Auburn National Bancorporation, Inc. Reports Unaudited Earnings Results for Fourth Quarter and Year Ended December 31, 2017; Reports Impairment Charges for the Fourth Quarter of 2017
January 23, 2018 at 06:30 pm IST
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Auburn National Bancorporation, Inc. reported unaudited earnings results for fourth quarter and year ended December 31, 2017. For the quarter, the company's net interest income was $6,575,000 compared to $6,051,000 a year ago. Net interest income (GAAP) was $6,275,000 compared to $5,735,000 a year ago. Total revenue was $7,119,000 compared to $6,228,000 a year ago. Net earnings were $1,825,000 or $0.50 per basic and diluted share compared to $2,077,000 or $0.57 per basic and diluted share a year ago. Book value per share as on December 31, 2017 was $23.85 compared to $22.55 as on December 31, 2016. Return on average equity (annualized) was 8.31% compared to 9.61% a year ago. Return on average assets (annualized) was 0.89% compared to 1.00% a year ago.
For the year, the company's net interest income was $25,731,000 compared to $24,008,000 a year ago. Net interest income (GAAP) was $24,526,000 compared to $22,732,000 a year ago. Total revenue was $27,967,000 compared to $26,115,000 a year ago. Net earnings were $7,846,000 or $2.15 per basic and diluted share compared to $8,150,000 or $2.24 per basic and diluted share a year ago. Return on average equity (annualized) was 9.17% compared to 9.65% a year ago. Return on average assets (annualized) was 0.94% compared to 0.98% a year ago. The decrease in the company's 2017 earnings was primarily due to a deferred tax asset remeasurement adjustment of $0.4 million as a result of a lower enacted corporate tax rate.
Net charge-offs for the quarter amounted to $487,000.
Auburn National Bancorporation, Inc. is a bank holding company. The Companyâs business is conducted primarily through AuburnBank (the Bank) and its subsidiaries. The Bank offers checking, savings, transaction deposit accounts and certificates of deposit, and is an active residential mortgage lender in its primary service area. The Bankâs primary service area includes the cities of Auburn and Opelika, Alabama and nearby surrounding areas in East Alabama, primarily in Lee County. The Bank also offers commercial, financial, agricultural, real estate construction and consumer loan products and other financial services. The Bank also provides automated teller machine (ATM) services in East Alabama and operates ATMs in 12 locations in its primary service area. The Bankâs Visa Check cards can be used internationally through the Plus network. The Bank offers online banking, bill payment and other electronic banking services through its Internet Website, www.auburnbank.com.
Auburn National Bancorporation, Inc. Reports Unaudited Earnings Results for Fourth Quarter and Year Ended December 31, 2017; Reports Impairment Charges for the Fourth Quarter of 2017