XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Long-term Debt | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Information related to our long-term debt is summarized as follows for the periods presented (in thousands):
| September 30, 2022 |  | December 31, 2021
Subordinated notes: (1) |  |  |
3.875% Subordinated notes, net of unamortized debt issuance costs (2) | $ | 98,639 |  |  | $ | 98,534 |
Total Subordinated notes | 98,639 |  |  | 98,534 |
Trust preferred subordinated debentures: (3) |  |  |
Southside Statutory Trust III, net of unamortized debt issuance costs (4) | 20,572 |  |  | 20,568 |
Southside Statutory Trust IV | 23,196 |  |  | 23,196 |
Southside Statutory Trust V | 12,887 |  |  | 12,887 |
Magnolia Trust Company I | 3,609 |  |  | 3,609 |
Total Trust preferred subordinated debentures | 60,264 |  |  | 60,260 |
Total Long-term debt | $ | 158,903 |  |  | $ | 158,794 |
(1)This debt consists of subordinated notes with a remaining maturity greater than one year that qualify under the risk-based capital guidelines as Tier 2 capital, subject to certain limitations. (2)The unamortized discount and debt issuance costs reflected in the carrying amount of the subordinated notes totaled approximately $1.4 million at September 30, 2022 and $1.5 million at December 31, 2021. (3)This debt consists of trust preferred securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations. (4)The unamortized debt issuance costs reflected in the carrying amount of the Southside Statutory Trust III junior subordinated debentures totaled $47,000 at September 30, 2022 and $51,000 at December 31, 2021. As of September 30, 2022, the details of the subordinated notes and the trust preferred subordinated debentures are summarized below (dollars in thousands):
| Date Issued |  | Amount Issued |  | Fixed or Floating Rate |  | Interest Rate |  | Maturity Date
3.875% Subordinated Notes | November 6, 2020 |  | $ | 100,000 |  |  | Fixed-to-Floating |  | 3.875% |  | November 15, 2030
Southside Statutory Trust III | September 4, 2003 |  | $ | 20,619 |  |  | Floating |  | 3 month LIBOR + 2.94% |  | September 4, 2033
Southside Statutory Trust IV | August 8, 2007 |  | $ | 23,196 |  |  | Floating |  | 3 month LIBOR + 1.30% |  | October 30, 2037
Southside Statutory Trust V | August 10, 2007 |  | $ | 12,887 |  |  | Floating |  | 3 month LIBOR + 2.25% |  | September 15, 2037
Magnolia Trust Company I (1) | May 20, 2005 |  | $ | 3,609 |  |  | Floating |  | 3 month LIBOR + 1.80% |  | November 23, 2035
(1)On October 10, 2007, as part of an acquisition we assumed $3.6 million of floating rate junior subordinated debentures issued in 2005 to Magnolia Trust Company I. On November 6, 2020, the Company issued $100.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes that mature on November 15, 2030. This debt initially bears interest at a fixed rate of 3.875% per year through November 14, 2025 and thereafter, adjusts quarterly at a floating rate equal to the then current three-month term SOFR, as published by the FRBNY, plus 366 basis points. The proceeds from the sale of the subordinated notes were used for general corporate purposes.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration