Welcome to our dedicated page for Auburn National news (Ticker: AUBN), a resource for investors and traders seeking the latest updates and insights on Auburn National stock.
Auburn National Bancorporation reports news as the bank holding company for AuburnBank, an Alabama state-chartered bank and member of the Federal Reserve System serving East Alabama. Company updates center on community banking results, net interest income and margin trends, credit-loss provisions, available-for-sale securities, capital ratios, and the loan and deposit activity of AuburnBank.
Recurring announcements also cover quarterly cash dividends, stock repurchase authorization, board elections, and other governance actions. The company’s public updates reflect its branch-based banking business in markets including Auburn, Opelika, Valley, Notasulga, and a loan production office in Phenix City, Alabama.
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Auburn National Bancorporation (AUBN) reported a 13% increase in total revenues for Q1 2023 compared to Q1 2022, driven by a 17% rise in net interest income, totaling $7.2 million. The net interest margin was 3.17%, up from 2.43% a year prior. However, net earnings slightly decreased to $2.0 million or $0.56 per share, down from $2.1 million or $0.59 per share year-over-year. The cost of funds increased to 71 basis points, causing pressures on profitability. The company adopted a new accounting standard, raising the allowance for credit losses by $1.0 million. Total deposits were $939.2 million, down 1% from the end of 2022, while total assets remained stable at $1.0 billion.