AUBURN NATIONAL BANCORPORATION, INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
View on SEC.govAbout this filing
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.
Mar 31, 2025 · Filed May 2, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 DataCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001193125-25-111182
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 1412 previous paragraphs and 1222 current paragraphs.
659 unchanged; 261 reworded; 287 added; 478 removed; 14 previous and 15 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 (287)
Current report
d-looking statements.
Current report
be forward-looking statements.
Current report
You
Current report
“should,” “indicate,” “would,” “believe,” “contemplate,” “expect,”
Current report
“estimate,” “continue,” “designed”, “plan,” “point to,”
Current report
These forward-looking
Current report
inventory volatility, and changes in
Current report
consumer behaviors;
Current report
sanctions, the value of the U.S.
Current report
economic conditions, including inflation,
Current report
and consumer and business confidence;
Current report
deficit spending and the debt required to fund
Current report
in prices and unemployment,
Current report
target federal funds rate and changes in the Federal Reserve’s
Current report
holdings
Current report
of securities through quantitative tightening or easing; and the duration that the
Current report
Federal Reserve will keep its
Current report
targeted federal funds rates at or above current target
Current report
ranges in furtherance of its long term inflation target of 2%
Current report
and supporting maximum employment;
Current report
by executive orders, the possible
Current report
reorganization and/or consolidation of the bank regulatory
Current report
agencies, the SEC and/or the CFPB, changes in the
Current report
leadership and personnel, including reductions in the number and
Current report
experience of personnel, at the bank and
Current report
securities regulators and the CFPB, oversight by the Office of Management
Current report
and Budget of these agencies, freezes
Current report
on changes in regulations and interpretations, numerous new Executive Orders,
Current report
and the uncertain effects of all
Current report
these, including the costs and benefits of such changes;
Current report
the effects of the potential privatization of Fannie Mae and Freddie Mac
Current report
and their release from conservatorship on
Current report
the mortgage markets and us as an originator,
Current report
seller and servicer of residential mortgage loans;
Current report
recent Supreme Court rulings that may lead to more court challenges to regulations
Current report
and regulatory actions, which
Current report
may cause uncertainty,
Current report
wasted implementation costs and time by the industry,
Current report
and lengthy delays until ultimate
Showing the first 40 of 287 passages. Open the source sections for the rest.
Removed paragraphs (478)
Previous report
interim reports on Form 10-Q for the quarters
Previous report
ended March 31, 2024 and June 30, 2024.
Previous report
statements.
Previous report
be forward-looking statements. You
Previous report
“should,” “indicate,” “would,”
Previous report
“believe,” “contemplate,” “expect,” “evaluation,” “estimate,” “continue,”
Previous report
“designed”,
Previous report
and tornados, COVID-19 or other health crises, epidemics or pandemics
Previous report
including supply chain disruptions,
Previous report
inventory volatility,
Previous report
and changes in consumer behaviors;
Previous report
(including tariffs), sanctions or other events
Previous report
borrowing by the federal
Previous report
government and its agencies, the continuing effects of COVID-19
Previous report
fiscal and monetary stimuli, and changes in
Previous report
longer term and dual mandate goals of maximum employment and
Previous report
stable prices, including changes to increase the
Previous report
Federal Reserve’s reinvestment
Previous report
of maturing Treasury securities beginning
Previous report
in June 2024 and mid-September 2024
Previous report
reduction in the target federal funds rate by 50 basis points
Previous report
to a target range of 4.75 – 5.00%, among other things
Previous report
described more full in “Effects of Inflation and Changing Price”;
Previous report
their application by our regulators, including capital and liquidity requirements,
Previous report
of FDIC insurance;
Previous report
required use, beginning January 1, 2023,
Previous report
of Financial Accounting Standards Board’s
Previous report
(“FASB”) Accounting
Previous report
Standards Update (ASU) 2016-13, “Financial
Previous report
Instruments – Credit Losses (Topic
Previous report
326): Measurement of Credit Losses on Financial Instruments,” as well as the
Previous report
updates issued since June 2016 (collectively,
Previous report
FASB ASC Topic
Previous report
on Current Expected Credit Losses
Previous report
(“CECL”), and ASU 2022-02, Troubled Debt
Previous report
Restructurings and Vintage
Previous report
Disclosures, which eliminates troubled
Previous report
debt restructurings (“TDRs”) and related guidance;
Previous report
the risks of increases in market interest rates or the continuation of restrictive monetary
Previous report
policies creating
Showing the first 40 of 478 passages. Open the source sections for the rest.
Reworded paragraphs (261)
Previous wording
The following discussion and analysis is intended to provide a better
Current wording
The following discussion and analysis is intended to provide a better understanding
Previous wording
understanding of various factors related to the results
Current wording
of various factors related to the results
Previous wording
notes for the quarters and nine months ended September 30, 2024
Current wording
notes for the quarters and quarters ended March 31, 2025 and 2024,
Previous wording
and 2023, as well as the information contained in our
Current wording
as well as the information contained in our Annual
Previous wording
annual report on Form 10-K for the year ended December 31, 2023 and our
Current wording
Report on Form 10-K for the year ended December 31, 2024.
Previous wording
achievements or financial condition expressed or implied by such forward-looking
Current wording
achievements or financial condition expressed or implied by such forwar
Previous wording
“plan,” “point to,” “project,” “could,” “intend,” “target”
Current wording
“project,” “could,” “intend,” “target,” “seek” and other
Previous wording
and other similar words and expressions of the future. These
Current wording
similar words and expressions of the future.
Previous wording
forward-looking statements may not be realized due to a variety of factors, including, without
Current wording
statements may not be realized due to a variety of factors, including, without
Previous wording
pandemic effects including supply chain disruptions, reduced
Current wording
and tornadoes, epidemics or pandemics including supply chain disruptions,
Previous wording
the effects of war or other conflicts, acts of terrorism, trade restrictions
Current wording
the effects of war or other conflicts, acts of terrorism, trade restrictions, tariffs,
Previous wording
that may affect general economic conditions;
Current wording
dollar against other currencies, or other events that may affect general
Previous wording
governmental monetary and fiscal policies, including the amount and costs of
Current wording
governmental monetary and fiscal policies, including taxes, federal
Previous wording
monetary policies in response to inflation in light of the Federal Reserve’s
Current wording
such spending, changes in monetary policies in response to inflation and changes
Previous wording
legislative and regulatory changes, including changes in banking,
Current wording
legislative, executive branch and regulatory changes, including changes
Previous wording
securities and tax laws, regulations and rules and
Current wording
changes in banking, securities and tax laws, regulations and rules and their
Previous wording
and changes in the scope and cost
Current wording
capital and liquidity requirements, and changes in the scope and cost of FDIC insurance;
Previous wording
changes in accounting pronouncements and interpretations, including the
Current wording
changes in accounting pronouncements and interpretations;
Previous wording
market and credit conditions, including unemployment rates, changes
Current wording
market and credit conditions, including changes in borrowers’ credit risks and
Previous wording
behaviors from those used in our CECL models and loan portfolio reviews;
Current wording
in our CECL models and loan portfolio reviews;
Previous wording
our stockholders’ equity for financial
Current wording
adversely affect our stockholders’ equity for financial
Previous wording
changes in borrower liquidity and credit risks, and savings, deposit and payment
Current wording
changes in borrower liquidity and credit risks, and changes in savings, deposit and
Previous wording
who are not subject to the same regulation, including capital, and supervision
Current wording
who are not subject to the same regulation, including capital and liquidity requirements,
Previous wording
and examination, as the Company
Current wording
supervision and examination, as the Company and the Bank, and competition
Previous wording
and the Bank and credit unions, which are not subject to federal income taxation;
Current wording
from credit unions, which are not
Previous wording
the timing and amount of rental income from third parties following the June 2022
Current wording
the timing and amount of rental income from third parties from office
Previous wording
implementing such transactions, integrating operations as part of these
Current wording
implementing such transactions, integrating operations as part of
Previous wording
transactions and possible failures to achieve
Current wording
these transactions and possible failures to achieve
Previous wording
if estimates of future taxable income from our operations and tax planning strategies
Current wording
if estimates of future taxable income from our operations and tax planning
Previous wording
than currently estimated, and sales of our capital stock could trigger a
Current wording
than currently estimated, and sales of our capital stock could trigger a reduction
Previous wording
reduction in the amount of net operating loss
Current wording
in the amount of net operating loss
Previous wording
other factors and risks described under “Risk Factors” herein, in our Annual Report
Current wording
other factors and risks described under “Risk Factors” herein and in any of our
Previous wording
All written or oral forward-looking statements that we make or are attributable
Current wording
All written or oral forward-looking statements that we make or are
Previous wording
to us are expressly qualified in their entirety
Current wording
attributable to us are expressly qualified in their entirety
Previous wording
The Company’s net earnings were $4.8
Current wording
The Company’s net earnings were
Previous wording
Basic and diluted earnings per share were $1.38 per share for the first nine months
Current wording
Basic and diluted earnings per share were $0.44 per share for the first quarter of 2025, compared
Previous wording
The increase in noninterest expense was primarily due to an increase in salaries and benefits
Current wording
This increase was primarily due to an increase in the Company’s
Previous wording
Balance Sheet and Interest Rates” and “Net Interest
Current wording
Balance Sheet and Interest Rates” and “Net Interest Income and Margin”
Previous wording
allowance for credit losses was $6.9 million, or 1.22% of total loans, compared
Current wording
million, or 1.22% of total loans, at December 31, 2024, and $7.2
Previous wording
is largely influenced by economic factors including, most notably,
Current wording
CECL model is largely influenced by economic factors including,
Showing the first 40 of 261 pairs. Open the source sections for the rest.
Rearranged current paragraphs (15)
Current report — wording carried from elsewhere
including changes in the Federal Reserve’s
Current report — wording carried from elsewhere
This increase was primarily due to a more favorable asset
Current report — wording carried from elsewhere
the anticipated Alabama unemployment rate, which may
Current report — wording carried from elsewhere
to be “well capitalized” under current regulatory
Current report — wording carried from elsewhere
This increase was primarily due to an increase in the Company’s
Current report — wording carried from elsewhere
The Company recorded a negative provision for credit losses during the
Current report — wording carried from elsewhere
organic loan growth in our loan portfolio, our internal assessment
Current report — wording carried from elsewhere
2025 compared to $0.2 million during the first quarter of
Current report — wording carried from elsewhere
certain credits, interest rate fluctuations, reduced collateral values or
Current report — wording carried from elsewhere
Accruing loans 90 days or more past due
Current report — wording carried from elsewhere
improving the FDIC insurance coverage for our
Current report — wording carried from elsewhere
loans to meet investor and secondary market
Current report — wording carried from elsewhere
requests as well as the delinquency rates in our
Current report — wording carried from elsewhere
the Federal Reserve to reduce inflation
Current report — wording carried from elsewhere
target rates, depending on the data and its outlook.
Rearranged previous paragraphs (14)
Previous report — wording carried elsewhere
in borrowers’ credit risks and payment
Previous report — wording carried elsewhere
on Form 10-K as of and for
Previous report — wording carried elsewhere
increase in the Company’s net interest
Previous report — wording carried elsewhere
This increase was primarily due to a more
Previous report — wording carried elsewhere
This decrease was primarily due to a decrease in other noninterest
Previous report — wording carried elsewhere
increase in the Company’s net interest
Previous report — wording carried elsewhere
federal funds rate by 525 basis points before
Previous report — wording carried elsewhere
by economic factors including, most notably,
Previous report — wording carried elsewhere
attributable to the origination and sale of mortgage loans.
Previous report — wording carried elsewhere
its loan-to-value guidelines for collateralized
Previous report — wording carried elsewhere
September 30, 2024, compared to $270.7 million, or 30% of total deposits at December
Previous report — wording carried elsewhere
The Bank also has access to the FRB discount
Previous report — wording carried elsewhere
our obligations as servicer, we may be
Previous report — wording carried elsewhere
While the FOMC reaffirmed its target inflation rate of 2% over