Auburn National Ban Corp. Inc. (AUBN, Financial) filed Quarterly Report for the period ended 2010-06-30.
Auburn National Ban Corp. Inc. has a market cap of $71.99 million; its shares were traded at around $19.76 with a P/E ratio of 19.18 and P/S ratio of 1.8. The dividend yield of Auburn National Ban Corp. Inc. stocks is 3.95%. 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 $10.4 million for the first six months of 2010, an increase of approximately 6% from the first six months of 2009. Average loans were $378.8 million in the first six months of 2010, an increase of $5.2 million, or 1%, from the first six months of 2009. Average deposits were $602.6 million in the first six months of 2010, an increase of $6.4 million, or 1%, from the first six months of 2009.
The provision for loan losses during the first six months of 2010 was $2.2 million, compared to $1.3 million in the first six months of 2009. The Companys annualized net charge-off ratio was 1.12% in the first six months of 2010, compared to 0.54% in the first six months of 2009. Excluding a $1.3 million charge-off related to one construction and land development loan, the Companys annualized net charge-off ratio was 0.43% in the first six months of 2010.
Noninterest income was $5.1 million for the first six months of 2010, compared to noninterest income of $1.2 million in the first six months of 2009. The increase in 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 $0.1 million of other-than-temporary impairment charges in the first six months of 2010, compared to $4.8 million of other-than-temporary impairment charges in the first six months of 2009. Other-than-temporary impairment charges recognized in earnings during the first six months of 2009 primarily related to the Companys investments in pooled trust preferred securities and the common stock and trust preferred securities of Silverton Financial Services, Inc.
Noninterest expense was $8.4 million during the first six months of 2010, compared to noninterest expense of $7.5 million during the first six months of 2009. The increase in noninterest expense was primarily due to an increase in other real estate owned expense of $1.0 million during the first six months of 2010 when compared to the first six months of 2009. The increase in 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 second quarter of 2010, net earnings were $1.6 million, or $0.44 per share, compared to $0.9 million, or $0.25 per share, for the second quarter of 2009. Total revenue was $7.5 million for the second quarter of 2010, compared to $5.8 million in the second quarter of 2009. The provision for loan losses during the second quarter of 2010 was $750,000, compared to $700,000 in the second quarter of 2009. The Companys annualized net charge-off ratio was 0.76% in the second quarter of 2010, compared to 0.63% in the second quarter of 2009. Noninterest expense was $4.8 million for the second quarter of 2010, compared to $3.9 million in the second quarter of 2009.
Read the The complete Report
Auburn National Ban Corp. Inc. has a market cap of $71.99 million; its shares were traded at around $19.76 with a P/E ratio of 19.18 and P/S ratio of 1.8. The dividend yield of Auburn National Ban Corp. Inc. stocks is 3.95%. 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 $3.2 million for the first six months of 2010 compared to $1.2 million for the first six months of 2009. Basic and diluted earnings per share were $0.88 per share for the first six months of 2010 compared to $0.32 per share for the first six months of 2009.Net interest income (tax-equivalent) was $10.4 million for the first six months of 2010, an increase of approximately 6% from the first six months of 2009. Average loans were $378.8 million in the first six months of 2010, an increase of $5.2 million, or 1%, from the first six months of 2009. Average deposits were $602.6 million in the first six months of 2010, an increase of $6.4 million, or 1%, from the first six months of 2009.
The provision for loan losses during the first six months of 2010 was $2.2 million, compared to $1.3 million in the first six months of 2009. The Companys annualized net charge-off ratio was 1.12% in the first six months of 2010, compared to 0.54% in the first six months of 2009. Excluding a $1.3 million charge-off related to one construction and land development loan, the Companys annualized net charge-off ratio was 0.43% in the first six months of 2010.
Noninterest income was $5.1 million for the first six months of 2010, compared to noninterest income of $1.2 million in the first six months of 2009. The increase in 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 $0.1 million of other-than-temporary impairment charges in the first six months of 2010, compared to $4.8 million of other-than-temporary impairment charges in the first six months of 2009. Other-than-temporary impairment charges recognized in earnings during the first six months of 2009 primarily related to the Companys investments in pooled trust preferred securities and the common stock and trust preferred securities of Silverton Financial Services, Inc.
Noninterest expense was $8.4 million during the first six months of 2010, compared to noninterest expense of $7.5 million during the first six months of 2009. The increase in noninterest expense was primarily due to an increase in other real estate owned expense of $1.0 million during the first six months of 2010 when compared to the first six months of 2009. The increase in 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 second quarter of 2010, net earnings were $1.6 million, or $0.44 per share, compared to $0.9 million, or $0.25 per share, for the second quarter of 2009. Total revenue was $7.5 million for the second quarter of 2010, compared to $5.8 million in the second quarter of 2009. The provision for loan losses during the second quarter of 2010 was $750,000, compared to $700,000 in the second quarter of 2009. The Companys annualized net charge-off ratio was 0.76% in the second quarter of 2010, compared to 0.63% in the second quarter of 2009. Noninterest expense was $4.8 million for the second quarter of 2010, compared to $3.9 million in the second quarter of 2009.
Read the The complete Report
