Auburn National Bancorporation Turns To Profit In Q4; Net Interest Income Rises

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Kaufen / Verkaufen

(RTTNews) - Auburn National Bancorporation (AUBN) Tuesday reported net income of $1.56 million, or $0.45 per share, for the fourth quarter, compared with net loss of $3.99 million, or $1.14 per share in the same quarter a year ago.

In the previous-year quarter, the company incurred a loss of $4.7 million or $1.35 per share related to the sale of $117.6 million of securities.

Net iterst income inreased to $6.97 million from $6.06 million in the pevious year.

Revenue for the quarter jumped to $7.81 million from $630,000 last year, primarily impacted by loss of non interest income.

Noninterest income was $845,000 for the quarter, compared to a loss of $5.43 million a year ago.

The company recorded a negative provision for credit losses of $48,000 in the fourth quarter, compared to a provision for credit losses of $326,000 last year.