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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2012
Variable interest entity [Abstract] |
Variable interest entity [Text Block] | NOTE 3: VARIABLE INTEREST ENTITIES The Company is involved in various entities that are considered to be variable inter est entities (“VIEs”), as defined by authoritative accounting literature. Generally, a VIE is a corporation, partnership, trust or other legal structure that does not have equity investors with substantive or proportional voting rights or has equity investors that do not provide sufficient financial resources for the entity to support its activities. At June 30, 2012, the Company did not have any consolidated VIEs to disclose but did have certain nonconsolidated VIEs, discussed below. Trust Preferred Securities The Company owns the common stock of a subsidiary business trust, Auburn National Bancorporation Capital Trust I, which issued mandatorily redeemable preferred capital securities (“trust preferred securities”) in the aggregate of approximately $7.0 million at the time of issuance. Th is trust meet s the definition of a VIE of which the Company is not the primary beneficiary; the trust's only assets are junior subordinated debentures issued by the Company, w hich were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures of approximately $7.2 million are included in long-term debt and the Company's equity interest in the business trust is included in other assets. Interest expense on the junior subordinated debentures is included in interest expense on long-term debt. For regulatory reporting and capital adequacy purposes, the Federal Reserve Board has proposed, as part of its Basel III capital rules, to phase out trust preferred securities as Tier 1 Capital over 10 years for institutions with total assets under $15 billion. The following table summarizes VIEs that are not consolidated by the Company as of June 30, 2012.
|  | Maximum |  |  | Liability |  |
(Dollars in thousands) |  | Loss Exposure |  |  | Recognized |  | Classification
Type: |  |  |  |  |  |  |
Trust preferred issuances |  | N/A |  |  | $ 7,217 |  | Long-term debt

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