Auburn National Bancorporation, Inc. (NASDAQ: AUBN) disclosed its financial performance for the fourth quarter and full year ended December 31, 2024. The company 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. This was a significant improvement from a net loss of $(3.9) million in the fourth quarter of 2023.
The financial highlights for the fourth quarter of 2024 included an increase in net interest margin to 3.09%, a 14% rise in net interest income to $6.9 million, and a 3% growth in average loans compared to the same period in 2023. Nonperforming assets were reported at $0.5 million or 0.05% of total assets as of December 31, 2024.
David A. Hedges, President and CEO of Auburn National Bancorporation, highlighted solid revenue growth, strong asset quality, and controlled expenses as key factors contributing to the positive results. The company’s net interest income for the fourth quarter of 2024 increased to $7.0 million, with a net interest margin of 3.09%.
The company’s total assets stood at $977.3 million at the close of December 31, 2024, compared to $990.1 million at September 30, 2024. Loans, net of unearned income, were $564.0 million at the end of December 2024. Auburn National Bancorporation reported total deposits of $895.8 million as of December 31, 2024.
The company’s tangible common equity ratio was 8.01% at the end of 2024. Additionally, Auburn National Bancorporation stated that its regulatory capital ratios were well above the minimum requirements to be considered “well capitalized” under current regulatory standards.
Auburn National Bancorporation operates as the parent company of AuburnBank, a bank with total assets of approximately $977 million. The bank, a member of the Federal Reserve System, has been in operation since 1907 in East Alabama, including Lee County and surrounding areas.
The company’s stock price closed at $23.49 per share at the end of the reporting period. Auburn National Bancorporation expressed optimism about the upcoming year, anticipating further improvements in net interest margin amidst a challenging interest rate environment.
This press release contains forward-looking statements and unaudited non-GAAP financial measures. Investors are encouraged to review the full SEC filing for detailed financial information and reconciliations.
ENDOFARTICLE
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Auburn National Bancorporation’s 8K filing here.
About Auburn National Bancorporation
Auburn National Bancorporation, Inc operates as the bank holding company for AuburnBank that provides various banking products and services in East Alabama. The company offers checking, savings, and transaction deposit accounts, as well as certificates of deposit. It also provides commercial, financial, agricultural, real estate construction, and consumer loan products; and other financial services.
Further Reading
- Five stocks we like better than Auburn National Bancorporation
- How to Use the MarketBeat Stock Screener
- What Does the Future Hold for Eli Lilly?
- What Does Downgrade Mean in Investing?
- Oracle Stock Drops Nearly 14% – Is Now the Time to Buy?
- Upcoming IPO Stock Lockup Period, Explained
- 3 Consumer Stocks Call Option Traders Are Betting Big On
