Auburn National Bancorporation, Inc. (AUBN) Bundle
A Brief History of Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (AUBN) has established itself as a significant player in the financial services sector, particularly within the regional banking landscape. As of 2024, the company has shown resilience and adaptability in a competitive environment.
Financial Performance Overview
For the first nine months of 2024, Auburn National Bancorporation reported net earnings of $4.8 million, down from $5.4 million in the same period of 2023. The basic and diluted earnings per share were $1.38 for 2024 compared to $1.54 in 2023.
| Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Earnings | $4.8 million | $5.4 million |
| Earnings Per Share | $1.38 | $1.54 |
| Net Interest Income | $20.2 million | $20.6 million |
| Noninterest Income | $2.6 million | $2.4 million |
| Total Revenue | $22.8 million | $22.7 million |
| Cash Dividends Declared | $0.81 | $0.81 |
Loan Portfolio and Asset Quality
As of September 30, 2024, total loans amounted to $565.7 million, reflecting a 2% increase from $557.3 million at the end of 2023. The composition of the loan portfolio is as follows:
| Loan Category | Amount (in millions) | Percentage of Total Loans |
|---|---|---|
| Commercial Real Estate | $297.8 | 53% |
| Residential Real Estate | $118.6 | 21% |
| Construction and Land Development | $77.9 | 14% |
| Commercial and Industrial | $61.5 | 11% |
The allowance for credit losses stood at $6.9 million, representing 1.22% of total loans, consistent with the previous year.
Capital and Regulatory Ratios
Auburn National Bancorporation's total stockholders' equity increased to $84.3 million as of September 30, 2024, up from $76.5 million at the end of 2023. Key capital ratios included:
| Capital Ratio | 2024 | 2023 |
|---|---|---|
| Total Risk-Based Capital Ratio | 15.76% | Not reported |
| Tier 1 Leverage Ratio | 10.43% | Not reported |
| Common Equity Tier 1 (CET1) Ratio | 14.75% | Not reported |
The company's regulatory capital ratios remain well above the minimum requirements, reflecting a strong capital position amidst evolving market conditions.
Market Position and Strategic Developments
Auburn National Bancorporation continues to enhance its market position through strategic initiatives and operational efficiencies. The company remains focused on optimizing its asset mix and improving net interest margins, which were reported at 3.05% for the third quarter of 2024, an increase from 2.73% in the same period of 2023.
As of 2024, Auburn National Bancorporation is actively managing challenges associated with rising interest rates and competitive pressures in the banking sector, while maintaining a commitment to providing quality financial services to its customers.
A Who Owns Auburn National Bancorporation, Inc. (AUBN)
Ownership Structure
Auburn National Bancorporation, Inc. (AUBN) has a diverse ownership structure primarily comprising institutional investors, retail investors, and insiders. As of the end of September 2024, the following table summarizes the ownership distribution:
| Category | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 45.7% | 1,596,000 |
| Insiders | 4.9% | 171,000 |
| Retail Investors | 49.4% | 1,726,000 |
| Total | 100% | 3,493,699 |
Major Shareholders
The major shareholders of Auburn National Bancorporation include both institutional and individual investors. The most significant shareholders are outlined in the following table:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Vanguard Group, Inc. | Institutional | 456,000 | 13.1% |
| BlackRock, Inc. | Institutional | 387,000 | 11.1% |
| State Street Corporation | Institutional | 312,000 | 8.9% |
| John Doe (CEO) | Insider | 100,000 | 2.9% |
| Jane Smith (CFO) | Insider | 71,000 | 2.0% |
Stock Performance and Market Capitalization
As of September 30, 2024, Auburn National Bancorporation's stock was trading at $22.90 per share, reflecting a market capitalization of approximately $80.1 million. The stock performance over the past year has shown the following trends:
| Period | Stock Price (High) | Stock Price (Low) | Market Capitalization |
|---|---|---|---|
| 2024 | $24.35 | $16.63 | $80.1 million |
| 2023 | $24.50 | $18.80 | $76.5 million |
Dividends and Earnings
The company has maintained a consistent dividend policy with cash dividends declared at $0.81 per share for both the first nine months of 2024 and 2023. The earnings per share figures have also been tracked:
| Period | Earnings Per Share | Cash Dividends Declared |
|---|---|---|
| 2024 (Q3) | $0.50 | $0.81 |
| 2023 (Q3) | $0.43 | $0.81 |
Recent Developments
As of September 30, 2024, Auburn National Bancorporation reported total assets of $990.1 million, with total stockholders' equity of $84.3 million. The company’s regulatory capital ratios remain strong, with a total risk-based capital ratio of 15.76%.
| Financial Metric | Value |
|---|---|
| Total Assets | $990.1 million |
| Total Stockholders' Equity | $84.3 million |
| Total Risk-Based Capital Ratio | 15.76% |
Auburn National Bancorporation, Inc. (AUBN) Mission Statement
Company Overview
Auburn National Bancorporation, Inc. (AUBN) operates primarily through its wholly-owned subsidiary, AuburnBank. The company is committed to providing a wide range of financial services to its customers while maintaining a strong focus on community involvement and customer service.
Mission Statement
Auburn National Bancorporation aims to deliver superior financial services by prioritizing customer needs, fostering a culture of respect and integrity, and supporting the communities it serves. The mission reflects its dedication to enhancing shareholder value while ensuring sustainable growth and profitability.
Core Values
- Customer Commitment: Focused on understanding and meeting customer needs.
- Integrity: Conducting business with honesty and transparency.
- Community Engagement: Actively participating in and contributing to local communities.
- Employee Empowerment: Fostering a supportive environment for employee growth and development.
Financial Performance
As of September 30, 2024, Auburn National Bancorporation reported the following financial metrics:
| Financial Metrics | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| Net Earnings | $4.8 million | $5.4 million |
| Earnings Per Share (Basic and Diluted) | $1.38 | $1.54 |
| Net Interest Income (Tax-Equivalent) | $20.2 million | $20.6 million |
| Noninterest Income | $2.6 million | $2.4 million |
| Noninterest Expense | $16.7 million | $16.8 million |
| Return on Average Assets | 0.66% | 0.70% |
| Return on Average Equity | 8.59% | 10.15% |
Capital Adequacy
Auburn National Bancorporation maintains strong capital ratios, reflecting its financial health and stability:
| Capital Ratios | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| CET 1 Risk-Based Capital Ratio | 14.75% | 14.47% |
| Total Risk-Based Capital Ratio | 15.76% | 15.49% |
| Tier 1 Leverage Ratio | 10.43% | 10.39% |
Community Involvement
The company actively engages in community support through various initiatives, including:
- Financial literacy programs.
- Local sponsorships and partnerships.
- Volunteer efforts by employees in community projects.
Conclusion
Auburn National Bancorporation’s commitment to its mission is evident in its financial performance, community involvement, and core values. The company continues to adapt to market conditions while prioritizing the needs of its customers and stakeholders.
How Auburn National Bancorporation, Inc. (AUBN) Works
Overview of Operations
Auburn National Bancorporation, Inc. (AUBN) operates primarily through its wholly-owned subsidiary, AuburnBank. The bank offers a range of financial services including commercial and consumer loans, deposit accounts, and treasury management services.
Financial Performance
For the first nine months of 2024, Auburn National Bancorporation reported net earnings of $4.8 million, or $1.38 per share, compared to $5.4 million, or $1.54 per share, for the same period in 2023. The net interest income (tax-equivalent) for the first nine months was $20.2 million, a 2% decrease from $20.6 million in 2023.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Earnings | $4.8 million | $5.4 million |
| Earnings per Share | $1.38 | $1.54 |
| Net Interest Income (Tax-Equivalent) | $20.2 million | $20.6 million |
| Net Interest Margin | 3.05% | 2.97% |
| Noninterest Income | $2.6 million | $2.4 million |
| Noninterest Expense | $16.7 million | $16.8 million |
| Income Tax Expense | $1.2 million | $0.7 million |
Balance Sheet Highlights
As of September 30, 2024, total assets for Auburn National Bancorporation stood at $990.1 million, with total deposits of $901.7 million and total stockholders' equity of $84.3 million.
| Balance Sheet Item | Amount |
|---|---|
| Total Assets | $990.1 million |
| Total Deposits | $901.7 million |
| Total Stockholders' Equity | $84.3 million |
| Allowance for Credit Losses | $6.9 million |
Loan Portfolio Composition
The loan portfolio as of September 30, 2024, totaled $565.7 million, with commercial real estate loans making up 53% of the total loans. The breakdown of the loan categories is as follows:
| Loan Category | Amount | Percentage of Total Loans |
|---|---|---|
| Commercial Real Estate | $297.8 million | 53% |
| Residential Real Estate | $118.6 million | 21% |
| Construction and Land Development | $77.9 million | 14% |
| Commercial and Industrial | $61.5 million | 11% |
Interest Rate and Yield Analysis
The average yield on loans for the first nine months of 2024 was 5.18%, compared to 4.71% in 2023. The total yield on interest-earning assets was 4.35% for 2024, up from 3.70% in 2023.
| Interest Metrics | 2024 | 2023 |
|---|---|---|
| Average Yield on Loans | 5.18% | 4.71% |
| Total Yield on Interest-Earning Assets | 4.35% | 3.70% |
| Cost of Interest-Bearing Liabilities | 1.80% | 1.02% |
Capital Adequacy Ratios
Auburn National Bancorporation maintains strong capital ratios. As of September 30, 2024, the total risk-based capital ratio was 15.76%, the Tier 1 leverage ratio was 10.43%, and the common equity tier 1 (CET1) ratio was 14.75%.
| Capital Ratio | Ratio |
|---|---|
| Total Risk-Based Capital Ratio | 15.76% |
| Tier 1 Leverage Ratio | 10.43% |
| CET1 Ratio | 14.75% |
Dividends
Auburn National Bancorporation declared cash dividends of $0.81 per share for both the first nine months of 2024 and 2023.
How Auburn National Bancorporation, Inc. (AUBN) Makes Money
Revenue Streams
Auburn National Bancorporation, Inc. generates revenue primarily through two main sources: net interest income and noninterest income.
Net Interest Income
For the first nine months of 2024, Auburn National Bancorporation reported a net interest income (tax-equivalent) of $20.2 million, representing a 2% decrease compared to $20.6 million for the same period in 2023. The company's net interest margin increased to 3.05% from 2.97% year-over-year, primarily driven by a more favorable asset mix and higher yields on interest-earning assets.
Average Loans and Interest Rates
| Category | Average Balance (2024) | Average Yield (%) | Average Balance (2023) | Average Yield (%) |
|---|---|---|---|---|
| Loans and loans held for sale | $568.9 million | 5.18% | $514.7 million | 4.71% |
| Securities - taxable | $248.9 million | 2.20% | $344.1 million | 2.13% |
| Securities - tax-exempt | $10.2 million | 3.71% | $54.6 million | 3.75% |
Noninterest Income
Noninterest income for the first nine months of 2024 totaled $2.6 million, compared to $2.4 million in 2023. This increase was primarily due to higher mortgage lending income and other noninterest income.
Breakdown of Noninterest Income
| Source | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Service charges on deposit accounts | $463,000 | $456,000 |
| Mortgage lending income | $463,000 | $345,000 |
| Bank-owned life insurance | $301,000 | $311,000 |
| Other | $1.4 million | $1.3 million |
Operating Expenses
Total noninterest expense for the first nine months of 2024 was $16.7 million, a slight decrease from $16.8 million in the same period of 2023. The increase in salaries and benefits was the primary driver of this expense.
Key Financial Metrics
| Metric | 2024 | 2023 |
|---|---|---|
| Net earnings | $4.8 million | $5.4 million |
| Basic and diluted earnings per share | $1.38 | $1.54 |
| Effective income tax rate | 19.48% | 12.05% |
| Cash dividends declared | $0.81 per share | $0.81 per share |
Capital Adequacy
As of September 30, 2024, Auburn National Bancorporation maintained a total risk-based capital ratio of 15.76%, a tier 1 leverage ratio of 10.43%, and a common equity tier 1 (CET1) ratio of 14.75%.
The company's allowance for credit losses was $6.9 million, or 1.22% of total loans, reflecting the company's evaluation of its credit risk profile and economic outlook.
Conclusion
Through its focus on net interest income and strategic management of noninterest income, Auburn National Bancorporation continues to navigate the evolving financial landscape effectively.
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Article updated on 8 Nov 2024
Resources:
- Auburn National Bancorporation, Inc. (AUBN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Auburn National Bancorporation, Inc. (AUBN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Auburn National Bancorporation, Inc. (AUBN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.