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Auburn National Bancorporation Q3 profit rises on higher interest income

By Reuters News


Overview

  • US regional bank's Q3 EPS rose 13% and net interest income grew 6% yr/yr

  • Company's net interest margin expanded to 3.36% in Q3

  • Loan balances declined in Q3, but asset quality and capital remained strong


Outlook

  • Company says it is well positioned to support future growth

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • NET INTEREST MARGIN - Co said higher yields on earning assets and a more favorable asset mix, including cash deployed into higher-yielding securities, helped expand net interest margin

  • NONINTEREST INCOME - Higher bank-owned life insurance income from non-taxable death benefits contributed to noninterest income growth

  • TAX-EXEMPT INCOME - Increased tax-exempt income, including bank-owned life insurance, lowered effective tax rate


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.72

Q3 Net Income

$2.52 mln

Q3 Net Interest Margin

3.36%


Reuters Recommended Reads

  • Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth

  • Oct 26 - Bank of Hawaii Q3 net income rises on higher net interest income

  • Oct 26 - Lakeland Financial Q3 net income rises on commercial loan growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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