Welcome to our dedicated page for Auburn National Bancorporation news (Ticker: AUBN), a resource for investors and traders seeking the latest updates and insights on Auburn National Bancorporation stock.
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 (AUBN) reported a 13% increase in total revenues for Q1 2023 compared to Q1 2022, driven by a 17% rise in net interest income, totaling $7.2 million. The net interest margin was 3.17%, up from 2.43% a year prior. However, net earnings slightly decreased to $2.0 million or $0.56 per share, down from $2.1 million or $0.59 per share year-over-year. The cost of funds increased to 71 basis points, causing pressures on profitability. The company adopted a new accounting standard, raising the allowance for credit losses by $1.0 million. Total deposits were $939.2 million, down 1% from the end of 2022, while total assets remained stable at $1.0 billion.
Auburn National Bancorporation (AUBN) announced a cash dividend of $0.27 per share for the first quarter of 2023, to be paid on March 27, 2023, to shareholders recorded by March 10, 2023. This dividend represents a 2% increase over the previous year's first quarter dividend and marks the 22nd consecutive year of dividend growth. The company, which operates AuburnBank, has total assets of approximately $1.0 billion and serves East Alabama with eight branches, reflecting its commitment to shareholder value.
Auburn National Bancorporation (Nasdaq: AUBN) reported record net earnings of $4.5 million, or $1.27 per share, for Q4 2022, showcasing a significant growth from $1.9 million, or $0.53 per share, in Q4 2021. Total revenue surged by 62% to $11.2 million, primarily driven by a $3.2 million gain from selling land, with net interest income increasing 23% to $7.6 million. However, nonperforming assets rose to $2.7 million (0.27% of total assets), reflecting a downgrade of a key borrowing relationship. The company’s tax rate also jumped to 24.56% due to higher pre-tax earnings. Despite challenges, AUBN stated confidence in maintaining long-term shareholder value.
Auburn National Bancorporation (AUBN) announced a quarterly cash dividend of $0.265 per share on November 8, 2022. The dividend is payable on December 27, 2022, to shareholders of record as of December 9, 2022.
The company, with total assets of approximately $1.0 billion, operates AuburnBank, which has been serving East Alabama since 1907. AuburnBank has eight branches in Auburn, Opelika, Valley, and Notasulga, and a loan production office in Phenix City.
Auburn National Bancorporation (AUBN) announced leadership changes, effective January 1, 2023. Bob Dumas will retire as President and CEO on December 31, 2022, after 39 years with the company, but will continue as Chairman of the Board. David Hedges, the current EVP and CFO, will succeed Dumas as CEO, while James Walker will assume the role of CFO. The transition reflects a well-planned succession strategy, emphasizing stability and continued growth in East Alabama's banking sector. The company holds approximately $1.0 billion in consolidated assets.
Auburn National Bancorporation reported Q3 2022 net earnings of $2.0 million ($0.57/share), up from $1.9 million ($0.53/share) in Q3 2021. Total revenue rose 15% due to a 20% increase in net interest income, driven by improved loan growth of 8% compared to Q2 2022. Noninterest income fell to $0.9 million, down from $1.0 million. The company recorded a provision for loan losses of $0.3 million. Stockholders’ equity declined to $59.8 million from $103.7 million at year-end 2021 due to unrealized losses on securities. Dividends increased 2% to $0.265 per share.
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