XML 28 R13.htm IDEA: XBRL DOCUMENT v3.23.2

Investment Securities

6 Months Ended

Jun. 30, 2023

Investment Securities

Investment Securities

Note 5 — 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

June 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

197,265

​

$

—

​

$

(29,352)

​

$

167,913

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,514,472

​

​

—

​

​

(253,666)

​

​

1,260,806

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

460,574

​

​

—

​

​

(72,157)

​

​

388,417

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

357,815

​

​

—

​

​

(73,410)

​

​

284,405

​

Small Business Administration loan-backed securities

​

​

55,029

​

​

—

​

​

(12,056)

​

​

42,973

​

​

​

$

2,585,155

​

$

—

​

$

(440,641)

​

$

2,144,514

​

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

​

​

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

June 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

223,658

​

$

—

​

$

(3,745)

​

$

219,913

​

U.S. Government agencies

​

​

246,030

​

​

—

​

​

(27,685)

​

​

218,345

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

1,903,472

​

—

​

(299,102)

​

1,604,370

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

666,198

​

​

—

​

​

(106,422)

​

​

559,776

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,173,907

​

​

—

​

​

(211,413)

​

​

962,494

​

State and municipal obligations

​

1,135,189

​

3

​

(180,737)

​

954,455

​

Small Business Administration loan-backed securities

​

451,564

​

157

​

(47,162)

​

404,559

​

Corporate securities

​

​

30,558

​

​

—

​

​

(5,136)

​

​

25,422

​

​

​

$

5,830,576

​

$

160

​

$

(881,402)

​

$

4,949,334

​

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

​

​

During the six months ended June 30, 2023, there were gross gains of $1.3 million and gross losses of $1.3 million, a net gain of $45,000, realized from the sale of available for sale securities. There were no sales during the three months ended June 30, 2023. During the three and six months ended June 30, 2022, there were no realized gains or losses from the sale of available for sale securities. During the three months ended March 31, 2022, the Company sold securities totaling $414.4 million that were legacy Atlantic Capital securities. These securities were marked to fair value at merger and therefore resulted in no gain or loss on sale.

​

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

​

​	​	​	​	​
​	​	Carrying
(Dollars in thousands)		Value
June 30, 2023:	​	​	​	​
Federal Home Loan Bank stock	​	$	32,085	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other nonmarketable investment securities	​		10,819	​
​	​	$	196,728	​
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	​

​

Our 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 June 30, 2023, we determined that there was no impairment on other investment securities.

The amortized cost and fair value of debt securities at June 30, 2023, 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

$

50,000

​

$

48,185

$

231,970

$

228,385

​

Due after one year through five years

​

51,034

​

45,228

​

301,127

​

283,616

​

Due after five years through ten years

​

369,168

​

320,965

​

1,263,193

​

1,075,431

​

Due after ten years

​

2,114,953

​

1,730,136

​

4,034,286

​

3,361,902

​

​

​

$

2,585,155

​

$

2,144,514

​

$

5,830,576

​

$

4,949,334

​

​

​

Information pertaining to our securities with gross unrealized losses at June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than

​

Twelve Months

​

​

Twelve Months

​

or More

​

​

Gross Unrealized

​

Fair

​

Gross Unrealized

​

Fair

(Dollars in thousands)

Losses

Value

Losses

Value

June 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

—

​

$

—

​

$

29,352

​

$

167,913

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

253,666

​

​

1,260,806

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,549

​

44,665

​

70,608

​

343,752

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

73,410

​

​

284,405

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

12,056

​

​

42,973

​

​

​

$

1,549

​

$

44,665

​

$

439,092

​

$

2,099,849

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

—

​

$

—

​

$

3,745

​

$

219,913

​

U.S. Government agencies

​

​

560

​

​

24,440

​

​

27,126

​

​

193,905

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,252

​

​

29,385

​

​

297,850

​

​

1,574,985

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

3,230

​

53,808

​

103,192

​

505,968

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

7,479

​

​

71,072

​

​

203,933

​

​

891,422

​

State and municipal obligations

​

1,400

​

​

32,141

​

​

179,337

​

​

919,535

​

Small Business Administration loan-backed securities

​

240

​

​

93,998

​

​

46,922

​

​

283,088

​

Corporate securities

​

​

1,059

​

​

5,439

​

​

4,077

​

​

19,983

​

​

​

$

15,220

​

$

310,283

​

$

866,182

​

$

4,608,799

​

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

​

​

The Company’s evaluation methodology for securities impairment is disclosed in Note 3 — Securities, under “Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. All debt securities in an unrealized loss position as of June 30, 2023 continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary. 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 2 — Summary of Significant Accounting 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 June 30, 2023, investment securities with a market value of $2.6 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 21 — Short-Term Borrowings, under the “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). The carrying value total of $2.6 billion investment securities pledged was comprised of $1.8 billion pledged to secure public funds deposits, $716.3 million pledged to secure FHLB advances and $108.3 million pledged to secure interest rate swap positions with correspondents. At December 31, 2022, investment securities with a market value of $2.6 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. The total carrying value of $2.6 billion investment securities pledged was comprised of $1.9 billion pledged to secure public funds deposits, $596.1 million pledged to secure FHLB advances, and $114.9 million pledged to secure interest rate swap positions with correspondents.

​

At June 30, 2023 and December 31, 2022, trading securities, at estimated fair value, were as follows:

​

​	​	​	​	​	​	​	​
​		June 30,		​	December 31,		​
(Dollars in thousands)		2023			2022		​
U.S. Government agencies	​	$	11,049	​	$	11,190	​
Residential mortgage pass-through securities issued or guaranteed by U.S.	​	​	​	​	​	​	​
government agencies or sponsored enterprises	​	​	8,265	​	​	—	​
Other residential mortgage issued or guaranteed by U.S. government	​		​	​		​	​
agencies or sponsored enterprises	​		3,645	​		—	​
Commercial mortgage-backed securities issued by U.S. government	​	​	​	​	​	​	​
agencies or sponsored enterprises	​	​	11,705	​	​	4,589	​
State and municipal obligations	​	​	20,298	​	​	13,993	​
Other debt securities	​	​	1,618	​	​	1,491	​
​	​	$	56,580	​	$	31,263	​

​

Net losses on trading securities for the three and six months ended June 30, 2023 and 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

​

(Dollars in thousands)

2023

2022

​

2023

​

2022

​

Net gains (losses) on sales transaction

​

$

7

​

$

(380)

​

$

(40)

​

$

(1,620)

​

Net mark to mark losses

​

​

(195)

​

​

(458)

​

​

(201)

​

​

(2,434)

​

Net losses on trading securities

​

$

(188)

​

$

(838)

​

$

(241)

​

$

(4,054)

​

​

X

- References

No definition available.

+ Details

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

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

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

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//946-320/tableOfContent

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 940
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