Auburn National Bancorporation Q3 profit rises on higher interest income
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% |
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(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.)