Auburn National Bancorporation, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net earnings of $1.9 million, or $0.52 per share compared to $1.7 million, or $0.47 per share, for the fourth quarter of 2013. Operating net earnings, which exclude the effects of non-operating items such as net securities gains and losses, gain on sale of premises and equipment, and prepayment penalties on long-term debt, were approximately $1.9 million, or $0.52 per share, compared to fourth quarter 2013 operating net earnings of approximately $1.7 million, or $0.47 per share. Net interest income (tax-equivalent) was $5.8 million, an increase of 3% compared to the fourth quarter of 2013. Return on average equity on GAAP basis was 10.21% against 10.33% a year ago. Operating return on average equity was 10.21% against 10.43% a year ago. Return on average assets on GAAP basis 0.98% against 0.92% a year ago. Operating return on average assets was 0.98% against 0.93% a year ago.

For the full year, the company reported record net earnings of $7.4 million, or $2.04 per share, compared to $7.1 million, or $1.95 per share, for the full year 2013. Operating net earnings were $7.8 million, or $2.14 per share, compared to $8.0 million, or $2.19 per share, for the full year 2013. Net interest income was $21.453 million compared to $20.922 million a year ago. Book value per share was $20.80 compared to $17.70 a year ago. Return on average equity on GAAP basis was 10.53% against 10.33% a year ago. Operating return on average equity was 11.00% against 11.57% a year ago. Return on average assets on GAAP basis 0.97% against 0.94% a year ago. Operating return on average assets was 1.01% against 1.05% a year ago.

The company reported net charge-offs for the fourth quarter ended December 31, 2014. For the quarter, the company reported net charge-offs of $68,000 compared to $678,000 a year ago.