Long-term Debt
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Dec. 31, 2014
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Long-term Debt Text Block | NOTE 11: LONG-TERM DEBT At December 31, 2014 and 2013, the composition of long-term debt is presented below.
The Bank had $5.0 million of FHLB advances with original maturities greater than one year at both December 31, 2014 and 2013. Certain qualifying residential mortgage loans with an aggregate carrying value of $35.4 million at December 31, 2014, were pledged to secure long-term FHLB advances. Securities with an aggregate carrying value of $1.0 million and certain qualifying residential mortgage loans with an aggregate carrying value of $ $42.1 million at December 31, 2013, were pledged to secure long-term FHLB advances. 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:
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