Auburn National reports Q3 EPS $1.27 vs. 53c last year

At December 31, 2022, the Company’s consolidated stockholders’ equity was $68.0 million, or $19.42 per share, compared to $103.7 million, or 29.46 per share, at December 31, 2021. The decrease from December 31, 2021 was primarily driven by an other comprehensive loss due to the change in unrealized gains/losses on securities available-for-sale, net of tax, during 2022, of $41.8 million. The increase in the unrealized loss on securities was primarily due to increases in market interest rates. These unrealized losses do not affect the Bank’s capital for regulatory capital purposes. At December 31, 2022, the Company’s equity to total assets ratio was 6.65%, compared to 9.39% at December 31, 2021. "We had record earnings for the fourth quarter and full year 2022 partly due to a couple of notable non-routine items" said David A. Hedges, President and CEO. "However, we saw strong revenue growth as our net interest income and margin continued to expand. In addition to solid loan growth, our net interest margin continued to benefit from our low-cost core deposit base. While 2023 will present new opportunities and challenges, 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 continue to generate value for our shareholders," said Mr. Hedges.