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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 (AUBN) has declared a cash dividend of $0.265 per share for the third quarter, payable on September 26, 2022, to shareholders of record as of September 9, 2022. The company, headquartered in Auburn, Alabama, operates AuburnBank, which has been in service since 1907 and holds approximately $1.1 billion in total assets. AuburnBank serves East Alabama and operates eight branches in various locations including Auburn and Opelika.
Auburn National Bancorporation (AUBN) reported a 2% increase in total revenue for Q2 2022, totaling $6.5 million in net interest income, a 6% rise from Q2 2021. Net earnings were $1.8 million or $0.51 per share, down from $2.3 million or $0.65 per share in Q2 2021. Total loans increased by $12.5 million (12% linked-quarter annualized). The allowance for loan losses was $4.7 million, with no provision for loan losses this quarter, contrasting with a negative provision of $600 thousand in Q2 2021.
Auburn National Bancorporation (AUBN) has declared a second quarter cash dividend of $0.265 per share, to be paid on June 24, 2022 to shareholders on record as of June 10, 2022. The company, headquartered in Auburn, Alabama, has total assets of approximately $1.1 billion and operates its banking services primarily in East Alabama. AuburnBank has a legacy dating back to 1907 and supports the local community with its eight branches.
Auburn National Bancorporation (AUBN) reported earnings of $2.1 million, or $0.59 per share, for Q1 2022, reflecting a 5% increase from Q1 2021. Net interest income rose 2% to $6.2 million, but total revenue declined about 2% due to a 54% drop in mortgage lending income. A negative provision for loan losses of $250,000 was recorded, contrasting with none a year earlier. Total loans decreased by $29.9 million or 7%. The net interest margin fell to 2.43%, down from 2.66% in the prior year, while dividends per share increased by 2% to $0.265.
Auburn National Bancorporation (NASDAQ: AUBN) has approved a new stock repurchase program totaling $5 million to buy back its common stock. This program replaces the previous one that expired on March 31, 2022, and is set to run until April 15, 2024. The company plans to use various methods for repurchases, including open-market transactions. The timing and amount will depend on management's evaluation of the company's liquidity and stock value.
The Board of Directors of Auburn National Bancorporation has declared a cash dividend of $0.265 per share for the first quarter of 2022, payable on March 25, 2022, to shareholders of record as of March 10, 2022. This dividend reflects a 2% increase over the previous year, marking the 21st consecutive year of dividend growth. Auburn National Bancorporation, the parent of AuburnBank, boasts total assets of approximately $1.1 billion and operates in East Alabama, reinforcing its commitment to shareholder returns.
Auburn National Bancorporation (AUBN) reported a net earnings increase to $8.0 million ($2.27/share) for 2021, up from $7.5 million ($2.09/share) in 2020. However, total revenue fell by 7% in Q4 2021 compared to Q4 2020, driven by a 3% drop in net interest income due to margin compression. Mortgage lending income saw a significant 33% decline as refinancing slowed. The company had a negative provision for loan losses of $600,000 in 2021, improving from $1.1 million in 2020. Cash dividends rose by 2%, and regulatory capital ratios remain robust.
Auburn National Bancorporation has declared a cash dividend of $0.26 per share for the fourth quarter of 2021, payable on December 27, 2021 to shareholders of record by December 10, 2021. The company, headquartered in Auburn, Alabama, operates AuburnBank with total assets of approximately $1.1 billion. AuburnBank has provided financial services in East Alabama since 1907 and has eight full-service branches in the region. The dividend reflects the company's ongoing commitment to returning value to its shareholders.
Auburn National Bancorporation (AUBN) reported a net earnings of $1.9 million or $0.53 per share for Q3 2021, unchanged from Q3 2020. For the first nine months, earnings rose to $6.2 million or $1.74 per share, up from $5.4 million or $1.51 the previous year. Net interest income increased 3% to $6.2 million, while total revenue declined 4% due to reduced mortgage lending. Notably, no provision for loan losses was needed compared to $250,000 last year, and nonperforming assets were just 0.05% of total assets.
Auburn National Bancorporation (AUBN) announced a third-quarter cash dividend of $0.26 per share, scheduled for payment on September 27, 2021, to shareholders of record as of September 10, 2021. The company, which operates AuburnBank, has approximately $1 billion in assets and serves East Alabama through eight branches and additional loan production offices. AuburnBank, a member of the Federal Reserve System, has been operational since 1907.
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