XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

Long-term Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
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, 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. 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. 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 -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration