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Securities

12 Months Ended

Dec. 31, 2024

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, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

147,272

​

$

—

​

$

(23,498)

​

$

123,774

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,297,543

​

​

—

​

​

(241,204)

​

​

1,056,339

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

411,721

​

​

—

​

​

(72,057)

​

​

339,664

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

348,338

​

​

—

​

​

(72,391)

​

​

275,947

​

Small Business Administration loan-backed securities

​

​

49,796

​

​

—

​

​

(10,993)

​

​

38,803

​

​

​

$

2,254,670

​

$

—

​

$

(420,143)

​

$

1,834,527

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

197,267

​

$

—

​

$

(24,607)

​

$

172,660

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,438,102

​

​

—

​

​

(227,312)

​

​

1,210,790

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

444,883

​

​

—

​

​

(68,139)

​

​

376,744

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

354,055

​

​

—

​

​

(71,327)

​

​

282,728

​

Small Business Administration loan-backed securities

​

​

53,133

​

​

—

​

​

(11,319)

​

​

41,814

​

​

​

$

2,487,440

​

$

—

​

$

(402,704)

​

$

2,084,736

​

​

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, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

10,654

​

$

2

​

$

—

​

$

10,656

​

U.S. Government agencies

​

​

169,207

​

​

—

​

​

(18,789)

​

​

150,418

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

1,659,851

​

97

​

(282,423)

​

1,377,525

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

557,288

​

​

19

​

​

(98,212)

​

​

459,095

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,234,573

​

​

562

​

​

(194,580)

​

​

1,040,555

​

State and municipal obligations

​

1,117,330

​

2

​

(171,609)

​

945,723

​

Small Business Administration loan-backed securities

​

351,814

​

19

​

(41,721)

​

310,112

​

Corporate securities

​

​

28,499

​

​

—

​

​

(1,990)

​

​

26,509

​

​

​

$

5,129,216

​

$

701

​

$

(809,324)

​

$

4,320,593

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

74,720

​

$

—

​

$

(830)

​

$

73,890

​

U.S. Government agencies

​

​

246,089

​

​

—

​

​

(21,383)

​

​

224,706

​

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

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,822,104

​

294

​

(264,092)

​

1,558,306

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

626,735

​

​

—

​

​

(99,313)

​

​

527,422

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,217,125

​

​

1,516

​

​

(194,471)

​

​

1,024,170

​

State and municipal obligations

​

​

1,129,750

​

2

​

(152,291)

​

977,461

​

Small Business Administration loan-backed securities

​

413,950

​

86

​

(42,350)

​

371,686

​

Corporate securities

​

30,533

​

​

—

​

​

(3,786)

​

​

26,747

​

​

​

$

5,561,006

​

$

1,898

​

$

(778,516)

​

$

4,784,388

​

​

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

​

​	​	​	​	​
​	​	Carrying
(Dollars in thousands)		Value
December 31, 2024:	​	​	​	​
Federal Home Loan Bank stock	​	$	18,087	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other investment securities	​		51,702	​
​	​	$	223,613	​
December 31, 2023:	​	​	​	​
Federal Home Loan Bank stock	​	$	22,836	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other investment securities	​		15,383	​
​	​	$	192,043	​

​

The Company’s other investment securities consist of non-marketable equity and other 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, 2024, 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, 2024 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

$

14,365

​

$

14,296

$

86,024

$

85,664

​

Due after one year through five years

​

36,431

​

33,221

​

330,052

​

311,492

​

Due after five years through ten years

​

433,740

​

371,741

​

1,237,398

​

1,063,353

​

Due after ten years

​

1,770,134

​

1,415,269

​

3,475,742

​

2,860,084

​

​

​

$

2,254,670

​

$

1,834,527

​

$

5,129,216

​

$

4,320,593

​

​

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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
(Dollars in thousands)		2024			2023			2022
Securities Available for Sale:	​	​	​	​	​	​	​	​	​	​
Sale proceeds		$	1,950		$	129,614		$	482,028	​
Gross realized gains	​	​	—	​	​	1,335	​	​	103	​
Gross realized losses	​		(50)	​		(1,292)	​		(73)	​
Net realized (loss) gain	​	$	(50)	​	$	43	​	$	30	​

​

There were no sales of held to maturity securities for years ended December 31, 2024, 2023 or 2022.

​

The Company had 1,214 securities with gross unrealized losses at December 31, 2024. Information pertaining to securities with gross unrealized losses at December 31, 2024 and 2023, 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, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

—

​

$

—

​

$

23,498

​

$

123,774

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

241,204

​

​

1,056,339

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

72,057

​

339,664

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

72,391

​

​

275,947

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

10,993

​

​

38,803

​

​

​

$

—

​

$

—

​

$

420,143

​

$

1,834,527

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries (1)

​

$

—

​

$

—

​

$

—

​

$

—

​

U.S. Government agencies

​

​

—

​

​

—

​

​

18,789

​

​

150,418

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

294

​

​

14,341

​

​

282,129

​

​

1,350,268

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

98,212

​

454,908

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

792

​

​

53,342

​

​

193,788

​

​

918,338

​

State and municipal obligations

​

1,484

​

​

19,400

​

​

170,125

​

​

923,431

​

Small Business Administration loan-backed securities

​

24

​

​

6,747

​

​

41,697

​

​

289,786

​

Corporate securities

​

​

—

​

​

—

​

​

1,990

​

​

26,509

​

​

​

$

2,594

​

$

93,830

​

$

806,730

​

$

4,113,658

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

—

​

$

—

​

$

24,607

​

$

172,660

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

227,312

​

​

1,210,790

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

68,139

​

376,745

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

71,327

​

​

282,728

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

11,319

​

​

41,814

​

​

​

$

—

​

$

—

​

$

402,704

​

$

2,084,737

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

—

​

$

—

​

$

830

​

$

73,890

​

U.S. Government agencies

​

​

—

​

​

—

​

​

21,383

​

​

224,706

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

122

​

​

9,358

​

​

263,970

​

​

1,539,208

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

99,313

​

527,422

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

91

​

​

7,959

​

​

194,380

​

​

955,059

​

State and municipal obligations

​

​

177

​

​

6,340

​

​

152,114

​

​

967,305

​

Small Business Administration loan-backed securities

​

​

128

​

​

42,447

​

​

42,222

​

​

304,770

​

Corporate securities

​

18

​

​

480

​

​

3,768

​

​

26,267

​

​

​

$

536

​

$

66,584

​

$

777,980

​

$

4,618,627

​

(1) The U.S. Treasury securities in a continuous unrealized losses position for less than twelve months at December 31, 2024, had a combined gross unrealized loss total of less than $1,000.

Each quarter, management evaluates 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. 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. See Note 1—Summary of Significant Account Policies for further discussion.

​

​

At December 31, 2024, investment securities with a market value of $2.4 billion and a carrying 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 10—Other Borrowings, under the “Short-Term Borrowings”, “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). Of the $2.6 billion carrying value of investment securities pledged, $2.3 billion were pledged to secure public funds deposits, $193.7 million were pledged to secure FHLB advances, and $101.5 million were pledged to secure interest rate swap positions with correspondents. At December 31, 2023, investment securities with a market value of $3.0 billion and a carrying value of $3.2 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the $3.2 million carrying value of investment securities pledged, $2.4 billion were pledged to secure public funds deposits, $729.4 million were pledged to secure FHLB advances and $115.0 million were pledged to secure interest rate swap positions with correspondents.

Trading Securities

At December 31, 2024 and 2023, trading securities, at estimated fair value, were as follows:

​

​	​	​	​	​	​	​	​
​		December 31,		​	December 31,		​
(Dollars in thousands)		2024			2023		​
U.S. Government agencies	​	$	15,002	​	$	1,537	​
Residential mortgage pass-through securities issued or guaranteed by U.S.	​	​	​	​	​	​	​
government agencies or sponsored enterprises	​	​	14,803	​	​	14,461	​
Commercial mortgage-backed securities issued by U.S. government	​	​	​	​	​	​	​
agencies or sponsored enterprises	​	​	14,419	​	​	—	​
State and municipal obligations	​	​	35,896	​	​	14,620	​
Small Business Administration loan-backed securities	​	​	22,571	​	​	—	​
Other debt securities	​	​	241	​	​	703	​
​	​	$	102,932	​	$	31,321	​

​

Net gains (losses) on trading securities for the years ended December 31, 2024, 2023 and 2022 were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended								​
​	​	December 31,								​
(Dollars in thousands)	​	2024		​	2023		​	2022		​
Net gains (losses) on sales transaction	​	$	1,596	​	$	289	​	$	(1,326)	​
Net mark to mark (losses) gains	​	​	(583)	​	​	278	​	​	(237)	​
Net gains (losses) on trading securities	​	$	1,013	​	$	567	​	$	(1,563)	​

​

X

- References

No definition available.

+ Details

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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/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: 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 5: 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 6: 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 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

+ Details

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