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Long-term Debt | 12 Months Ended
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Dec. 31, 2017
Long-term debt: |
Long-term Debt Text Block | NOTE 11: LONG-TERM DEBT At December 31, 2017 and 2016, the composition of long-term debt is presented below.
|  |  | 2017 |  | 2016
|  |  |  |  |  | Weighted |  |  |  |  | Weighted
(Dollars in thousands) |  |  | Amount |  | Avg. Rate |  |  | Amount |  | Avg. Rate
Subordinated debentures, due 2033 |  | $ | 3,217 |  | 4.63 | % |  | $ | 3,217 |  | 3.88 | %
| Total long-term debt |  | $ | 3,217 |  | 4.63 | % |  | $ | 3,217 |  | 3.88 | %
The Company formed Auburn National Bancorporation Capital Trust I (the “Trust”), a wholly-owned statutory business trust, in 2003. The Trust issued $7.0 milli on 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 junior 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 have been redeemable sinc e December 31, 2008. In Oct ober 2016, the Company purchased $4.0 million par amount of outstanding trust preferred securities issued by the Trust. These securities were sold by the FDIC, as receiver of a failed bank that held the trust preferred securiti es. The Company used dividends from the Bank to purchase these trust preferred securities and has deemed an equivalent amount of the related subordinated debentures issued by the company as no longer outstanding. The Company realized a pre-tax gain o f $0.8 million on the early extinguishment of debt in this transaction. Following the transaction, the Company had outstanding $3.2 million in junior subordinated debentures held by the Trust related to the remaining $3.0 million of trust preferred securities outstanding and not purchased by the Company. The outstanding principal amount of debentures related to those tr ust preferred securities remains included in the Company’s Tier 1 c apital for regulatory purposes. The following is a schedule of contractual maturities of long-term debt:
(Dollars in thousands) |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
Subordinated debentures |  | — |  | — |  | — |  | — |  | — |  | 3,217 |  | 3,217
| Total long-term debt | $ | — |  | — |  | — |  | — |  | — |  | 3,217 |  | 3,217

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- Definition The entire disclosure for long-term debt. + References Reference 1: 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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