Auburn National Bancorporation, Inc. Reports Fourth Quarter and Full Year Results
Auburn National Bancorporation (AUBN) reported Q4 2024 net income of $1.6 million ($0.45 per share), compared to $1.7 million in Q3 2024 and a net loss of $(4.0) million in Q4 2023. Full-year 2024 earnings were $6.4 million ($1.83 per share), up from $1.4 million in 2023.
Key highlights include: net interest margin improvement to 3.09% (up 44 basis points from Q4 2023), 14% increase in net interest income, and 3% growth in average loans compared to Q4 2023. Total assets reached $977.3 million, with loans at $564.0 million and deposits at $895.8 million. Asset quality remained strong with nonperforming assets at just 0.05% of total assets.
The company's book value was $78.3 million ($22.41 per share) at year-end, with a tangible common equity ratio of 8.01%. AUBN maintained strong regulatory capital ratios and paid a quarterly dividend of $0.27 per share.
Auburn National Bancorporation (AUBN) ha riportato un reddito lordo per il quarto trimestre 2024 pari a 1,6 milioni di dollari (0,45 dollari per azione), rispetto ai 1,7 milioni di dollari nel terzo trimestre 2024 e a una perdita netta di (4,0) milioni di dollari nel quarto trimestre 2023. Gli utili per tutto il 2024 sono stati di 6,4 milioni di dollari (1,83 dollari per azione), in aumento rispetto a 1,4 milioni di dollari nel 2023.
I punti salienti includono: un miglioramento del margine di interesse netto al 3,09% (aumento di 44 punti base rispetto al quarto trimestre 2023), un incremento del 14% nel reddito da interessi netti e una crescita del 3% nei prestiti medi rispetto al quarto trimestre 2023. Gli attivi totali hanno raggiunto 977,3 milioni di dollari, con prestiti per 564,0 milioni di dollari e depositi per 895,8 milioni di dollari. La qualità degli attivi è rimasta forte, con attivi non performanti pari solo allo 0,05% degli attivi totali.
Il valore contabile dell'azienda era di 78,3 milioni di dollari (22,41 dollari per azione) a fine anno, con un rapporto di capitale comune tangibile dell'8,01%. AUBN ha mantenuto solidi rapporti di capitale regolamentare e ha distribuito un dividendo trimestrale di 0,27 dollari per azione.
Auburn National Bancorporation (AUBN) reportó un ingreso neto del cuarto trimestre de 2024 de 1,6 millones de dólares (0,45 dólares por acción), en comparación con 1,7 millones de dólares en el tercer trimestre de 2024 y una pérdida neta de (4,0) millones de dólares en el cuarto trimestre de 2023. Las ganancias del año completo 2024 fueron de 6,4 millones de dólares (1,83 dólares por acción), un aumento desde 1,4 millones de dólares en 2023.
Los aspectos destacados incluyen: una mejora en el margen de interés neto al 3,09% (un aumento de 44 puntos básicos desde el cuarto trimestre de 2023), un incremento del 14% en el ingreso por intereses netos, y un crecimiento del 3% en los préstamos promedios en comparación con el cuarto trimestre de 2023. Los activos totales alcanzaron los 977,3 millones de dólares, con préstamos de 564,0 millones de dólares y depósitos de 895,8 millones de dólares. La calidad de los activos se mantuvo fuerte con activos no productivos representando solo el 0,05% de los activos totales.
El valor contable de la compañía era de 78,3 millones de dólares (22,41 dólares por acción) al final del año, con un ratio de capital común tangible del 8,01%. AUBN mantuvo sólidos ratios de capital regulatorio y pagó un dividendo trimestral de 0,27 dólares por acción.
오번 내셔널 은행지주회사 (AUBN)는 2024년 4분기 순익이 160만 달러(주당 0.45 달러)라고 보고했으며, 이는 2024년 3분기 170만 달러와 2023년 4분기 (-400만 달러)와 비교됩니다. 2024년 전체 연간 수익은 640만 달러(주당 1.83 달러)로, 2023년의 140만 달러에서 증가했습니다.
주요 요점은: 순이자 마진이 3.09%로 개선되어 2023년 4분기 대비 44bp 증가했으며, 순이자 수익이 14% 증가하고, 2023년 4분기 대비 평균 대출이 3% 증가했습니다. 총 자산은 9억 7730만 달러에 달했으며, 대출은 5억 6400만 달러, 예금은 8억 9580만 달러에 이릅니다. 자산 품질은 양호하여 비수익 자산은 전체 자산의 0.05%에 불과합니다.
회사의 장부 가치는 연말 기준으로 7830만 달러(주당 22.41 달러)이며, 조정 가능한 일반 자본 비율은 8.01%입니다. AUBN은 강력한 규제 자본 비율을 유지하고 있으며, 분기당 0.27 달러의 배당금을 지급했습니다.
Auburn National Bancorporation (AUBN) a annoncé un revenu net de 1,6 million de dollars (0,45 dollar par action) pour le quatrième trimestre 2024, contre 1,7 million de dollars au troisième trimestre 2024 et une perte nette de (4,0) millions de dollars pour le quatrième trimestre 2023. Les bénéfices pour l'année complète 2024 s'élevaient à 6,4 millions de dollars (1,83 dollar par action), en hausse par rapport à 1,4 million de dollars en 2023.
Les points clés comprennent : une amélioration de la marge d'intérêt net à 3,09% (augmentation de 44 points de base par rapport au quatrième trimestre 2023), une augmentation de 14% des revenus d'intérêts nets et une croissance de 3% des prêts moyens par rapport au quatrième trimestre 2023. Les actifs totaux ont atteint 977,3 millions de dollars, avec des prêts de 564,0 millions de dollars et des dépôts de 895,8 millions de dollars. La qualité des actifs est restée forte, avec des actifs non rentables représentant seulement 0,05% des actifs totaux.
La valeur comptable de l'entreprise s'élevait à 78,3 millions de dollars (22,41 dollars par action) à la fin de l'année, avec un ratio de capital commun tangible de 8,01%. AUBN a maintenu de solides ratios de capital réglementaire et a distribué un dividende trimestriel de 0,27 dollar par action.
Auburn National Bancorporation (AUBN) meldete im vierten Quartal 2024 einen Nettogewinn von 1,6 Millionen Dollar (0,45 Dollar pro Aktie), verglichen mit 1,7 Millionen Dollar im dritten Quartal 2024 und einem Nettverlust von (4,0) Millionen Dollar im vierten Quartal 2023. Der Gesamtjahresgewinn 2024 betrug 6,4 Millionen Dollar (1,83 Dollar pro Aktie), ein Anstieg von 1,4 Millionen Dollar im Jahr 2023.
Wichtige Highlights sind: Verbesserung der Nettomarge auf 3,09% (ein Anstieg um 44 Basispunkte im Vergleich zum vierten Quartal 2023), ein Anstieg der Nettozinseinnahmen um 14% und ein Wachstum der durchschnittlichen Kredite um 3% im Vergleich zum vierten Quartal 2023. Die Gesamtaktiva belaufen sich auf 977,3 Millionen Dollar, mit Krediten von 564,0 Millionen Dollar und Einlagen von 895,8 Millionen Dollar. Die Vermögensqualität blieb stark, mit notleidenden Aktiven von nur 0,05% der Gesamtaktiva.
Der Buchwert des Unternehmens betrug zum Jahresende 78,3 Millionen Dollar (22,41 Dollar pro Aktie), bei einer ratio des greifbaren Eigenkapitals von 8,01%. AUBN hielt hohe regulatorische Kapitalquoten aufrecht und zahlte eine vierteljährliche Dividende von 0,27 Dollar pro Aktie.
- Net interest margin improved 44 basis points YoY to 3.09%
- Net interest income increased 14% YoY
- Average loans grew 3% YoY
- Nonperforming assets decreased to 0.05% of total assets from 0.09% YoY
- Full-year earnings increased to $6.4M from $1.4M YoY
- No brokered deposits or wholesale borrowings
- Q4 2024 net income decreased to $1.6M from $1.7M QoQ
- Book value per share declined to $22.41 from $24.14 QoQ due to unrealized losses on securities
- TCE ratio decreased to 8.01% from 8.52% QoQ
Insights
Auburn National's Q4 2024 results demonstrate remarkable operational resilience and strategic execution. The 44 basis point improvement in net interest margin to
The bank's asset quality metrics are exemplary, with nonperforming assets at just
The declining cost of deposits trend is particularly noteworthy, marking the first decrease since Q3 2022 (excluding Q1 2024). This inflection point suggests improved profitability metrics ahead, especially with the recent Fed rate cuts potentially accelerating deposit cost reduction while asset yields continue to benefit from repricing.
Capital management remains prudent with a tangible common equity ratio of
The efficiency improvements are evident in controlled noninterest expenses, which decreased year-over-year primarily through optimizations in salary, occupancy and professional fee categories. This cost discipline, combined with revenue growth, positions the bank favorably for enhanced profitability in 2025.
Fourth Quarter 2024 Highlights:
- Net interest margin (tax-equivalent) improved 44 basis points to
3.09% , compared to 4Q 2023
- Net interest income (tax-equivalent) increased
14% compared to 4Q 2023
- Average loans increased
3% compared to 4Q 2023
- Nonperforming assets were
$0.5 million or0.05% of total assets at December 31, 2024
AUBURN, Ala., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Auburn National Bancorporation (Nasdaq: AUBN) reported net income of
For the full year 2024, the Company reported net earnings of
“Our fourth quarter and full year results reflect solid revenue growth, strong asset quality, and controlled expenses,” said David A. Hedges, President and CEO. “Except for the first quarter of 2024, following the balance sheet repositioning, our quarterly cost of deposits decreased for the first time since the third quarter of 2022. We remain optimistic that our net interest margin will continue to improve in 2025 as recent cuts in the federal funds rate should reduce our cost of deposits and still allow our earning asset yields to improve as loans and securities re-price. While the interest rate environment remains challenging for the banking industry, our capital and liquidity are strong and we are well positioned to meet the needs of our customers,” said Mr. Hedges.
Net interest income (tax-equivalent) was
Net interest margin (tax-equivalent) was
Nonperforming assets were
The Company recorded a negative provision for credit losses of
At December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses was
Noninterest income was
Noninterest expense was
The provision for income tax expense was
The effective tax rate for the fourth quarter of 2024 was
Total assets were
At December 31, 2024, the Company’s consolidated stockholders’ equity (book value) was
The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was
The Company paid cash dividends of
About Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, costs and revenues, the continuing effects of the COVID-19 pandemic and related government, Federal Reserve monetary and regulatory actions, including the remaining effects of pandemic-related economic stimulus and economic conditions generally and in our markets, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation, including Federal Reserve monetary policies which were tightened in response to inflation beginning in 2022 through increases in the target federal funds rate and reductions in the Federal Reserve’s Treasury and mortgage-backed securities (MBS) holdings, and more recent monetary loosening through increased reinvestment of maturing Treasury securities and reinvestment in agency debt and MBS in Treasury securities beginning in June 2024 and beginning September 17, 2024, three reductions in the target federal funds rate totaling 100 basis points to a current target of 4.25
Forward-looking statements, with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company or the Bank to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and otherwise in our other SEC reports and filings.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.
For additional information, contact:
David A. Hedges
President and CEO
(334) 821-9200
| Financial Highlights (unaudited) | |||||||||||||||||||||||||||
| Quarter ended | Year ended December 31, | ||||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Results of Operations | |||||||||||||||||||||||||||
| Net interest income (a) | $ | 6,988 | $ | 6,811 | $ | 6,154 | $ | 27,204 | $ | 26,745 | |||||||||||||||||
| Less: tax-equivalent adjustment | 19 | 21 | 95 | 79 | 417 | ||||||||||||||||||||||
| Net interest income (GAAP) | 6,969 | 6,790 | 6,059 | 27,125 | 26,328 | ||||||||||||||||||||||
| Noninterest income | 845 | 846 | (5,429 | ) | 3,474 | (2,981 | ) | ||||||||||||||||||||
| Total revenue | 7,814 | 7,636 | 630 | 30,599 | 23,347 | ||||||||||||||||||||||
| Provision for credit losses | (48 | ) | (127 | ) | 326 | 36 | 135 | ||||||||||||||||||||
| Noninterest expense | 5,472 | 5,500 | 5,803 | 22,166 | 22,594 | ||||||||||||||||||||||
| Income tax expense (benefit) | 830 | 531 | (1,514 | ) | 2,000 | (777 | ) | ||||||||||||||||||||
| Net earnings (loss) | $ | 1,560 | $ | 1,732 | $ | (3,985 | ) | $ | 6,397 | $ | 1,395 | ||||||||||||||||
| Per share data: | |||||||||||||||||||||||||||
| Basic and diluted net earnings (loss): | $ | 0.45 | $ | 0.50 | $ | (1.14 | ) | $ | 1.83 | $ | 0.40 | ||||||||||||||||
| Cash dividends declared | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 1.08 | $ | 1.08 | |||||||||||||||||
| Weighted average shares outstanding: | 3,493,699 | 3,493,699 | 3,493,614 | 3,493,690 | 3,498,030 | ||||||||||||||||||||||
| Shares outstanding, at period end | 3,493,699 | 3,493,699 | 3,493,614 | 3,493,699 | 3,493,614 | ||||||||||||||||||||||
| Book value | $ | 22.41 | $ | 24.14 | $ | 21.90 | $ | 22.41 | $ | 21.90 | |||||||||||||||||
| Common stock price: | |||||||||||||||||||||||||||
| High | $ | 24.57 | $ | 24.35 | $ | 21.99 | $ | 24.57 | $ | 24.50 | |||||||||||||||||
| Low | 20.06 | 17.50 | 19.72 | 16.63 | 18.80 | ||||||||||||||||||||||
| Period-end | $ | 23.49 | $ | 22.90 | $ | 21.28 | $ | 23.49 | $ | 21.28 | |||||||||||||||||
| To earnings ratio (c) | 12.77 | x | 91.60 | x | 53.20 | x | 12.84 | x | 53.20 | x | |||||||||||||||||
| To book value | 105 | % | 95 | % | 97 | % | 105 | % | 97 | % | |||||||||||||||||
| Performance ratios: | |||||||||||||||||||||||||||
| Return on average equity (annualized): | 7.49 | % | 9.10 | % | (26.40 | ) | % | 8.21 | % | 2.05 | % | ||||||||||||||||
| Return on average assets (annualized): | 0.63 | % | 0.71 | % | (1.56 | ) | % | 0.65 | % | 0.14 | % | ||||||||||||||||
| Dividend payout ratio | 60.00 | % | 54.00 | % | (23.68 | ) | % | 59.02 | % | 270.00 | % | ||||||||||||||||
| Other financial data: | |||||||||||||||||||||||||||
| Net interest margin (a) | 3.09 | % | 3.05 | % | 2.65 | % | 3.06 | % | 2.89 | % | |||||||||||||||||
| Effective income tax rate | 34.73 | % | 23.46 | % | (27.53 | ) | % | 23.82 | % | (125.73 | ) | % | |||||||||||||||
| Efficiency ratio (b) | 69.86 | % | 71.83 | % | 800.41 | % | 72.25 | % | 95.08 | % | |||||||||||||||||
| Asset Quality: | |||||||||||||||||||||||||||
| Nonperforming assets: | |||||||||||||||||||||||||||
| Nonperforming (nonaccrual) loans | $ | 503 | $ | 775 | $ | 911 | $ | 503 | $ | 911 | |||||||||||||||||
| Total nonperforming assets | $ | 503 | $ | 775 | $ | 911 | $ | 503 | $ | 911 | |||||||||||||||||
| Net (recoveries) charge-offs | $ | (16 | ) | $ | 60 | $ | 173 | $ | (14 | ) | $ | 46 | |||||||||||||||
| Allowance for credit losses as a % of: | |||||||||||||||||||||||||||
| Loans | 1.22 | % | 1.22 | % | 1.23 | % | 1.22 | % | 1.23 | % | |||||||||||||||||
| Nonperforming loans | 1,366 | % | 887 | % | 753 | % | 1,366 | % | 753 | % | |||||||||||||||||
| Nonperforming assets as a % of: | |||||||||||||||||||||||||||
| Loans and other real estate owned | 0.09 | % | 0.14 | % | 0.16 | % | 0.09 | % | 0.16 | % | |||||||||||||||||
| Total assets | 0.05 | % | 0.08 | % | 0.09 | % | 0.05 | % | 0.09 | % | |||||||||||||||||
| Nonperforming loans as a % of total loans | 0.09 | % | 0.14 | % | 0.16 | % | 0.09 | % | 0.16 | % | |||||||||||||||||
| Net (recoveries) charge-offs | |||||||||||||||||||||||||||
| as a % of average loans | (0.01 | ) | % | 0.04 | % | 0.13 | % | — | % | 0.01 | % | ||||||||||||||||
| Selected average balances: | |||||||||||||||||||||||||||
| Securities | $ | 255,168 | $ | 251,723 | $ | 354,065 | $ | 258,155 | $ | 387,488 | |||||||||||||||||
| Loans, net of unearned income | 567,634 | 571,651 | 550,938 | 568,378 | 523,838 | ||||||||||||||||||||||
| Total assets | 991,275 | 982,656 | 1,020,476 | 982,268 | 1,021,808 | ||||||||||||||||||||||
| Total deposits | 904,605 | 904,860 | 953,674 | 902,429 | 946,791 | ||||||||||||||||||||||
| Total stockholders' equity | 83,325 | 76,113 | 60,372 | 77,921 | 68,066 | ||||||||||||||||||||||
| Selected period end balances: | |||||||||||||||||||||||||||
| Securities | $ | 243,012 | $ | 258,285 | $ | 270,910 | $ | 243,012 | $ | 270,910 | |||||||||||||||||
| Loans, net of unearned income | 564,017 | 565,699 | 557,294 | 564,017 | 557,294 | ||||||||||||||||||||||
| Allowance for credit losses | 6,871 | 6,876 | 6,863 | 6,871 | 6,863 | ||||||||||||||||||||||
| Total assets | 977,324 | 990,143 | 975,255 | 977,324 | 975,255 | ||||||||||||||||||||||
| Total deposits | 895,824 | 901,724 | 896,243 | 895,824 | 896,243 | ||||||||||||||||||||||
| Total stockholders' equity | 78,292 | 84,336 | 76,507 | 78,292 | 76,507 | ||||||||||||||||||||||
| (a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation of | |||||||||||||||||||||||||||
| GAAP to non-GAAP Measures (unaudited).” | |||||||||||||||||||||||||||
| (b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and tax-equivalent | |||||||||||||||||||||||||||
| net interest income. See "Reconciliation of GAAP to non-GAAP Measures (unaudited)" below. | |||||||||||||||||||||||||||
| (c) Calculated by dividing period end share price by earnings per share for the previous four quarters. | |||||||||||||||||||||||||||
| Reconciliation of GAAP to non-GAAP Measures (unaudited): | |||||||||||||
| Quarter ended December 31, | Years ended December 31, | ||||||||||||
| (Dollars in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||
| Net interest income, as reported (GAAP) | $ | 6,059 | $ | 7,471 | $ | 26,328 | $ | 27,166 | |||||
| Tax-equivalent adjustment | 95 | 117 | 417 | 456 | |||||||||
| Net interest income (tax-equivalent) | $ | 6,154 | $ | 7,588 | $ | 26,745 | $ | 27,622 | |||||
FAQ
What was Auburn National Bancorporation's (AUBN) net income for Q4 2024?
How did AUBN's full-year 2024 earnings compare to 2023?
What was AUBN's net interest margin in Q4 2024?
What was AUBN's dividend payment in Q4 2024?
What was AUBN's asset quality status at the end of 2024?
