Auburn National Bancorporation reports Q4 EPS 45c vs 27c last year

Net interest income was $7.0 million for the fourth quarter of 2024, compared to $6.8 million in the third quarter of 2024, and $6.2 million for the fourth quarter of 2023. The increase in net interest income was primarily due to improved net interest margin. “Our fourth quarter and full year results reflect solid revenue growth, strong asset quality, and controlled expenses,” said David A. Hedges, President and CEO. “Except for the first quarter of 2024, following the balance sheet repositioning, our quarterly cost of deposits decreased for the first time since the third quarter of 2022. We remain optimistic that our net interest margin will continue to improve in 2025 as recent cuts in the federal funds rate should reduce our cost of deposits and still allow our earning asset yields to improve as loans and securities re-price. While the interest rate environment remains challenging for the banking industry, our capital and liquidity are strong and we are well positioned to meet the needs of our customers,” said Mr. Hedges.