Business
Auburn National Bancorporation, Inc. Reports Full Year Net Earnings of $7.5 million, or $2.09 per share; Quarterly Net Earnings of $2.1 million, or $0.58 per share
Full Year 2020 Results: Net interest margin decreased to 2.92% in 2020, compared to 3.43% in 2019Mortgage lending income increased by $1.5 million in 2020, or
About this update from Auburn National Bancorporation, Inc.
[{"type":"text","content":"Full Year 2020 Results: Net interest margin decreased to 2.92% in 2020, compared to 3.43% in 2019Mortgage lending income increased by $1.5 million in 2020, or 168%, compared to 2019Funded 423 loans in 2020 for $36.5 million under the Paycheck Protection Program (“PPP”), supporting an estimated 5,500 jobsProvision for loan losses increased to $1.1 million in 2020, compared to a negative provision of $0.3 million in 2019 primarily due to risks resulting from the Coronavirus (“COVID-19”) pandemicThe allowance for loan losses to total loans increased to 1.22% in 2020, compared to 0.95% at year-end 2019Named a “Banking Performance Powerhouse” by Bank Director in their 2021 ‘RankingBanking’ study AUBURN, Ala., Jan. 29, 2021 (GLOBE NEWSWIRE) -- Auburn National Bancorporation (Nasdaq: AUBN) reported quarterly net earnings of $2.1 million, or $0.58 per share, for the fourth quarter of 2020, compared to $2.7 million, or $0.75 per share, for the fourth quarter of 2019. For the full year 2020, the Company reported net earnings of $7.5 million, or $2.09 per share for 2020, compared to $9.7 million, or $2.72 per share, for 2019. The decrease in full year 2020 net earnings was primarily driven by the negative impact of the COVID-19 pandemic, which resulted in elevated provision for loan losses, compared to 2019, in addition to a lower interest rate environment. “I am very proud of our organization’s response to the challenges presented by the COVID-19 pandemic and I would like to extend my sincere thanks to our entire team for the results we achieved in 2020 and the efforts of our staff to stay safe while being accessible to customers,” said Robert W. Dumas, Chairman, President, and CEO. “We believe the Company’s strong balance sheet is well positioned to continue to support our customers and communities through the pandemic,” said Mr. Dumas. “I am also pleased to report the Company was recently named a Banking Performance Powerhouse by Bank Director in their 2021 ‘RankingBanking’ study. The ranking included the 20 highest performing banks in the United States based on total shareholder return over a 20 year period-ended June 30, 2020. Once again, we remain confident that our long-term approach and philosophy of knowing and caring for our customers, maintaining exceptional asset quality, and supporting our communities will enable us to continu...