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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended June 30, 2022
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                         to ____________
 
Commission File Number: 0-19065
 
 
 
 
 
SANDY SPRING BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Maryland 52-1532952
(State of incorporation) (I.R.S. Employer Identification Number)
 
17801 Georgia Avenue, Olney, Maryland
 20832
(Address of principal executive office) (Zip Code)
 
301-774-6400
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareSASRThe NASDAQ Stock Market, LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.
Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company  Emerging growth company  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes No
The number of outstanding shares of common stock as of August 3, 2022
 
Common stock, $1.00 par value – 44,644,269 shares



SANDY SPRING BANCORP, INC.
TABLE OF CONTENTS
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2


Part I
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED
 
 June 30,December 31,
(Dollars in thousands)20222021
Assets:  
Cash and due from banks$84,215 $65,630 
Federal funds sold291 312 
Interest-bearing deposits with banks136,773 354,078 
Cash and cash equivalents221,279 420,020 
Residential mortgage loans held for sale (at fair value)23,610 39,409 
Investments held-to-maturity, at cost (fair value of $250,915)
274,337  
Investments available-for-sale (at fair value)1,268,823 1,465,896 
Other investments, at cost52,264 41,166 
Total loans10,786,290 9,967,091 
Less: allowance for credit losses(113,670)(109,145)
Net loans10,672,620 9,857,946 
Premises and equipment, net63,243 59,685 
Other real estate owned739 1,034 
Accrued interest receivable33,459 34,349 
Goodwill363,436 370,223 
Other intangible assets, net22,694 25,920 
Other assets306,505 275,078 
Total assets$13,303,009 $12,590,726 
Liabilities:
Noninterest-bearing deposits$4,129,440 $3,779,630 
Interest-bearing deposits6,840,021 6,845,101 
Total deposits10,969,461 10,624,731 
Securities sold under retail repurchase agreements and federal funds purchased185,744 141,086 
Advances from FHLB175,000  
Subordinated debt369,906 172,712 
Total borrowings730,650 313,798 
Accrued interest payable and other liabilities125,729 132,518 
Total liabilities11,825,840 11,071,047 
Stockholders' equity:
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding
44,629,697 and 45,118,930 at June 30, 2022 and December 31, 2021, respectively
44,630 45,119 
Additional paid in capital730,285 751,072 
Retained earnings799,707 732,027 
Accumulated other comprehensive loss(97,453)(8,539)
Total stockholders' equity1,477,169 1,519,679 
Total liabilities and stockholders' equity$13,303,009 $12,590,726 

The accompanying notes are an integral part of these statements

3


SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
 Three Months EndedSix Months Ended
 June 30,June 30,
(Dollars in thousands, except per share data)2022202120222021
Interest income:    
Interest and fees on loans$106,221 $107,751 $205,715 $215,179 
Interest on loans held for sale145 549 343 1,086 
Interest on deposits with banks358 47 471 93 
Interest and dividends on investment securities:
Taxable4,630 4,373 8,737 8,272 
Tax-advantaged2,554 2,103 4,678 4,454 
Interest on federal funds sold1  1  
Total interest income113,909 114,823 219,945 229,084 
Interest expense:
Interest on deposits3,795 3,851 6,088 8,681 
Interest on retail repurchase agreements and federal funds purchased201 43 255 96 
Interest on advances from FHLB17 373 17 2,649 
Interest on subordinated debt3,946 2,510 6,184 5,012 
Total interest expense7,959 6,777 12,544 16,438 
Net interest income105,950 108,046 207,401 212,646 
Provision/ (credit) for credit losses3,046 (4,204)4,681 (38,912)
Net interest income after provision/ (credit) for credit losses102,904 112,250 202,720 251,558 
Non-interest income:
Investment securities gains38 71 46 129 
Gain on disposal of assets16,699  16,699  
Service charges on deposit accounts2,467 1,976 4,793 3,828 
Mortgage banking activities1,483 5,776 3,781 15,945 
Wealth management income9,098 9,121 18,435 17,851 
Insurance agency commissions812 1,247 2,927 3,400 
Income from bank owned life insurance703 705 1,498 1,385 
Bank card fees1,810 1,785 3,478 3,303 
Other income2,135 5,578 4,183 9,284 
Total non-interest income35,245 26,259 55,840 55,125 
Non-interest expense:
Salaries and employee benefits39,550 38,990 78,923 75,642 
Occupancy expense of premises4,734 5,497 9,768 10,984 
Equipment expense3,559 3,020 7,095 6,242 
Marketing1,280 1,052 2,473 2,264 
Outside data services2,564 2,260 4,983 4,543 
FDIC insurance1,078 1,450 2,062 2,942 
Amortization of intangible assets1,466 1,659 2,974 3,356 
Merger, acquisition and disposal expense1,067  1,067 45 
Professional fees and services2,372 3,165 4,389 4,896 
Other expenses7,321 5,882 13,404 20,234 
Total non-interest expense64,991 62,975 127,138 131,148 
Income before income tax expense73,158 75,534 131,422 175,535 
Income tax expense18,358 18,271 32,687 42,808 
Net income$54,800 $57,263 $98,735 $132,727 
Per share information:
Basic net income per common share$1.21 $1.20 $2.18 $2.79 
Diluted net income per common share$1.21 $1.19 $2.17 $2.77 
Dividends declared per share$0.34 $0.32 $0.68 $0.64 

The accompanying notes are an integral part of these statements

4


SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – UNAUDITED
 
 Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2022202120222021
Net income$54,800 $57,263 $98,735 $132,727 
Other comprehensive income/ (loss):
Investments available-for-sale:
Net change in unrealized gains/ (losses) on investments available-for-sale(38,857)9,889 (104,780)(18,966)
Related income tax expense/ (benefit)9,961 (2,519)26,858 4,858 
Net investment gains reclassified into earnings(38)(71)(46)(129)
Related income tax expense10 18 12 33 
Net effect on other comprehensive income/ (loss)(28,924)7,317 (77,956)(14,204)
Investments held-to-maturity:
Net change in unrealized loss802  (15,127) 
Related income tax expense/ (benefit)(205) 3,878  
Net effect on other comprehensive income/ (loss)597  (11,249) 
Defined benefit pension plan:
Net change of unrealized loss 195 227 391 454 
Related income tax benefit(50)(58)(100)(121)
Net effect on other comprehensive income/ (loss)145 169 291 333 
Total other comprehensive income/ (loss)(28,182)7,486 (88,914)(13,871)
Comprehensive income$26,618 $64,749 $9,821 $118,856 

The accompanying notes are an integral part of these statements

5


SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY – UNAUDITED
 
(Dollars in thousands, except per share data)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/ (Loss)
Total
Stockholders'
Equity
Balances at April 1, 2022$45,163 $752,671 $760,347 $(69,271)$1,488,910 
Net income  54,800  54,800 
Other comprehensive loss, net of tax   (28,182)(28,182)
Total other comprehensive income26,618 
Common stock dividends - $0.34 per share
  (15,440) (15,440)
Stock compensation expense 3,178   3,178 
Common stock issued pursuant to:
Stock option plan - 1,464 shares
1 44   45 
Employee stock purchase plan - 12,624 shares
12 482   494 
Restricted stock vesting, net of tax withholding - 78,411 shares
79 (1,728)  (1,649)
Repurchase of common stock - 625,710 shares
(625)(24,362)  (24,987)
Balances at June 30, 2022$44,630 $730,285 $799,707 $(97,453)$1,477,169 
Balances at April 1, 2021$47,187 $849,606 $617,553 $(2,652)$1,511,694 
Net income— — 57,263 — 57,263 
Other comprehensive income, net of tax— — — 7,486 7,486 
Total other comprehensive income64,749 
Common stock dividends - $0.32 per share
— — (15,238)— (15,238)
Stock compensation expense— 1,362 — — 1,362 
Common stock issued pursuant to:
Stock option plan - 38,158 shares
38 447 — — 485 
Employee stock purchase plan - 17,258 shares
18 543 — — 561 
Restricted stock vesting, net of tax withholding- 70,177 shares
70 (1,403)— — (1,333)
Balances at June 30, 2021$47,313 $850,555 $659,578 $4,834 $1,562,280 

The accompanying notes are an integral part of these statements

6


SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY – UNAUDITED

(Dollars in thousands, except per share data)Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/ (Loss)
Total
Stockholders'
Equity
Balances at January 1, 2022$45,119 $751,072 $732,027 $(8,539)$1,519,679 
Net income  98,735  98,735 
Other comprehensive loss, net of tax   (88,914)(88,914)
Total comprehensive income9,821 
Common stock dividends - $0.68 per share
  (31,055) (31,055)
Stock compensation expense 4,650   4,650 
Common stock issued pursuant to:
Stock option plan - 10,361 shares
10 230   240 
Employee stock purchase plan - 22,205 shares
22 908   930 
Restricted stock vesting, net of tax withholding - 103,911
shares
104 (2,213)  (2,109)
Repurchase of common stock - 625,710 shares
(625)(24,362)  (24,987)
Balances at June 30, 2022$44,630 $730,285 $799,707 $(97,453)$1,477,169 
Balances at January 1, 2021$47,057 $846,922 $557,271 $18,705 $1,469,955 
Net income— — 132,727 — 132,727 
Other comprehensive loss, net of tax— — — (13,871)(13,871)
Total comprehensive income118,856 
Common stock dividends - $0.64 per share
— — (30,420)— (30,420)
Stock compensation expense— 2,309 — — 2,309 
Common stock issued pursuant to:
Stock option plan - 140,523 shares
140 1,876 — — 2,016 
Employee stock purchase plan - 37,675 shares
38 1,064 — — 1,102 
Restricted stock vesting, net of tax withholding - 78,007 shares
78 (1,616)— — (1,538)
Balances at June 30, 2021$47,313 $850,555 $659,578 $4,834 $1,562,280 

The accompanying notes are an integral part of these statements

7


SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
 Six Months Ended June 30,
(Dollars in thousands)20222021
Operating activities: