Auburn National Bancorporation(AUBN) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $1.6 million, or$0.45 per share, compared to a net loss of $(4.0) million, or$(1.14) per share in Q4 2023[4] - Full year 2024 net earnings were $6.4 million, or$1.83 per share, up from $1.4 million, or$0.40 per share in 2023[5] - Total revenue for the year ended December 31, 2024, was $30,599,000, compared to$23,347,000 in 2023, marking a 31.2% increase[26] - Net earnings for the year ended December 31, 2024, were $6,397,000, compared to$1,395,000 in 2023, reflecting a substantial increase of 358.4%[26] Interest Income and Margin - Net interest income (tax-equivalent) increased to $7.0 million in Q4 2024, a 14$6,969,000, an increase from $6,059,000 in Q4 2023, representing a 15.0$0.5 million, or 0.05% of total assets, at December 31, 2024, down from 0.09% at December 31, 2023[9][12] - The allowance for credit losses was $6.9 million, or 1.22$503,000 in Q4 2024 from $911,000 in Q4 2023, indicating a 44.8$(48,000), a decrease from $(127,000) in Q3 2024, indicating improved asset quality[26] Dividends and Equity - The Company paid cash dividends of$0.27 per share in Q4 2024[20] - Cash dividends declared remained stable at $0.27 per share for Q4 2024, consistent with the previous quarters[26] - Total stockholders' equity increased to$83,325,000 in Q4 2024 from $60,372,000 in Q4 2023, representing a growth of 38.1$567.6 million, a 3% increase from Q4 2023[8][12] - Total assets were $977.3 million at December 31, 2024, compared to$975.3 million at December 31, 2023[17] - Noninterest income for Q4 2024 was $845,000, a significant recovery from a loss of$5,429,000 in Q4 2023[26]