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Post-Retirement Benefits

12 Months Ended

Dec. 31, 2022

Post-Retirement Benefits

Post-Retirement Benefits

Note 18—Post-Retirement Benefits

At December 31, 2022, the Company and its subsidiary have two post-retirement health and life insurance benefit plans, SouthState Bank Retiree Medical Plan (the “retiree medical plan”) and the First Federal Retiree Welfare Plan (the “retiree welfare plan”).

Retiree Medical Plan

Under the retiree medical plan, post-retirement health and life insurance benefits are provided to eligible employees, such benefits being limited to those employees of the Company eligible for early retirement under the pension plan on or before December 31, 1993, and former employees who are currently receiving benefits. The plan was unfunded at December 31, 2022, and the liability for future benefits has been recorded in the Consolidated Balance Sheets.

The following sets forth the retiree medical plan’s funded status and amounts recognized in the Company’s accompanying Consolidated Balance Sheets:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)	​	2022		​	2021		​	2020
Change in benefit obligation:		​			​			​		​
Benefit obligation at beginning of year	​	$	195	​	$	209	​	$	254	​
Interest cost	​		4	​		3	​		6	​
Actuarial (gain) loss	​		(14)	​		11	​		(19)	​
Benefits paid	​		(28)	​		(28)	​		(32)	​
Benefit obligation at end of year	​		157	​		195	​		209	​
Change in plan assets:	​	​	​	​	​	​	​	​	​	​
Fair value of plan assets at beginning of year	​		—	​		—	​		—	​
Employer contribution	​		28	​		28	​		32	​
Benefits paid	​		(28)	​		(28)	​		(32)	​
Fair value of plan assets at end of year	​		—	​		—	​		—	​
Funded status	​	$	(157)	​	$	(195)	​	$	(209)	​

​

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost are as follows:

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2022	​	2021	​	2020
Weighted-average assumptions used to determine benefit obligation at December 31:							​
Discount rate		4.80	%	2.10	%	1.60	%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:	​	​	​	​	​	​	​
Discount rate		2.10	%	1.60	%	2.70	%
Assumed health care cost trend rates at December 31:	​	​	​	​	​	​	​
Health care cost trend rate assumed for next year		5.00	%	5.00	%	5.00	%

​

Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) income are as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2022		​	2021		​	2020
Interest cost		$	4		$	3		$	6	​
Recognized net actuarial loss	​		1	​		—	​		2	​
Net periodic benefit cost	​		5	​		3	​		8	​
Net (gain) loss	​		(14)	​		11	​		(19)	​
Amortization of loss	​		(1)	​		—	​		(2)	​
Total amount recognized in other comprehensive income	​		(15)	​		11	​		(21)	​
Total recognized in net periodic benefit cost and other comprehensive income	​	$	(10)	​	$	14	​	$	(13)	​

​

No estimated net gain/loss for the retiree welfare plan will be amortized from other comprehensive income into periodic benefit cost over the next fiscal year.

Estimated future benefit payments (including expected future service as appropriate):

​

​	​	​	​	​
(Dollars in thousands)			​
2023	​	$	26	​
2024	​		25	​
2025	​		22	​
2026	​		20	​
2027	​		18	​
2028-2032	​		59	​
​	​	$	170	​

​

The Company expects to contribute approximately $26,000 to the retiree medical plan in 2023.

Retiree Welfare Plan

Under the retiree welfare plan, post-retirement health and life insurance benefits are provided to eligible employees, such benefits being limited to retired First Financial Holdings, Inc. employees who are currently receiving benefits. The plan was unfunded at December 31, 2022, and the liability for future benefits has been recorded in the consolidated financial statements.

The following sets forth the retiree welfare plan’s funded status and amounts recognized in the Company’s accompanying Consolidated Balance Sheets:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,								​
(Dollars in thousands)		2022			2021			2020		​
Change in benefit obligation:	​	​	​	​	​	​	​	​	​	​
Benefit obligation at beginning of year	​	$	1,754	​	$	2,070	​	$	2,109	​
Interest cost	​	​	35	​		31	​		54	​
Actuarial loss	​	​	1,124	​		(110)	​		180	​
Benefits paid	​	​	(416)	​		(246)	​		(285)	​
Less: Federal subsidy on benefits paid	​	​	11	​		9	​		12	​
Benefit obligation at end of year	​	​	2,508	​		1,754	​		2,070	​
Change in plan assets:	​	​	​	​	​	​	​	​	​	​
Fair value of plan assets at beginning of year	​	​	—	​		—	​		—	​
Employer contribution	​	​	405	​		236	​		273	​
Participants’ contributions	​	​	11	​		10	​		12	​
Benefits paid	​	​	(416)	​		(246)	​		(285)	​
Fair value of plan assets at end of year	​	​	—	​		—	​		—	​
Funded status	​	$	(2,508)	​	$	(1,754)	​	$	(2,070)	​

​

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost are as follows:

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022		2021	​	2020	​
Weighted-average assumptions used to determine benefit obligation at December 31:	​	​	​	​	​	​	​
Discount rate	​	4.80	%	2.10	%	1.60	%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:	​	​	​	​	​	​	​
Discount rate	​	2.10	%	1.60	%	2.70	%
Assumed health care cost trend rates at December 31:	​	​	​	​	​	​	​
Health care cost trend rate assumed for next year	​	5.00	%	5.00	%	5.00	%

​

Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) income are as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2022			2021			2020
Interest cost	​	$	35	​	$	31	​	$	54	​
Recognized net actuarial loss	​	​	141	​		174	​		151	​
Net periodic benefit cost	​	​	176	​		205	​		205	​
Net (gain) loss	​	​	1,124	​		(110)	​		180	​
Amortization of loss	​	​	(141)	​		(174)	​		(151)	​
Total amount recognized in other comprehensive income	​	​	983	​		(284)	​		29	​
Total recognized in net periodic benefit cost and other comprehensive income	​	$	1,159	​	$	(79)	​	$	234	​

​

The estimated net loss for the retiree welfare plan that will be amortized from other comprehensive income into periodic benefit cost over the next fiscal year is $285,000.

Estimated future benefit payments (including expected future service as appropriate):

​

​	​	​	​	​
(Dollars in thousands)			​
2023	​	$	368	​
2024	​		345	​
2025	​		320	​
2026	​		294	​
2027	​		268	​
2028-2032	​		968	​
​	​	$	2,563	​

​

The Company expects to contribute approximately $368,000 to the retiree welfare plan in 2023.

X

- References

No definition available.

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- Definition

The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI https://asc.fasb.org/topic&trid=2197446

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