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Auburn National Bancorporation, Inc. (NASDAQ: AUBN) is a reputable bank holding company based in Auburn, Alabama. Established in 1907, it has a longstanding history of providing comprehensive banking services through its wholly-owned subsidiary, AuburnBank.
Core Business and Services: The company offers a full range of banking services, including checking, savings, and transaction deposit accounts, as well as certificates of deposit. AuburnBank is also an active residential mortgage lender, focusing on the cities of Auburn and Opelika, Alabama, and the surrounding areas in East Alabama, primarily in Lee County. The bank provides a variety of loan products, including commercial, financial, agricultural, real estate construction, and consumer loans. Additionally, AuburnBank offers automated teller machine (ATM) services, Visa Checkcards (debit cards), online banking, bill payment, and other electronic banking services.
Recent Achievements: Auburn National Bancorporation has consistently demonstrated strong financial performance. For the second quarter of 2023, the company reported net earnings of $1.9 million, or $0.55 per share, up from $1.8 million, or $0.51 per share, in the same period in 2022. Total revenue saw a 6% increase due to net interest income growth. Net interest income (tax-equivalent) rose by 8% to $7.0 million, primarily driven by improvements in the company's net interest margin.
Financial Condition: As of June 30, 2023, Auburn National Bancorporation reported total assets of $1.0 billion and total deposits of $950.7 million. The company's consolidated stockholders' equity was $71.0 million, or $20.28 per share. Nonperforming assets were reduced to $1.1 million, or 0.11% of total assets, indicating effective risk management and resolution of nonperforming loans.
Community Focus: AuburnBank is community-oriented, primarily serving individuals and small to middle-market businesses in East Alabama. With 10 offices and 14 ATM locations, the bank maintains a strong presence in the communities it serves, including Auburn, Opelika, Valley, and Notasulga. AuburnBank also operates a loan production office in Phenix City, Alabama.
Recognition: The bank has been recognized by American Banker magazine as one of the "Top 200 Community Banks" in the nation based on average return on equity (ROE) for a three-year period, nine out of the last ten years.
Through its prudent management and community-focused approach, Auburn National Bancorporation continues to thrive, providing valuable services to its clients and maintaining robust financial health.
Auburn National Bancorporation (Nasdaq: AUBN) has announced its fourth quarter dividend. The Board of Directors declared a cash dividend of $0.27 per share on November 12, 2024. The dividend will be payable on December 26, 2024, to shareholders of record as of December 10, 2024.
Auburn National Bancorporation, Inc. (Nasdaq: AUBN) reported third quarter 2024 net earnings of $1.7 million, or $0.50 per share, matching Q2 2024 and improving from $1.5 million, or $0.43 per share, in Q3 2023. Key highlights include:
- Return on Assets improved to 0.71% from 0.58% in Q3 2023
- Net interest margin increased to 3.05% from 2.73% in Q3 2023
- Net interest income rose 7% to $6.8 million compared to Q3 2023
- Average loans grew 8% to $571.7 million compared to Q3 2023
- Loan to deposit ratio increased to 62.7% from 56.6% at September 30, 2023
- Tangible common equity to total assets improved to 8.52% from 5.96% at September 30, 2023
The company benefited from balance sheet repositioning and loan growth, leading to improved net interest income and margin. A branch closure is planned by year-end to increase efficiency and provide cost savings in 2025.
Auburn National Bancorporation (Nasdaq: AUBN) has announced its third quarter dividend for 2024. The Board of Directors declared a $0.27 per share cash dividend on August 13, 2024. This dividend will be payable on September 25, 2024 to shareholders of record as of September 10, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties. The consistency in dividend payments may be seen as a positive sign of the company's financial stability and confidence in its future performance.
Auburn National Bancorporation (AUBN) reported net earnings of $1.7 million, or $0.50 per share, for Q2 2024, up from $1.4 million in Q1 2024 but down from $1.9 million in Q2 2023. Key highlights include:
- Total revenue increased 1%
- Net interest margin improved 2 basis points to 3.06%
- Average loans grew 9% annualized
- Strong credit quality with nonperforming assets at 0.08% of total assets
- Noninterest expense decreased 3%
The company reported solid loan growth, stable net interest margin, and continued strength in credit quality, liquidity, and capital. However, the interest rate environment is expected to remain challenging in H2 2024.
On May 14, 2024, Auburn National Bancorporation's Board of Directors declared a second quarter cash dividend of $0.27 per share.
The dividend will be paid on June 25, 2024, to shareholders of record as of June 10, 2024. The announcement reflects the company's ongoing commitment to providing shareholder value.
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