Auburn National Bancorporation(AUBN) - 2024 Q3 - Quarterly Results

Financial Performance - Net earnings for Q3 2024 were $1.7 million, or$0.50 per share, consistent with Q2 2024 and an increase from $1.5 million, or$0.43 per share, in Q3 2023[1] - Net earnings for Q3 2024 were $1,732,000, up from$1,488,000 in Q3 2023, reflecting a 16.4% increase[13] - Total revenue for Q3 2024 reached $7,636,000, compared to$7,137,000 in Q3 2023, marking a 7.0% increase[13] - The company declared cash dividends of $0.27 per share, consistent with the previous quarter and the same quarter last year[13] Asset Quality - Nonperforming assets were$0.8 million, or 0.08% of total assets, at September 30, 2024, down from $1.2 million, or 0.12$6,790,000, an increase from $6,272,000 in Q3 2023, representing a 8.2$571.7 million in Q3 2024 compared to Q3 2023[3] - The allowance for credit losses was $6.9 million, or 1.22$7.1 million, or 1.24% of total loans, at June 30, 2024[4] - The allowance for credit losses was $6,876,000, down from$7,142,000 in Q2 2024[14] Equity and Return Metrics - Return on Assets (annualized) improved to 0.71% in Q3 2024, up from 0.58% in Q3 2023[1] - The return on average equity (annualized) for Q3 2024 was 9.10%, slightly down from 9.63% in Q2 2024[13] - The Company’s tangible common equity (TCE) ratio improved to 8.52% at September 30, 2024, compared to 5.96% at September 30, 2023[8] Noninterest Income and Expenses - Noninterest income was $0.8 million in Q3 2024, a decrease from$0.9 million in both Q2 2024 and Q3 2023[5] - Noninterest expense for Q3 2024 was $5,500,000, a decrease from$5,519,000 in Q2 2024[13] Total Assets - Total assets were $990.1 million at September 30, 2024, a decrease from$1.0 billion at June 30, 2024[6] - Total assets as of September 30, 2024, were $990,143,000, a decrease from$1,025,054,000 at the end of Q2 2024[14] Strategic Decisions - The Company plans to close its Corner Village branch by year-end 2024 to achieve additional cost savings starting in 2025[2]