Financial Performance - Net income for Q1 2024 was $1.4 million, or $0.39 per share, compared to a net loss of $(4.0) million, or $(1.14) per share, in Q4 2023[1] - Noninterest income for Q1 2024 was $0.9 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, compared to $6,300,000 in the previous quarter and $7,901,000 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) 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 $979.0 million as of March 31, 2024, compared to $975.3 million at December 31, 2023[6] - Total deposits rose by $3.4 million to $899.7 million, reflecting a slight increase from $896.2 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 $975,255,000 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 $560.8 million, a 2% increase from Q4 2023[3] - Nonperforming assets remained low at $0.9 million, or 0.09% of total assets, down from $2.7 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 $6.9 million, or 1.23%, at the end of Q4 2023[4] - Nonperforming loans were $878,000, a decrease from $911,000 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, slightly up from $326,000 in the previous quarter and significantly higher than $66,000 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, an increase from $6,059,000 in the previous quarter and a decrease from $7,109,000 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 $76,507,000 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]
Auburn National Bancorporation(AUBN) - 2024 Q1 - Quarterly Results