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Auburn National Bancorporation(AUBN) - 2024 Q1 - Quarterly Results
AUBNAuburn National Bancorporation(AUBN)2024-04-24 20:17

Financial Performance - Net income for Q1 2024 was 1.4million,or1.4 million, or 0.39 per share, compared to a net loss of (4.0)million,or(4.0) million, or (1.14) per share, in Q4 2023[1] - Noninterest income for Q1 2024 was 0.9million,asignificantrecoveryfromalossof0.9 million, a significant recovery from a loss of (5.4) million in Q4 2023[5] - Total revenue for the first quarter of 2024 was 7,544,000,comparedto7,544,000, compared to 6,300,000 in the previous quarter and 7,901,000inthesamequarterlastyear[13]−Basicanddilutednetearningspershareforthefirstquarterof2024were7,901,000 in the same quarter last year[13] - Basic and diluted net earnings per share for the first quarter of 2024 were 0.39, recovering from a loss of (1.14)inthepreviousquarteranddownfrom(1.14) in the previous quarter and down from 0.56 in the same quarter last year[13] - The return on average equity for the first quarter of 2024 was 7.13%, a significant recovery from (26.40%) in the previous quarter and an increase from 11.44% in the same quarter last year[13] Asset and Deposit Growth - Total assets increased to 979.0millionasofMarch31,2024,comparedto979.0 million as of March 31, 2024, compared to 975.3 million at December 31, 2023[6] - Total deposits rose by 3.4millionto3.4 million to 899.7 million, reflecting a slight increase from 896.2millionattheendofQ42023[6]−Totalassetsattheendofthefirstquarterof2024were896.2 million at the end of Q4 2023[6] - Total assets at the end of the first quarter of 2024 were 979,039,000, a slight increase from 975,255,000inthepreviousquarterbutadecreasefrom975,255,000 in the previous quarter but a decrease from 1,017,746,000 in the same quarter last year[14] Loan and Credit Quality - Annualized loan growth was reported at 7%, with average loans reaching 560.8million,a2560.8 million, a 2% increase from Q4 2023[3] - Nonperforming assets remained low at 0.9 million, or 0.09% of total assets, down from 2.7million,or0.262.7 million, or 0.26%, a year earlier[3] - The allowance for credit losses was 7.2 million, or 1.27% of total loans, up from 6.9million,or1.236.9 million, or 1.23%, at the end of Q4 2023[4] - Nonperforming loans were 878,000, a decrease from 911,000inthepreviousquarterandasignificantdecreasefrom911,000 in the previous quarter and a significant decrease from 2,679,000 in the same quarter last year[13] - The provision for credit losses was 334,000,slightlyupfrom334,000, slightly up from 326,000 in the previous quarter and significantly higher than 66,000inthesamequarterlastyear[13]InterestIncomeandMargin−Netinterestincome(tax−equivalent)increasedby866,000 in the same quarter last year[13] Interest Income and Margin - Net interest income (tax-equivalent) increased by 8% to 6.7 million in Q1 2024, driven by a net interest margin rise of 39 basis points to 3.04%[3] - Net interest income for the first quarter of 2024 was 6,657,000,anincreasefrom6,657,000, an increase from 6,059,000 in the previous quarter and a decrease from 7,109,000inthesamequarterlastyear[13]−Thenetinterestmarginforthefirstquarterof2024was3.047,109,000 in the same quarter last year[13] - The net interest margin for the first quarter of 2024 was 3.04%, up from 2.65% in the previous quarter and down from 3.17% in the same quarter last year[13] Equity and Dividends - Total stockholders' equity at the end of the first quarter of 2024 was 74,489,000, down from 76,507,000inthepreviousquarterandupfrom76,507,000 in the previous quarter and up from 73,640,000 in the same quarter last year[14] - Cash dividends paid were $0.27 per share in Q1 2024, with no share repurchases during the quarter[8] - The tangible common equity ratio was 7.63% at March 31, 2024, compared to 7.84% at December 31, 2023[8] Efficiency Metrics - The efficiency ratio improved to 75.03% in the first quarter of 2024, compared to 80.04% in the previous quarter and 69.97% in the same quarter last year[13]