Auburn National Bancorporation (AUBN) announced on Tuesday a net income of $1.56 million, or $0.45 earnings per share, for the fourth quarter. This marks a significant reversal from the net loss of $3.99 million, or $1.14 per share, reported in the same quarter of the previous year.
In the equivalent period last year, the company sustained a loss of $4.7 million, equating to $1.35 per share, largely due to the sale of $117.6 million in securities.
There was a noticeable increase in net interest income, which rose to $6.97 million from $6.06 million recorded the previous year.
The quarter's revenue surged to $7.81 million, a substantial improvement from $630,000 in the prior year, largely influenced by a reduction in noninterest income losses.
For the quarter, noninterest income amounted to $845,000, as compared to a loss of $5.43 million in the previous year.
Additionally, the company reported a negative provision for credit losses, amounting to $48,000 in the fourth quarter, a significant improvement from the $326,000 provision for credit losses in the preceding year.
