Auburn National Bancorporation (AUBN) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $1.6M ($0.45/share), up from a net loss of $(4.0)M in Q4 2023, which included a $4.7M after-tax loss from securities sales.

• Full year 2024 net earnings were $6.4M ($1.83/share), compared to $1.4M ($0.40/share) in 2023; excluding 2023's securities loss, 2023 net earnings would have been $6.1M ($1.75/share).

• Results reflect solid revenue growth, strong asset quality, and controlled expenses.

Financial highlights

• Net interest income (tax-equivalent) rose 14% year-over-year to $7.0M in Q4 2024; net interest margin improved 44 bps to 3.09%.

• Noninterest income was $0.8M in Q4 2024, compared to a loss of $5.4M in Q4 2023; excluding securities loss, Q4 2023 noninterest income was $0.9M.

• Noninterest expense was $5.5M in Q4 2024, down from $5.8M in Q4 2023, mainly due to lower salaries, occupancy, and professional fees.

• Total assets at year-end 2024 were $977.3M; loans were $564.0M and deposits $895.8M.

• Book value per share was $22.41 at December 31, 2024, up from $21.90 a year earlier.

Outlook and guidance

• Management expects net interest margin to continue improving in 2025 as lower federal funds rates reduce deposit costs and asset yields rise.

• Capital and liquidity remain strong, positioning the bank to meet customer needs despite a challenging rate environment.