PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

Note 21 – Parent Company Financial Information

Financial statements for Sandy Spring Bancorp, Inc. (Parent Only) for the periods indicated are presented in the following tables:

Statement of Condition
			December 31,
(In thousands)			2014		2013
Assets
	Cash and cash equivalents		$	12,088	$	11,551
	Investments available for sale (at fair value)			723		723
	Investment in subsidiary			508,821		487,231
	Loan to subsidiary			35,000		35,000
	Other assets			342		335
Total assets			$	556,974	$	534,840
Liabilities
	Subordinated debentures		$	35,000	$	35,000
	Accrued expenses and other liabilities			223		477
		Total liabilities		35,223		35,477
Stockholders’ Equity
	Common stock			25,045		24,990
	Additional paid in capital			194,647		193,445
	Retained earnings			302,882		283,898
	Accumulated other comprehensive income			(823)		(2,970)
		Total stockholders’ equity		521,751		499,363
Total liabilities and stockholders’ equity			$	556,974	$	534,840

Statements of Income
			Year Ended December 31,
(In thousands)			2014		2013		2012
Income:
	Cash dividends from subsidiary		$	19,530	$	16,585	$	12,028
	Other income			902		931		982
		Total income		20,432		17,516		13,010
Expenses:
	Interest			881		895		959
	Other expenses			1,060		1,044		1,003
		Total expenses		1,941		1,939		1,962
Income before income taxes and equity in undistributed income of subsidiary				18,491		15,577		11,048
Income tax benefit				(266)		(271)		(221)
		Income before equity in undistributed income of subsidiary		18,757		15,848		11,269
Equity in undistributed income of subsidiary				19,443		28,574		25,285
	Net income		$	38,200	$	44,422	$	36,554

Statements of Cash Flows
				Year Ended December 31,
(In thousands)				2014		2013		2012
Cash Flows from Operating Activities:
Net income				$	38,200	$	44,422	$	36,554
Adjustments to reconcile net income to net cash provided by operating activities:
		Equity in undistributed income-subsidiary			(19,443)		(28,574)		(25,285)
		Dividends receivable from subsidiary bank
		Share based compensation expense			1,452		1,688		1,451
		Net change in other liabilities			(185)		(44)		(158)
		Decrease in dividends receivable			-		-		13,000
		Other-net			(76)		1		(10,804)
			Net cash provided by operating activities		19,948		17,493		14,758
Cash Flows from Investing Activities:
	Purchase of investment available-for-sale				-		-		(511)
	Acquistion of business activity, net of cash acquired				-		-		(849)
		Net cash used by investing activities			-		-		(1,360)
Cash Flows from Financing Activities:
	Proceeds from issuance of common stock				394		153		99
	Tax benefit from stock options exercised				321		-		102
	Repurchase of common stock				(910)		-		-
	Dividends paid				(19,216)		(16,130)		(11,890)
		Net cash provided (used) by financing activities			(19,411)		(15,977)		(11,689)
Net increase (decrease) in cash and cash equivalents					537		1,516		1,709
Cash and cash equivalents at beginning of year					11,551		10,035		8,326
Cash and cash equivalents at end of year				$	12,088	$	11,551	$	10,035