Auburn National Bancorporation, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Auburn National Bancorporation, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

AUBURN NATIONAL BANCORPORATION, INC (AUBN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. The filing is a 10-Q report for Auburn National Bancorporation, Inc. for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing was submitted on May 8, 2024. The company's principal business address is 100 N Gay St, Auburn, AL 36831-3110. The company's IRS number is 630885779.

Why It Matters

For investors and stakeholders tracking AUBURN NATIONAL BANCORPORATION, INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position as of the end of the first quarter of 2024. Understanding the details within this report is crucial for assessing the bank's current operational health, loan portfolio performance, and overall market standing.

Risk Assessment

Risk Level: low — AUBURN NATIONAL BANCORPORATION, INC shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any unusual or significant risks at this stage.

Analyst Insight

Monitor future filings for trends in loan growth, net interest margin, and asset quality to gauge the bank's performance in the evolving economic landscape.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 6022 — Standard Industrial Classification (SIC code for State Commercial Banks)
• DE — State of Incorporation (State of Incorporation)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• AUBURN NATIONAL BANCORPORATION, INC (company) — Filer name
• AUBN (company) — Ticker symbol
• 2024-05-08 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 100 N GAY ST (address) — Business street address
• AUBURN (location) — Business city
• AL (location) — Business state
• 36831-3110 (postal_code) — Business zip code

FAQ

Industry Context

Auburn National Bancorporation, Inc. operates within the commercial banking sector, providing a range of financial services to its customers.

Regulatory Implications

As a publicly traded company, Auburn National Bancorporation, Inc. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze trends in loan portfolios and deposit growth from the provided data points.
3. Compare key financial metrics with previous periods and industry benchmarks if available in the full filing.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period data for comparison is available within this specific extract.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 AUBN NASDAQ Global Market Indicate
• $0.3 million — reduced beginning retained earnings by $0.3 million. The Company will prospectively accoun
• $1.2 million — ompany had one such investment of $1.2 million and $1.7 million, respectively, wh
• $1.7 m — ch investment of $1.2 million and $1.7 million, respectively, which was incl
• $0.4 million — accounting standard resulted in a $0.4 million pre-tax decrease in the Company's

Filing Documents

• d825181d10q.htm (10-Q) — 1866KB
• d825181dex311.htm (EX-31.1) — 14KB
• d825181dex312.htm (EX-31.2) — 15KB
• d825181dex321.htm (EX-32.1) — 6KB
• d825181dex322.htm (EX-32.2) — 7KB
• 0001193125-24-134060.txt (&nbsp;) — 7758KB
• aubn-20240331.xsd (EX-101.SCH) — 45KB
• aubn-20240331_cal.xml (EX-101.CAL) — 71KB
• aubn-20240331_def.xml (EX-101.DEF) — 138KB
• aubn-20240331_lab.xml (EX-101.LAB) — 353KB
• aubn-20240331_pre.xml (EX-101.PRE) — 279KB
• d825181d10q_htm.xml (XML) — 1870KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE Item 1 Financial Statement Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Earnings (Unaudited) for the quarters ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the quarters ended March 31, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity (Unaudited) for the quarters ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) for the quarters ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements (Unaudited

Notes to Consolidated Financial Statements (Unaudited ) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Table 1 – Explanation of Non -GAAP Financial Measures 41 Table 2 – Selected Quarterly Financial Data 42 Table 3 – Average Balances and Net Interest Income Analysis for the quarters ended March 31, 2024 and 2023 43 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4

Controls and Procedures

Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 44 Item 1A

Risk Factors

Risk Factors 44 Item 3 Defaults Upon Senior Securities 45 Item 4 Mine Safety Disclosures 45 Item 5 Other Information 45 Item 6 Exhibits 46 Table of Contents 3 PART 1. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) March 31, December 31, (Dollars in thousands, except share data) 2024 2023 Assets: Cash and due from banks $ 18,444 $ 27,127 Federal funds sold 17,356 31,412 Interest-bearing bank deposits 36,781 12,830 Cash and cash equivalents 72,581 71,369 Securities available-for-sale 260,770 270,910 Loans held for sale 175 — Loans 567,520 557,294 Allowance for credit losses ( 7,215 ) ( 6,863 ) Loans, net 560,305 550,431 Premises and equipment, net 46,193 45,535 Bank-owned life insurance 17,212 17,110 Other assets 21,803 19,900 Total assets $ 979,039 $ 975,255 Liabilities: Deposits: Noninterest-bearing $ 263,484 $ 270,723 Interest-bearing 636,189 625,520 Total deposits 899,673 896,243 Federal funds purchased and securities sold under agreements to repurchase 1,513 1,486 Accrued expenses and other liabilities 3,364 1,019 Total liabilities 904,550 898,748 Stockholders' equity: Preferred stock of $ .01 par value; authorized 200,000 shares; no shares issued — — Common stock of $ .01 par value; authorized 8,500,000 shares; issued 3,957,135 shares 39 39 Additional paid-in capital 3,802 3,801 Retained earnings 113,563 113,398 Accumulated other comprehensive loss, net ( 31,213 ) ( 29,029 ) Less treasury stock, at cost - 463,436 shares and 463,521 at March 31, 2024 and December 31, 2023, respectively ( 11,702 ) ( 11,702 ) Total stockholders' equity 74,489 76,507 Total liabilities and stockholders' equity $ 979,039 $ 975,255 See accompanying notes to consolidated financial statements Table of Contents 4 AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (Unaudited) Quarter ended March 31, (Dollars in thousands, except share and per share data) 2024 2023 Interest income: Loans, including fees $

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Auburn National Bancorporation, Inc. (the "Company") provides a full range of banking services to individuals and commercial customers in Lee County, Alabama and surrounding areas through its wholly owned subsidiary, AuburnBank (the "Bank"). The Company does not have any segments other than banking that are considered material. Basis of Presentation and Use of Estimates The unaudited consolidated financial statements in this report have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial The unaudited consolidated financial statements include, in the opinion of management, all adjustments necessary to present a fair presented. All such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results of operations that the Company and its subsidiaries may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant intercompany transactions and accounts are eliminated in consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date

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View this 10-Q filing on SEC EDGAR