AUBURN NATIONAL BANCORPORATION, INC
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 17, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-11.
0001193125-25-051574
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-17.
0001193125-26-111012
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe 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 1196 previous paragraphs and 1127 current paragraphs.
667 unchanged; 222 reworded; 225 added; 292 removed; 15 previous and 13 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 (225)
Current report
Net interest income (tax-equivalent) was $29.7 million in 2025, a
Current report
9% increase compared to $27.2 million in 2024. This
Current report
and a 2% increase in our interest-earning assets.
Current report
Company’s net interest margin
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(tax-equivalent) was 3.27% in 2025, compared to 3.06% in 2024.
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The increase in net
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of interest-bearing deposits.
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allowance for credit losses was $7.2 million, or 1.27% of total loans, compared
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provision for credit losses in 2025 was primarily due to two loans that were individually
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evaluated.
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A specific reserve was
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established for one loan and the other loan was partially charged
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off.
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reflective of the Company’s credit
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the anticipated unemployment rate.
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Noninterest income was $3.1 million in 2025 compared to $3.5
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The decrease was primarily related to a
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Noninterest expense was $23.0 million in 2025 compared to $22.2
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The increase was primarily related to
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increases in salaries and benefits expense and other noninterest expense.
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These increases were partially offset by a decrease
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tax rate of 21.24% for 2025, compared to
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investments in municipal securities and loans, bank-owned life insurance,
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and
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New Markets Tax Credits.
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2024 included discrete tax
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of state examination activities, which resulted in additional tax expense.
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the Bank’s regulatory
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in Financial Accounting Standards
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Board (“FASB”) Accounting
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Standards Codification (“ASC”) 326,
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Financial Instruments – Credit Losses
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. The allowance
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for credit losses reflects management’s
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14, Fair Value
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Net interest income (tax-equivalent) was $29.7 million in 2025, a
Current report
9% increase compared to $27.2 million in 2024. This
Current report
and a 2% increase in our interest-earning assets.
Current report
Company’s net interest margin
Current report
(tax-equivalent) was 3.27% in 2025, compared to 3.06% in 2024.
Showing the first 40 of 225 passages. Open the source sections for the rest.
Removed paragraphs (292)
Previous report
Net earnings for 2023 reflected the sale of $117.6 million
Previous report
of available-for-sale securities for an after-tax loss of
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$(4.7) million, or $(1.35) per share related to the Company’s
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balance sheet repositioning strategy in December 2023.
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Excluding this non-routine item, net earnings for the full year 2023
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would have been $6.1 million, or $1.75 per share.
Previous report
Net interest income (tax-equivalent) was $27.2 million in 2024, a
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2% increase compared to $26.7 million in 2023. This
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The Company’s net interest margin
Previous report
(tax-equivalent) was
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3.06% in 2024, compared to 2.89% in 2023.
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due to loan
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growth and the December 2023 balance sheet repositioning, which resulted
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in a more favorable asset mix and higher yields
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on interest-earning assets in 2024.
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Average loans for 2024 were $568.7
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million, a 9% increase from 2023.
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$6.9 million, or 1.23% of total loans, at December 31, 2023.
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Although the balance of the allowance for credit losses was
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largely unchanged, the decrease in the allowance for credit
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improved economic forecasts.
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in 2024 compared to $135 thousand during 2023.
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the anticipated
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unemployment rate.
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Noninterest income was $3.5 million in 2024 compared to a loss of $3.0
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Excluding the pre-tax securities
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loss of $6.3 million related to the balance sheet repositioning strategy in 2023,
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noninterest income would have been $3.3
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million for 2023.
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Noninterest expense was $22.2 million in 2024 compared to $22.6
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This decrease in noninterest expense
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reflects decreases in net occupancy and equipment expenses of $0.4
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million, professional fees expense of $0.1
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other noninterest expense of $0.2 million.
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These decreases were partially offset by increases in salaries and benefits
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expense of $0.4
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million.
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benefit of $0.8 million for a negative effective tax rate of (125.73)%
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for 2023.
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investments in municipal securities, bank-owned life
Showing the first 40 of 292 passages. Open the source sections for the rest.
Reworded paragraphs (222)
Previous wording
following discussion and analysis should be read along with our
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following discussion and analysis should be read along with our consolidated
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consolidated financial statements and the related notes
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financial statements and the related notes
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$6.4 million for the full year 2024, compared to $1.4 million for the full year 2023.
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$7.3 million for the full year 2025, compared to $6.4 million for the full year 2024.
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Basic and diluted net earnings per share were $1.83 per share for the full year 2024,
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Basic and diluted net earnings per share were $2.08 per share for the full year 2025,
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compared to $0.40 per share for the full
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compared to $1.83 per share for the full
Previous wording
The increase in net interest margin (tax-equivalent) was primarily
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interest margin (tax-equivalent) was primarily due to improved
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a more favorable asset mix and higher yields on interest-earning assets in 2024.
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yields on interest-earning assets, and a decrease in our cost
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million, or 1.22% of total loans, compared to $6.9 million, or
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$6.9 million, or 1.22% of total loans, at December 31, 2024.
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The Company recorded a provision for credit losses of $36 thousand
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The Company recorded a provision for credit losses of $631 thousand
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provision for credit losses of $36 thousand during 2024, compared to $135
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in 2025 compared to $36 thousand during 2024.
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provision for credit losses under CECL is reflective of the Company’s
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The provision for credit losses under CECL is
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and forecasts. Our CECL model is largely influenced by economic
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risk profile and the future economic outlook and forecasts. Our CECL model is largely
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factors including, most notably,
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influenced by economic factors including, most notably,
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The increase in mortgage lending income was primarily
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decrease in mortgage lending income and other noninterest income
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The provision for income taxes expense was $2.0 million for an effective
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The provision for income tax expense was $2.0 million for an effective
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tax rate of 23.82% for 2024, compared to a tax
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$2.0 million for an effective tax rate of 23.82% for 2024.
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income tax rate is
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income tax rate is affected principally
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affected principally by tax-exempt earnings from the Company’s
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by tax-exempt earnings from the Company’s
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tax expense and the effective tax rates for 2024 included discrete tax
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The provision for income tax expense and the effective tax rates for
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items associated with provision to return adjustments
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items associated with provision to return adjustments in conjunction with
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in conjunction with the final 2023 tax return filing and the resolution of state examination
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the final 2023 tax return filing and the resolution
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The Company paid cash dividends of $1.08 per share in 2024, unchanged
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The Company paid cash dividends of $1.08 per share in 2025 and 2024.
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regulatory capital ratios were well above the minimum amounts required
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capital ratios were well above the minimum amounts required to be
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to be “well capitalized” under current regulatory
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“well capitalized” under current regulatory standards
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standards with a total risk-based capital ratio of 15.81%, a tier 1 leverage ratio of
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with a total risk-based capital ratio of 17.14%, a tier 1 leverage ratio of 10.71%
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10.49% and common equity tier 1 or
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and common equity tier 1 or (CET1) of
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estimate of the amount of credit losses expected to be recognized over
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estimate of the amount of credit losses expected to be recognized over the
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life of the loans in our portfolio. This evaluation requires significant management
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remaining life of the loans in our portfolio. This evaluation requires significant
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judgment and is based upon relevant
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management judgment and is based upon
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available information related to historical default and loss experience,
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relevant available information related to historical default and loss experience,
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current and projected economic conditions, and other
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current and projected economic conditions,
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portfolio-specific and environmental risk factors. Losses are predicted
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and other portfolio-specific and environmental risk factors. Losses are predicted
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over a reasonable and supportable forecast period,
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over a reasonable and supportable forecast
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and at the end of the reasonable and supportable period losses revert to long term historical
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period, and at the end of the reasonable and supportable period losses revert
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credit losses is measured on a collective basis for pools of loans with similar risk characteristics,
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for credit losses is measured on a collective basis for pools of loans with similar
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for loans that do not share similar risk characteristics with the collectively evaluated
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basis for loans that do not share similar risk characteristics with the collectively
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pools. There are factors beyond our
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evaluated pools. There are factors beyond
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control, such as changes in projected economic conditions, real estate markets
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our control, such as changes in projected economic conditions, real estate markets or
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or particular industry conditions which may
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particular industry conditions which
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materially impact asset quality and the adequacy of the allowance for credit
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may materially impact asset quality and the adequacy of the allowance for
Showing the first 40 of 222 pairs. Open the source sections for the rest.
Rearranged current paragraphs (13)
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in net occupancy and equipment expense.
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to long term historical averages. The allowance
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risk characteristics, and on an individual
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and may be challenging as a result.
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The Company recorded a provision for credit losses of $631 thousand during
Current report — wording carried from elsewhere
1.22% of total loans, at December 31, 2024.
Current report — wording carried from elsewhere
$2.0 million for an effective tax rate of 23.82% for 2024.
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income tax rate is affected principally
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The provision for income tax expense and the effective
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its loan-to-value guidelines for collateralized
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interest rates to meet its longer-term
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available cash to pay interest on and
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have a significant impact on the Company’s
Rearranged previous paragraphs (15)
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losses as a percentage of total loans was primarily due to
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credit risk profile and the future economic outlook
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total deposits compared to 69% on
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Our CECL model is largely influenced by economic
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is comprised of gains or losses from the sale
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and to either sell or retain the MSRs when
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$411 thousand for 2024 and 2023 respectively.
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tax rate of 23.82% for 2024, compared to a tax
Previous report — wording carried elsewhere
currently in effect may not be as profitable
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costs. The yield curve was inverted until it
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sheet and off-balance sheet items. Measurements
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loan, investment, borrowing, and capital policies.
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sale of loans, particularly residential mortgage
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in the securities held by the Federal Reserve to
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as the Federal Reserve maintains interest rates to