XML 38 R21.htm IDEA: XBRL DOCUMENT v3.22.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Long-term debt consisted of the following (in thousands):
 December 31,Issue DateStated Maturity DateEarliest Call Date 
 20212020Interest Rate
Obligations of the Bank:
2026 subordinated debentures$— $15,000 201620262021
5.875% through August 2021, 3-month LIBOR plus 4.70% thereafter
— 15,000 
Obligations of the Holding Company:
2022 senior debentures— 50,000 201520222020
5.000% through August 2020, 3-month LIBOR plus 3.814% thereafter
2027 senior debentures35,000 35,000 201520272025
5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter
2030 senior debentures100,000 100,000 202020302025
5.00% through June 2025, 3-month SOFR plus 4.87% thereafter
Total senior debentures135,000 185,000 
2028 subordinated debentures100,000 100,000 201820282023
4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter
2025 subordinated debentures— 11,250 201520252020
6.250%
Total subordinated debentures100,000 111,250 
Southern Bancorp Capital Trust I— 4,382 200420342009
Prime + 1.00%
Tidelands Statutory Trust I8,248 8,248 200620362011
3-month LIBOR plus 1.38%
Four Oaks Statutory Trust I12,372 12,372 200620362011
3-month LIBOR plus 1.35%
Total trust preferred securities20,620 25,002 
Less net discount(8,260)(9,296)
Total long-term debt$247,360 $326,956 
 
Interest is currently paid at least semiannually for all senior and subordinated debentures, and trust preferred securities.