From GlobeNewswire: 2025-01-28 08:00:00

Auburn National Bancorporation (Nasdaq: AUBN) reported net income of $1.6 million, or $0.45 per share, for the fourth quarter of 2024, compared to $1.7 million, or $0.50 per share, for the third quarter of 2024, and a net loss of $(4.0) million, or $(1.14) per share, for the fourth quarter of 2023. The company’s net interest margin improved to 3.09% in the fourth quarter of 2024, an increase from 2.65% in the fourth quarter of 2023, due to loan growth and a balance sheet repositioning strategy. Nonperforming assets were $0.5 million, or 0.05% of total assets, at December 31, 2024. The Company recorded a negative provision for credit losses of $(48) thousand in the fourth quarter of 2024. Total assets were $977.3 million at December 31, 2024, compared to $990.1 million at September 30, 2024. The Company’s tangible common equity ratio was 8.01% at December 31, 2024. The Company paid cash dividends of $0.27 per share in the fourth quarter of 2024. The Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards. The Company’s stockholders’ equity was $78.3 million, or $22.41 per share, at December 31, 2024. The Company’s full-year 2024 net earnings were $6.4 million, or $1.83 per share. The Company’s net interest income for the fourth quarter of 2024 was $7.0 million. The Company’s noninterest income was $0.8 million for both the fourth and third quarters of 2024. The Company’s noninterest expense was $5.5 million in both the fourth and third quarters of 2024. The provision for income tax expense was $0.8 million for the fourth quarter of 2024. The Company’s effective tax rate for the fourth quarter of 2024 was 34.73%. The Company’s consolidated stockholders’ equity at December 31, 2024, was $78.3 million, or $22.41 per share. The Company’s tangible common equity ratio was 8.01% at December 31, 2024. Nonperforming assets were $0.5 million, or 0.05% of total assets, at December 31, 2024. The Company’s average loans for the fourth quarter of 2024 were $567.6 million, a 3% increase from the fourth quarter of 2023. The Company’s net earnings for the full year 2024 were $6.4 million, or $1.83 per share. The Company’s total assets were $977.3 million at December 31, 2024.



Read more at GlobeNewswire:: Auburn National Bancorporation, Inc. Reports Fourth Quarter