Auburn National Bancorporation Q3 2024 Update

TL;DR

Auburn National Bancorporation filed its Q3 2024 10-Q. Financials look stable.

AI Summary

Auburn National Bancorporation, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and loan portfolio details are provided within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on the financial health and operational performance of Auburn National Bancorporation during the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 8500000 — Total Assets (Indicates the overall size of the company's asset base as of the reporting period.)
• 3957135 — Total Liabilities (Represents the company's total debt and obligations.)

Key Players & Entities

• AUBURN NATIONAL BANCORPORATION, INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (date) — Filing Date

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
• $1.0 million — he Company had one such investment of $1.0 million and $1.7 million, respectively, which
• $1.7 m — e such investment of $1.0 million and $1.7 million, respectively, which was include
• $0.4 million — accounting standard resulted in a $0.4 million pre-tax decrease in the Company's

Filing Documents

• d887529d10q.htm (10-Q) — 3012KB
• d887529dex311.htm (EX-31.1) — 14KB
• d887529dex312.htm (EX-31.2) — 15KB
• d887529dex321.htm (EX-32.1) — 6KB
• d887529dex322.htm (EX-32.2) — 7KB
• 0001193125-24-249547.txt ( ) — 13038KB
• aubn-20240930.xsd (EX-101.SCH) — 44KB
• aubn-20240930_cal.xml (EX-101.CAL) — 71KB
• aubn-20240930_def.xml (EX-101.DEF) — 138KB
• aubn-20240930_lab.xml (EX-101.LAB) — 349KB
• aubn-20240930_pre.xml (EX-101.PRE) — 276KB
• d887529d10q_htm.xml (XML) — 4003KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE Item 1 Financial Statement Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Earnings (Unaudited) for the quarter and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) for the quarter and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity (Unaudited) for the quarter and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 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 44 Table 2 – Selected Quarterly Financial Data 45 Table 3 – Selected Financial Data 46 Table 4 – Average Balances and Net Interest Income Analysis – for the quarter ended September 30, 2024 and 2023 47 Table 5 – Average Balances and Net Interest Income Analysis – for the nine months ended September 30, 2024 and 2023 48 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4

Controls and Procedures

Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 49 Item 1A

Risk Factors

Risk Factors 49 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3 Defaults Upon Senior Securities 50 Item 4 Mine Safety Disclosures 50 Item 5 Other Information 50 Item 6 Exhibits 51 Table of Contents 3 PART 1. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) September 30, December 31, (Dollars in thousands, except share data) 2024 2023 Assets: Cash and due from banks $ 24,449 $ 27,127 Federal funds sold 10,325 31,412 Interest-bearing bank deposits 55,056 12,830 Cash and cash equivalents 89,830 71,369 Securities available-for-sale 258,285 270,910 Loans held for sale 565 — Loans 565,699 557,294 Allowance for credit losses ( 6,876 ) ( 6,863 ) Loans, net 558,823 550,431 Premises and equipment, net 46,236 45,535 Bank-owned life insurance 17,411 17,110 Other assets 18,993 19,900 Total assets $ 990,143 $ 975,255 Liabilities: Deposits: Noninterest-bearing $ 270,244 $ 270,723 Interest-bearing 631,480 625,520 Total deposits 901,724 896,243 Federal funds purchased and securities sold under agreements to repurchase — 1,486 Accrued expenses and other liabilities 4,083 1,019 Total liabilities 905,807 898,748 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 115,142 113,398 Accumulated other comprehensive loss, net ( 22,946 ) ( 29,029 ) Less treasury stock, at cost - 463,436 shares and 463,521 at September 30, 2024 and December 31, 2023, respectively ( 11,701 ) ( 11,702 ) Total stockholders' equity 84,336 76,507 Total liabilities and stockholders' equity $ 990,143 $ 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 September 30, Nine months ended September 30, (Dollars in thousands, except share and per share data) 2024 2023

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 statements

financial statements. The unaudited consolidated financial statements include, in the opinion of management, all adjustments necessary to present a fair 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of allowance for credit losses on loans and investment securities, fair value of financial instruments, and the valuation of deferred tax assets and other real estate owned ("OREO"). Revenue Recognition The Company's sources of income that fall within the scope of ASC 606 include service charges on deposits, ATM and interchange fees and gains and losses on sales of other real estate, all of which are presented as components of noninterest income. The following is a summary of the revenue streams that fall within the scope of ASC 606: Service charges

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View this 10-Q filing on SEC EDGAR