Auburn National Bancorporation, Inc (AUBN) 10-K Annual Report March 2023

AUBURN, Alabama – Auburn National Bancorporation (Nasdaq: AUBN) reported record quarterly net earnings of $4.5 million, or $1.27 per share, for the fourth quarter of 2022, compared to $1.9 million, or $0.53 per share, for the fourth quarter of 2021. For the full year 2022, the Company reported record net earnings of $10.3 million, or $2.95 per share, compared to $8.0 million, or $2.27 per share, for 2021.

“We had record earnings for the fourth quarter and full year 2022 partly due to a couple of notable non-routine items” said David A. Hedges, President and CEO. “However, we saw strong revenue growth as our net interest income and margin continued to expand. In addition to solid loan growth, our net interest margin continued to benefit from our low-cost core deposit base. While 2023 will present new opportunities and challenges, we remain confident that our long-term approach and philosophy of knowing and caring for our customers, maintaining exceptional asset quality, and supporting our communities will enable us to continue to generate value for our shareholders,” said Mr. Hedges.

Total revenue increased by $4.3 million, or 62%, in the fourth quarter of 2022, compared to the fourth quarter of 2021. This increase was primarily related to a $3.2 million gain on the sale of land. Excluding the impact of this gain, total revenue increased by $1.1 million, or 15%, in the fourth quarter of 2022, compared to the fourth quarter of 2021.

Net interest income (tax-equivalent) was $7.6 million for the fourth quarter of 2022, an increase of 23% compared to $6.2 million for the fourth quarter of 2021. This increase was primarily due to improvements in the Company’s net interest margin. The Company’s net interest margin (tax-equivalent) was 3.27% in the fourth quarter of 2022 compared to 2.45% in the fourth quarter of 2021. This increase was primarily due to a more favorable asset mix and higher yields on interest earning assets, while the cost of funds only increased 7 basis points to 0.43%.

The following information was filed by Auburn National Bancorporation, Inc (AUBN) on Monday, January 30, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Auburn National Bancorporation, Inc's 10-K Annual Report:

Financial - Earnings Highlight
(Dollars in thousands) $ 454,604 4.45% $ 459,712 4.45% Securities - taxable 364,029 1.81% 320,766 1.28% Securities - tax-exempt (a) 61,591 3.53% 62,736 3.57% Total securities 425,620 2.06% 383,502 1.66% Federal funds sold 43,766 1.00% 38,659 0.15% Interest bearing bank deposits 58,141 0.99% 77,220 0.13% Total interest-earning assets 982,131 3.05% 959,093 2.81% Deposits: NOW 197,177 0.19% 178,197 0.12% Savings and money market 327,139 0.20% 296,708 0.22% Certificates of deposits 154,273 0.84% 159,111 1.03% Total interest-bearing deposits 678,589 0.34% 634,016 0.39% Short-term borrowings 4,516 1.33% 3,349 0.51% Total interest-bearing liabilities 683,105 0.35% 637,365 0.39% Net interest income and margin (a) $ 27,622 2.81% $ 24,460 2.55% and Regulation - Fiscal and Monetary Policies".

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Inside this 10-K Annual Report

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Auburn National Bancorporation, Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AUBN
CIK: 750574
Form Type: 10-K Annual Report
Accession Number: 0001193125-23-074092
Submitted to the SEC: Fri Mar 17 2023 5:24:35 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

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Auburn National Bancorporation, Inc (AUBN) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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