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Long-term Debt
 12 Months Ended
Dec. 31, 2013
Long-term debt:  
Long-term Debt Text Block

NOTE 11: LONG-TERM DEBT

At December 31, 2013 and 2012, the composition of long-term debt is presented below.

20132012
WeightedWeighted
(Dollars in thousands)AmountAvg. RateAmountAvg. Rate
FHLB advances, due 2014 to 2018$5,0003.59%$25,0003.42%
Securities sold under agreements to repurchase, due 2017 — —15,0004.21
Subordinated debentures, due 20337,2173.387,2173.38
Total long-term debt$12,2173.47%$47,2173.66%

The Bank had $5.0 million and $25.0 million of FHLB advances with original maturities greater than one year at December 31, 2013 and 2012, respectively. Securities with an aggregate carrying value of $1.0 million and $1.5 million and certain qualifying residential mortgage loans with an aggregate carrying value of $42.1 million and $45.5 million at December 31, 2013 and 2012, respectively, were pledged to secure long-term FHLB advances.

The Bank had no securities sold under agreements to repurchase with an original maturity greater than one year at December 31, 2013 and $15.0 million in securities sold under agreements to repurchase with an original maturity greater than one year at December 31, 2012. Securities with an aggregate carrying value of $19.0 million at December 31, 2012 were pledged to secure long-term securities sold under agreements to repurchase.

The Company formed Auburn National Bancorporation 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 have been redeemable since December 31, 2008.

The following is a schedule of contractual maturities of long-term debt:

(Dollars in thousands)20142015201620172018ThereafterTotal
FHLB advances $ — — — —5,000 —5,000
Subordinated debentures — — — — —7,2177,217
Total long-term debt$ — — — —5,0007,21712,217