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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) reported a significant milestone with total assets surpassing $1.0 billion for the first time. For Q2 2021, net earnings reached $2.3 million, up from $1.7 million in Q2 2020, resulting in earnings per share of $0.65 compared to $0.47. The company recorded a negative provision for loan losses of $600 thousand, indicating improved asset quality. However, total revenue declined by 5% mainly due to decreased net interest income, impacted by a low interest rate environment.
Auburn National Bancorporation (AUBN) announced a cash dividend of $0.26 per share for the second quarter, payable on June 25, 2021, to shareholders of record as of June 10, 2021. The company, headquartered in Auburn, Alabama, operates AuburnBank, which holds total assets of approximately $993 million and has been in operation since 1907. The Bank serves East Alabama with eight branches and a loan production office.
Auburn National Bancorporation reported net earnings of $2.0 million, or $0.56 per share, for Q1 2021, an increase from $1.8 million or $0.50 per share in Q1 2020. Mortgage lending income more than doubled to $0.5 million. The company funded $18.7 million in PPP loans, supporting 2,600 employees. Despite a decrease in net interest income to $6.1 million, the allowance for loan losses stood at 1.23% of total loans. Noninterest expenses decreased to $4.7 million. The company maintained a dividend of $0.26 per share, a 2% increase year-over-year.
Auburn National Bancorporation (NASDAQ: AUBN) announced a new stock repurchase program, replacing the previous one set to expire on March 31, 2021. This program authorizes the repurchase of up to $5 million in common stock through March 2022. The repurchases may occur via open-market transactions, private purchases, or negotiated deals. The company will determine the timing and amount based on liquidity, market price, and regulatory factors. Auburn National has total assets of approximately $957 million and operates several branches in East Alabama.
Auburn National Bancorporation (AUBN) declared a cash dividend of $0.26 per share for the first quarter of 2021, payable on March 25, 2021 to shareholders of record by March 10, 2021. This marks a 2% increase over the prior year's dividend and represents the 20th consecutive year of dividend growth. The Company, with total assets of approximately $957 million, operates through its banking subsidiary, AuburnBank, in East Alabama, emphasizing its commitment to returning value to shareholders.
Auburn National Bancorporation (AUBN) reported a decline in net earnings, with 2020 net earnings at $7.5 million ($2.09 per share) vs. $9.7 million ($2.72 per share) in 2019, largely due to increased loan loss provisions amid the COVID-19 pandemic. The net interest margin fell to 2.92% from 3.43% year-on-year. However, mortgage lending income surged by 168%, driven by refinancing activity. The company funded 423 loans totaling $36.5 million under the PPP, supporting approximately 5,500 jobs. AUBN was recognized as a top-performing bank in the 2021 RankingBanking study.
Auburn National Bancorporation (AUBN) declared a cash dividend of $0.255 per share for the third quarter on November 10, 2020. This dividend is payable on December 28, 2020 to shareholders on record as of December 10, 2020. The bank, with total assets of approximately $938 million, operates in East Alabama and has been providing banking services since 1907.
Auburn National Bancorporation reported third quarter 2020 net earnings of $1.9 million ($0.54 per share), down from $2.2 million ($0.62 per share) in Q3 2019. The provision for loan losses increased to $250,000, reflecting economic impacts from COVID-19. Net interest margin decreased to 2.72%, down from 3.41% last year, due to low interest rates. However, mortgage lending income surged to $0.7 million, more than double from Q3 2019. Noninterest income rose to $1.4 million, driven by increased refinancing activity. The bank's capital ratios remain strong.
Auburn National Bancorporation has declared a cash dividend of $0.255 per share for the second quarter of 2020. The dividend will be payable on September 25, 2020, to shareholders of record as of September 10, 2020. The company, which is the parent of AuburnBank, has total assets of approximately $943 million and has been operational since 1907. The bank serves East Alabama with multiple branches, reinforcing its long-standing presence in the region.
Auburn National Bancorporation (AUBN) has declared a cash dividend of $0.255 per share for the second quarter of 2020. This dividend will be payable on June 25, 2020, to shareholders on record as of June 10, 2020. The company, headquartered in Auburn, Alabama, has approximately $856 million in total assets and operates in East Alabama through eight full-service branches. The bank has been in continuous operation since 1907.
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