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Long-term Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Information related to our long-term debt is summarized as follows for the periods presented (in thousands):
| September 30, 2023 |  | December 31, 2022
Subordinated notes: (1) |  |  |
3.875% Subordinated notes, net of unamortized debt issuance costs (2) | $ | 93,838 |  |  | $ | 98,674 |
Total Subordinated notes | 93,838 |  |  | 98,674 |
Trust preferred subordinated debentures: (3) |  |  |
Southside Statutory Trust III, net of unamortized debt issuance costs (4) | 20,577 |  |  | 20,573 |
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 | 60,269 |  |  | 60,265 |
Total Long-term debt | $ | 154,107 |  |  | $ | 158,939 |
(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 $1.2 million at September 30, 2023 and $1.3 million at December 31, 2022. (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 $42,000 at September 30, 2023 and $46,000 at December 31, 2022.
Schedule of Subordinated Borrowing | As of September 30, 2023, 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 (1) | November 6, 2020 |  | $ | 100,000 |  |  | Fixed-to-Floating |  | 3.875% |  | November 15, 2030
Southside Statutory Trust III (2) | September 4, 2003 |  | $ | 20,619 |  |  | Floating |  | 3 month SOFR + 3.20% |  | September 4, 2033
Southside Statutory Trust IV (2) | August 8, 2007 |  | $ | 23,196 |  |  | Floating |  | 3 month SOFR + 1.56% |  | October 30, 2037
Southside Statutory Trust V (2) | August 10, 2007 |  | $ | 12,887 |  |  | Floating |  | 3 month SOFR + 2.51% |  | September 15, 2037
Magnolia Trust Company I (2) (3) | May 20, 2005 |  | $ | 3,609 |  |  | Floating |  | 3 month SOFR + 2.06% |  | November 23, 2035
(1)On June 14, 2023, the Company repurchased $5.0 million of the $100 million fixed-to-floating rate subordinated notes that mature on November 15, 2030. (2)Effective July 1, 2023, the Company began utilizing SOFR to reset rates on our floating rate trust preferred subordinated debentures, due to the fact that LIBOR ceased to be published as of June 30, 2023. (3)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.

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