Formatting of snmptrapd received traps in log file.

Snmptrapd does not seem to be respecting the format1 and format2 lines
that I have inserted into /etc/snmp/snmptrapd.conf. Some info:

Net-SNMP versions tried - 5.4.1 and 5.2.3 (5.2.3 being Debian Etch default)
OS - Debian Etch (4.0)
snmptrapd arguments -

/usr/sbin/snmptrapd -p /var/run/snmptrapd.pid -M /usr/share/snmp/mibs -C -c\ /etc/snmp/snmptrapd.conf

Contents of snmptrapd.conf:

# start snmptrapd.conf
logOption f /var/log/snmptraps.log
format1 Trap from %B
format2 Trap from %B

authCommunity log,execute,net the_community
# end snmptrapd.conf

Basically, snmptrapd is logging using the seemingly default format.
For, example, here is a trap received when restart snmpd on a server:

10.31.5.44: Cold Start Trap (0) Uptime: 0:00:00.06
server.example.com [UDP: [10.31.0.123]:47185]: Trap ,
DISMAN-EVENT-MIB::sysUpTimeInstance = Timeticks: (6) 0:00:00.06,
SNMPv2-MIB::snmpTrapOID.0 = OID: SNMPv2-MIB::coldStart,
SNMPv2-MIB::snmpTrapEnterprise.0 = OID:
NET-SNMP-MIB::netSnmpAgentOIDs.10

But what I would expect to see given the config file is:

Trap from server.example.com