Auburn National Bancorporation, Inc. Reports Fourth Quarter and Full Year Results [Yahoo! Finance]
Auburn National Bancorporation, Inc. (AUBN)
US:NASDAQ Investor Relations:
auburnbank.com
Company Research
Source: Yahoo! Finance
The quarterly loss reflects the sale of $117.6 million of available-for-sale securities for an after-tax loss of $4.7 million or $1.36 per share. Proceeds of $111.3 million from the securities sale were used to repay high-cost wholesale funding and sell high-cost reciprocal deposits, with the remaining amounts held in cash to fund future loan growth, the purchase of higher-yielding securities, and other banking operations. Although this balance sheet repositioning strategy resulted in a loss for the fourth quarter of 2023, it immediately improved the Company's tangible common equity ratio or total equity to total asset ratio due to a smaller balance sheet and is expected to improve the Company's interest rate risk profile and future earnings. The Company estimates the earn-back period for the balance sheet repositioning to be approximately 2.3 years. “By taking proactive measures to reposition our balance sheet, the Company will benefit from improved earnings in 2024 and should reco
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AUBN
News
- Auburn National Bancorporation, Inc. Reports First Quarter Net Earnings [Yahoo! Finance]Yahoo! Finance
- Auburn National Bancorporation, Inc. Reports First Quarter Net EarningsGlobeNewswire
- Auburn National Bancorporation, Inc. Elects Two New Directors [Yahoo! Finance]Yahoo! Finance
- Auburn National Bancorporation, Inc. Elects Two New DirectorsGlobeNewswire
- Don't Buy Auburn National Bancorporation, Inc. (NASDAQ:AUBN) For Its Next Dividend Without Doing These Checks [Yahoo! Finance]Yahoo! Finance
AUBN
Sec Filings
- 4/24/24 - Form 8-K
- 4/12/24 - Form 10-K/A
- 4/12/24 - Form 3
- AUBN's page on the SEC website