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Item 1B. Unresolved Staff Comments

2023-03-17 compared with 2022-03-08 · 60 added, 90 removed, 69 unchanged (68% of the section changed)

2 unchanged sentences

The Bank conducts its business from its main office and seven full-service

The Bank also operates loan

production offices in Auburn and Phenix City,

The Bank also operates a loan

production office in Phenix City,

The Bank owns its main campus in downtown Auburn, Alabama, which comprises

over 5 acres and includes the Bank's

temporary main office, operations center,

drive-through facility,

and parking deck.

The operations center, built as a theater

in 1968, and remodeled by the Bank after purchasing it in 1985, has approximately 23,000

square feet of space.

Bank’s loan servicing, data processing activities,

and other operations, are located in the operations building.

Bank’s temporary main office

is located in the operations center as the Bank completes Phase I of its main campus

redevelopment plan.

The temporary main office branch offers the full line of the Bank’s

services and has one ATM.

Bank’s drive-through facility located

on the main office campus was constructed in October 2012.

This drive-through

facility has five drive-through lanes, including an ATM,

and a walk-up teller window.

Phase I of the redevelopment plan includes the construction of a new headquarters building,

the AuburnBank Center, and a

parking deck.

Construction activities for Phase I commenced during the second half of 2020

and the parking deck was

completed in April of 2021.

The parking deck has approximately 500 parking spaces, is open to the public and charges

hourly, monthly,

and special event rates, and is expected to provide for future parking needs on the Bank’s

including the new headquarters building.

The new headquarters building will have approximately 90,000

square feet of

space and is expected to be complete in the second quarter of 2022.

Upon completion of Phase I, the Bank’s main office,

Auburn loan production office, and all of its back-office operations

will be relocated to the new headquarters building.

Bank expects to lease approximately 46,000 square feet of office space

and approximately 5,000 square feet of retail space

in the new headquarters building to third party tenants.

In January 2019, the Bank purchased a parcel that adjoins the operations center in order

to improve ingress and egress to

the Bank’s main campus.

The building improvements currently on this adjoining parcel, as

well as the operations building,

will be demolished under Phase II of the Bank's campus redevelopment plan.

In February 2022, the Company entered into

an agreement, subject to a 180 day inspection period and customary closing conditions,

to sell this combined parcel of

approximately 0.85 acres to a hotel developer.

As part of the agreement, the Bank will negotiate a long-term lease with the

hotel developer for 100 to 150 parking spaces in the Bank’s

parking deck.

Upon closing, the Company currently expects

this sale to be accretive to 2022 earnings by approximately $0.70 per share.

over 4 acres and includes the newly

constructed AuburnBank Center,

which was completed in May 2022 and held its grand opening in June 2022.

AuburnBank Center has approximately 90,000 square feet of space.

The AuburnBank Center includes the Bank’s

office, Auburn loan production office, and all of its back-office

The main office branch offers the full line of

the Bank’s services and has one

The Bank’s drive-through facility located

on the main office campus was

constructed in October 2012.

This drive-through facility has five drive-through lanes, including an ATM,

and a walk-up

teller window.

The Bank has approximately 46,000 square feet of office space

and approximately 5,000 square feet of

retail space in the new AuburnBank Center building available for lease to

third party tenants.

In February 2022, the Company entered into an agreement to sell a parcel of approximately

0.85 acres to a hotel developer.

As part of the agreement, the Bank negotiated a long-term lease with the hotel developer

for 100 to 150 parking spaces in

the Bank’s parking deck.

In October 2022, the Company closed the sale at the agreed upon price

of $4.3 million, and

recognized a $3.2 million gain.

The Opelika branch is located in Opelika, Alabama.

13 unchanged sentences

leased the land for this branch from a third party.

the Bank’s land lease renewed for another one

In May 2022, the Bank’s land lease renewed

for another one year term.

This branch offers the full line of the Bank’s

services including safe deposit boxes and a drive-through window.

branch offers parking for approximately 11

vehicles, including a handicapped ramp.

services including safe deposit boxes and a drive-through window and parking

for approximately 11 vehicles, including a handicapped

In November 2002, the Bank opened a loan production office

1 unchanged sentence

miles south of Auburn,

In November 2020,

the Bank renewed its lease for another year.

In November 2022, the Bank renewed its lease for another year.

In February 2009, the Bank opened a branch located on Bent Creek Road in Auburn,

15 unchanged sentences

approximately 35 vehicles.

Prior to December 2011, the Bank leased office

space for a loan production office in Valley,

The loan production office was originally opened in September 2004.

Prior to December 2011, the Bank had operated

a loan production office in Valley,

originally opened in September 2004.

In February 2015, the Bank relocated its Auburn Kroger branch to a new location within the

8 unchanged sentences

Prior to relocation, the Bank’s

Kroger branch was located in the Kroger supermarket in the same shopping center.

The Auburn Kroger branch was

originally opened in August 1988.

The Corner Village

branch offers the full line of the Bank’s

deposit and other services

including an ATM,

Kroger branch was located in the Kroger supermarket in the same shopping

center since August 1988.

The current Corner

Village branch offers the

full line of the Bank’s deposit and other services including

except safe deposit boxes.

In September 2015, the Bank relocated its Auburn Wal

-Mart Supercenter branch to a new location the Bank purchased in

December 2014 at the intersection of S.

Donahue Avenue

University Drive in Auburn, Alabama.

Donahue branch, built in 2015, has approximately 3,600 square feet of space.

Prior to relocation, the Bank’s Auburn

Mart Supercenter branch was located inside the Wal

-Mart shopping center on the south side of Auburn, Alabama.

Auburn Wal-Mart Supercenter

branch was originally opened in September 2000.

The South Donahue branch offers

line of the Bank’s services and has drive-through

windows and an ATM.

This branch offers parking for approximately 28

-Mart Supercenter branch in south Auburn, which had been opened

in 2004 to a new building, which the Bank built in 2015 at the intersection of S.

Avenue and E.

in Auburn, Alabama.

The South Donahue branch has approximately 3,600 square feet of space.

The South Donahue

branch offers the full line of the Bank’s

services and has drive-through windows and an ATM.

This branch offers parking

for approximately 28 vehicles.

In May 2017, the Bank relocated its Opelika Kroger branch to a new location the Bank purchased

10 unchanged sentences

originally opened in July 2007.

The Tiger Town

branch offers the full line of the Bank’s

Town branch offers

the full line of the Bank’s

services and has drive-through windows and an ATM.

This branch offers parking for approximately 36 vehicles.

In addition to the eight ATMs

at various branch locations, mentioned above, the Bank also has five

various locations within our primary service area.

In September 2018, the Bank opened a loan production office on East Samford

1 unchanged sentence

has approximately 2,500 square feet of space and is leased through 2028.

The loan production office was previously

located in the Center on the Bank’s

This location offers parking for approximately

This loan production office was relocated to the

newly developed AuburnBank Center in June 2022.

The Company has entered into a sublease agreement with a tenant for

three years with an option to renew for three additional years.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1B. Unresolved Staff Comments