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Full Year 2012 Results – Compared to Full Year 2011:
Net earnings increased 22%
2012 EPS of $1.86 matches record total
Net interest margin increased by 26 basis points
Average loans up $17.4 million, or 5%
Mortgage lending income up $1.5 million, or 79%
Provision for loan losses increased $1.4 million, or 56%
NPAs declined by $2.8 million, or 15%; NPAs to total assets of 2.03% at December 31, 2012
Maintained strong balance sheet with a tangible common equity to total assets ratio of 8.55%
AUBURN, Ala., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Auburn National Bancorporation (Nasdaq:AUBN) reported net earnings of approximately $1.7 million, or $0.46 per share, for the fourth quarter of 2012, compared to $1.2 million, or $0.32 per share, for the fourth quarter of 2011. For the full year 2012, net earnings were $6.8 million, or $1.86 per share, compared to $5.5 million, or $1.52 per share, for the full year 2011.
Fourth quarter 2012 operating net earnings, which exclude the effects of non-operating items such as securities gains and losses, expenses related to other real estate owned ("OREO") and prepayment penalties on long-term debt, were approximately $1.7 million, or $0.47 per share, compared to fourth quarter 2011 operating net earnings of approximately $1.5 million, or $0.40 per share. For the full year 2012, operating net earnings were $6.8 million, or $1.87 per share, compared to $6.2 million, or $1.72 per share, for the full year 2011.
E.L. Spencer, Jr., President, CEO and Chairman of the Board, commented: "The Company's fourth quarter and full year results reflect improvement in our net interest margin, a significant increase in mortgage lending income, and management's efforts to aggressively resolve and reduce nonperforming assets. In addition to maintaining strong capital and liquidity, the Company paid cash dividends of $0.82 per share during 2012."