Auburn National Ban Corp. Inc. (AUBN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Auburn National Bancorporation Inc. is the bank holding company for AuburnBank. The Bank\'s business consists of accepting demand savings and time deposits; making loans to consumers businesses and other institutions; investments in money market instruments U.S. government and agency obligations and state county and municipal bonds; and other financial services. Auburn National Ban Corp. Inc. has a market cap of $87 million; its shares were traded at around $23.9099 with and P/S ratio of 3.8. The dividend yield of Auburn National Ban Corp. Inc. stocks is 3.1%. Auburn National Ban Corp. Inc. had an annual average earning growth of 7.7% over the past 5 years.
Net interest income (tax-equivalent) was approximately $9.8 million for the first six months of 2009, compared to $9.5 million from the first six months of 2008. Average loans were up to $373.6 million in the first six months of 2009, an increase of $38.9 million, or 12%, from the first six months of 2008. Average deposits were up to $596.2 million in the first six months of 2009, an increase of $76.0 million, or 15%, from the first six months of 2008.
In the second quarter of 2009, net earnings were $0.9 million, or $0.25 per share, compared to $1.9 million, or $0.51 per share, for the second quarter of 2008. Total revenue was $5.8 million for the second quarter of 2009 and 2008, respectively. The provision for loan losses increased to $700 thousand in the second quarter of 2009 compared with $180 thousand in the second quarter of 2008. The increase in the provision for loan losses reflects the credit risk associated with loan portfolio growth and an increase in net charge-offs. In addition, noninterest expense was approximately $3.9 million in the second quarter of 2009, including the impact of a $0.4 million special FDIC assessment.
Noninterest income decreased by approximately $1.5 million in the first six months of 2009 compared to the same period in 2008. The primary reason for the decrease was a net securities loss of $2.9 million, offset by an increase in mortgage lending income of $1.7 million. The net loss on securities was attributable to other-than-temporary impairment charges of $4.8 million, offset by $1.9 million of gross gains on the sale of securities. Mortgage lending income typically fluctuates as mortgage interest rates change and is primarily attributable to increased volume in the origination and sale of new mortgage loans.
Noninterest expense was approximately $7.5 million in the first six months of 2009, including the impact of a $0.4 million special FDIC assessment. This assessment was in addition to the increase in the Companys recurring FDIC insurance premium that began in the first quarter of 2009. Primarily as a result of the FDIC assessments and salaries and benefits expense, noninterest expense for the first six months of 2009 increased 20% from approximately $6.3 million in the first six months of 2008. Salaries and benefits expense increased primarily due to commissions paid to our mortgage originators as a result of increased origination volume.
Securities available-for-sale were $349.5 million and $302.7 million as of June 30, 2009 and December 31, 2008, respectively. The net unrealized loss on securities available-for-sale was $5.2 million at June 30, 2009 compared to a net unrealized gain of $1.0 million at December 31, 2008. Decreases in the fair value of securities available-for-sale during the first six months of 2009 were primarily driven by changes in interest rates and changes in the values of trust preferred securities.
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Auburn National Bancorporation Inc. is the bank holding company for AuburnBank. The Bank\'s business consists of accepting demand savings and time deposits; making loans to consumers businesses and other institutions; investments in money market instruments U.S. government and agency obligations and state county and municipal bonds; and other financial services. Auburn National Ban Corp. Inc. has a market cap of $87 million; its shares were traded at around $23.9099 with and P/S ratio of 3.8. The dividend yield of Auburn National Ban Corp. Inc. stocks is 3.1%. Auburn National Ban Corp. Inc. had an annual average earning growth of 7.7% over the past 5 years.
Highlight of Business Operations:
The Companys net earnings were $1.2 million for the first six months of 2009 compared to $3.7 million for the first six months of 2008. Basic and diluted earnings per share were $0.32 per share for the first six months of 2009 compared to $1.01 per share for the first six months of 2008.Net interest income (tax-equivalent) was approximately $9.8 million for the first six months of 2009, compared to $9.5 million from the first six months of 2008. Average loans were up to $373.6 million in the first six months of 2009, an increase of $38.9 million, or 12%, from the first six months of 2008. Average deposits were up to $596.2 million in the first six months of 2009, an increase of $76.0 million, or 15%, from the first six months of 2008.
In the second quarter of 2009, net earnings were $0.9 million, or $0.25 per share, compared to $1.9 million, or $0.51 per share, for the second quarter of 2008. Total revenue was $5.8 million for the second quarter of 2009 and 2008, respectively. The provision for loan losses increased to $700 thousand in the second quarter of 2009 compared with $180 thousand in the second quarter of 2008. The increase in the provision for loan losses reflects the credit risk associated with loan portfolio growth and an increase in net charge-offs. In addition, noninterest expense was approximately $3.9 million in the second quarter of 2009, including the impact of a $0.4 million special FDIC assessment.
Noninterest income decreased by approximately $1.5 million in the first six months of 2009 compared to the same period in 2008. The primary reason for the decrease was a net securities loss of $2.9 million, offset by an increase in mortgage lending income of $1.7 million. The net loss on securities was attributable to other-than-temporary impairment charges of $4.8 million, offset by $1.9 million of gross gains on the sale of securities. Mortgage lending income typically fluctuates as mortgage interest rates change and is primarily attributable to increased volume in the origination and sale of new mortgage loans.
Noninterest expense was approximately $7.5 million in the first six months of 2009, including the impact of a $0.4 million special FDIC assessment. This assessment was in addition to the increase in the Companys recurring FDIC insurance premium that began in the first quarter of 2009. Primarily as a result of the FDIC assessments and salaries and benefits expense, noninterest expense for the first six months of 2009 increased 20% from approximately $6.3 million in the first six months of 2008. Salaries and benefits expense increased primarily due to commissions paid to our mortgage originators as a result of increased origination volume.
Securities available-for-sale were $349.5 million and $302.7 million as of June 30, 2009 and December 31, 2008, respectively. The net unrealized loss on securities available-for-sale was $5.2 million at June 30, 2009 compared to a net unrealized gain of $1.0 million at December 31, 2008. Decreases in the fair value of securities available-for-sale during the first six months of 2009 were primarily driven by changes in interest rates and changes in the values of trust preferred securities.
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