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Long-term Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 |  | December 31, 2023
Subordinated notes: (1) |  |  |
3.875% Subordinated notes, net of unamortized debt issuance costs (2) | $ | 92,006 |  |  | $ | 93,877 |
Total Subordinated notes | 92,006 |  |  | 93,877 |
Trust preferred subordinated debentures: (3) |  |  |
Southside Statutory Trust III, net of unamortized debt issuance costs (4) | 20,581 |  |  | 20,578 |
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 | 60,273 |  |  | 60,270 |
Total Long-term debt | $ | 152,279 |  |  | $ | 154,147 |
(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 $994,000 at September 30, 2024 and $1.1 million at December 31, 2023. (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 $38,000 at September 30, 2024 and $41,000 at December 31, 2023.
Schedule of Subordinated Borrowing | As of September 30, 2024, 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 | September 4, 2003 |  | $ | 20,619 |  |  | Floating |  | 3 month SOFR + 3.20% |  | September 4, 2033
Southside Statutory Trust IV | August 8, 2007 |  | $ | 23,196 |  |  | Floating |  | 3 month SOFR + 1.56% |  | October 30, 2037
Southside Statutory Trust V | August 10, 2007 |  | $ | 12,887 |  |  | Floating |  | 3 month SOFR + 2.51% |  | September 15, 2037
Magnolia Trust Company I (2) | May 20, 2005 |  | $ | 3,609 |  |  | Floating |  | 3 month SOFR + 2.06% |  | November 23, 2035
(1)On April 4, 2024 and June 14, 2023, the Company repurchased $2.0 million and $5.0 million, respectively, of the $100 million fixed-to-floating rate subordinated notes that mature on November 15, 2030. (2)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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