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Auburn National Ban Corp. Inc. has a market cap of $73.22 million; its shares were traded at around $20.1 with a P/E ratio of 17.48 and P/S ratio of 1.83. The dividend yield of Auburn National Ban Corp. Inc. stocks is 3.88%. Auburn National Ban Corp. Inc. had an annual average earning growth of 1.7% over the past 10 years.
Highlight of Business Operations: The Company’s net earnings were $4.5 million for the first nine months of 2010 compared to $2.2 million for the first nine months of 2009. Basic and diluted earnings per share were $1.23 per share for the first nine months of 2010 compared to $0.60 per share for the first nine months of 2009.
Net interest income (tax-equivalent) was $15.6 million for the first nine months of 2010, an increase of approximately 5% from the first nine months of 2009. Average loans were $377.3 million in the first nine months of 2010, an increase of $2.5 million, or 1%, from the first nine months of 2009. Average deposits were $601.6 million in the first nine months of 2010, an increase of $2.8 million from the first nine months of 2009.
The provision for loan losses during the first nine months of 2010 was $2.9 million, compared to $2.4 million in the first nine months of 2009. The Company’s annualized net charge-off ratio was 0.79% in the first nine months of 2010, compared to 0.46% in the first nine months of 2009. Excluding a $1.3 million charge-off related to one construction and land development loan, the Company’s annualized net charge-off ratio was 0.34% in the first nine months of 2010.
Noninterest income was $6.9 million for the first nine months of 2010, compared to noninterest income of $2.3 million in the first nine months of 2009. The increase in noninterest income is primarily due to a decrease in other- than- temporary impairment charges. Net securities losses included $0.4 million of other- than- temporary impairment charges in the first nine months of 2010, compared to $5.5 million of other- than- temporary impairment charges in the first nine months of 2009. Other- than- temporary impairment charges recognized in earnings during the first nine months of 2009 primarily related to the Company’s investments in pooled trust preferred securities, and the common stock and trust preferred securities of Silverton Financial Services, Inc., which is in bankruptcy.
Noninterest expense was $12.8 million during the first nine months of 2010, compared to noninterest expense of $10.9 million during the first nine months of 2009. The increase in noninterest expense was primarily due to an increase in net other real estate owned expense of $1.2 million and prepayment penalties of $0.7 million on long-term debt. The increase in net other real estate owned expense primarily related to write-downs of the carrying value of certain foreclosed (other real estate owned) properties due to deterioration in real estate values.
In the third quarter of 2010, net earnings were $1.2 million, or $0.34 per share, compared to $1.0 million, or $0.28 per share, for the third quarter of 2009. Total revenue was $6.6 million for the third quarter of 2010, compared to $5.8 million in the third quarter of 2009. The provision for loan losses during the third quarter of 2010 was $0.7 million, compared to $1.1 million in the third quarter of 2009. The Company’s annualized net charge-off ratio was 0.14% in the third quarter of 2010, compared to 0.31% in the third quarter of 2009. Noninterest expense was $4.4 million for the third quarter of 2010, compared to $3.4 million in the third quarter of 2009.
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