Audited Financial Statements NOTE 10: SHORT-TERM BORROWINGS At December 31, 2011, 2010 and 2009, the composition of short-term borrowings is presented below.  2011 2010 2009 Weighted Weighted Weighted (Dollars in thousands) Amount Avg. Rate Amount Avg. Rate Amount Avg. Rate Federal funds purchased: As of December 31 $ — — $ — — $ 12,450 0.93 Average during the year 6 1.00 % 1,125 0.94 % 498 0.88 % Maximum outstanding at any month-end — — 12,450 Securities sold under  agreements to repurchase: As of December 31 $ 2,805 0.50 % $ 2,685 0.50 % $ 3,510 0.50 % Average during the year 2,416 2,404 10,292 Maximum outstanding at any month-end 2,936 2,858 15,224 Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The  Bank had available federal fund lines totaling $40.0 million with none outstanding at December 31, 2011. Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year  collateralized by a portion of the Company’s securities portfolio. Securities with an aggregate carrying value of $4.3 million  and $5.0 million at December 31, 2011 and 2010, respectively, were pledged to secure securities sold under agreements to  repurchase. At December 31, 2011 and 2010, the composition of long-term debt is presented below.  NOTE 11: LONG-TERM DEBT 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. page 63