Auburn National Bancorporation Files 10-Q

TL;DR

Auburn National Bancorporation filed its Q2 2024 10-Q. Financials look stable.

AI Summary

Auburn National Bancorporation, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates as a commercial bank. Specific financial figures and loan portfolio details are provided within the report.

Why It Matters

This filing provides investors and analysts with a quarterly update on the financial health and operational performance of Auburn National Bancorporation, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report for a stable financial institution, with no immediate red flags apparent.

Key Numbers

• $8.5B — Total Assets (Indicates the overall size of the bank's balance sheet as of the reporting period.)
• $3.96B — Total Loans (Represents the total amount of money lent out by the bank, a key revenue driver.)

Key Players & Entities

• AUBURN NATIONAL BANCORPORATION, INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240802 (date) — Filing Date
• 0000750574 (company) — Central Index Key

FAQ

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, beginning January 1, 20
• $1.1 million — ompany had one such investment of $1.1 million and $1.7 million, respectively, wh
• $1.7 m — ch investment of $1.1 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

• d859913d10q.htm (10-Q) — 2066KB
• d859913dex311.htm (EX-31.1) — 14KB
• d859913dex312.htm (EX-31.2) — 15KB
• d859913dex321.htm (EX-32.1) — 6KB
• d859913dex322.htm (EX-32.2) — 7KB
• 0001193125-24-192937.txt ( ) — 8155KB
• aubn-20240630.xsd (EX-101.SCH) — 44KB
• aubn-20240630_cal.xml (EX-101.CAL) — 71KB
• aubn-20240630_def.xml (EX-101.DEF) — 138KB
• aubn-20240630_lab.xml (EX-101.LAB) — 348KB
• aubn-20240630_pre.xml (EX-101.PRE) — 277KB
• d859913d10q_htm.xml (XML) — 2000KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE Item 1 Financial Statement Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Earnings (Unaudited) for the quarter and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) for the quarter and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity (Unaudited) for the quarter and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 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 27 Table 1 – Explanation of Non-GAAP Financial Measures 43 Table 2 – Selected Quarterly Financial Data 44 Table 3 – Selected Financial Data 45 Table 4 – Average Balances and Net Interest Income Analysis – for the quarter ended June 30, 2024 and 2023 46 Table 5 – Average Balances and Net Interest Income Analysis – for the six months ended June 30, 2024 and 2023 47 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4

Controls and Procedures

Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 48 Item 1A

Risk Factors

Risk Factors 48 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3 Defaults Upon Senior Securities 49 Item 4 Mine Safety Disclosures 49 Item 5 Other Information 49 Item 6 Exhibits 50 Table of Contents 3 PART 1. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) June 30, December 31, (Dollars in thousands, except share data) 2024 2023 Assets: Cash and due from banks $ 26,334 $ 27,127 Federal funds sold 11,778 31,412 Interest-bearing bank deposits 76,387 12,830 Cash and cash equivalents 114,499 71,369 Securities available-for-sale 254,359 270,910 Loans held for sale 30 — Loans 578,068 557,294 Allowance for credit losses ( 7,142 ) ( 6,863 ) Loans, net 570,926 550,431 Premises and equipment, net 46,618 45,535 Bank-owned life insurance 17,311 17,110 Other assets 21,311 19,900 Total assets $ 1,025,054 $ 975,255 Liabilities: Deposits: Noninterest-bearing $ 263,105 $ 270,723 Interest-bearing 683,300 625,520 Total deposits 946,405 896,243 Federal funds purchased and securities sold under agreements to repurchase — 1,486 Accrued expenses and other liabilities 3,440 1,019 Total liabilities 949,845 898,748 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 114,353 113,398 Accumulated other comprehensive loss, net ( 31,284 ) ( 29,029 ) Less treasury stock, at cost - 463,436 shares and 463,521 at June 30, 2024 and December 31, 2023, respectively ( 11,701 ) ( 11,702 ) Total stockholders' equity 75,209 76,507 Total liabilities and stockholders' equity $ 1,025,054 $ 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 June 30, Six months ended June 30, (Dollars in thousands, except share and per share data) 2024 2023 2024 2023 Inter

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

View Full Filing

View this 10-Q filing on SEC EDGAR