Auburn National Q1 net income $1.4M, up from Q4 loss; NIM expands 39 bps to 3.04%

AUBURN NATIONAL BANCORPORATION, INC

Net earnings $1.4M ($0.39/share) vs Q4 2023 net loss $4.0M ($1.14) and Q1 2023 net income $2.0M ($0.56).
Net interest income (tax-eq) $6.7M, +8% from Q4 2023; net interest margin 3.04% vs 2.65%.
Annualized loan growth 7%; loans $567.5M, total deposits $899.7M (+$3.4M from Q4).
Nonperforming assets 0.09% of assets; allowance for credit losses $7.2M (1.27% of loans).
Paid $0.27/share dividend; book value $21.32; no share repurchases in Q1 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AUBURN NATIONAL BANCORPORATION, INC reported financial results for first quarter of 2024.

Period: first quarter of 2024
Result: reported results

Exact text from the filing

Auburn National Bancorporation, Inc. (Nasdaq: AUBN) reported net earnings of $1.4 million, or $0.39 per share, for the first quarter of 2024, compared to a net loss of $(4.0) million, or $(1.14) per share, for the fourth quarter of 2023 and net earnings of $2.0 million, or $0.56 per share, for the first quarter of 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AUBURN NATIONAL BANCORPORATION, INC reported financial results for first quarter of 2024.

Period: first quarter of 2024
Result: reported results

Exact text from the filing

Net interest income (tax-equivalent) was $6.7 million for the first quarter of 2024, an increase of 8% compared to the fourth quarter of 2023.

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AUBURN NATIONAL BANCORPORATION, INC filing history →

Source: SEC EDGAR

accession 0001193125-24-110127

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