2014 was another record earnings year for AuburnBank. Net earnings were $7.4 million, or $2.04 per share for the full year reflecting a 5% increase over 2013 earnings. Net interest income (tax equivalent) was $22.7 million in 2014 compared to $22.4 million in 2013. This increase was primarily due to growth in the balance sheet.
Total loans increased to $403.0 million at December 31, 2014, an increase of $19.6 million or 5% from December 31, 2013. Asset quality improved as continued efforts to reduce and resolve non-performing assets lowered our credit costs. At December 31, 2014, the bank had $1.7 million in non-performing assets, a decrease of 80%, compared to $8.1 million at December 31, 2013.
Equally important, the bank continues to successfully operate in a very competitive market by controlling expenses and providing quality customer service. The AuburnBank Team is comprised of team members who truly care about the quality of their work and assisting customers and each other with daily challenges. This year’s annual report highlights two of our many behind-the-scenes departments, bookkeeping and loan operations. Both departments provide critical support for our entire bank. We would not enjoy the successes that we continue to achieve without their hard work and commitment to our bank. To our entire support team – Thank you for a job well done.
For eight of the past nine years (including 2014), the American Banker magazine has featured AuburnBank’s parent company as one of the Top 200 Community Banks publicly traded under $2.0 billion in total assets based on average return on equity for a three-year period. In 2014, AuburnBank was also selected by Keefe, Bruyette & Woods (KBW), an Investment Banking Firm, to their Bank Honor Roll of superior performers based on three criteria related to net income per share. Only 31 publicly traded banks in the U.S. over $500 million in assets met the criteria required to receive this honor. All of these recognitions reflect the hard work and commitment of the entire AuburnBank team.
On behalf of the entire AuburnBank team, I would like to thank our customers and our shareholders for making 2014 such a successful year. We look forward to continuing to be your partner, your neighbor and your friend in 2015.
Robert W. Dumas
President and CEO
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