AUBURN NATIONAL BANCORPORATION INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0001193125-24-192937
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsTable 1 – Explanation of Non-GAAP Financial MeasuresTable 2 – Selected Quarterly Financial DataCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0001193125-24-249547
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsTable 1 – Explanation of Non-GAAP Financial MeasuresTable 2 – Selected Quarterly Financial DataThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1328 previous paragraphs and 1412 current paragraphs.
499 unchanged; 487 reworded; 394 added; 330 removed; 12 previous and 32 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (394)
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the Bank since 1984.
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currently
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Bank.
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primarily in East Alabama, including
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Notice Regarding Forward-Looking
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consolidated financial statements and related
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interim reports on Form 10-Q for the quarters
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ended March 31, 2024 and June 30, 2024.
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objectives, goals, expectations,
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be forward-looking statements. You
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as “may,” “will,” “anticipate,”
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“should,” “indicate,” “would,”
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“believe,” “contemplate,” “expect,” “evaluation,” “estimate,” “continue,”
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“designed”,
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limitation:
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including supply chain disruptions,
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inventory volatility,
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and changes in consumer behaviors;
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borrowing by the federal
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target inflation rate of 2% over the
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longer term and dual mandate goals of maximum employment and
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stable prices, including changes to increase the
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Federal Reserve’s reinvestment
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of maturing Treasury securities beginning
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in June 2024 and mid-September 2024
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reduction in the target federal funds rate by 50 basis points
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to a target range of 4.75 – 5.00%, among other things
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described more full in “Effects of Inflation and Changing Price”;
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securities and tax laws, regulations and rules and
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required use, beginning January 1, 2023,
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Standards Update (ASU) 2016-13, “Financial
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Instruments – Credit Losses (Topic
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FASB ASC Topic
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on Current Expected Credit Losses
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Restructurings and Vintage
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Disclosures, which eliminates troubled
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in borrowers’ credit risks and payment
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policies creating
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behaviors;
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the types of instruments that
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Removed paragraphs (330)
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OF FINANCIAL CONDITION AND RESULTS
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OF
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in East Alabama, including
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Cautionary Notice Regarding Forward-Looking
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financial statements and related
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contained in our Annual
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Form 10-Q.
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goals, expectations,
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statements. You
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“may,” “will,” “anticipate,”
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“should,” “indicate,” “would,” “believe,” “contemplate,” “expect,”
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“estimate,” “continue,” “designed”, “plan,” “point to,”
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hurricanes
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chain disruptions,
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inventory volatility, and changes
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in consumer behaviors;
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by the federal
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Reserve’s target federal
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holdings of securities through quantitative tightening; and the
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duration that the Federal Reserve will keep its targeted federal funds rates at or
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above current rates to meet its long
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term inflation target of 2%;
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regulations and rules and
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use, beginning January 1,
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Standards Update (ASU) 2016-13,
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“Financial Instruments – Credit Losses (Topic
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FASB
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ASC Topic 326) on Current Expected
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Debt Restructurings and Vintage Disclosures,
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which eliminates
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risks and payment
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creating
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of instruments that
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as the Company
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vendors’ systems or customers’
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any, could be reduced if estimates of future
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net operating loss
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under the Exchange
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entirety by this cautionary notice.
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We have no obligation and
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Reworded paragraphs (487)
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Auburn National Bancorporation, Inc. (the “Company”) is a bank holding company registered
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Auburn National Bancorporation, Inc. (the “Company”) is a bank holding
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with the Board of Governors
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company registered with the Board of Governors
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“BHC Act”). The Company was incorporated in Delaware in 1990, and in 1994
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“BHC Act”). The Company was incorporated in Delaware in 1990, and in
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it succeeded its Alabama predecessor as the
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1994 it succeeded its Alabama predecessor as the
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bank holding company controlling AuburnBank, an Alabama state
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bank holding company controlling AuburnBank, an Alabama state member
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member bank with its principal office in Auburn,
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bank with its principal office in Auburn,
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Alabama (the “Bank”). The Company and its predecessor have controlled the Bank since 1984.
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Alabama (the “Bank”). The Company and its predecessor have controlled
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may diversify into a broader range of financial services and other business activities than currently
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may diversify into a broader range of financial services and other business activities than
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financial and operating flexibility than is presently permitted to the Bank.
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financial and operating flexibility than is presently permitted to the
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The Bank has operated continuously since 1907 and currently conducts its business primarily
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The Bank has operated continuously since 1907 and currently conducts its business
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Bank’s primary regulators are the Federal
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Bank’s primary regulators are the
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Reserve and the Alabama Superintendent of Banks (the “Alabama
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Federal Reserve and the Alabama Superintendent of Banks (the “Alabama
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“forward-looking statements” as more fully described under “Special
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“forward-looking statements” as more fully described under “Special Cautionary
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The following discussion and analysis is intended to provide a better understanding of
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The following discussion and analysis is intended to provide a better
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various factors related to the results
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understanding of various factors related to the results
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highlight information contained in the accompanying unaudited condensed consolidated
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highlight information contained in the accompanying unaudited condensed
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notes for the quarters and six months ended June 30, 2024 and 2023, as well as the information
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notes for the quarters and nine months ended September 30, 2024
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Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on
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annual report on Form 10-K for the year ended December 31, 2023 and our
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and Results of Operations”, “Quantitative and Qualitative Disclosures about Market
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and Results of Operations”, “Quantitative and Qualitative Disclosures about
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Risk”, “Risk Factors” “Description of
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Market Risk”, “Risk Factors” “Description of
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Property” and elsewhere, are “forward-looking statements” within the
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Property” and elsewhere, are “forward-looking statements” within the meaning
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meaning and protections of Section 27A of the
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and protections of Section 27A of the
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Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
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Securities Act of 1933 and Section 21E of the Securities Exchange
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as amended (the “Exchange Act”).
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Act of 1934, as amended (the “Exchange Act”).
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Forward-looking statements include statements with respect to our beliefs, plans, objectives,
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Forward-looking statements include statements with respect to our beliefs, plans,
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anticipations, assumptions, estimates, intentions and future performance, and involve
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anticipations, assumptions, estimates, intentions and future performance,
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known and unknown risks,
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and involve known and unknown risks,
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uncertainties and other factors, which may be beyond our control, and
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uncertainties and other factors, which may be beyond our control,
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which may cause the actual results, performance,
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and which may cause the actual results, performance,
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All statements other than statements of historical fact are statements that could be forward-looking
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All statements other than statements of historical fact are statements that could
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identify these forward-looking statements through our use of words such as
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identify these forward-looking statements through our use of words such
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“project,” “could,” “intend,” “target” and other similar words and expressions
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and other similar words and expressions of the future. These
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statements may not be realized due to a variety of factors, including, without limitation:
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forward-looking statements may not be realized due to a variety of factors, including, without
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natural disasters or climate change, such as rising sea and water levels,
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natural disasters or climate change, such as rising sea and water levels, hurricanes
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and tornados, COVID-19 or other health crises, epidemics or pandemics including supply
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and tornados, COVID-19 or other health crises, epidemics or pandemics
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the effects of war or other conflicts, acts of terrorism, trade restrictions (including
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the effects of war or other conflicts, acts of terrorism, trade restrictions
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tariffs), sanctions or other events
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(including tariffs), sanctions or other events
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governmental monetary and fiscal policies, including the amount and costs of borrowing
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governmental monetary and fiscal policies, including the amount and costs of
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fiscal and monetary stimuli, and subsequent
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fiscal and monetary stimuli, and changes in
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changes in monetary policies in response to inflation, including increases in the Federal
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monetary policies in response to inflation in light of the Federal Reserve’s
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Rearranged current paragraphs (32)
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and 2023, as well as the information contained in our
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“plan,” “point to,” “project,” “could,” “intend,” “target”
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reduction in the amount of net operating loss
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increase in the Company’s net interest
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million, or 1.24% of total loans, at September 30,
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in the Company’s investment in municipal
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of 2023, and the adoption of FASB
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of NMTCs are now included in
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net interest margin (tax-equivalent) was 3.05% in the third
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This decrease was primarily due to a decrease in other noninterest
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partially offset by decreases in net occupancy and equipment expense
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This decrease was primarily due to a smaller balance sheet partially offset
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increase in the Company’s net interest
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This increase was primarily due a more
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favorable asset mix and higher yields on interest-earning assets, which
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months ended months of 2024, compared to
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due to a decrease in the Company’s investment
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tax expense rather than noninterest expense.
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its loan-to-value guidelines for collateralized
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believed to be adequate at each of the
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asset quality ratios for the third quarter of 2024 and
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facilitated by IntraFi for the purpose of improving the FDIC insurance
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how our net interest income will be affected by
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assets and costs associated with interest-bearing liabilities
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the balance between interest-sensitive assets and
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of available federal funds lines with no
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As of September 30, 2024, the aggregate unpaid principal balance of
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the interest rates we earn on our earning assets.
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longer term inflation goal of 2%, also can adversely affect
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such borrowers’ available cash to pay
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rates and restrictive monetary policy to meet its goals of (i) 2% target
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Further, beginning in June 2024, the FOMC
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of the future. These forward-looking
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funds rate and reductions in the Federal Reserve’s
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See "Table 1 - Explanation of Non-GAAP Financial Measures."
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balance sheet repositioning strategy in the fourth
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the Company’s evaluation of its credit risk profile
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due to a decrease in the Company’s investment in
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was related to changes in the composition of, and increases in, loans as well as changes in the economic
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The Company’s income from mortgage lending
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On January 1, 2023, we adopted ASC 326,
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sell program through the Intrafi network.
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under FHLB of Atlanta’s advance program at
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long term inflation goal of 2.0% annually.