Company Quick10K Filing
Auburn National Bancorporation
Price46.55 EPS2
Shares4 P/E24
MCap166 P/FCF20
Net Debt0 EBIT13
TEV166 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-12
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-07-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-24
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-24
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-26
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-30
8-K 2021-02-09 Other Events, Exhibits
8-K 2021-01-29 Earnings, Exhibits
8-K 2020-11-10
8-K 2020-10-30
8-K 2020-08-11
8-K 2020-07-30
8-K 2020-05-12
8-K 2020-05-12
8-K 2020-05-08
8-K 2020-03-10
8-K 2020-02-18
8-K 2020-02-11
8-K 2020-01-29
8-K 2019-11-21
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-10-22
8-K 2019-08-13
8-K 2019-07-16
8-K 2019-05-14
8-K 2019-05-14
8-K 2019-04-23
8-K 2019-04-10
8-K 2019-02-12
8-K 2019-01-29
8-K 2019-01-15
8-K 2019-01-15
8-K 2018-12-11
8-K 2018-11-13
8-K 2018-11-02
8-K 2018-08-14
8-K 2018-07-24
8-K 2018-05-08
8-K 2018-05-08
8-K 2018-04-27
8-K 2018-04-24
8-K 2018-02-13
8-K 2018-01-23

AUBN 10Q Quarterly Report

Part 1. Financial Information
Item 1. Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Basic and Diluted Net Earnings per Share
Note 3: Securities
Note 4: Loans and Allowance for Loan Losses
Note 6: Mortgage Servicing Rights, Net
Note 7: Fair Value
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d63233dex311.htm
EX-31.2 d63233dex312.htm
EX-32.1 d63233dex321.htm
EX-32.2 d63233dex322.htm

Auburn National Bancorporation Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
85568451334217102012201420172020
Assets, Equity
2.62.11.61.00.50.02018201820192020
Rev, G Profit, Net Income
25131-11-23-352012201420172020
Ops, Inv, Fin

10-Q
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Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

                                            

  

FORM 10-Q

                                         

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended September 30, 2020

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period __________ to __________

 

Commission File Number: 0-26486

                                            

Auburn National Bancorporation, Inc.

(Exact Name of Registrant as Specified in Its Charter)

                                            

 

Delaware

(State or other jurisdiction of

incorporation or organization)

 

63-0885779

(I.R.S. Employer

Identification No.)

 

100 N. Gay Street

Auburn, Alabama 36830

(334) 821-9200

 

(Address and telephone number of principal executive offices)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

                                            

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated filer ☐

Accelerated filer

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01

AUBN

 

NASDAQ Global Market

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at October 29,

Common Stock, $0.01 par value per share

 

3,566,276 shares

 

 


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

INDEX

PART I. FINANCIAL INFORMATION                                                             

PAGE

 

 

 

 

 

Item 1

Financial Statement

 

 

 

 

 

Consolidated Balance Sheets (Unaudited) as of September 30, 2020 and December 31, 2019

 

3

 

 

Consolidated Statements of Earnings (Unaudited) for the quarter and nine months ended September 30, 2020 and 2019

 

4

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the quarter and nine months ended September 30, 2020 and 2019

 

5

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited) for the quarter and nine months ended September 30, 2020 and 2019

 

6

 

 

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019

 

7

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

8

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

Table 1 – Explanation of Non-GAAP Financial Measures

 

50

 

 

Table 2 – Selected Quarterly Financial Data

 

51

 

 

Table 3 – Selected Financial Data

 

52

 

 

Table 4 – Average Balances and Net Interest Income Analysis – for the quarter ended September 30, 2020 and 2019

 

53

 

 

Table 5 – Average Balances and Net Interest Income Analysis – for the nine months ended September 30, 2020 and 2019

 

54

 

 

Table 6 – Loan Portfolio Composition

 

55

 

 

Table 7 – Allowance for Loan Losses and Nonperforming Assets

 

56

 

 

Table 8 – Allocation of Allowance for Loan Losses

 

57

 

 

Table 9 – CDs and Other Time Deposits of $100,000 or more

 

58

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

59

Item 4

Controls and Procedures

 

59

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 

 

Item 1

Legal Proceedings

 

59

Item 1A

Risk Factors

 

59

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 3

Defaults Upon Senior Securities

 

63

Item 4

Mine Safety Disclosures

 

63

Item 5

Other Information

 

63

Item 6

Exhibits

 

64

 

 


Table of Contents

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

 

September 30,

 

 

December 31,

(Dollars in thousands, except share data)

 

2020

 

 

2019

Assets:

 

 

 

 

 

Cash and due from banks

$

17,079

 

$

15,172

Federal funds sold

 

29,182

 

 

25,944

Interest-bearing bank deposits

 

56,412

 

 

51,327

 

 

Cash and cash equivalents

 

102,673

 

 

92,443

Securities available-for-sale

 

320,922

 

 

235,902

Loans held for sale

 

4,765

 

 

2,202

Loans, net of unearned income

 

472,453

 

 

460,901

 

Allowance for loan losses

 

(5,575)

 

 

(4,386)

 

 

Loans, net

 

466,878

 

 

456,515

Premises and equipment, net

 

15,473

 

 

14,743

Bank-owned life insurance

 

19,124

 

 

19,202

Other assets

 

8,055

 

 

6,872

 

 

Total assets

$

937,890

 

$

827,879

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

$

238,482

 

$

196,218

 

Interest-bearing

 

585,498

 

 

527,934

 

 

Total deposits

 

823,980

 

 

724,152

Federal funds purchased and securities sold under agreements to repurchase

 

2,070

 

 

1,069

Accrued expenses and other liabilities

 

5,526

 

 

4,330

 

 

Total liabilities

 

831,576

 

 

729,551

Stockholders' equity:

 

 

 

 

 

Preferred stock of $.01 par value; authorized 200,000 shares;

 

 

 

 

 

 

no shares issued

 

 

 

Common stock of $.01 par value; authorized 8,500,000 shares;

 

 

 

 

 

 

issued 3,957,135 shares

 

39

 

 

39

Additional paid-in capital

 

3,789

 

 

3,784

Retained earnings

 

104,471

 

 

101,801

Accumulated other comprehensive income, net

 

7,369

 

 

2,059

Less treasury stock, at cost - 390,859 shares and 390,989 at September 30, 2020

 

 

 

 

 

 

and December 31, 2019, respectively

 

(9,354)

 

 

(9,355)

 

 

Total stockholders’ equity

 

106,314

 

 

98,328

 

 

Total liabilities and stockholders’ equity

$

937,890

 

$

827,879

See accompanying notes to consolidated financial statements

 

 

 

 

 

3


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 

 

 

 

 

Quarter ended September 30,

 

 

Nine months ended September 30,

(Dollars in thousands, except share and per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

5,453

 

$

5,787

 

$

16,359

 

$

17,277

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

913

 

 

997

 

 

3,080

 

 

2,997

 

 

Tax-exempt

 

461

 

 

526

 

 

1,390

 

 

1,619

 

Federal funds sold and interest-bearing bank deposits

 

26

 

 

335

 

 

332

 

 

998

 

 

 

 

Total interest income

 

6,853

 

 

7,645

 

 

21,161

 

 

22,891

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

983

 

 

1,076

 

 

3,005

 

 

3,101

 

Short-term borrowings

 

2

 

 

2

 

 

6

 

 

6

 

 

 

 

Total interest expense

 

985

 

 

1,078

 

 

3,011

 

 

3,107

 

Net interest income

 

5,868

 

 

6,567

 

 

18,150

 

 

19,784

Provision for loan losses

 

250

 

 

 

 

1,100

 

 

 

 

Net interest income after provision for loan losses

 

5,618

 

 

6,567

 

 

17,050

 

 

19,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

139

 

 

182

 

 

437

 

 

542

 

Mortgage lending

 

702

 

 

263

 

 

1,615

 

 

639

 

Bank-owned life insurance

 

109

 

 

109

 

 

615

 

 

326

 

Other

 

408

 

 

393

 

 

1,202

 

 

1,472

 

Securities gains, net

 

16

 

 

44

 

 

103

 

 

57

 

 

Total noninterest income

 

1,374

 

 

991

 

 

3,972

 

 

3,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

2,802

 

 

2,894

 

 

8,230

 

 

8,631

 

Net occupancy and equipment

 

457

 

 

387

 

 

1,974

 

 

1,152

 

Professional fees

 

230

 

 

195

 

 

877

 

 

698

 

Other

 

1,164

 

 

1,348

 

 

3,387

 

 

3,583

 

 

Total noninterest expense

 

4,653

 

 

4,824

 

 

14,468

 

 

14,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

2,339

 

 

2,734

 

 

6,554

 

 

8,756

Income tax expense

 

403

 

 

527

 

 

1,156

 

 

1,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$

1,936

 

$

2,207

 

$

5,398

 

$

7,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

0.54

 

$

0.62

 

$

1.51

 

$

1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

3,566,239

 

 

3,568,287

 

 

3,566,184

 

 

3,586,642

See accompanying notes to consolidated financial statements

4


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30,

 

 

Nine months ended September 30,

(Dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

Net earnings

$

1,936

 

$

2,207

 

$

5,398

 

$

7,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding (loss) gain on securities

 

(5)

 

 

1,596

 

 

5,387

 

 

6,049

 

Reclassification adjustment for net gain on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

recognized in net earnings

 

(12)

 

 

(33)

 

 

(77)

 

 

(43)

Other comprehensive (loss) income

 

(17)

 

 

1,563

 

 

5,310

 

 

6,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

1,919

 

$

3,770

 

$

10,708

 

$

13,063

See accompanying notes to consolidated financial statements

5


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders' Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

Additional

 

 

 

other

 

 

 

 

 

 

 

 

 

Shares

 

 

Common

 

paid-in

 

Retained

comprehensive

Treasury

 

 

 

(Dollars in thousands, except share data)

Outstanding

 

 

Stock

 

capital

 

earnings

income (loss)

stock

 

Total

Quarter ended September 30, 2020

Balance, June 30, 2020

3,566,176

 

$

39

 

$

3,785

 

$

103,444

 

$

7,386

 

$

(9,355)

 

$

105,299

Net earnings

 

 

 

 

 

 

1,936

 

 

 

 

 

 

1,936

Other comprehensive loss

 

 

 

 

 

 

 

 

(17)

 

 

 

 

(17)

Cash dividends paid ($.255 per share)

 

 

 

 

 

 

(909)

 

 

 

 

 

 

(909)

Sale of treasury stock

100

 

 

 

 

4

 

 

 

 

 

 

1

 

 

5

Balance, September 30, 2020

3,566,276

 

$

39

 

$

3,789

 

$

104,471

 

$

7,369

 

$

(9,354)

 

$

106,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 2019

Balance, June 30, 2019

3,571,828

 

$

39

 

$

3,783

 

$

98,694

 

$

680

 

$

(9,131)

 

$

94,065

Net earnings

 

 

 

 

 

 

2,207

 

 

 

 

 

 

2,207

Other comprehensive income

 

 

 

 

 

 

 

 

1,563

 

 

 

 

1,563

Cash dividends paid ($.25 per share)

 

 

 

 

 

 

(892)

 

 

 

 

 

 

(892)

Stock repurchases

(5,702)

 

 

 

 

 

 

 

 

 

 

(224)

 

 

(224)

Sale of treasury stock

20

 

 

 

 

1

 

 

 

 

 

 

 

 

1

Balance, September 30, 2019

3,566,146

 

$

39

 

$

3,784

 

$

100,009

 

$

2,243

 

$

(9,355)

 

$

96,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2020

Balance, December 31, 2019

3,566,146

 

$

39

 

$

3,784

 

$

101,801

 

$

2,059

 

$

(9,355)

 

$

98,328

Net earnings

 

 

 

 

 

 

5,398

 

 

 

 

 

 

5,398

Other comprehensive income

 

 

 

 

 

 

 

 

5,310

 

 

 

 

5,310

Cash dividends paid ($.765 per share)

 

 

 

 

 

 

(2,728)

 

 

 

 

 

 

(2,728)

Sale of treasury stock

130

 

 

 

 

5

 

 

 

 

 

 

1

 

 

6

Balance, September 30, 2020

3,566,276

 

$

39

 

$

3,789

 

$

104,471

 

$

7,369

 

$

(9,354)

 

$

106,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2019

Balance, December 31, 2018

3,643,868

 

$

39

 

$

3,779

 

$

95,635

 

$

(3,763)

 

$

(6,635)

 

$

89,055

Net earnings

 

 

 

 

 

 

7,057

 

 

 

 

 

 

7,057

Other comprehensive income

 

 

 

 

 

 

 

 

6,006

 

 

 

 

6,006

Cash dividends paid ($.75 per share)

 

 

 

 

 

 

(2,683)

 

 

 

 

 

 

(2,683)

Stock repurchases

(77,907)

 

 

 

 

 

 

 

 

 

 

(2,721)

 

 

(2,721)

Sale of treasury stock

185

 

 

 

 

5

 

 

 

 

 

 

1

 

 

6

Balance, September 30, 2019

3,566,146

 

$

39

 

$

3,784

 

$

100,009

 

$

2,243

 

$

(9,355)

 

$

96,720

See accompanying notes to consolidated financial statements

6


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

Nine months ended September 30,

(Dollars in thousands)

 

2020

 

 

2019

Cash flows from operating activities:

 

 

 

 

 

Net earnings

$

5,398

 

$

7,057

Adjustments to reconcile net earnings to net cash provided by

 

 

 

 

 

operating activities: