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Auburn National Bancorporation Inc. (AUBN-0.92%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net earnings of $6.4 million for 2024, compared to $1.4 million for the previous year. Basic and diluted net earnings per share were $1.83, up from $0.40 in 2023.
Net interest income (tax-equivalent) increased by 2% to $27.2 million, primarily due to improved net interest margin. The net interest margin was 3.06% in 2024, compared to 2.89% in 2023.
The provision for credit losses was $36 thousand in 2024, down from $135 thousand in 2023. The allowance for credit losses was $6.9 million, or 1.22% of total loans.
Noninterest income was $3.5 million, compared to a loss of $3.0 million in 2023. The previous year's loss included a $6.3 million securities loss related to a balance sheet repositioning strategy.
Noninterest expense decreased slightly to $22.2 million, with decreases in net occupancy and equipment expenses, professional fees, and other noninterest expenses.
The Bank's regulatory capital ratios were well above the minimum required to be 'well capitalized,' with a total risk-based capital ratio of 15.81% and a tier 1 leverage ratio of 10.49%.
The Company paid cash dividends of $1.08 per share in 2024, unchanged from 2023.
Total assets were $977.3 million, with total deposits of $895.8 million. The Bank had no brokered deposits at year-end.
The filing also includes information on the Company's risk management strategies, including interest rate risk and liquidity risk management, and detailed financial statements and notes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Auburn National Bancorporation Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.