Core Insights - Auburn National Bancorporation, Inc. reported a net income of $1.4 million, or $0.39 per share, for Q1 2024, a significant recovery from a net loss of $(4.0) million in Q4 2023 and a decrease from net earnings of $2.0 million in Q1 2023 [1][2][14] Financial Performance - Net interest income (tax-equivalent) for Q1 2024 was $6.7 million, an increase of 8% from Q4 2023, primarily driven by a rise in net interest margin to 3.04% from 2.65% [1][3][17] - Annualized loan growth was reported at 7%, with average loans increasing to $560.8 million, a 2% rise from the previous quarter [1][3] - Noninterest income improved to $0.9 million in Q1 2024, compared to a loss of $(5.4) million in Q4 2023, largely due to the prior quarter's balance sheet repositioning [4][14] Asset Quality - Nonperforming assets were $0.9 million, or 0.09% of total assets, showing improvement from $2.7 million, or 0.26%, a year earlier [3][6] - The provision for credit losses was $0.3 million in both Q1 2024 and Q4 2023, compared to $0.1 million in Q1 2023 [4][14] Capital and Equity - Total assets increased to $979.0 million at the end of Q1 2024, up from $975.3 million at the end of Q4 2023 [5][6] - Stockholders' equity decreased to $74.5 million, or $21.32 per share, from $76.5 million, or $21.90 per share, at the end of Q4 2023 [7][14] Deposits and Funding - Period-end deposits rose by $3.4 million to $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