Financial Performance - Net earnings for Q1 2025 were $1.5 million, or $0.44 per share, compared to $1.4 million, or $0.39 per share in Q1 2024, reflecting a 7.7% year-over-year increase in earnings per share [3][8]. - Net earnings for Q1 2025 were $1,530,000, compared to $1,371,000 in Q1 2024, representing an increase of 11.6% [23]. - Basic and diluted net earnings per share for Q1 2025 were $0.44, up from $0.39 in Q1 2024, marking a growth of 12.8% [23]. - Total revenue for Q1 2025 was $7,792,000, slightly up from $7,544,000 in Q1 2024, reflecting a growth of 3.3% [23]. Interest Income and Margin - Net interest income (tax-equivalent) increased to $7.1 million in Q1 2025, a 6% increase compared to $6.7 million in Q1 2024 [5][8]. - Net interest income for Q1 2025 was $7,045,000, an increase of 5.8% compared to $6,657,000 in Q1 2024 [23]. - Net interest margin (tax-equivalent) improved to 3.20% in Q1 2025, up from 3.04% in Q1 2024, driven by a favorable asset mix and improved yields [6][8]. Asset Quality - Nonperforming assets were $0.5 million, or 0.05% of total assets, at March 31, 2025, down from $0.9 million, or 0.09% of total assets, at March 31, 2024 [7][8]. - Nonperforming loans decreased to $520,000 in Q1 2025 from $878,000 in Q1 2024, showing improved asset quality [23]. - The allowance for credit losses was $6.8 million, or 1.20% of total loans, at March 31, 2025, down from 1.27% at March 31, 2024 [9][8]. - The allowance for credit losses as a percentage of loans was 1.20% in Q1 2025, slightly down from 1.27% in Q1 2024 [23]. Deposits and Assets - Total assets increased to $996.8 million at March 31, 2025, compared to $979.0 million at March 31, 2024, reflecting growth in the bank's balance sheet [14][8]. - Total deposits rose to $910.5 million at March 31, 2025, compared to $899.7 million at March 31, 2024, indicating strong deposit growth [14][8]. - Total assets at the end of Q1 2025 were $996,786,000, up from $979,039,000 at the end of Q1 2024 [24]. - Total deposits increased to $910,503,000 in Q1 2025 from $899,673,000 in Q1 2024, reflecting a growth of 1.8% [24]. Expenses and Efficiency - Noninterest income remained stable at $0.8 million for Q1 2025, consistent with Q4 2024, but down from $0.9 million in Q1 2024 [10][8]. - Noninterest expense increased to $5.9 million in Q1 2025, up from $5.7 million in Q1 2024, primarily due to routine salary and benefit increases [11][8]. - The efficiency ratio for Q1 2025 was 75.30%, compared to 75.03% in Q1 2024, indicating a slight decline in operational efficiency [23]. Shareholder Returns - The Company paid cash dividends of $0.27 per share in Q1 2025, maintaining a consistent return to shareholders [17][8]. Return on Equity - The return on average equity (annualized) improved to 7.83% in Q1 2025 from 7.13% in Q1 2024 [23].
Auburn National Bancorporation(AUBN) - 2025 Q1 - Quarterly Results