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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 class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock, par value $1.00 per share | SASR | The 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
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) | | 2022 | | 2021 |
Assets: | | | | |
Cash and due from banks | | $ | 84,215 | | | $ | 65,630 | |
Federal funds sold | | 291 | | | 312 | |
Interest-bearing deposits with banks | | 136,773 | | | 354,078 | |
Cash and cash equivalents | | 221,279 | | | 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 cost | | 52,264 | | | 41,166 | |
Total loans | | 10,786,290 | | | 9,967,091 | |
Less: allowance for credit losses | | (113,670) | | | (109,145) | |
Net loans | | 10,672,620 | | | 9,857,946 | |
Premises and equipment, net | | 63,243 | | | 59,685 | |
Other real estate owned | | 739 | | | 1,034 | |
Accrued interest receivable | | 33,459 | | | 34,349 | |
Goodwill | | 363,436 | | | 370,223 | |
Other intangible assets, net | | 22,694 | | | 25,920 | |
Other assets | | 306,505 | | | 275,078 | |
Total assets | | $ | 13,303,009 | | | $ | 12,590,726 | |
| | | | |
Liabilities: | | | | |
Noninterest-bearing deposits | | $ | 4,129,440 | | | $ | 3,779,630 | |
Interest-bearing deposits | | 6,840,021 | | | 6,845,101 | |
Total deposits | | 10,969,461 | | | 10,624,731 | |
Securities sold under retail repurchase agreements and federal funds purchased | | 185,744 | | | 141,086 | |
Advances from FHLB | | 175,000 | | | — | |
Subordinated debt | | 369,906 | | | 172,712 | |
Total borrowings | | 730,650 | | | 313,798 | |
Accrued interest payable and other liabilities | | 125,729 | | | 132,518 | |
Total liabilities | | 11,825,840 | | | 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 capital | | 730,285 | | | 751,072 | |
Retained earnings | | 799,707 | | | 732,027 | |
Accumulated other comprehensive loss | | (97,453) | | | (8,539) | |
Total stockholders' equity | | 1,477,169 | | | 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 Ended | | Six Months Ended |
| | June 30, | | June 30, |
(Dollars in thousands, except per share data) | | 2022 | | 2021 | | 2022 | | 2021 |
Interest income: | | | | | | | | |
Interest and fees on loans | | $ | 106,221 | | | $ | 107,751 | | | $ | 205,715 | | | $ | 215,179 | |
Interest on loans held for sale | | 145 | | | 549 | | | 343 | | | 1,086 | |
Interest on deposits with banks | | 358 | | | 47 | | | 471 | | | 93 | |
Interest and dividends on investment securities: | | | | | | | | |
Taxable | | 4,630 | | | 4,373 | | | 8,737 | | | 8,272 | |
Tax-advantaged | | 2,554 | | | 2,103 | | | 4,678 | | | 4,454 | |
Interest on federal funds sold | | 1 | | | — | | | 1 | | | — | |
Total interest income | | 113,909 | | | 114,823 | | | 219,945 | | | 229,084 | |
Interest expense: | | | | | | | | |
Interest on deposits | | 3,795 | | | 3,851 | | | 6,088 | | | 8,681 | |
Interest on retail repurchase agreements and federal funds purchased | | 201 | | | 43 | | | 255 | | | 96 | |
Interest on advances from FHLB | | 17 | | | 373 | | | 17 | | | 2,649 | |
Interest on subordinated debt | | 3,946 | | | 2,510 | | | 6,184 | | | 5,012 | |
Total interest expense | | 7,959 | | | 6,777 | | | 12,544 | | | 16,438 | |
Net interest income | | 105,950 | | | 108,046 | | | 207,401 | | | 212,646 | |
Provision/ (credit) for credit losses | | 3,046 | | | (4,204) | | | 4,681 | | | (38,912) | |
Net interest income after provision/ (credit) for credit losses | | 102,904 | | | 112,250 | | | 202,720 | | | 251,558 | |
Non-interest income: | | | | | | | | |
Investment securities gains | | 38 | | | 71 | | | 46 | | | 129 | |
Gain on disposal of assets | | 16,699 | | | — | | | 16,699 | | | — | |
Service charges on deposit accounts | | 2,467 | | | 1,976 | | | 4,793 | | | 3,828 | |
Mortgage banking activities | | 1,483 | | | 5,776 | | | 3,781 | | | 15,945 | |
Wealth management income | | 9,098 | | | 9,121 | | | 18,435 | | | 17,851 | |
Insurance agency commissions | | 812 | | | 1,247 | | | 2,927 | | | 3,400 | |
Income from bank owned life insurance | | 703 | | | 705 | | | 1,498 | | | 1,385 | |
Bank card fees | | 1,810 | | | 1,785 | | | 3,478 | | | 3,303 | |
Other income | | 2,135 | | | 5,578 | | | 4,183 | | | 9,284 | |
Total non-interest income | | 35,245 | | | 26,259 | | | 55,840 | | | 55,125 | |
Non-interest expense: | | | | | | | | |
Salaries and employee benefits | | 39,550 | | | 38,990 | | | 78,923 | | | 75,642 | |
Occupancy expense of premises | | 4,734 | | | 5,497 | | | 9,768 | | | 10,984 | |
Equipment expense | | 3,559 | | | 3,020 | | | 7,095 | | | 6,242 | |
Marketing | | 1,280 | | | 1,052 | | | 2,473 | | | 2,264 | |
Outside data services | | 2,564 | | | 2,260 | | | 4,983 | | | 4,543 | |
FDIC insurance | | 1,078 | | | 1,450 | | | 2,062 | | | 2,942 | |
Amortization of intangible assets | | 1,466 | | | 1,659 | | | 2,974 | | | 3,356 | |
Merger, acquisition and disposal expense | | 1,067 | | | — | | | 1,067 | | | 45 | |
Professional fees and services | | 2,372 | | | 3,165 | | | 4,389 | | | 4,896 | |
Other expenses | | 7,321 | | | 5,882 | | | 13,404 | | | 20,234 | |
Total non-interest expense | | 64,991 | | | 62,975 | | | 127,138 | | | 131,148 | |
Income before income tax expense | | 73,158 | | | 75,534 | | | 131,422 | | | 175,535 | |
Income tax expense | | 18,358 | | | 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 Ended | | Six Months Ended |
| | June 30, | | June 30, |
(In thousands) | | 2022 | | 2021 | | 2022 | | 2021 |
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 expense | | 10 | | | 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 loss | | 802 | | | — | | | (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 income | | | | | | | | | | 26,618 | | | |
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 income | | | | | | | | | | 64,749 | | | |
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 income | | | | | | | | | | 9,821 | |
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 income | | | | | | | | | | 118,856 | |
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) | | 2022 | | 2021 |
Operating activities: | | |