Auburn National Ban Corp. Inc. (AUBN, Financial) filed Quarterly Report for the period ended 2010-03-31.
Auburn National Ban Corp. Inc. has a market cap of $67.2 million; its shares were traded at around $18.46 with a P/E ratio of 17.1 and P/S ratio of 1.6. The dividend yield of Auburn National Ban Corp. Inc. stocks is 4.3%. Auburn National Ban Corp. Inc. had an annual average earning growth of 1.7% over the past 10 years.
Net interest income (tax-equivalent) was approximately $5.3 million for the first quarter of 2010, compared to $4.9 million from the first quarter of 2009. Average loans were $379.1 million in the first quarter of 2010, an increase of $6.4 million, or 2%, from the first quarter of 2009. Average deposits were $599.0 million in the first quarter of 2010, an increase of $18.1million, or 3%, from the first quarter of 2009.
charge-off ratio was 1.48% in the first quarter of 2010 from, compared to 0.45% in the first quarter of 2009. The increase in net charge-offs was primarily due to deterioration in the Companys construction and land development portfolio. Nonperforming assets were 2.28% of total assets at March 31, 2010, compared to 2.15% at December 31, 2009. Although the majority of the balance in nonperforming assets at March 31, 2010 related to the construction and land development loan portfolio, the increase in nonperforming assets from December 31, 2009 was primarily due to loans secured by residential real estate. Continued weakness in the real estate market and the overall economy adversely affected the Companys volume of nonperforming assets during the first quarter of 2010, and these economic conditions are expected to persist for the forseeable future. The provision for loan losses for the first quarter of 2010 was $1.5 million compared to $0.6 million in the first quarter of 2009. The increase in provision for loan losses reflects increases in the overall level of risk within the loan portfolio, past due and nonperforming loans, and increases in net-charge offs during the first quarter of 2010 when compared to the first quarter of 2009.
Noninterest income was approximately $2.3 million for the first quarter of 2010, compared to a loss of approximately $0.1 million in the first quarter 2009. The increase in total noninterest income is primarily due to a decrease in other-than-temporary impairment charges, reflected within net securities gains (losses). Net securities gains (losses) included approximately $0.1 million of other-than-temporary impairment charges in the first quarter of 2010, compared to approximately $3.0 million in other-than-temporary impairment charges recognized in the first quarter of 2009. Other-than-temporary impairment charges recognized in earnings during the first quarter of 2009 primarily related to the Companys investments in the common stock and trust preferred securities related to Silverton Financial Services, Inc.
In the first quarter of 2010, the Company paid cash dividends of $0.7 million, or $0.195 per share. The Companys balance sheet remains strong and well capitalized under regulatory guidelines with a total risk-based capital ratio of 15.01% and a tier 1 leverage ratio of 8.17% at March 31, 2010.
The provision for loan losses represents a charge to earnings necessary to provide an allowance for loan losses that, in managements evaluation, should be adequate to provide coverage for the probable losses on outstanding loans. The provision for loan losses amounted to $1,450,000 and $550,000 for the quarters ended March 31, 2010 and 2009, respectively.
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Auburn National Ban Corp. Inc. has a market cap of $67.2 million; its shares were traded at around $18.46 with a P/E ratio of 17.1 and P/S ratio of 1.6. The dividend yield of Auburn National Ban Corp. Inc. stocks is 4.3%. Auburn National Ban Corp. Inc. had an annual average earning growth of 1.7% over the past 10 years.
Highlight of Business Operations:
The Companys net earnings were $1.6 million for the first quarter of 2010 compared to $0.2 million for the first quarter of 2009. Basic and diluted earnings per share were $0.44 per share for the first quarter of 2010 compared to $0.07 per share for the first quarter of 2009.Net interest income (tax-equivalent) was approximately $5.3 million for the first quarter of 2010, compared to $4.9 million from the first quarter of 2009. Average loans were $379.1 million in the first quarter of 2010, an increase of $6.4 million, or 2%, from the first quarter of 2009. Average deposits were $599.0 million in the first quarter of 2010, an increase of $18.1million, or 3%, from the first quarter of 2009.
charge-off ratio was 1.48% in the first quarter of 2010 from, compared to 0.45% in the first quarter of 2009. The increase in net charge-offs was primarily due to deterioration in the Companys construction and land development portfolio. Nonperforming assets were 2.28% of total assets at March 31, 2010, compared to 2.15% at December 31, 2009. Although the majority of the balance in nonperforming assets at March 31, 2010 related to the construction and land development loan portfolio, the increase in nonperforming assets from December 31, 2009 was primarily due to loans secured by residential real estate. Continued weakness in the real estate market and the overall economy adversely affected the Companys volume of nonperforming assets during the first quarter of 2010, and these economic conditions are expected to persist for the forseeable future. The provision for loan losses for the first quarter of 2010 was $1.5 million compared to $0.6 million in the first quarter of 2009. The increase in provision for loan losses reflects increases in the overall level of risk within the loan portfolio, past due and nonperforming loans, and increases in net-charge offs during the first quarter of 2010 when compared to the first quarter of 2009.
Noninterest income was approximately $2.3 million for the first quarter of 2010, compared to a loss of approximately $0.1 million in the first quarter 2009. The increase in total noninterest income is primarily due to a decrease in other-than-temporary impairment charges, reflected within net securities gains (losses). Net securities gains (losses) included approximately $0.1 million of other-than-temporary impairment charges in the first quarter of 2010, compared to approximately $3.0 million in other-than-temporary impairment charges recognized in the first quarter of 2009. Other-than-temporary impairment charges recognized in earnings during the first quarter of 2009 primarily related to the Companys investments in the common stock and trust preferred securities related to Silverton Financial Services, Inc.
In the first quarter of 2010, the Company paid cash dividends of $0.7 million, or $0.195 per share. The Companys balance sheet remains strong and well capitalized under regulatory guidelines with a total risk-based capital ratio of 15.01% and a tier 1 leverage ratio of 8.17% at March 31, 2010.
The provision for loan losses represents a charge to earnings necessary to provide an allowance for loan losses that, in managements evaluation, should be adequate to provide coverage for the probable losses on outstanding loans. The provision for loan losses amounted to $1,450,000 and $550,000 for the quarters ended March 31, 2010 and 2009, respectively.
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