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AUBURN NATIONAL BANCORPORATION , INC . Press Release - October 19 , 2021 For additional information , contact : Robert W. Dumas Chairman , President and CEO ( 334 ) 821-9200 Auburn National Bancorporation , Inc. Reports Third Quarter Net Earnings Third Quarter 2021 Results : Net earnings of $ 1.9 million or $ 0.53 per share Net interest income ( tax - equivalent ) of $ 6.2 million , a 3 % increase from Q3 2020 • • No provision for loan losses , compared to a provision for loan losses of $ 250 thousand for Q3 2020 Nonperforming assets were 0.05 % of total assets at September 30 , 2021 Exhibit 99.1 No COVID - 19 loan deferrals outstanding at September 30 , 2021 AUBURN , Alabama – Auburn National Bancorporation , Inc. ( Nasdaq : AUBN ) reported net earnings of $ 1.9 million , or $ 0.53 per share , for the third quarter of 2021 , compared to $ 1.9 million , or $ 0.54 per share , for the third quarter of 2020. Net earnings for the first nine months of 2021 were $ 6.2 million , or $ 1.74 per share , compared to $ 5.4 million , or $ 1.51 per share , for the first nine months of 2020 . " Along with our third quarter 2021 results , I am pleased to announce that we have no COVID - 19 loan deferrals outstanding at September 30 , 2021. This compares to $ 112.7 million in loan deferrals or 24 % of total loans at June 30 , 2020 , the first quarterly period we began offering COVID - 19 loan modifications , ” said Robert W. Dumas , Chairman , President and CEO . " We hoped that by working with our customers through payment deferrals , combined with proceeds from the Paycheck Protection Program , it would allow the vast majority of small businesses to make it through this difficult period . We are encouraged about the direction of the economies in our markets as borrowers that were most impacted by the pandemic continue to improve their financial performance , ” continued Mr. Dumas . Total revenue declined approximately 4 % in the third quarter of 2021 , compared to the third quarter of 2020 , primarily due to reduced mortgage lending income . Net interest income ( tax - equivalent ) was $ 6.2 million for the third quarter of 2021 , a 3 % increase compared to $ 6.0 million for the third quarter of 2020 . This increase was primarily due to the reduced costs of our interest - bearing liabilities and increased securities holdings as a percentage of our total assets . These increases were partially offset by a decrease in average loans . Net interest margin ( tax - equivalent ) decreased to 2.51 % in the third quarter of 2021 , compared to 2.72 % for the third quarter of 2020 , primarily due to the continued lower interest rate environment and continued growth in deposits . Our deposits continue to grow , primarily as a result of customers ' increased savings and liquidity , and our focus on our customers . Deposit levels also increased in 2020 and 2021 due to COVID - 19 related government stimulus and relief programs . At September 30 , 2021 , the Company's allowance for loan losses was $ 5.1 million , or 1.13 % of total loans , compared to $ 5.6 million , or 1.22 % of total loans , at December 31 , 2020 , and $ 5.6 million , or 1.18 % of total loans , at September 30 , 2020 . The Company made no provision for loan losses during the third quarter of 2021 , compared to a provision for loan losses of $ 250 thousand during the third quarter of 2020. The provision for loan losses is based upon various estimates and judgments , including the absolute level of loans , economic conditions , loan growth , credit quality and the amount of net charge - offs .