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Securities

12 Months Ended

Dec. 31, 2022

Securities

Securities

​

​

Note 3—Securities

Investment Securities

The following is the amortized cost and fair value of investment securities held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

(Dollars in thousands)

Cost

Gains

Losses

Value

December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

197,262

​

$

—

​

$

(29,787)

​

$

167,475

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,591,646

​

​

—

​

​

(255,093)

​

​

1,336,553

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

474,660

​

​

—

​

​

(69,664)

​

​

404,996

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

362,586

​

​

—

​

​

(66,304)

​

​

296,282

​

Small Business Administration loan-backed securities

​

​

57,087

​

​

—

​

​

(12,225)

​

​

44,862

​

​

​

$

2,683,241

​

$

—

​

$

(433,073)

​

$

2,250,168

​

December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

112,913

​

$

—

​

$

(2,627)

​

$

110,286

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,120,104

​

​

14

​

​

(24,278)

​

​

1,095,840

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

174,178

​

​

—

​

​

(4,937)

​

​

169,241

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

350,116

​

​

304

​

​

(8,021)

​

​

342,399

​

Small Business Administration loan-backed securities

​

​

62,590

​

​

—

​

​

(2,292)

​

​

60,298

​

​

​

$

1,819,901

​

$

318

​

$

(42,155)

​

$

1,778,064

​

​

The following is the amortized cost and fair value of investment securities available for sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

(Dollars in thousands)

Cost

Gains

Losses

Value

December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

272,416

​

$

—

​

$

(6,778)

​

$

265,638

​

U.S. Government agencies

​

​

245,972

​

​

—

​

​

(26,884)

​

​

219,088

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

1,996,405

​

—

​

(298,052)

​

1,698,353

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

708,337

​

​

—

​

​

(107,292)

​

​

601,045

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,196,700

​

​

2,542

​

​

(198,844)

​

​

1,000,398

​

State and municipal obligations

​

1,269,525

​

1,210

​

(205,883)

​

1,064,852

​

Small Business Administration loan-backed securities

​

491,203

​

302

​

(46,695)

​

444,810

​

Corporate securities

​

​

35,583

​

​

—

​

​

(2,945)

​

​

32,638

​

​

​

$

6,216,141

​

$

4,054

​

$

(893,373)

​

$

5,326,822

​

December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

98,882

​

$

—

​

$

(1,765)

​

$

97,117

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,851,700

​

5,324

​

(25,985)

​

1,831,039

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

730,949

​

​

5,957

​

​

(10,911)

​

​

725,995

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,220,233

​

​

5,438

​

​

(18,430)

​

​

1,207,241

​

State and municipal obligations

​

​

798,211

​

16,697

​

(2,219)

​

812,689

​

Small Business Administration loan-backed securities

​

502,812

​

2,330

​

(4,479)

​

500,663

​

Corporate securities

​

18,509

​

​

234

​

​

(9)

​

​

18,734

​

​

​

$

5,221,296

​

$

35,980

​

$

(63,798)

​

$

5,193,478

​

​

The following is the amortized cost and carrying value of other investment securities:

​

​	​	​	​	​
​	​	Carrying
(Dollars in thousands)		Value
December 31, 2022:	​	​	​	​
Federal Home Loan Bank stock	​	$	15,085	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other nonmarketable investment securities	​		10,808	​
​	​	$	179,717	​
December 31, 2021:	​	​	​	​
Federal Home Loan Bank stock	​	$	16,283	​
Federal Reserve Bank stock	​	​	129,716	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other nonmarketable investment securities	​		11,006	​
​	​	$	160,568	​

​

The Company’s other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of December 31, 2022, the Company has determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt and equity securities at December 31, 2022 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities

​

Securities

​

​

Held to Maturity

​

Available for Sale

​

​

Amortized

​

Fair

​

Amortized

​

Fair

(Dollars in thousands)

Cost

Value

Cost

Value

Due in one year or less

$

—

​

$

—

$

205,822

$

201,700

​

Due after one year through five years

​

101,112

​

93,106

​

387,280

​

369,174

​

Due after five years through ten years

​

370,429

​

327,045

​

1,144,740

​

998,177

​

Due after ten years

​

2,211,700

​

1,830,017

​

4,478,299

​

3,757,771

​

​

​

$

2,683,241

​

$

2,250,168

​

$

6,216,141

​

$

5,326,822

​

​

The following table summarizes information with respect to sales of available for sale securities:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
(Dollars in thousands)		2022			2021			2020
Securities Available for Sale:	​	​	​	​	​	​	​	​	​	​
Sale proceeds		$	482,028		$	151,314		$	100,754	​
Gross realized gains	​	​	103	​	​	750	​	​	662	​
Gross realized losses	​		(73)	​		(648)	​		(612)	​
Net realized gain	​	$	30	​	$	102	​	$	50	​

​

There was a net realized gain of $30,000 on the sale of securities for the year ended December 31, 2022, compared to a net gain of $102,000 and $50,000 for the years ended December 31, 2021 and December 31, 2020, respectively.

​

There were no sales of held to maturity securities for years ended December 31, 2022, 2021 or 2020.

​

​

The Company had 1,311 securities with gross unrealized losses at December 31, 2022. Information pertaining to securities with gross unrealized losses at December 31, 2022 and 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than

​

Twelve Months

​

​

Twelve Months

​

or More

​

​

Gross Unrealized

​

Fair

​

Gross Unrealized

​

Fair

(Dollars in thousands)

Losses

Value

Losses

Value

December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

5,514

​

$

78,833

​

$

24,273

​

$

88,642

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

65,181

​

​

513,086

​

​

189,912

​

​

823,467

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

30,284

​

277,868

​

39,380

​

127,128

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

14,318

​

​

82,895

​

​

51,986

​

​

213,387

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

12,225

​

​

44,862

​

​

​

$

115,297

​

$

952,682

​

$

317,776

​

$

1,297,486

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

6,778

​

$

265,638

​

$

—

​

$

—

​

U.S. Government agencies

​

​

8,193

​

​

138,807

​

​

18,691

​

​

80,281

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

42,767

​

​

459,773

​

​

255,285

​

​

1,238,580

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

21,450

​

274,082

​

85,842

​

326,963

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

17,156

​

​

206,228

​

​

181,688

​

​

767,002

​

State and municipal obligations

​

97,084

​

​

616,631

​

​

108,799

​

​

391,848

​

Small Business Administration loan-backed securities

​

2,152

​

​

92,535

​

​

44,543

​

​

264,933

​

Corporate securities

​

​

2,209

​

​

28,374

​

​

736

​

​

4,264

​

​

​

$

197,789

​

$

2,082,068

​

$

695,584

​

$

3,073,871

​

December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

1,745

​

$

86,168

​

$

882

​

$

24,118

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

18,768

​

​

868,327

​

​

5,510

​

​

184,819

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

4,937

​

169,240

​

—

​

—

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

4,902

​

​

154,963

​

​

3,119

​

​

75,450

​

Small Business Administration loan-backed securities

​

​

1,281

​

​

37,408

​

​

1,011

​

​

22,890

​

​

​

$

31,633

​

$

1,316,106

​

$

10,522

​

$

307,277

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

529

​

$

73,353

​

$

1,236

​

$

23,763

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

17,381

​

​

1,274,934

​

​

8,604

​

​

221,435

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

10,911

​

432,300

​

—

​

—

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

13,120

​

​

846,581

​

​

5,310

​

​

98,106

​

State and municipal obligations

​

​

1,867

​

​

123,987

​

​

352

​

​

8,579

​

Small Business Administration loan-backed securities

​

​

2,720

​

​

179,168

​

​

1,759

​

​

110,309

​

Corporate securities

​

9

​

​

4,991

​

​

—

​

​

—

​

​

​

$

46,537

​

$

2,935,314

​

$

17,261

​

$

462,192

​

​

Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third-party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the

issuer’s anticipated ability to pay the contractual cash flows of the investments. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. Treasury Securities, Agency-Backed Securities including securities issued by Ginnie Mae, Fannie Mae, FHLB, FFCB and SBA. All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal securities and all other securities that do not have a zero expected credit loss are evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. All debt securities in an unrealized loss position as of December 31, 2022 continue to perform as scheduled and we do not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that we will be required to sell the debt securities. See Note 1—Summary of Significant Account Policies for further discussion.

Management continues to monitor all of our securities with a high degree of scrutiny. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.

At December 31, 2022 and 2021, investment securities with a carrying value of $2.6 billion and $2.1 billion, respectively, were pledged to secure public funds deposits and for other purposes required and permitted by law. At December 31, 2022 and 2021, the carrying amount of the securities pledged to collateralize repurchase agreements was $443.2 million and $471.3 million, respectively.

Trading Securities

At December 31, 2022 and 2021, trading securities, at estimated fair value, were as follows:

​

​	​	​	​	​	​	​	​
​		December 31,		​	December 31,		​
(Dollars in thousands)		2022			2021		​
U.S. Government agencies	​	$	11,190	​	$	5,154	​
Residential mortgage pass-through securities issued or guaranteed by U.S.	​	​	​	​	​	​	​
government agencies or sponsored enterprises	​	​	—	​	​	6,853	​
Other residential mortgage issued or guaranteed by U.S. government	​		​	​		​	​
agencies or sponsored enterprises	​		—	​		12,315	​
Commercial mortgage-backed securities issued by U.S. government	​	​	​	​	​	​	​
agencies or sponsored enterprises	​	​	4,589	​	​	29,667	​
State and municipal obligations	​	​	13,993	​	​	20,798	​
Other debt securities	​	​	1,491	​	​	2,902	​
​	​	$	31,263	​	$	77,689	​

​

Net (losses) gains on trading securities for the years ended December 31, 2022, 2021 and 2020 were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
(Dollars in thousands)	​	2022		​	2021		​	2020		​
Net (losses) gains on sales transaction	​	$	(1,326)	​	$	1,326	​	$	1,184	​
Net mark to mark losses	​	​	(237)	​	​	(273)	​	​	(57)	​
Net (losses) gains on trading securities	​	$	(1,563)	​	$	1,053	​	$	1,127	​

​

X

- References

No definition available.

+ Details

Name:	ssb_InvestmentSecuritiesDisclosureAbstract
Namespace Prefix:	ssb_
Data Type:	xbrli:stringItemType
Balance Type:	na
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X

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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