Auburn National Bancorporation(US:AUBN)2025-11-12 22:01Financial Performance - Net earnings for the quarter ended September 30, 2025, were $2,227 thousand, up 28.6% from $1,732 thousand in the same quarter of 2024[10] - Net earnings for the first nine months of 2025 were $5.6 million, a 16% increase from $4.8 million in the same period of 2024[86] - Basic earnings per share for the quarter ended September 30, 2025, were $0.64, up from $0.50 in the same quarter of 2024, reflecting strong earnings growth[9] - Net earnings for the nine months ended September 30, 2025, increased to $5,590,000, up from $4,837,000 in 2024, representing a growth of approximately 15.6%[12] - Comprehensive income for the quarter ended September 30, 2025, was $4,460 thousand, down from $10,070 thousand in the same quarter of 2024, primarily due to lower other comprehensive income[10] Asset and Deposit Growth - Total assets increased to $1,011,184 thousand as of September 30, 2025, up from $977,324 thousand at December 31, 2024, representing a growth of 3.7%[8] - Total deposits rose to $917,266 thousand as of September 30, 2025, compared to $895,824 thousand at December 31, 2024, marking a 2.9% increase[8] - Cash and cash equivalents increased to $142,925 thousand as of September 30, 2025, from $93,354 thousand at December 31, 2024, reflecting a significant liquidity improvement[8] - The bank's retained earnings increased to $118,520 thousand as of September 30, 2025, compared to $115,759 thousand at December 31, 2024, showing a positive trend in profitability retention[11] Interest Income and Margin - Net interest income for the quarter ended September 30, 2025, was $7,572 thousand, an increase of 11.5% compared to $6,790 thousand for the same quarter in 2024[9] - Net interest income (tax-equivalent) rose to $22.0 million for the first nine months of 2025, a 9% increase from $20.2 million in the same period of 2024[87] - The company's net interest margin (tax-equivalent) improved to 3.26% for the first nine months of 2025, up from 3.05% in the same period of 2024[97] - The average yield on loans for the first nine months of 2025 was 5.48%, compared to 5.18% in the first nine months of 2024[116] Credit Quality and Loss Provisions - The provision for credit losses decreased to $(255) thousand for the quarter ended September 30, 2025, compared to $(127) thousand for the same quarter in 2024, indicating improved credit quality[9] - The allowance for credit losses decreased to $6,691 thousand as of September 30, 2025, from $6,871 thousand at December 31, 2024, indicating improved asset quality[8] - The total number of nonaccrual loans is zero as of September 30, 2025, indicating strong credit quality in the loan portfolio[36] - The provision for credit losses for the nine months ended September 30, 2025, was $(152,000), compared to $84,000 in 2024, indicating a shift in credit loss management[12] Noninterest Income and Expenses - Noninterest income for the nine months ended September 30, 2025, totaled $2,365 thousand, a decrease from $2,629 thousand in the same period of 2024[9] - Noninterest expense increased to $17.4 million for the first nine months of 2025, compared to $16.7 million in the same period of 2024[91] - Total noninterest income for the quarter ended September 30, 2025, was $829,000, a decrease of 2% from $846,000 in the same quarter of 2024[103] - Total noninterest expense increased to $5,806,000 in Q3 2025, compared to $5,500,000 in Q3 2024, marking a 5.5% rise[9] Securities and Investments - The fair value of total available-for-sale securities as of September 30, 2025, was $236,420,000, down from $243,012,000 at the end of 2024, indicating a decrease of about 2.7%[21] - The fair value of securities pledged for various purposes was $202.8 million at September 30, 2025, compared to $222.3 million at December 31, 2024[22] - The company reported gross unrealized losses on total securities of $28.14 million as of September 30, 2025, up from $39.54 million at December 31, 2024[25] Capital and Regulatory Ratios - The Company's consolidated stockholders' equity rose to $89.6 million as of September 30, 2025, up from $78.3 million at December 31, 2024, driven by net earnings of $5.6 million[141] - The Bank's tier 1 leverage ratio was 10.72% and total risk-based capital ratio was 16.49% at September 30, 2025, exceeding minimum regulatory requirements[145] - The CET 1 risk-based capital ratio stood at 15.51% in Q3 2025, up from 15.32% in Q2 2025, reflecting strong capital adequacy[177] Dividends and Shareholder Returns - The company paid cash dividends of $0.81 per share in both the first nine months of 2025 and 2024[93] - The company paid cash dividends of $943,000 in Q3 2025, consistent with the previous year[11] - Cash dividends declared remained stable at $0.27 per share for Q3 2025, consistent with previous quarters[177]