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Long-term Debt (Tables)
3 Months Ended
Mar. 31, 2021
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):    
March 31, 2021December 31, 2020
Subordinated notes: (1)
3.875% Subordinated notes, net of unamortized debt issuance costs (2)
$98,469 $98,497 
5.50% Subordinated notes, net of unamortized debt issuance costs (3)
98,799 98,754 
Total Subordinated notes197,268 197,251 
Trust preferred subordinated debentures: (4)
Southside Statutory Trust III, net of unamortized debt issuance costs (5)
20,564 20,563 
Southside Statutory Trust IV23,196 23,196 
Southside Statutory Trust V12,887 12,887 
Magnolia Trust Company I3,609 3,609 
Total Trust preferred subordinated debentures60,256 60,255 
Total Long-term debt$257,524 $257,506 

(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 $1.5 million at March 31, 2021 and December 31, 2020.
(3)The unamortized discount and debt issuance costs reflected in the carrying amount of the subordinated notes totaled approximately $1.2 million at March 31, 2021 and December 31, 2020.
(4)This debt consists of trust preferred securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations.
(5)The unamortized debt issuance costs reflected in the carrying amount of the Southside Statutory Trust III junior subordinated debentures totaled $55,000 at March 31, 2021 and $56,000 at December 31, 2020.
Schedule of Subordinated Borrowing
As of March 31, 2021, the details of the subordinated notes and the trust preferred subordinated debentures are summarized below (dollars in thousands):
Date IssuedAmount IssuedFixed or Floating RateInterest RateMaturity Date
3.875% Subordinated Notes
November 6, 2020$100,000 Fixed-to-Floating3.875%November 15, 2030
5.50% Subordinated Notes
September 19, 2016$100,000 Fixed-to-Floating5.50%September 30, 2026
Southside Statutory Trust IIISeptember 4, 2003$20,619 Floating
3 month LIBOR + 2.94%
September 4, 2033
Southside Statutory Trust IVAugust 8, 2007$23,196 Floating
3 month LIBOR + 1.30%
October 30, 2037
Southside Statutory Trust VAugust 10, 2007$12,887 Floating
3 month LIBOR + 2.25%
September 15, 2037
Magnolia Trust Company I (1)
October 10, 2007$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.