XML 68 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF INCOME (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest Income:    
Interest and fees on loans and leases $ 32,139,000us-gaap_InterestAndFeeIncomeLoansAndLeases $ 29,734,000us-gaap_InterestAndFeeIncomeLoansAndLeases
Interest on loans held for sale 76,000us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldForSale 59,000us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldForSale
Interest on deposits with banks 22,000us-gaap_InterestIncomeDepositsWithFinancialInstitutions 20,000us-gaap_InterestIncomeDepositsWithFinancialInstitutions
Interest and dividends on investment securities:    
Taxable 3,577,000us-gaap_InterestIncomeSecuritiesTaxable 4,116,000us-gaap_InterestIncomeSecuritiesTaxable
Exempt from federal income taxes 2,258,000us-gaap_InterestIncomeSecuritiesTaxExempt 2,321,000us-gaap_InterestIncomeSecuritiesTaxExempt
Total interest income 38,072,000us-gaap_InterestAndDividendIncomeOperating 36,250,000us-gaap_InterestAndDividendIncomeOperating
Interest Expense:    
Interest on deposits 1,194,000us-gaap_InterestExpenseDeposits 1,184,000us-gaap_InterestExpenseDeposits
Interest on retail repurchase agreements and federal funds purchased 50,000us-gaap_InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase 38,000us-gaap_InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
Interest on advances from FHLB 3,236,000us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm 3,218,000us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
Interest on subordinated debt 219,000us-gaap_InterestExpenseSubordinatedNotesAndDebentures 218,000us-gaap_InterestExpenseSubordinatedNotesAndDebentures
Total interest expense 4,699,000us-gaap_InterestExpense 4,658,000us-gaap_InterestExpense
Net interest income 33,373,000us-gaap_InterestIncomeExpenseNet 31,592,000us-gaap_InterestIncomeExpenseNet
Provision (credit) for loan and lease losses 597,000us-gaap_ProvisionForLoanAndLeaseLosses (982,000)us-gaap_ProvisionForLoanAndLeaseLosses
Net interest income after provision (credit) for loan and lease losses 32,776,000us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 32,574,000us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss
Non-interest Income:    
Investment securities gains 0us-gaap_GainLossOnSaleOfSecuritiesNet 0us-gaap_GainLossOnSaleOfSecuritiesNet
Service charges on deposit accounts 1,882,000us-gaap_FeesAndCommissionsDepositorAccounts 1,972,000us-gaap_FeesAndCommissionsDepositorAccounts
Mortgage banking activities 1,178,000sasr_MortgageBankingIncome 316,000sasr_MortgageBankingIncome
Wealth management income 4,916,000us-gaap_AssetManagementFees1 4,466,000us-gaap_AssetManagementFees1
Insurance agency commissions 1,618,000us-gaap_InsuranceCommissionsAndFees 1,640,000us-gaap_InsuranceCommissionsAndFees
Income from bank owned life insurance 713,000us-gaap_BankOwnedLifeInsuranceIncome 598,000us-gaap_BankOwnedLifeInsuranceIncome
Visa check fees 1,057,000us-gaap_FeesAndCommissionsCreditCards 978,000us-gaap_FeesAndCommissionsCreditCards
Other income 1,795,000us-gaap_NoninterestIncomeOtherOperatingIncome 1,279,000us-gaap_NoninterestIncomeOtherOperatingIncome
Total non-interest income 13,159,000us-gaap_NoninterestIncome 11,249,000us-gaap_NoninterestIncome
Non-interest Expenses:    
Salaries and employee benefits 17,299,000us-gaap_LaborAndRelatedExpense 16,355,000us-gaap_LaborAndRelatedExpense
Occupancy expense of premises 3,489,000us-gaap_OccupancyNet 3,472,000us-gaap_OccupancyNet
Equipment expenses 1,373,000us-gaap_EquipmentExpense 1,256,000us-gaap_EquipmentExpense
Marketing 531,000us-gaap_MarketingExpense 542,000us-gaap_MarketingExpense
Outside data services 1,261,000us-gaap_InformationTechnologyAndDataProcessing 1,216,000us-gaap_InformationTechnologyAndDataProcessing
FDIC insurance 631,000us-gaap_FederalDepositInsuranceCorporationPremiumExpense 520,000us-gaap_FederalDepositInsuranceCorporationPremiumExpense
Amortization of intangible assets 107,000us-gaap_AmortizationOfIntangibleAssets 370,000us-gaap_AmortizationOfIntangibleAssets
Litigation Expense 200,000us-gaap_LegalFees 0us-gaap_LegalFees
Other Expense 4,353,000us-gaap_OtherNoninterestExpense 3,818,000us-gaap_OtherNoninterestExpense
Total non-interest expenses 29,244,000us-gaap_NoninterestExpense 27,549,000us-gaap_NoninterestExpense
Income before income taxes 16,691,000us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 16,274,000us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax expense 5,466,000us-gaap_IncomeTaxExpenseBenefit 5,346,000us-gaap_IncomeTaxExpenseBenefit
Net income $ 11,225,000us-gaap_NetIncomeLoss $ 10,928,000us-gaap_NetIncomeLoss
Net Income Per Share Amounts:    
Basic net income per share $ 0.45us-gaap_EarningsPerShareBasic $ 0.44us-gaap_EarningsPerShareBasic
Diluted net income per share $ 0.45us-gaap_EarningsPerShareDiluted $ 0.43us-gaap_EarningsPerShareDiluted
Dividends declared per share $ 0.22us-gaap_CommonStockDividendsPerShareDeclared $ 0.18us-gaap_CommonStockDividendsPerShareDeclared