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 $48.9 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 at December 31, 2011 and 2010 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 may be redeemed on or after December 31, 2008.

(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