Core Insights - Auburn National Bancorporation, Inc. reported a net income of 0.39 per share, for Q1 2024, a significant recovery from a net loss of 2.0 million in Q1 2023 [1][2][14] Financial Performance - Net interest income (tax-equivalent) for Q1 2024 was 560.8 million, a 2% rise from the previous quarter [1][3] - Noninterest income improved to (5.4) million in Q4 2023, largely due to the prior quarter's balance sheet repositioning [4][14] Asset Quality - Nonperforming assets were 2.7 million, or 0.26%, a year earlier [3][6] - The provision for credit losses was 0.1 million in Q1 2023 [4][14] Capital and Equity - Total assets increased to 975.3 million at the end of Q4 2023 [5][6] - Stockholders' equity decreased to 21.32 per share, from 21.90 per share, at the end of Q4 2023 [7][14] Deposits and Funding - Period-end deposits rose by 899.7 million, although down from $939.2 million a year earlier, primarily due to the sale of reciprocal deposits [1][6] - The company had no FHLB advances or other wholesale borrowings outstanding as of March 31, 2024 [6][9]
Auburn National Bancorporation, Inc. Reports First Quarter Net Earnings