left;">We have audited the accompanying statements of net assets available for benefits of Rhinebeck Bank 401(k) Plan (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net assets available for
          benefits for the year ended December 31, 2019, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available
          for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.</div>
        <div style="text-align: left;">&#160;</div>
        <div style="text-align: left; font-weight: bold;">Basis for Opinion</div>
        <div style="text-align: left;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public accounting firm
          registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the
          Securities and Exchange Commission and the PCAOB.</div>
        <div style="text-align: left;">&#160;</div>
        <div style="text-align: left;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of
          material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
          those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
          management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
        <div><br>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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        <div style="text-align: left; font-weight: bold;">Report on Supplemental Information</div>
        <div style="text-align: left;">The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial
          statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor&#8217;s Rules and Regulations
          for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information
          reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our
          opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting
          and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.</div>
        <div style="text-align: left;">&#160;</div>
        <div style="text-align: left;">We have served as the Plan's auditor since 2019.</div>
        <div style="text-align: left;">&#160;</div>
        <div style="text-align: left;"> <br>
        </div>
        <div style="text-align: left;"> /s/ Wolf &amp; Company, P.C.<br>
        </div>
        <div style="text-align: left;"> <br>
        </div>
        <div style="text-align: left;">
          <div>Boston, MA</div>
          <div>June 29, 2020</div>
        </div>
        <div style="text-align: left;"> <br>
        </div>
        <br>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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              <td colspan="5" style="width: 100%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
              </td>
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            <tr>
              <td colspan="5" style="width: 100%; vertical-align: bottom;">
                <div>Statements of Net Assets Available for Benefits</div>
              </td>
            </tr>
            <tr>
              <td colspan="5" style="width: 100%; vertical-align: bottom;">
                <div>December 31, 2019 and 2018</div>
              </td>
            </tr>
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              <td style="width: 20%; vertical-align: bottom;">&#160;</td>
              <td style="width: 20%; vertical-align: bottom;">&#160;</td>
              <td style="width: 20%; vertical-align: bottom;">&#160;</td>
              <td style="width: 20%; vertical-align: bottom;">&#160;</td>
              <td style="width: 20%; vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; font-weight: bold;"> 2019</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; font-weight: bold;">2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="font-weight: bold;">Assets</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div>Investments at fair value</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div>$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>15,133,574</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div>$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>12,688,127</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div>Investments at contract value</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                <div>815,852</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                <div>619,157</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div>Notes receivable from participants</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>431,295</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>259,792</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold;">Net Assets Available for Benefits</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div>$</div>
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                <div>16,380,721</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div>$</div>
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                <div>13,567,076</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;">See accompanying notes to the financial statements.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; margin-bottom: 10pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z07db08425f51423c9e2390db2f188a66">

              <tr>
                <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                  <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                </td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: bottom;">
                  <div>Statement of Changes in Net Assets Available for Benefits</div>
                </td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: bottom;">
                  <div>Year Ended December 31, 2019</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;">
          <table cellspacing="0" cellpadding="0" id="zad975bc9368c43598a6d8b4714f61f26" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top;">
                  <div style="font-weight: bold;">Additions</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top;">
                  <div>Investment income:</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                  <div>Net appreciation in fair value of investments</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                  <div>$</div>
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                  <div>2,553,157</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Interest and dividends</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>91,101</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Net investment income</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>2,644,258</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Interest income on notes receivable from participants</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>20,099</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                  <div>Contributions:</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div>Participants</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>813,123</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                  <div>Employer</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>820,289</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Rollovers</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>175,342</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Total contributions</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>1,808,754</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Total additions</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>4,473,111</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Deductions</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                  <div>Benefits paid to participants</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,620,956</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Administrative expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>38,510</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Total deductions</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>1,659,466</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Increase</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>2,813,645</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Assets Available for Benefits</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Beginning of year</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>13,567,076</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div>End of year</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div>16,380,721</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;"> <br>
        </div>
        <div style="text-align: left; font-style: italic;">
          <div style="text-align: center; font-style: italic;">See accompanying notes to the financial statements.</div>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <div><br>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z07db08425f51423c9e2390db2f188a66">

                  <tr>
                    <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 100%; vertical-align: bottom;">
                      <div>Notes to Financial Statements</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 100%; vertical-align: bottom;">
                      <div>December 31, 2019 and 2018</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14684ea8fd4842bf84206c6aa0d6a9e4">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Description of the Plan</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The following description of the Rhinebeck Bank 401(k) Plan (the "Plan") provides only general information. Participants should refer to the plan document for a more complete description of the
        Plan&#8217;s provisions.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">General</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">The Plan is a defined contribution plan covering substantially all employees of Rhinebeck Bank and its subsidiaries (collectively, the "Bank") who have completed 90 days of service and attained the
        age of twenty-one, except leased employees and employees participating in a collective bargaining agreement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Contributions</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Each year, participants may elect to contribute any amount of their eligible compensation, up to the maximum limits defined by the Internal Revenue Code ("IRC"). Participants who have attained the
        age of 50 before the close of the plan year are eligible to make an additional catch-up contribution. Participants may also contribute amounts representing distributions from other qualified plans (rollovers).</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Unless its Board of Directors determines otherwise, prior to the beginning of each year, the Bank will make the following contributions: (1) a safe harbor non-elective contribution equal to 3% of
        each participant&#8217;s eligible compensation and (2) a matching contribution equal to 50% of the amount of the participant&#8217;s elective deferrals made during the payroll period that do not exceed 6% of the participant&#8217;s eligible compensation for the
        payroll period. In addition, the Bank may make a discretionary contribution in such amount as determined by its Board of Directors. There was a 2% discretionary contribution made to all Rhinebeck Bank employees in the first, second and third
        quarters of 2019. A participant must have one year of service to be eligible for the Bank&#8217;s matching contribution.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Participants direct the investment of all contributions into various investment options offered by the Plan, including the common stock of Rhinebeck Bancorp, Inc., the parent company of the Bank.
        Contributions are subject to certain Internal Revenue Service ("IRS") limitations.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;">
        <div style="text-align: left;">
          <div>
            <div><br>
              <div>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 100%; vertical-align: bottom;">
                        <div>Notes to Financial Statements</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 100%; vertical-align: bottom;">
                        <div>December 31, 2019 and 2018</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div> <br>
            </div>
          </div>
          <br>
        </div>
      </div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Participant Accounts</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Each participant&#8217;s account is credited with the participant&#8217;s contribution and the Bank&#8217;s contributions as well as allocations of the Plan&#8217;s earnings and charged with an allocation of
        administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided
        from the participant&#8217;s vested account.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Vesting</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Participants are immediately vested in their contributions and the Bank&#8217;s safe harbor contributions and discretionary contributions plus actual earnings thereon. Vesting in the Bank&#8217;s matching
        contribution is based on years of continuous service. Participants are 100% vested after five years of credited service (20% for each year of service).</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Notes Receivable from Participants</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Participants may borrow from their fund accounts a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The notes are secured by the balance in
        the participant's account and bear interest at rates that range from 4.25% to 9.25% at December&#160;31, 2019. Interest rates are set at the prime rate plus 1%. Principal and interest is paid ratably through bi-weekly payroll deductions. Terms range
        from one to five years or greater for the purchase of a primary residence. Only one loan outstanding is permitted at a time.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Payment of Benefits</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">On termination of service due to death, disability, retirement, or other reasons, a participant will receive a lump-sum payment equal to the value of the participant&#8217;s vested interest in their
        account. The Plan also allows hardship withdrawals, if certain criteria are met.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Forfeited Accounts</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">At December&#160;31, 2019 and 2018, there were $1,266&#160;and $142, respectively, in forfeited accounts. These accounts are used to reduce future Bank contributions or pay administrative fees. In 2019, Bank
        contributions were reduced by $10,116 from forfeited accounts.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Administration of Plan Assets</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">The Plan&#8217;s assets are administered under a contract with Principal, the custodian of the Plan. The custodian invests funds received from contributions, investment sales, interest, and dividend
        income and makes distribution payments to participants.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;">
        <div><br>
          <div style="text-align: left;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>Notes to Financial Statements</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>December 31, 2019 and 2018</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
        <div style="text-align: left;"> <br>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z775bfc7e6f524518ba17cc374df8539c">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Summary of Significant Accounting Policies</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Basis of Accounting</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">The financial statements of the Plan are prepared on the accrual basis of accounting.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Investments held by a defined contribution plan are required to be reported at fair value, except for a fully benefit-responsive investment contract. Contract value is the relevant measure for the
        portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants normally would receive if they were to initiate
        permitted transactions under the terms of the Plan.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Use of Estimates</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect
        the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Investment Valuation and Income Recognition</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Investments are reported at fair value (except for the fully benefit-responsive guaranteed annuity contract, which is reported at contract value). Fair value is the price that would be received to
        sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for a discussion of fair value measurements.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the
        gains and losses on investments bought and sold as well as held during the year.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Notes Receivable from Participants</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Related fees are recorded as administrative expenses and are expensed when
        they are incurred. Interest income is recorded on the accrual basis. If a participant ceases to make repayments and the plan administrator deems the participant note receivable to be in default, the note receivable balance is reduced and a benefit
        payment is recorded. No allowance for credit losses has been recorded at December 31, 2019 and 2018.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%8%%%-->
      <div style="margin-bottom: 12pt;">
        <div><br>
          <div style="text-align: left;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>Notes to Financial Statements</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>December 31, 2019 and 2018</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
      </div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Expenses</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Bank. Expenses paid by the Bank are excluded from these financial statements. Fees related to the
        administration of notes receivable from participants are charged directly to the participant&#8217;s account and are included in administrative expenses. Fees incurred for investment related expenses are included in net appreciation in fair value of
        investments.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Payment of Benefits</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Benefits are recorded when paid.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Recent Accounting Standard</div>
      <div style="margin-left: 36pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, <font style="font-style: italic;">Disclosure Framework &#8211; Changes to the Disclosure Requirements
          for Fair Value Measurement</font>. ASU No. 2018-13 modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The amendments are based on the concepts in the FASB Concepts Statement, <font style="font-style: italic;">Conceptual Framework for Financial Reporting&#8212;Chapter 8: Notes to Financial Statements</font>, which the Board finalized on August 28, 2018. ASU No. 2018-13 is effective for fiscal years beginning after December 15,
        2019. The Plan adopted ASU 2018-13 on January 1, 2020, which did not have a material impact on the Plan&#8217;s consolidated financial statements.</div>
      <div><br>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Reclassifications</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Reclassification adjustments are made to the prior year financial statements when necessary to conform to the current year&#8217;s presentation.</div>
      <div style="text-align: left; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Subsequent Events</div>
      <div style="margin-left: 36pt;"><font style="background-color: #FFFFFF;">On March 11, 2020, the World Health Organization declared the outbreak of the coronavirus (COVID-19) a pandemic. The Coronavirus Aid, Relief, and Economic Security Act ("CARES
          Act") was signed into law on March 27, 2020.&#160; Effective April 17, 2020, the Plan adopted the applicable provisions of the CARES Act.&#160;As a result of the CARES Act, qualifying participants may take a loan up to $100,000 or 100% of the participant&#8217;s
          vested balance, whichever is less, until September 22, 2020.&#160;Further, repayment on existing loans due through the end of 2020 may be delayed one year.&#160;The CARES Act also permits participants to take a distribution of $100,000 or 100% of their
          vested balance, whichever is less, until December 31, 2020.&#160;Eligible participants who receive a distribution under the CARES Act will not be subject to the standard early withdrawal penalty that generally applies to participants under the age of
          59&#189;. The full impact of the CARES Act is unknown at this time.</font></div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">While the disruption due to the pandemic is currently expected to be temporary, there is considerable uncertainty about its possible duration. As a result, significant economic uncertainties have arisen which are
        likely to negatively impact plan assets as a result of the disruption to the financial markets. Other negative financial&#160; impacts could occur although such potential impact is unknown and cannot be reasonably estimated at this time.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div><br>
          <div style="text-align: left;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>Notes to Financial Statements</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>December 31, 2019 and 2018</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
      </div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: left; margin-bottom: 10pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><font style="font-weight: bold;">Fair Value Measurements</font></div>
              </td>
            </tr>

        </table>
        <font style="font-weight: bold;"> </font></div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to
        unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under authoritative guidance are described as follows:</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Level&#160;1&#160;-&#160;Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e147659a9a4468f9198fa8987c672a4">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px 54pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px; text-align: justify;">quoted prices for similar assets or liabilities in active markets;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z407447706fcd4d8488aeb6509ae4111c">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px 54pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px; text-align: justify;">quoted prices for identical or similar assets or liabilities in inactive markets;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb12fb83cd07447cfba69314b3f31c6b3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px 54pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px; text-align: justify;">inputs other than quoted prices that are observable for the asset or liability;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26db58dec6044027b636a653601fd5f0">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px 54pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px; text-align: justify;">inputs that are derived principally from or corroborated by observable market data by correlation or other means.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Level 3&#160;-&#160;Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The asset or liability&#8217;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation
        techniques maximize the use of relevant observables and minimize the use of unobservable inputs.</div>
      <div style="margin-left: 18pt; margin-bottom: 11pt;">Following is a description of the valuation methodologies used for assets measured at fair value.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange
        Commission. These funds are required to publish their daily net asset value (&#8220;NAV&#8221;) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Pooled separate accounts are valued based upon the unit values of such pooled accounts held by the Plan at year end. The pooled separate accounts are priced daily and participants transact at that
        price. Unit values are based on the fair value of the underlying assets of the fund derived from inputs principally from or corroborated by observable market data by correlation or other means, although are not based upon quoted market prices in an
        active market. The underlying investments of the pooled separate accounts consist of mutual funds, each of which follows a separate investment strategy. Due to the nature of these pooled accounts, there are no unfunded commitments or redemption
        restrictions.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;"> <br>
      </div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin: 0px;">
        <div><br>
          <div style="text-align: left;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>Notes to Financial Statements</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>December 31, 2019 and 2018</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
      </div>
      <div style="margin: 0px;"> <br>
      </div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">Principal LifeTime Hybrid CITs invest in a collective trust fund as well as a variety of separate accounts and mutual funds that seek total return consisting of long-term growth of capital and
        current income, consistent with the investment strategy of an investor with a specific target retirement date. The CIT funds are valued at net asset value per unit held by the Plan at year-end as reported by Principal, which is based on the fair
        value of the underlying investments held by the fund less its liabilities. The Principal LifeTime Hybrid CITs publish their NAV daily and participants transact at that price. Were the Plan to initiate a full redemption of the collective trust, the
        investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure the securities liquidations will be carried out in an orderly business manner.</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">The employer security, common stock, of Rhinebeck Bancorp,&#160;Inc. has been listed on The NASDAQ Global Select Market under the symbol &#8220;RBKB&#8221; since January&#160;17, 2019 and is valued at the closing price
        reported on the active market on which the individual security is traded.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The following table sets forth the Plan&#8217;s assets at fair value which are all considered Level 1 within the fair value hierarchy:</div>
      <div style="margin: 0px 0px 12pt 0px;">
        <table cellspacing="0" cellpadding="0" id="z4f75c36b66a64ae093f5203e5e5f7e49" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">Assets at Fair Value as of December 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div>
                  <div style="text-align: center; font-weight: bold;"> 2019</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div>
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: justify; text-indent: 9pt;">Mutual funds</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div>$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>4,054,129</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div>$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>4,044,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: justify; text-indent: 9pt;">Pooled separate accounts</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                <div>133,142</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                <div>204,641</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: justify; text-indent: 9pt;">Collective trust funds</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>9,429,088</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>8,438,521</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                <div style="text-align: justify; text-indent: 9pt;">Employer security</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                <div>
                  <div>1,517,215</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                <div>
                  <div>&#8212;</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;">
                <div style="text-align: justify; font-weight: bold;">Total assets in the fair value hierarchy</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                <div>
                  <div>$</div>
                </div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                <div>
                  <div>15,133,574</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                <div>
                  <div>$</div>
                </div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                <div>
                  <div>12,688,127</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 0px 18px; text-align: justify;">
      <div style="margin-left: 18pt; margin-bottom: 12pt;">
        <div style="margin-left: 18pt; margin-bottom: 12pt;">Pooled separate accounts were previously classified within level 2 of the valuation hierarchy and collective trust funds were not previously classified within the fair value hierarchy, however,
          new guidance interpretation has prompted us to change our input level to level 1 as we believe the net asset value has a readily determinable fair value in a manner that is similar to that of a mutual fund. The December 31, 2018 table was updated
          to reflect this change.</div>
      </div>
    </div>
    <div style="margin: 0px 0px 0px 18px; text-align: justify;"> <br>
    </div>
    <div style="margin: 0px 0px 0px 18px; text-align: justify;"><br>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;">
        <div><br>
          <div style="text-align: left;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>Notes to Financial Statements</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; vertical-align: bottom;">
                    <div>December 31, 2019 and 2018</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
        <div>&#160;</div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd00f9e88fd624b85904ed41d90e68f21">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Guaranteed Annuity Contract</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The Plan offers the option to invest in a guaranteed investment contract with Principal.&#160; Principal maintains the contributions in a general account. The contract is considered fully
        benefit-responsive and is reported at contract value. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The contract issuer is contractually obligated to repay the principal and interest at the specified interest rate that is guaranteed to the Plan. The crediting rate is based on a formula
        established by the contract issuer but may not be less than 3%. The crediting rate is reviewed on a quarterly basis for resetting.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The Plan&#8217;s ability to receive amounts due in accordance with the contract is dependent on the contract issuer&#8217;s ability to meet their financial obligations. Their ability to meet their contractual
        obligations may be affected by future economic and regulatory developments.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">Certain events might limit the ability of the Plan to transact at contract value with the contract issuer. Examples of such events include the following:</div>
      <div style="margin: 0px 0px 0px 18pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccdc7689996a432aaa512be22df0c24c">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">1.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">The Plan&#8217;s failure to qualify under Section 401(a) of the IRC or the failure of the trust to be tax-exempt under Section 501(a) of the IRC</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10ccd6c0bc2645939d92e281f84e23a3">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">2.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Premature termination of the contract</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16fc0e4ad8fe48a39e363b98bc5bb5b5">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">3.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Plan termination or merger</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f6abce05034824bb98d6b253fc3267">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">4.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Changes to the Plan&#8217;s prohibition on competing investment options</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z117e83d8091c4ed7bbe04646d8caa58a">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">5.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Bankruptcy of the Bank or other events (for example, divestitures or spinoffs of a subsidiary) that significantly affect the Plan&#8217;s normal operations.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <br>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">No events are probable of occurring that might limit the ability of the Plan to transact at contract value with the contract issuer and that also would limit the ability of the Plan to transact at
        contract value with the participants.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">In addition, certain events allow the contract issuer to terminate the contract with the Plan and settle at an amount different from contract value. Examples of such events may include the
        following:</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c511f2c0b0d49debe6931b33bebb22b">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">1.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">An uncured violation of the Plan&#8217;s investment guidelines</div>
                  <div style="text-align: justify;"> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcefd1b962254428aa124407bd53146ec">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">2.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">A breach of material obligation under the contract</div>
                  <div style="text-align: justify;"> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8db959bd4ebf44709b6ae172d4128cf5">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">3.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">A material misrepresentation</div>
                  <div style="text-align: justify;"> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ffb5feff3c14ea8bc923c51be2bfe53">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">4.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">An amendment to the agreement without the consent of the contract issuer.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <br>
      <div style="margin-bottom: 12pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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      </div>
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      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <div>
            <div><br>
              <div>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 100%; vertical-align: bottom;">
                        <div>Notes to Financial Statements</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 100%; vertical-align: bottom;">
                        <div>December 31, 2019 and 2018</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div> <br>
            </div>
            <div>&#160;</div>
          </div>
          <div> <br>
          </div>
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              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Related Party and Party in Interest Transactions</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The Plan has investments in the common stock of Rhinebeck Bancorp, Inc., mutual funds, pooled separate accounts, common collective trusts, and a guaranteed annuity contract managed by members of
        the Principal Financial Group.&#160; Rhinebeck Bancorp, Inc. is the holding company for Rhinebeck Bank, the Plan Sponsor. Principal Trust Company is also the custodian of the Plan and therefore these transactions qualify as party-in-interest
        transactions.&#160; Fees paid by the Plan to the custodian for loan administration and other administrative services were $38,510 for the year ended December 31, 2019. Fees incurred by the Plan for investment manager services are included in net
        appreciation in the fair value of the investment, as they are paid through revenue sharing, rather than a direct payment. Additionally, the Plan issues loans to participants, which are secured by the participant&#8217;s account balances. These
        transactions also qualify as party in interest transactions. The plan invests in the common stock of Rhinebeck Bancorp, Inc., which is the holding company for Rhinebeck Bank, a New York-chartered stock savings bank and plan sponsor.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">Certain administrative functions of the Plan are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan.</div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06386755f2b846cb962a81ed3e1b0a85">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Plan Termination</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">Although it has not expressed any intent to do so, the Bank has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of
        plan termination, participants will become 100% vested in the Bank&#8217;s matching contributions.</div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78104e8d9d1d4b5499eba852aa334c8c">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Tax Status</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The IRS has determined and informed the Bank by a letter dated August 21, 2017, that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has been
        amended since receiving the determination letter. Under Principal, the Plan is covered under their 401(k) Volume Submitter Plan, which was approved in 2014.&#160; However, the plan administrator believes that the Plan is designed and is currently being
        operated in compliance with the applicable requirements of the IRC and therefore believes that the Plan is qualified and the related trust is tax exempt.</div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">Management is required to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more-likely-than-not would not be sustained upon
        examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.</div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaeffe8d005d348f6874383623d0dec7c">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Risks and Uncertainties</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 18pt; margin-bottom: 12pt;">The Plan&#8217;s investments are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably
        possible that changes in the values of investment will occur in the near term and such changes could materially affect participants&#8217; account balances and the amounts reported in the statement of net assets available for benefits.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z6ea06026d60e4bd49f52c97a23deed3f">

              <tr>
                <td colspan="3" style="width: 35.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 12pt; font-weight: bold;">Rhinebeck Bank 401(k) Plan</div>
                </td>
                <td style="width: 2.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 12pt; font-weight: bold;">&#160;</div>
                </td>
                <td style="width: 37.1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 12pt; font-weight: bold;">&#160;</div>
                </td>
                <td style="width: 2.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 12pt; font-weight: bold;">&#160;</div>
                </td>
                <td style="width: 7.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 12pt; font-weight: bold;">&#160;</div>
                </td>
                <td style="width: 1.96%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 12.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td colspan="9" style="width: 100%; vertical-align: bottom;">
                  <div>Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)</div>
                </td>
              </tr>
              <tr>
                <td colspan="9" style="width: 100%; vertical-align: bottom;">
                  <div>EIN: 14-1002430&#160; &#160;&#160; Plan Number: 005</div>
                </td>
              </tr>
              <tr>
                <td colspan="9" style="width: 100%; vertical-align: bottom;">
                  <div>December 31, 2019</div>
                </td>
              </tr>
              <tr>
                <td style="width: 11.84%; vertical-align: bottom;">&#160;</td>
                <td style="width: 11.84%; vertical-align: bottom;">&#160;</td>
                <td style="width: 11.84%; vertical-align: bottom;">&#160;</td>
                <td style="width: 2.55%; vertical-align: bottom;">&#160;</td>
                <td style="width: 37.1%; vertical-align: bottom;">&#160;</td>
                <td style="width: 2.55%; vertical-align: bottom;">&#160;</td>
                <td style="width: 7.77%; vertical-align: bottom;">&#160;</td>
                <td style="width: 1.96%; vertical-align: bottom;">&#160;</td>
                <td style="width: 12.54%; vertical-align: bottom;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 98%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z8b182bf086834335bb2c36452d10208a">

              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;">&#160;Current</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; font-weight: bold;">(a)</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; font-weight: bold;">Identity of Issue (b)</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; font-weight: bold;">Description of Investment (c)</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="width: 9.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; font-weight: bold;">Cost (d)</div>
                </td>
                <td style="width: 12.79%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; font-weight: bold;">&#160;Value (e)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div>Mutual funds</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="width: 39.85%; vertical-align: top;">
                  <div>T. Rowe Price Blue Chip Growth I Fund</div>
                </td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;$&#160; &#160;&#160; 694,650</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Janus Henderson Triton Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;519,732</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Eaton Vance Small Mid Cap R6 Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;365,280</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="width: 39.85%; vertical-align: top;">
                  <div>American Century Emerg Mkts R6 Fund</div>
                </td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;61,073</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Vanguard 500 Index Admiral Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;339,961</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Oppenheimer Int'l Div I Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;123,914</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Vanguard Sel Value Inv Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;193,615</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>DFA U.S. Large Cap Value I Fund</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
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                <td style="width: 12.79%; vertical-align: top;">
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                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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                <td style="width: 37.69%; vertical-align: top;">
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                <td style="width: 12.79%; vertical-align: top;">
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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                <td style="width: 12.79%; vertical-align: top;">
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                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
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                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
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                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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                <td style="width: 37.69%; vertical-align: top;">
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                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;54,853</div>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div>Pooled separate accounts</div>
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                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Mid Cap S&amp;P 400 Index</div>
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                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
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                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;120,925</div>
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                <td style="width: 3.37%; vertical-align: top;">
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Small Cap S&amp;P 600 Index</div>
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                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,217</div>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="width: 32.58%; vertical-align: top;">
                  <div>Collective investment trust funds</div>
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                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2030 CIT</div>
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                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;2,377,630</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2050 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;988,448</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2025 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,735,174</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2035 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,032,736</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2055 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;414,418</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2045 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,074,437</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2015 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;376,450</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2060 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;131,573</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2040 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;775,614</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2020 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;441,983</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2010 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;66,395</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid 2065 CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
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                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,139</div>
                </td>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">
                  <div style="text-align: center;">*</div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 37.69%; vertical-align: top;">
                  <div>Principal Lifetime Hybrid Income CIT</div>
                </td>
                <td style="width: 2.16%; vertical-align: top;">&#160;</td>
                <td style="width: 7.93%; vertical-align: top;">
                  <div style="text-align: center;">N/R</div>
                </td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">
                  <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,091</div>
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              <tr>
                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
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                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
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                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
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                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
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                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
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                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
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                <td style="width: 37.69%; vertical-align: top;">&#160;</td>
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                <td style="width: 7.93%; vertical-align: top;">&#160;</td>
                <td style="width: 1.75%; vertical-align: top;">&#160;</td>
                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
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                <td style="width: 3.37%; vertical-align: top;">&#160;</td>
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                <td style="width: 12.79%; vertical-align: top;">&#160;</td>
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          <div style="text-align: center; font-style: italic;">See report of independent registered public accounting firm.</div>
          <br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>SIGNATURES</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">The Plan.</font> Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have
        duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf00555474ed4422d8e96026022a544a3">

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            <td rowspan="1" style="width: 48%; vertical-align: middle;">&#160;<font style="font-weight: bold;">401(k) Plan as Adopted by Rhinebeck Bank</font></td>
          </tr>
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            <td style="width: 48%; vertical-align: top;">
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                Chief&#160;Financial&#160;Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div><br>
      <br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>EXHIBITS</u></div>
    <div style="margin-bottom: 12pt;"><a href="ex_23-1.htm"><font style="font-weight: bold;"><u>23.1</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></a><font style="font-weight: bold;">Consent of Wolf &amp; Company, P.C., Independent Registered Public Accounting Firm</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
  </div>
  <br>
  <div> <br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex_23-1.htm
<DESCRIPTION>EXHIBIT 23.1 - CONSENT OF WOLF & COMPANY, P.C., INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 23.1</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">We consent to the incorporation by reference in the Registration Statement of Rhinebeck Bancorp, Inc. on Form S-8 (SEC File No. 333-229662) of our report
        dated June 29, 2020 appearing in the Annual Report on Form 11-K of the Rhinebeck Bank 401(k) Plan as of December 31, 2019 and 2018 and for the year ended December 31, 2019.</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">/s/ Wolf &amp; Company, P.C. </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">
        <div style="font-weight: normal;">Boston, Massachusetts</div>
        <div style="font-weight: normal;">June 29, 2020</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
