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Auburn National Ban Corp. Inc. Reports Operating Results (10-Q)

August 06, 2012 | About:
10qk

10qk

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Auburn National Ban Corp. Inc. (AUBN) filed Quarterly Report for the period ended 2012-06-30.

Auburn National Bancorporation, Inc. has a market cap of $76.5 million; its shares were traded at around $21.06 with a P/E ratio of 11.7 and P/S ratio of 2.1. The dividend yield of Auburn National Bancorporation, Inc. stocks is 3.9%. Auburn National Bancorporation, Inc. had an annual average earning growth of 1.7% over the past 10 years.

Highlight of Business Operations:

The Companys net earnings were $3.5 million for the first six months of 2012, compared to $3.0 million for the first six months of 2011. Basic and diluted earnings per share were $0.96 per share for the first six months of 2012, compared to $0.83 per share for the first six months of 2011.

Income tax expense was approximately $0.7 million for the first six months of 2012, compared to $0.2 million in the first six months of 2011. The Companys effective tax rate for the first six months of 2012 was approximately 16.83%, compared to 4.81% in the first six months of 2011. The increase in the Companys effective tax rate during the first six months of 2012 when compared to the first six months of 2011 was primarily due to a 33% increase in the level of earnings before taxes and a decrease in federal tax credits related to the Companys investments in affordable housing limited partnerships, which were sold in January 2012. The impact of these changes on the Companys effective tax rate during first six months of 2012 was partially offset by the reversal of a previously established deferred tax valuation allowance related to capital loss carryforwards.

Net interest income (tax-equivalent) was $11.1 million in the first six months of 2012, compared to $10.7 million for the first six months of 2011, as net interest margin improvement offset a decline in average interest-earning assets of 2%. Net interest margin (tax-equivalent) was 3.19% for the first six months of 2012, compared to 3.03% for the first six months of 2011.

Income tax expense was approximately $0.7 million for the first six months of 2012, compared to $0.2 million in the first six months of 2011. The Companys effective tax rate for the first six months of 2012 was approximately 16.83%, compared to 4.81% in the first six months of 2011. The increase in the Companys effective tax rate during the first six months of 2012 when compared to the first six months of 2011 was primarily due to a 33% increase in the level of earnings before taxes and a decrease in federal tax credits related to the Companys investments in affordable housing limited partnerships, which were sold in January 2012. The impact of these changes on the Companys effective tax rate during first six months of 2012 were partially offset by the reversal of a previously established deferred tax valuation allowance of $0.5 million related to capital loss carryforwards.

The Companys consolidated stockholders equity was $68.3 million and $65.4 million as of June 30, 2012 and December 31, 2011, respectively. The increase from December 31, 2011 was primarily driven by net earnings of $3.5 million and other comprehensive income of $0.9 million, which was reduced by cash dividends paid of $1.5 million.

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