Auburn National Bancorporation reports Q1 EPS 56c vs 59c last year

At March 31, 2023, the Company’s consolidated stockholders’ equity was $73.7 million, or $21.03 per share, compared to $68.0 million, or $19.42 per share, at December 31, 2022, and $86.4 million, or $24.57 per share, at March 31, 2022. The increase from December 31, 2022 was primarily driven by other comprehensive income due to the change in unrealized gains/losses on securities available-for-sale, net of tax, in the first quarter of 2023. "The Company’s first quarter 2023 results reflect loan growth, solid credit quality, and a strong liquidity position. If not for a negative provision in the year earlier quarter, earnings overall would have increased," said David A. Hedges, President and CEO. "We saw strong revenue growth from the first quarter of 2022 as our net interest income and margin expanded and continued to benefit from our low-cost core deposit base," said Hedges.