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Auburn National Bancorp Q1 Profit Declines

Auburn National Bancorp. (AUBN: Quote) reported first-quarter net earnings of $1.47 million or $0.40 per share, down from $1.55 million or $0.43 per share last year.

Excluding items, operating net earnings was $1.7 million or $0.46 per share, compared to $1.6 million or $0.44 per share a year ago.

Net interest income for the quarter rose to $5.0 million from $4.8 million a year ago. Net interest margin increased to 3.11 percent from last year's 2.98 percent in the first quarter.

Non-interest income for the quarter rose to $4.9 million from $1.1 million a year ago.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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