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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, 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 November 2, 2022
 
Common stock, $1.00 par value – 44,644,269 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)20222021
Assets:  
Cash and due from banks$88,780 $65,630 
Federal funds sold213 312 
Interest-bearing deposits with banks169,815 354,078 
Cash and cash equivalents258,808 420,020 
Residential mortgage loans held for sale (at fair value)11,469 39,409 
Investments held-to-maturity, at cost (fair value of $226,030)
265,648  
Investments available-for-sale (at fair value)1,244,335 1,465,896 
Other investments, at cost77,296 41,166 
Total loans11,218,813 9,967,091 
Less: allowance for credit losses - loans(128,268)(109,145)
Net loans11,090,545 9,857,946 
Premises and equipment, net64,703 59,685 
Other real estate owned739 1,034 
Accrued interest receivable37,074 34,349 
Goodwill363,436 370,223 
Other intangible assets, net21,262 25,920 
Other assets330,282 275,078 
Total assets$13,765,597 $12,590,726 
Liabilities:
Noninterest-bearing deposits$3,993,480 $3,779,630 
Interest-bearing deposits6,756,006 6,845,101 
Total deposits10,749,486 10,624,731 
Securities sold under retail repurchase agreements and federal funds purchased206,287 141,086 
Advances from FHLB840,000  
Subordinated debt370,056 172,712 
Total borrowings1,416,343 313,798 
Accrued interest payable and other liabilities147,906 132,518 
Total liabilities12,313,735 11,071,047 
Stockholders' equity:
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding
44,644,269 and 45,118,930 at September 30, 2022 and December 31, 2021, respectively
44,644 45,119 
Additional paid in capital732,239 751,072 
Retained earnings818,049 732,027 
Accumulated other comprehensive loss(143,070)(8,539)
Total stockholders' equity1,451,862 1,519,679 
Total liabilities and stockholders' equity$13,765,597 $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 EndedNine Months Ended
 September 30,September 30,
(Dollars in thousands, except per share data)2022202120222021
Interest income:    
Interest and fees on loans$121,327 $104,384 $327,042 $319,563 
Interest on loans held for sale161 379 504 1,465 
Interest on deposits with banks774 302 1,245 395 
Interest and dividends on investment securities:
Taxable5,735 3,958 14,472 12,230 
Tax-advantaged2,422 2,106 7,100 6,560 
Interest on federal funds sold3  4  
Total interest income130,422 111,129 350,367 340,213 
Interest expense:
Interest on deposits9,490 3,521 15,578 12,202 
Interest on retail repurchase agreements and federal funds purchased977 43 1,232 139 
Interest on advances from FHLB3,049  3,066 2,649 
Interest on subordinated debt3,946 961 10,130 5,973 
Total interest expense17,462 4,525 30,006 20,963 
Net interest income112,960 106,604 320,361 319,250 
Provision/ (credit) for credit losses18,890 (8,229)23,571 (47,141)
Net interest income after provision/ (credit) for credit losses94,070 114,833 296,790 366,391 
Non-interest income:
Investment securities gains2 49 48 178 
Gain/ (loss) on disposal of assets(183) 16,516  
Service charges on deposit accounts2,591 2,108 7,384 5,936 
Mortgage banking activities1,566 4,942 5,347 20,887 
Wealth management income8,867 9,392 27,302 27,243 
Insurance agency commissions 2,285 2,927 5,685 
Income from bank owned life insurance693 818 2,191 2,203 
Bank card fees438 1,775 3,916 5,078 
Other income2,908 3,025 7,091 12,309 
Total non-interest income16,882 24,394 72,722 79,519 
Non-interest expense:
Salaries and employee benefits40,126 38,653 119,049 114,295 
Occupancy expense of premises4,759 5,728 14,527 16,712 
Equipment expense3,825 3,214 10,920 9,456 
Marketing1,370 1,376 3,843 3,640 
Outside data services2,509 2,317 7,492 6,860 
FDIC insurance1,268 361 3,330 3,303 
Amortization of intangible assets1,432 1,635 4,406 4,991 
Merger, acquisition and disposal expense1  1,068 45 
Professional fees and services2,207 3,031 6,596 7,927 
Other expenses8,283 6,866 21,687 27,100 
Total non-interest expense65,780 63,181 192,918 194,329 
Income before income tax expense45,172 76,046 176,594 251,581 
Income tax expense11,588 19,070 44,275 61,878 
Net income$33,584 $56,976 $132,319 $189,703 
Per share information:
Basic net income per common share$0.75 $1.21 $2.93 $4.00 
Diluted net income per common share$0.75 $1.20 $2.92 $3.98 
Dividends declared per share$0.34 $0.32 $1.02 $0.96 

The accompanying notes are an integral part of these statements

4


ANDY SPRING BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) – UNAUDITED
 
 Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Net income$33,584 $56,976 $132,319 $189,703 
Other comprehensive loss:
Investments available-for-sale:
Net change in unrealized losses on investments available-for-sale(61,726)(8,183)(166,506)(27,149)
Related income tax expense15,551 2,073 42,409 6,931 
Net investment gains reclassified into earnings(2)(49)(48)(178)
Related income tax expense/ (benefit) 12 12 45 
Net effect on other comprehensive loss(46,177)(6,147)(124,133)(20,351)
Investments held-to-maturity:
Net change in unrealized loss613  (14,514) 
Related income tax expense/ (benefit)(181) 3,697  
Net effect on other comprehensive loss432  (10,817) 
Defined benefit pension plan:
Net change of unrealized loss 196 228 587 682 
Related income tax benefit(68)(41)(168)(162)
Net effect on other comprehensive loss128 187 419 520 
Total other comprehensive loss(45,617)(5,960)(134,531)(19,831)
Comprehensive income/ (loss)$(12,033)$51,016 $(2,212)$169,872 

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, 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 
Balances at July 1, 2021$47,313 $850,555 $659,578 $4,834 $1,562,280 
Net income— — 56,976 — 56,976 
Other comprehensive loss, net of tax— — — (5,960)(5,960)
Total comprehensive income51,016 
Common stock dividends - $0.32 per share
— — (15,253)— (15,253)
Stock compensation expense— 1,331 — — 1,331 
Common stock issued pursuant to:
Stock option plan - 53,079 shares
53 514 — — 567 
Employee stock purchase plan - 11,010 shares
11 468 — — 479 
Restricted stock vesting, net of tax withholding- 3,831 shares
4 (43)— — (39)
Repurchase of common stock - 1,261,828 shares
(1,262)(53,059)— — (54,321)
Balances at September 30, 2021$46,119 $799,766 $701,301 $(1,126)$1,546,060 

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  132,319  132,319 
Other comprehensive loss, net of tax   (134,531)(134,531)
Total comprehensive loss(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 
Balances at January 1, 2021$47,057 $846,922 $557,271 $18,705 $1,469,955 
Net income— — 189,703 — 189,703 
Other comprehensive loss, net of tax— — — (19,831)(19,831)
Total comprehensive income169,872 
Common stock dividends - $0.96 per share
— — (45,673)— (45,673)
Stock compensation expense— 3,640 — — 3,640 
Common stock issued pursuant to:
Stock option plan - 193,602 shares
193 2,390 — — 2,583 
Employee stock purchase plan - 48,685 shares
49 1,532 — — 1,581 
Restricted stock vesting, net of tax withholding - 81,838 shares
82 (1,659)—