Auburn National Bancorporation(AUBN) - 2024 Q2 - Quarterly Results

Financial Performance - Net earnings for Q2 2024 were $1.7 million, or$0.50 per share, an increase from $1.4 million, or$0.39 per share in Q1 2024[1] - Total revenue for Q2 2024 was $7,605,000, slightly down from$7,679,000 in Q2 2023, indicating a decrease of 1.0%[13] - Net earnings for Q2 2024 increased to $1,734,000, up from$1,928,000 in Q2 2023, representing a decline of 10.1%[13] - Noninterest income rose to $896,000 in Q2 2024, compared to$791,000 in Q2 2023, marking an increase of 13.3%[13] - The return on average equity (annualized) improved to 9.63% in Q2 2024, compared to 10.37% in Q2 2023[13] Revenue and Income - Total revenue increased by 1% compared to the previous quarter[1] - Net interest income for Q2 2024 was $6,709,000, compared to$6,888,000 in Q2 2023, reflecting a decrease of 2.6% year-over-year[13] Assets and Equity - Total assets were $1.0 billion at June 30, 2024, compared to$979.0 million at March 31, 2024[6] - Total assets as of June 30, 2024, were $1,025,054,000, compared to$1,026,130,000 at the end of Q2 2023[14] - The company's consolidated stockholders' equity increased to $75.2 million, or$21.53 per share, from $74.5 million, or$21.32 per share at March 31, 2024[7] Loan and Credit Quality - Average loans grew by 9% on an annualized basis, reaching $573.4 million, a 2$0.8 million, or 0.08% of total assets, down from $0.9 million, or 0.09$7,142,000 as of June 30, 2024, compared to $6,634,000 in Q2 2023[14] - The provision for credit losses was$(123,000) in Q2 2024, a significant improvement compared to $(362,000) in Q2 2023[13] - The company recorded a negative provision for credit losses of$0.1 million in Q2 2024, compared to a provision of $0.3 million in Q1 2024[4] Expenses - Noninterest expense decreased by 3$5.5 million in Q2 2024, primarily due to reductions in occupancy expenses[5] Tax and Dividends - Cash dividends paid were $0.27 per share in Q2 2024, with regulatory capital ratios well above the minimum required[8] - The effective income tax rate for Q2 2024 was 21.50%, up from 13.00% in Q2 2023[13] Interest Margin - Net interest margin improved by 2 basis points to 3.06% in Q2 2024, up from 3.04% in Q1 2024[3] - The net interest margin for Q2 2024 was 3.06%, slightly up from 3.03% in Q2 2023[13]