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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 September 30, 2023
 
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 November 1, 2023
 
Common stock, $1.00 par value – 44,895,158 shares


SANDY SPRING BANCORP, INC.
TABLE OF CONTENTS
Page
 
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
2

Part I
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED
 
 September 30,December 31,
(Dollars in thousands)20232022
Assets:  
Cash and due from banks$80,314 $88,152 
Federal funds sold251 193 
Interest-bearing deposits with banks637,026 103,887 
Cash and cash equivalents717,591 192,232 
Residential mortgage loans held for sale (at fair value)19,235 11,706 
Investments held-to-maturity, at cost (fair value of $194,411 and $220,123, respectively)
241,464 259,452 
Investments available-for-sale (at fair value)1,075,089 1,214,538 
Other investments, at cost75,525 69,218 
Total loans11,300,292 11,396,706 
Less: allowance for credit losses - loans(123,360)(136,242)
Net loans11,176,932 11,260,464 
Premises and equipment, net72,312 67,070 
Other real estate owned261 645 
Accrued interest receivable45,100 41,172 
Goodwill363,436 363,436 
Other intangible assets, net16,035 19,855 
Other assets332,105 333,331 
Total assets$14,135,085 $13,833,119 
Liabilities:
Noninterest-bearing deposits$3,013,905 $3,673,300 
Interest-bearing deposits8,137,107 7,280,121 
Total deposits11,151,012 10,953,421 
Securities sold under retail repurchase agreements 66,581 61,967 
Federal funds purchased— 260,000 
Federal Reserve Bank borrowings300,000 — 
Advances from FHLB550,000 550,000 
Subordinated debt370,653 370,205 
Total borrowings1,287,234 1,242,172 
Accrued interest payable and other liabilities158,925 153,758 
Total liabilities12,597,171 12,349,351 
Stockholders' equity:
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding
44,895,158 and 44,657,054 at September 30, 2023 and December 31, 2022, respectively
44,895 44,657 
Additional paid in capital740,999 734,273 
Retained earnings887,512 836,789 
Accumulated other comprehensive loss(135,492)(131,951)
Total stockholders' equity1,537,914 1,483,768 
Total liabilities and stockholders' equity$14,135,085 $13,833,119 

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 EndedNine Months Ended
 September 30,September 30,
(Dollars in thousands, except per share data)2023202220232022
Interest income:    
Interest and fees on loans$147,304 $121,327 $431,305 $327,042 
Interest on loans held for sale238 161 697 504 
Interest on deposits with banks6,371 774 13,979 1,245 
Interest and dividend income on investment securities:
Taxable6,682 5,735 20,538 14,472 
Tax-advantaged1,811 2,422 5,376 7,100 
Interest on federal funds sold5 3 13 4 
Total interest income162,411 130,422 471,908 350,367 
Interest expense:
Interest on deposits63,102 9,490 155,215 15,578 
Interest on retail repurchase agreements and federal funds purchased4,082 977 10,377 1,232 
Interest on advances from FHLB6,200 3,049 21,623 3,066 
Interest on subordinated debt3,946 3,946 11,839 10,130 
Total interest expense77,330 17,462 199,054 30,006 
Net interest income85,081 112,960 272,854 320,361 
Provision/ (credit) for credit losses2,365 18,890 (14,116)23,571 
Net interest income after provision/ (credit) for credit losses82,716 94,070 286,970 296,790 
Non-interest income:
Investment securities gains— 2 — 48 
Gain on disposal of assets— (183)— 16,516 
Service charges on deposit accounts2,704 2,591 7,698 7,384 
Mortgage banking activities1,682 1,566 4,744 5,347 
Wealth management income9,391 8,867 27,414 27,302 
Insurance agency commissions— — — 2,927 
Income from bank owned life insurance845 693 3,003 2,191 
Bank card fees450 438 1,315 3,916 
Other income2,319 2,908 6,344 7,091 
Total non-interest income17,391 16,882 50,518 72,722 
Non-interest expense:
Salaries and employee benefits44,853 40,126 124,710 119,049 
Occupancy expense of premises4,609 4,759 14,220 14,527 
Equipment expense3,811 3,825 11,688 10,920 
Marketing729 1,370 3,861 3,843 
Outside data services2,819 2,509 8,186 7,492 
FDIC insurance2,333 1,268 6,846 3,330 
Amortization of intangible assets1,245 1,432 3,820 4,406 
Merger, acquisition and disposal expense— 1 — 1,068 
Professional fees and services4,509 2,207 12,354 6,596 
Other expenses7,563 8,283 22,227 21,687 
Total non-interest expense72,471 65,780 207,912 192,918 
Income before income tax expense27,636 45,172 129,576 176,594 
Income tax expense6,890 11,588 32,832 44,275 
Net income$20,746 $33,584 $96,744 $132,319 
Per share information:
Basic net income per common share$0.46 $0.75 $2.16 $2.93 
Diluted net income per common share$0.46 $0.75 $2.15 $2.92 
Dividends declared per share$0.34 $0.34 $1.02 $1.02 

The accompanying notes are an integral part of these statements

4

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) – UNAUDITED
 
 Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Net income$20,746 $33,584 $96,744 $132,319 
Other comprehensive loss:
Investments available-for-sale:
Net change in unrealized losses on investments available-for-sale(23,730)(61,726)(16,555)(166,506)
Related income tax (expense)/ benefit5,873 15,551 4,045 42,409 
Net investment gains reclassified into earnings— (2)— (48)
Related income tax expense— — — 12 
Net effect on other comprehensive loss(17,857)(46,177)(12,510)(124,133)
Investments held-to-maturity:
Net change in unrealized gains/ (losses)451 613 1,314 (14,514)
Related income tax (expense)/ benefit(127)(181)(347)3,697 
Net effect on other comprehensive loss324 432 967 (10,817)
Defined benefit pension plan:
Net change in unrealized gains/ (losses)10,286 196 10,737 587 
Related income tax benefit(2,620)(68)(2,735)(168)
Net effect on other comprehensive loss7,666 128 8,002 419 
Total other comprehensive loss(9,867)(45,617)(3,541)(134,531)
Comprehensive income/ (loss)$10,879 $(12,033)$93,203 $(2,212)

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 July 1, 2023$44,862 $737,740 $882,055 $(125,625)$1,539,032 
Net income— — 20,746 — 20,746 
Other comprehensive loss, net of tax— — — (9,867)(9,867)
Total comprehensive income10,879 
Common stock dividends - $0.34 per share
— — (15,289)— (15,289)
Stock compensation expense— 2,762 — — 2,762 
Common stock issued pursuant to:
Stock option plan - 17,179 shares
17 171 — — 188 
Employee stock purchase plan - 15,610 shares
16 326 — — 342 
Balances at September 30, 2023$44,895 $740,999 $887,512 $(135,492)$1,537,914 
Balances at July 1, 2022$44,630 $730,285 $799,707 $(97,453)$1,477,169 
Net income— — 33,584 — 33,584 
Other comprehensive loss, net of tax— — — (45,617)(45,617)
Total comprehensive loss(12,033)
Common stock dividends - $0.34 per share
— — (15,242)— (15,242)
Stock compensation expense— 1,561 — — 1,561 
Common stock issued pursuant to:
Stock option plan - 2,342 shares
3 33 — — 36 
Employee stock purchase plan - 10,422 shares
10 397 — — 407 
Restricted stock vesting, net of tax withholding- 1,808 shares
1 (37)— — (36)
Balances at September 30, 2022$44,644 $732,239 $818,049 $(143,070)$1,451,862 

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, 2023$44,657 $734,273 $836,789 $(131,951)$1,483,768 
Net income— — 96,744 — 96,744 
Other comprehensive loss, net of tax— — — (3,541)(3,541)
Total comprehensive income93,203 
Common stock dividends - $1.02 per share
— — (46,021)— (46,021)
Stock compensation expense— 6,734 — — 6,734 
Common stock issued pursuant to:
Stock option plan - 58,100 shares
58 647 — — 705 
Employee stock purchase plan - 47,149 shares
47 1,139 — — 1,186 
Restricted stock vesting, net of tax withholding - 132,855
shares
133 (1,794)— — (1,661)
Balances at September 30, 2023$44,895 $740,999 $887,512 $(135,492)$1,537,914 
Balances at January 1, 2022$45,119 $751,072 $732,027 $(8,539)$1,519,679 
Net income— — 132,319 — 132,319 
Other comprehensive loss, net of tax— — — (134,531)(134,531)
Total comprehensive income(2,212)
Common stock dividends - $1.02 per share
— — (46,297)— (46,297)
Stock compensation expense— 6,211 — — 6,211 
Common stock issued pursuant to:
Stock option plan - 12,703 shares
13 263 — — 276 
Employee stock purchase plan - 32,627 shares
32 1,305 — — 1,337 
Restricted stock vesting, net of tax withholding - 105,719 shares
105 (2,250)— — (2,145)
Repurchase of common stock - 625,710 shares
(625)(24,362)— — (24,987)
Balances at September 30, 2022$44,644 $732,239 $818,049 $(143,070)$1,451,862 

The accompanying notes are an integral part of these statements

7

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
 Nine Months Ended September 30,
(Dollars in thousands)20232022
Operating activities:  
Net income$96,744 $132,319 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,316 8,926 
Provision/ (credit) for credit losses(14,116)23,571 
Share based compensation expense6,734 6,211 
Gain on disposal of assets— (16,516)
Deferred income tax/ (benefit)4,744 (6,493)
Originations of loans held for sale(296,913)(296,464)
Proceeds from sales of loans held for sale293,750 330,643 
Gains on sales of loans held for sale(4,366)(6,239)
(Gains)/ losses on sale of other real estate owned(96)24 
Investment securities gains— (48)
Tax (benefit)/ deficiency associated with share based compensation296 (632)
Net increase in accrued interest receivable(3,928)(2,725)
Net increase in other assets(10,062)(1,221)
Net increase in accrued expenses and other liabilities17,979 2,377 
Other, net66 (3,301)
Net cash provided by operating activities107,148 170,432 
Investing activities:
Purchases of other investments(6,305)(36,131)
Purchases of investments available-for-sale— (447,070)
Proceeds from sales of investment available-for-sale— 1,261 
Proceeds from maturities, calls and principal payments of investments available-for-sale120,520 196,121 
Proceeds from maturities, calls and principal payments of investments held-to-maturity19,052 25,149 
Net (increase)/ decrease in loans96,764 (1,244,402)
Proceeds from the sales of other real estate owned481 271 
Proceeds from sale of business activity, net— 23,821 
Expenditures for premises and equipment(9,914)(10,566)
Net cash provided by/ (used in) investing activities220,598 (1,491,546)
Financing activities:
Net increase in deposits198,632 126,348 
Net increase in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings44,614 65,201 
Proceeds from FHLB advances2,030,000 1,716,625 
Repayment of FHLB advances(2,030,000)(876,625)
Proceeds from issuance of subordinated debt— 200,000 
Proceeds from issuance of common stock2,051 1,783 
Stock tendered for payment of withholding taxes(1,821)(2,315)
Repurchase of common stock— (24,987)
Cash dividends paid(45,863)(46,128)
Net cash provided by financing activities197,613 1,159,902 
Net increase/ (decrease) in cash and cash equivalents525,359 (161,212)
Cash and cash equivalents at beginning of period192,232 420,020 
Cash and cash equivalents at end of period$717,591 $258,808 
Supplemental disclosures:
Interest payments$170,336 $27,631 
Income tax payments, net of refunds of $0 and $966 in 2023 and 2022, respectively
27,345 42,414 

The accompanying notes are an integral part of these statements

8

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
 

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Sandy Spring Bancorp, Inc. ("Bancorp" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, the Bank offers a broad range of commercial banking, retail banking, mortgage services and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. The Bank also offers a comprehensive menu of wealth management services through its subsidiaries, West Financial Services, Inc. (“West Financial”) and SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson, "RPJ”).
 
Basis of Presentation
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2023. In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods have been included. The Company has evaluated subsequent events through the date of the issuance of its financial statements.
 
These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2022 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 21, 2023. There have been no significant changes to any of the Company’s accounting policies as disclosed in the 2022 Annual Report on Form 10-K.
 
Principles of Consolidation
The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Sandy Spring Bank, and its subsidiaries. Consolidation has resulted in the elimination of all intercompany accounts and transactions.
 
Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, in addition to affecting the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require an allowance for credit losses, valuation of other real estate owned, valuation of share based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes, and the actuarial projections related to pension expense and the related liability.
 
Cash Flows
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less).
 
Revenue from Contracts with Customers
The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Codification (“ASC”) 606 – Revenue from Contracts with Customers. For revenue within the scope of ASC 606, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of this revenue recognition guidance.
 
West Financial and RPJ provide comprehensive investment management and financial planning services. Wealth management income is comprised of income for providing trust, estate and investment management services. Trust services include acting as
9

a trustee for corporate or personal trusts. Investment management services include investment management, record-keeping and reporting of security portfolios. Fees for these services are recognized based on a contractually-agreed fixed percentage applied to net assets under management at the end of each reporting period. The Company does not charge/recognize any performance-based fees.
 
Prior to the sale of its assets in June 2022, Sandy Spring Insurance Corporation performed the function of an insurance intermediary by introducing the policyholder and insurer and was compensated by a commission fee for placement of an insurance policy. Sandy Spring Insurance did not provide any captive management services or any claim handling services. Commission fees were set as a percentage of the premium for the insurance policy for which Sandy Spring Insurance was a producer. Sandy Spring Insurance recognized revenue when the insurance policy was contractually agreed to by the insurer and policyholder (at transaction date).
 
Service charges on deposit accounts are earned on depository accounts for consumer and commercial account holders and include fees for account and overdraft services. Account services include fees for event-driven services and periodic account maintenance activities. An obligation for event-driven services is satisfied at the time of the event when service is delivered and revenue recognized as earned. Obligation for maintenance activities is satisfied over the course of each month and revenue is recognized at month end. The overdraft services obligation is satisfied at the time of the overdraft and revenue is recognized as earned.
 
Loan Financing Receivables
The Company’s financing receivables consist primarily of loans that are stated at their principal balance outstanding, net of any unearned income, acquisition fair value marks and deferred loan origination fees and costs. Interest income on loans is accrued at the contractual rate based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method.

Loans are considered past due or delinquent when the principal or interest due in accordance with the contractual terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Immaterial shortfalls in payment amounts do not necessarily result in a loan being considered delinquent or past due. If any payments are past due and subsequent payments are resumed without payment of the delinquent amount, the loan shall continue to be considered past due. Whenever any loan is reported delinquent on a principal or interest payment or portion thereof, the amount reported as delinquent is the outstanding principal balance of the loan.

Loans, except for consumer installment loans, are placed into non-accrual status when any portion of the loan principal or interest becomes 90 days past due. Management may determine that certain circumstances warrant earlier discontinuance of interest accruals on specific loans if an evaluation of other relevant factors (such as bankruptcy, interruption of cash flows, etc.) indicates collection of amounts contractually due is unlikely. These loans are considered, collectively, to be non-performing loans. Consumer installment loans that are not secured by real estate are not placed on non-accrual, but are charged down to their net realizable value when they are four months past due. Loans designated as non-accrual have all previously accrued but unpaid interest reversed. Interest income is not recognized on non-accrual loans. All payments received on non-accrual loans are applied using a cost-recovery method to reduce the outstanding principal balance until the loan returns to accrual status. Loans may be returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.

On January 1, 2023, the Company adopted provisions of ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)", which eliminated accounting guidance for TDRs by creditors. Prior to the effective adoption date, the Company considered loans to be TDRs if their terms were restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provided a payment concession to a borrower experiencing financial difficulty. Loans could be removed from a TDR category if the borrower no longer experienced financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement were considered to be consistent with terms that could be obtained in the market for loans with comparable credit risk. Subsequent to the effective adoption date, the Company continues to offer modifications to certain borrowers experiencing financial difficulty, mainly in the form of interest rate concessions or term extensions, without classifying and accounting for them as TDRs.
 
Allowance for Credit Losses
The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, reflects the lifetime expected losses that may be sustained on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance is measured and recorded upon the initial recognition of
10

a financial asset. The allowance is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision or credit for credit losses, which is recorded as a current period expense.
 
Determination of the appropriateness of the allowance is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness of the allowance is reviewed periodically by the Risk Committee of the Board of Directors and formally approved quarterly by that same committee of the Board.

The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates; (2) collective qualitative factors that consider the expected impact of certain factors not fully captured in the collective quantified reserve, including concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administration, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations; and (3) individual allowances on collateral-dependent loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. The Company excludes accrued interest from the measurement of the allowance as the Company has a non-accrual policy to reverse any accrued, uncollected interest income as loans are moved to non-accrual status.

Loans are pooled into segments based on the similar risk characteristics of the underlying borrowers, in addition to consideration of collateral type, industry and business purpose of the loans. Portfolio segments used to estimate the allowance are the same as portfolio segments used for general credit risk management purposes. Refer to Note 4 for more details on the Company’s portfolio segments.

The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: discounted cash flows method and weighted average remaining life method. Allowance estimates on commercial acquisition, development and construction (“AD&C”) and residential construction segments are based on the weighted average remaining life method. Allowance estimates on all other portfolio segments are based on the discounted cash flows method. Segments utilizing the discounted cash flows method are further sub-segmented into risk level pools, determined either by risk rating for commercial loans or Beacon Scores ranges for residential and consumer loans. To better manage risk and reasonably determine the sufficiency of reserves, this segregation allows the Company to monitor the allowance component applicable to higher risk loans separate from the remainder of the portfolio. Collective calculation methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a two-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: unemployment rate, house price index and business bankruptcies. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience.

The individual reserve assessment is applied to collateral dependent loans where borrowers are experiencing financial difficulty or when the Company determines that a foreclosure is probable. The determination of the fair value of the collateral depends on whether a repayment of the loan is expected to be from the sale or the operation of the collateral. When a repayment is expected from the operation of the collateral, the Company uses the present value of expected cash flows from the operation of the collateral as the fair value. When the repayment of the loan is expected from the sale of the collateral the fair value of the collateral is based on an observable market price or the collateral’s appraised value, less estimated costs to sell. Third-party appraisals used in the individual reserve assessment are conducted at least annually with underlying assumptions that are reviewed by management. Third-party appraisals may be obtained on a more frequent basis if deemed necessary. Internal evaluations of collateral value are conducted quarterly to ensure any further deterioration of the collateral value is recognized on a timely basis. During the individual reserve assessment, management also considers the potential future changes in the value of the collateral over the remainder of the loan’s remaining life. The Company may receive updated appraisals which contradict the preliminary determination of fair value used to establish an individual allowance on a loan. In these instances the individual allowance is adjusted to reflect the Company’s evaluation of the updated appraised fair value. In the event a loss was previously confirmed and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of partially charged-off loans are not subsequently increased, but could be further decreased depending on the direction of the change in fair value. Payments on fully or partially charged-off loans are accounted for under the cost-recovery method. Under this method, all payments received are applied on a cash basis to reduce the entire outstanding principal balance, then to recognize a recovery of all previously charged-off amounts before any interest income may be recognized. Based on the individual reserve assessment, if the Company determines that the fair value of the collateral is less than the amortized cost basis of the loan, an individual allowance will be established measured as the difference between the fair value of the collateral
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(less costs to sell) and the amortized cost basis of the loan. Once a loss has been confirmed, the loan is charged-down to its estimated fair value.

Large groups of smaller non-accrual homogeneous loans are not individually evaluated for allowance and include residential permanent and construction mortgages and consumer installment loans. These portfolios are reserved for on a collective basis using historical loss rates of similar loans over the weighted average life of each pool.

Unfunded lending commitments are reviewed to determine if they are considered unconditionally cancellable. The Company establishes reserves for unfunded commitments that do not meet that criteria as a liability in the Condensed Consolidated Statements of Condition. Changes to the liability are recorded through the provision for credit losses in the Condensed Consolidated Statements of Income. The establishment of the reserves for unfunded commitments considers both the likelihood that the funding will occur and an estimate of the expected credit losses over the life of the respective commitments.

Management believes it uses relevant information available to make determinations about the allowance and reserve for unfunded commitments and that it has established the existing reserves in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers.
 
Held-to-maturity debt securities
Debt securities that are purchased with the positive intent and ability to be held until their maturity are classified as held-to-maturity (“HTM”). HTM debt securities are recorded at cost adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities from available-for-sale ("AFS") category to HTM category are made at fair value as of the transfer date. The unrealized gain or loss at the date of transfer continues to be reported in accumulated other comprehensive income and in the carrying amount of the HTM securities. Both amounts are amortized over the remaining life of the security as a yield adjustment in interest income and effectively offset each other.

Leases
The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Condensed Consolidated Statements of Income.
 
Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. Lease expense is recognized on a straight-line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately.
 
Segment Reporting
Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance. While the Company’s chief operating decision maker has some limited financial information about its various financial products and services, that information is not complete since it does not include a full allocation of revenue, costs, and capital from key corporate functions; therefore, the Company evaluates financial performance on the Company-wide basis. Management continues to evaluate these business units for separate reporting as facts and circumstances change.

Adopted Accounting Pronouncements
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)", which eliminated the accounting guidance on troubled debt restructurings (“TDR”) and amended the guidance on “vintage disclosures” to require
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disclosure of current period gross charge-offs by year of origination. The ASU also added enhanced disclosures for creditors with respect to loan refinancing and restructurings for borrowers experiencing financial difficulty. The objective of the disclosures was to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The Company fully adopted this update effective January 1, 2023 on a prospective basis. The adoption of this pronouncement did not have a material impact on the Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. This ASU provided temporary, optional
guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The standard was elective and provided optional expedients and exceptions for applying GAAP to contracts, hedging relationships, or other transactions that reference LIBOR, or another reference rate expected to be discontinued. The amendments in the update were effective for all entities between March 12, 2020 and December 31, 2022. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. The Company has not offered LIBOR for any new contracts since 2021. The Company has identified all known LIBOR exposures, created a plan to address the exposures, and continues to communicate with all stakeholders in order to facilitate the transition to an alternative reference rate. The adoption did not have a material impact on the Company’s Consolidated Financial Statements.
 
NOTE 2 – INVESTMENTS
Investments available-for-sale and held-to-maturity
The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at the dates indicated are presented in the following table:
 September 30, 2023December 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
U.S. treasuries and government agencies$101,488 $— $(6,643)$94,845 $100,926 $— $(7,304)$93,622 
State and municipal317,580 — (65,701)251,879 322,519 4 (56,526)265,997 
Mortgage-backed and asset-backed824,881 34 (96,550)728,365 943,398 73 (88,552)854,919 
Total available-for-sale debt securities$1,243,949 $34 $(168,894)$1,075,089 $1,366,843 $77 $(152,382)$1,214,538 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed241,464 — (47,053)194,411 259,452 — (39,329)220,123 
Total held-to-maturity debt securities$241,464 $— $(47,053)$194,411 $259,452 $— $(39,329)$220,123 
Total debt securities$1,485,413 $34 $(215,947)$1,269,500 $1,626,295 $77 $(191,711)$1,434,661 
 
Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at September 30, 2023 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at September 30, 2023. Unrealized losses on available-for-sale debt securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

All held-to-maturity investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The available-for-sale and held-to-maturity mortgage-backed securities portfolio at September 30, 2023 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($448.4 million), GNMA, FNMA or FHLMC mortgage-backed securities ($581.4 million) or SBA asset-backed securities ($36.5 million).
 
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Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following tables:
 September 30, 2023
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies10 $— $— $94,845 $6,643 $94,845 $6,643 
State and municipal127 5,682 210 240,478 65,491