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Long-term debt | 12 Months Ended
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Dec. 31, 2011
Long-term Debt [Abstract] |
Long Term Debt Text Block | NOTE 11: LONG-TERM DEBT At December 31, 2011 and 2010, the composition of long-term debt is presented below.
|  |  | 2011 |  | 2010
|  |  |  |  |  | Weighted |  |  |  |  | Weighted
(Dollars in thousands) |  |  | Amount |  | Avg. Rate |  |  | Amount |  | Avg. Rate
FHLB advances, due 2012 to 2018 |  | $ | 63,096 |  | 3.93 | % |  | $ | 71,114 |  | 3.88 | %
Securities sold under agreements to repurchase, due 2017 |  |  | 15,000 |  | 4.21 |  |  |  | 15,000 |  | 4.21 |
Subordinated debentures, due 2033 |  |  | 7,217 |  | 3.38 |  |  |  | 7,217 |  | 3.38 |
| Total long-term debt |  | $ | 85,313 |  | 3.93 | % |  | $ | 93,331 |  | 3.90 | %
The Bank had $63.1 million and $71.1 million of FHLB advances with original maturities greater than one year at December 31, 2011 and 2010, respectively. Securities with an aggregate carrying value of $33.0 million and $52.8 million and certain qualifying residential mortgage loans with an aggregate carrying value of $51.8 million and $4 8.9 million at December 31, 2011 and 2010, respectively, were pledged to secure long-term FHLB advances. The Bank had $15.0 million in securities sold under agreements to repurchase with an original maturity greater than one year at December 31, 2011 and 2010. Securities with an aggregate carrying value of $19.0 million a t December 31, 2011 and 2010 were pledged to secure long-term securities sold under agreements to repurchase. The Company formed Auburn National Bancorpo ration Capital Trust I, a wholly-owned statutory business trust, in 2003. The Trust issued $7.0 million of trust preferred securities that were sold to third parties. The proceeds from the sale of the trust preferred securities and trust common securities that we hold, were used to purchase subordinated debentures of $7.2 million from the Company, which are presented as long-term debt in the consolidated balance sheets and qualify for inclusion in Tier 1 capital for regulatory capital purposes, subject to certain limitations. The debentures mature on December 31, 2033 and may be redeemed on or after December 31, 2008. The following is a schedule of annual maturities of long-term debt:
(Dollars in thousands) |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | Thereafter |  | Total
FHLB advances | $ | 18 |  | 15,018 |  | 20,018 |  | 18,018 |  | 18 |  | 10,006 |  | 63,096
Securities sold under |  |  |  |  |  |  |  |  |  |  |  |  |  |
| agreements to repurchase |  | — |  | — |  | — |  | — |  | — |  | 15,000 |  | 15,000
Subordinated debentures |  | — |  | — |  | — |  | — |  | — |  | 7,217 |  | 7,217
| Total long-term debt | $ | 18 |  | 15,018 |  | 20,018 |  | 18,018 |  | 18 |  | 32,223 |  | 85,313

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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