Auburn National Bancorporation, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 28, 2015 at 09:57 pm
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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.
Auburn National Bancorporation, Inc. is a bank holding company. The Companyâs business is conducted primarily through AuburnBank (the Bank) and its subsidiaries. The Bank offers checking, savings, transaction deposit accounts and certificates of deposit, and is an active residential mortgage lender in its primary service area. The Bankâs primary service area includes the cities of Auburn and Opelika, Alabama and nearby surrounding areas in East Alabama, primarily in Lee County. The Bank also offers commercial, financial, agricultural, real estate construction and consumer loan products and other financial services. The Bank also provides automated teller machine (ATM) services in East Alabama and operates ATMs in 12 locations in its primary service area. The Bankâs Visa Check cards can be used internationally through the Plus network. The Bank offers online banking, bill payment and other electronic banking services through its Internet Website, www.auburnbank.com.
Auburn National Bancorporation, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014