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 2020-06-30 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 2020-08-11 Other Events, Exhibits
8-K 2020-07-30 Earnings, Exhibits
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 5: Mortgage Servicing Rights, Net
Note 6: 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 d219787dex311.htm
EX-31.2 d219787dex312.htm
EX-32.1 d219787dex321.htm
EX-32.2 d219787dex322.htm

Auburn National Bancorporation Earnings 2020-06-30

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 June 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 August 5, 2020

Common Stock, $0.01 par value per share

 

3,566,221 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 June 30, 2020 and December 31, 2019

 

3

 

 

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

 

4

 

 

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

 

5

 

 

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

 

6

 

 

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 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

 

27

 

 

Table 1 – Explanation of Non-GAAP Financial Measures

 

47

 

 

Table 2 – Selected Quarterly Financial Data

 

48

 

 

Table 3 – Selected Financial Data

 

49

 

 

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

 

50

 

 

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

 

51

 

 

Table 6 – Loan Portfolio Composition

 

52

 

 

Table 7 – Allowance for Loan Losses and Nonperforming Assets

 

53

 

 

Table 8 – Allocation of Allowance for Loan Losses

 

54

 

 

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

 

55

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

56

Item 4

Controls and Procedures

 

56

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 

 

Item 1

Legal Proceedings

 

56

Item 1A

Risk Factors

 

56

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

Item 3

Defaults Upon Senior Securities

 

60

Item 4

Mine Safety Disclosures

 

60

Item 5

Other Information

 

60

Item 6

Exhibits

 

60

 

 


Table of Contents

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

 

June 30,

 

 

December 31,

(Dollars in thousands, except share data)

 

2020

 

 

2019

Assets:

 

 

 

 

 

Cash and due from banks

$

24,518

 

$

15,172

Federal funds sold

 

17,755

 

 

25,944

Interest-bearing bank deposits

 

95,562

 

 

51,327

 

 

Cash and cash equivalents

 

137,835

 

 

92,443

Securities available-for-sale

 

302,193

 

 

235,902

Loans held for sale

 

2,620

 

 

2,202

Loans, net of unearned income

 

464,274

 

 

460,901

 

Allowance for loan losses

 

(5,308)

 

 

(4,386)

 

 

Loans, net

 

458,966

 

 

456,515

Premises and equipment, net

 

14,451

 

 

14,743

Bank-owned life insurance

 

19,014

 

 

19,202

Other assets

 

7,808

 

 

6,872

 

 

Total assets

$

942,887

 

$

827,879

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

$

247,429

 

$

196,218

 

Interest-bearing

 

582,381

 

 

527,934

 

 

Total deposits

 

829,810

 

 

724,152

Federal funds purchased and securities sold under agreements to repurchase

 

1,995

 

 

1,069

Accrued expenses and other liabilities

 

5,783

 

 

4,330

 

 

Total liabilities

 

837,588

 

 

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

 

3,785

 

 

3,784

Retained earnings

 

103,444

 

 

101,801

Accumulated other comprehensive income, net

 

7,386

 

 

2,059

Less treasury stock, at cost - 390,959 shares and 390,989 at June 30, 2020

 

 

 

 

 

 

and December 31, 2019 , respectively

 

(9,355)

 

 

(9,355)

 

 

Total stockholders’ equity

 

105,299

 

 

98,328

 

 

Total liabilities and stockholders’ equity

$

942,887

 

$

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 June 30,

 

 

Six months ended June 30,

(In thousands, except share and per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

5,494

 

$

5,763

 

$

10,906

 

$

11,490

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

1,056

 

 

985

 

 

2,167

 

 

2,000

 

 

Tax-exempt

 

476

 

 

544

 

 

929

 

 

1,093

 

Federal funds sold and interest-bearing bank deposits

 

27

 

 

311

 

 

306

 

 

663

 

 

 

 

Total interest income

 

7,053

 

 

7,603

 

 

14,308

 

 

15,246

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

981

 

 

1,004

 

 

2,022

 

 

2,025

 

Short-term borrowings

 

2

 

 

2

 

 

4

 

 

4

 

 

 

 

Total interest expense

 

983

 

 

1,006

 

 

2,026

 

 

2,029

 

Net interest income

 

6,070

 

 

6,597

 

 

12,282

 

 

13,217

Provision for loan losses

 

450

 

 

 

 

850

 

 

 

 

Net interest income after provision for loan losses

 

5,620

 

 

6,597

 

 

11,432

 

 

13,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

126

 

 

176

 

 

298

 

 

360

 

Mortgage lending

 

683

 

 

187

 

 

913

 

 

376

 

Bank-owned life insurance

 

108

 

 

107

 

 

506

 

 

217

 

Other

 

365

 

 

407

 

 

794

 

 

1,079

 

Securities gains, net

 

81

 

 

8

 

 

87

 

 

13

 

 

Total noninterest income

 

1,363

 

 

885

 

 

2,598

 

 

2,045

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

2,597

 

 

2,799

 

 

5,428

 

 

5,737

 

Net occupancy and equipment

 

920

 

 

381

 

 

1,517

 

 

765

 

Professional fees

 

389

 

 

275

 

 

647

 

 

503

 

Other

 

1,053

 

 

1,174

 

 

2,223

 

 

2,235

 

 

Total noninterest expense

 

4,959

 

 

4,629

 

 

9,815

 

 

9,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

2,024

 

 

2,853

 

 

4,215

 

 

6,022

Income tax expense

 

363

 

 

546

 

 

753

 

 

1,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$

1,661

 

$

2,307

 

$

3,462

 

$

4,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

0.47

 

$

0.64

 

$

0.97

 

$

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

3,566,166

 

 

3,577,409

 

 

3,566,156

 

 

3,595,972

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 June 30,

 

 

Six months ended June 30,

(Dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

Net earnings

$

1,661

 

$

2,307

 

$

3,462

 

$

4,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain on securities

 

1,043

 

 

2,057

 

 

5,392

 

 

4,453

 

Reclassification adjustment for net gain on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

recognized in net earnings

 

(60)

 

 

(6)

 

 

(65)

 

 

(10)

Other comprehensive income

 

983

 

 

2,051

 

 

5,327

 

 

4,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

2,644

 

$

4,358

 

$

8,789

 

$

9,293

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 June 30, 2020

Balance, March 31, 2020

3,566,146

 

$

39

 

$

3,784

 

$

102,692

 

$

6,403

 

$

(9,355)

 

$

103,563

Net earnings

 

 

 

 

 

 

1,661

 

 

 

 

 

 

1,661

Other comprehensive income

 

 

 

 

 

 

 

 

983

 

 

 

 

983

Cash dividends paid ($.255 per share)

 

 

 

 

 

 

(909)

 

 

 

 

 

 

(909)

Sale of treasury stock

30

 

 

 

 

1

 

 

 

 

 

 

 

 

1

Balance, June 30, 2020

3,566,176

 

$

39

 

$

3,785

 

$

103,444

 

$

7,386

 

$

(9,355)

 

$

105,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2019

Balance, March 31, 2019

3,581,485

 

$

39

 

$

3,783

 

$

97,280

 

$

(1,371)

 

$

(8,782)

 

$

90,949

Net earnings

 

 

 

 

 

 

2,307

 

 

 

 

 

 

2,307

Other comprehensive income

 

 

 

 

 

 

 

 

2,051

 

 

 

 

2,051

Cash dividends paid ($.25 per share)

 

 

 

 

 

 

(893)

 

 

 

 

 

 

(893)

Stock repurchases

(9,687)

 

 

 

 

 

 

 

 

 

 

(350)

 

 

(350)

Sale of treasury stock

30

 

 

 

 

 

 

 

 

 

 

1

 

 

1

Balance, June 30, 2019

3,571,828

 

$

39

 

$

3,783

 

$

98,694

 

$

680

 

$

(9,131)

 

$

94,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2020

Balance, December 31, 2019

3,566,146

 

$

39

 

$

3,784

 

$

101,801

 

$

2,059

 

$

(9,355)

 

$

98,328

Net earnings

 

 

 

 

 

 

3,462

 

 

 

 

 

 

3,462

Other comprehensive income

 

 

 

 

 

 

 

 

5,327

 

 

 

 

5,327

Cash dividends paid ($.51 per share)

 

 

 

 

 

 

(1,819)

 

 

 

 

 

 

(1,819)

Sale of treasury stock

30

 

 

 

 

1

 

 

 

 

 

 

 

 

1

Balance, June 30, 2020

3,566,176

 

$

39

 

$

3,785

 

$

103,444

 

$

7,386

 

$

(9,355)

 

$

105,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2019

Balance, December 31, 2018

3,643,868

 

$

39

 

$

3,779

 

$

95,635

 

$

(3,763)

 

$

(6,635)

 

$

89,055

Net earnings

 

 

 

 

 

 

4,850

 

 

 

 

 

 

4,850

Other comprehensive income

 

 

 

 

 

 

 

 

4,443

 

 

 

 

4,443

Cash dividends paid ($.50 per share)

 

 

 

 

 

 

(1,791)

 

 

 

 

 

 

(1,791)

Stock repurchases

(72,205)

 

 

 

 

 

 

 

 

 

 

(2,497)

 

 

(2,497)

Sale of treasury stock

165

 

 

 

 

4

 

 

 

 

 

 

1

 

 

5

Balance, June 30, 2019

3,571,828

 

$

39

 

$

3,783

 

$

98,694

 

$

680

 

$

(9,131)

 

$

94,065

See accompanying notes to consolidated financial statements

6


Table of Contents

 

AUBURN NATIONAL BANCORPORATION, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

Six months ended June 30,

(In thousands)

 

2020

 

 

2019

Cash flows from operating activities:

 

 

 

 

 

Net earnings

$

3,462

 

$

4,850

Adjustments to reconcile net earnings to net cash provided by

 

 

 

 

 

operating activities:

 

 

 

 

 

 

Provision for loan losses

 

850

 

 

 

Depreciation and amortization

 

989

 

 

448

 

Premium amortization and discount accretion, net

 

1,081

 

 

886

 

Net gain on securities available-for-sale

 

(87)

 

 

(13)

 

Net gain on sale of loans held for sale

 

(847)

 

 

(188)