7. Long-term Obligations

Long-term obligations are summarized as follows (in thousands):

	March 31,		December 31,
	2011		2010
FHLB Advances (1)
Varying maturities to 2028	$	322,242	$	373,479

Long-term Debt (2)
Southside Statutory Trust III Due 2033 (3)		20,619		20,619
Southside Statutory Trust IV Due 2037 (4)		23,196		23,196
Southside Statutory Trust V Due 2037 (5)		12,887		12,887
Magnolia Trust Company I Due 2035 (6)		3,609		3,609
Total Long-term Debt		60,311		60,311
Total Long-term Obligations	$	382,553	$	433,790

(1)

At March 31, 2011, the weighted average cost of these advances was 3.60%.

(2)

This long-term debt consists of trust preferred securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations.

(3)

This debt carries an adjustable rate of 3.247% through June 29, 2011 and adjusts quarterly at a rate equal to three-month LIBOR plus 294 basis points.

(4)

This debt carries a fixed rate of 6.518% through October 30, 2012 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 130 basis points.

(5)

This debt carries a fixed rate of 7.48% through December 15, 2012 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 225 basis points.

(6)

This debt carries an adjustable rate of 2.1125% through May 22, 2011 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 180 basis points.

Beginning in September 2010 and continuing into the first quarter of 2011, we entered into the option to fund between one and a half and two years forward from the advance commitment date $200 million par in long-term advance commitments from the FHLB at the rates on the date the option was purchased. The fee, included in other assets in our consolidated balance sheet, will be amortized over the term of the advance when we exercise the advance commitments. Should we determine the advance commitments will not be exercised, or they are impaired, the fee will be expensed in the period determination is made.

Below is a table detailing the optional advance commitment terms (dollars in thousands):

Advance Commitment		Option Expiration Date	Advance Commitment Term at Exercise Date	Advance Commitment Rate			Option Fee Paid
$	25,000	09/20/12	36 months		1.325	%	$	1,105
	25,000	09/20/12	48 months		1.674	%		1,410
	20,000	10/09/12	36 months		1.153	%		789
	20,000	10/09/12	48 months		1.466	%		1,042
	20,000	10/09/12	60 months		1.807	%		1,216
	20,000	05/17/12	48 months		1.710	%		917
	20,000	05/17/12	60 months		2.085	%		1,102
	20,000	03/18/13	60 months		2.510	%		1,528
	15,000	03/18/13	36 months		1.622	%		828
	15,000	03/18/13	48 months		2.086	%		1,017
$	200,000						$	10,954