Table of Contents Financial Section Auburn National Bancorporation, Inc. 2011 Annual Report BUSINESS INFORMATION  2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  3 – 22 FINANCIAL TABLES  23 – 32  MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING  33  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  34 AUDITED CONSOLIDATED FINANCIAL STATEMENTS: Consolidated Balance Sheets  35 Consolidated Statements of Earnings  36 Consolidated Statements of Stockholders’ Equity and Comprehensive Income  37 Consolidated Statements of Cash Flows  38 Notes to Consolidated Financial Statements  39 – 77  STOCK PERFORMANCE GRAPH  78 CORPORATE INFORMATION  Inside Back Cover