Auburn National Bancorporation, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Auburn National Bancorporation, Inc. has filed its 2023 annual report (10-K) detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AUBURN NATIONAL BANCORPORATION, INC (AUBN) filed a Annual Report (10-K) with the SEC on March 14, 2024. Auburn National Bancorporation, Inc. filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's primary business is commercial banking. Key financial data for 2023 and 2022 is included in the report. The report details fair value measurements for various financial instruments.

Why It Matters

For investors and stakeholders tracking AUBURN NATIONAL BANCORPORATION, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Auburn National Bancorporation's financial health, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's asset base, liabilities, revenue streams, and profitability, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — AUBURN NATIONAL BANCORPORATION, INC shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations, as evidenced by the detailed risk factors and financial disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand the company's performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-14 — Filing Date (Filed as of Date)
• 0000750574 — Central Index Key (Filer's Central Index Key)
• 6022 — Standard Industrial Classification (SIC Code for State Commercial Banks)

Key Players & Entities

• AUBURN NATIONAL BANCORPORATION, INC (company) — Filer name
• AUBN (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Auburn National Bancorporation, Inc. operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and stringent regulatory requirements.

Regulatory Implications

As a commercial bank, the company is subject to oversight from federal and state banking regulators, including requirements related to capital adequacy, risk management, and consumer protection.

What Investors Should Do

1. Review the company's financial statements for the fiscal year ended December 31, 2023, to understand revenue, expenses, and profitability.
2. Analyze the risk factors section to identify potential challenges and their impact on the company's operations and financial stability.
3. Examine disclosures related to fair value measurements and commitments to extend credit to assess asset valuation and potential future obligations.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch Registered Common Stock , par value $0.01 AUBN NASDAQ Global Market Securi
• $69,213 — me is estimated to increase 14.25%, to $69,213. Loans and Loan Concentrations The Ba
• $66.8 million — al real estate ("CRE") loans, including $66.8 million of loans on owner occupied property, a
• $287.3 million — perty, as of December 31, 2023 totaled $287.3 million (52% of total loans). Our regulators'
• $220.5 million — wner occupied loans, our CRE loans were $220.5 million (40% of total loans) at year end 2023
• $1.6 million — e retention tax credit of approximately $1.6 million in 2022. We have a talented group of

Filing Documents

• d731871d10k.htm (10-K) — 2887KB
• d731871dex41.htm (EX-4.1) — 21KB
• d731871dex211.htm (EX-21.1) — 4KB
• d731871dex311.htm (EX-31.1) — 14KB
• d731871dex312.htm (EX-31.2) — 15KB
• d731871dex321.htm (EX-32.1) — 8KB
• d731871dex322.htm (EX-32.2) — 8KB
• g731871aubn-20231231p53i0.gif (GRAPHIC) — 15KB
• g731871aubn-20231231p83i0.gif (GRAPHIC) — 6KB
• 0001193125-24-067944.txt (&nbsp;) — 11746KB
• aubn-20231231.xsd (EX-101.SCH) — 97KB
• aubn-20231231_cal.xml (EX-101.CAL) — 113KB
• aubn-20231231_def.xml (EX-101.DEF) — 240KB
• aubn-20231231_lab.xml (EX-101.LAB) — 640KB
• aubn-20231231_pre.xml (EX-101.PRE) — 537KB
• d731871d10k_htm.xml (XML) — 2124KB

of this Form 10-K

Part III of this Form 10-K. Table of Contents . TABLE OF CONTENTS PART I PAGE ITEM 1.

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 32 ITEM 1B. UNRESOLVED STAFF COMMENTS 48 ITEM 1C. CYBERSECURITY 48 ITEM 2.

PROPERTIES

PROPERTIES 49 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 51 ITEM 4. MINE SAFETY DISCLOSURES 51 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 51 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 54 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 54 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 82 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 82 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 123 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 123 ITEM 9B. OTHER INFORMATION 123 ITEM 9C. DISCLOSURE REGARDING FORGEIN JURISDICTIONS THAT PREVENT INSPECTION 123 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 124 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 124 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 124 ITEM 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 124 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 124 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 124 Table of Contents 3 PART I SPECIAL CAUTIONARY NOTE REGARDING FORWARD -LOOKING STATEMENTS Various of the statements made herein under the captions "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Quantitative and Qualitative Disclosures about Market Risk", "Risk Factors" "Description of Property" and elsewhere, are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Forward-looking statements include statements with respect to our beliefs, plans, objectives,

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements or financial condition of the Company to be materially different from future results, performance, achievements or financial condition expressed or implied by such forward-looking You should not expect us to update any forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "designed", "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future. These forward-looking the effects of future economic, business and market conditions and changes, foreign, domestic and locally, including inflation, seasonality, natural disasters or climate change, such as rising sea and water levels, hurricanes and tornados, COVID-19 or other health crises, epidemics or pandemics including supply chain disruptions, inventory volatility, and changes in consumer behaviors; the effects of war or other conflicts, acts of terrorism, trade restrictions, sanctions or other events that may affect general economic conditions; governmental monetary and fiscal policies, including the continuing effects of COVID-19 fiscal and monetary stimuli, and subsequent changes in monetary policies in response to inflation, including increases in the Federal Reserve's targ

BUSINESS

BUSINESS Auburn National Bancorporation, Inc. (the "Company") is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve") under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). The Company was incorporated in Delaware in 1990, and in 1994 it succeeded its Alabama predecessor as the bank holding company controlling AuburnBank, an Alabama state member bank with its principal office in Auburn, Alabama (the "Bank"). The Company and its predecessor have controlled the Bank since 1984. As a bank holding company, the Company may diversify into a broader range of financial services and other business activities than currently are permitted to the Bank under applicable laws and regulations. The holding company structure also provides greater financial and operating flexibility than is presently permitted to the Bank. Table of Contents 5 The Bank has operated continuously since 1907 and currently conducts its business primarily in East Alabama, including Lee County and surrounding areas. The Bank has been a member of the Federal Reserve Bank of Atlanta (the "Federal Reserve Bank") since April 1995. The Bank's primary regulators are the Federal Reserve and the Alabama Superintendent of Banks (the "Alabama Superintendent"). The Bank has been a member of the Federal Home Loan Bank of Atlanta (the "FHLB-Atlanta") since 1991. General The Company's business is conducted primarily through the Bank and its subsidiaries. Although it has no immediate plans to conduct any other business, the Company may engage directly or indirectly in a number of activities closely related to banking permitted by the Federal Reserve. The Company's principal executive offices are located at 100 N. Gay Street, Auburn, Alabama 36830, and its telephone number at such address is (334) 821-9200. The Company maintains an Internet website at www.auburnbank.com . The Company's website and th

View Full Filing

View this 10-K filing on SEC EDGAR