PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

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

Statements of Condition


	December 31,
(In thousands)	2021		2020
Assets:
Cash and cash equivalents	$	69,038	$	63,943
Investments available-for-sale (at fair value)	—		9,925
Equity securities	568		568
Investment in subsidiary	1,620,432		1,589,483
Goodwill	1,292		1,292
Other assets	2,255		2,684
Total assets	$	1,693,585	$	1,667,895

Liabilities:
Subordinated debt	$	172,712	$	196,454
Accrued expenses and other liabilities	1,194		1,486
Total liabilities	173,906		197,940
Stockholders’ Equity:
Common stock	45,119		47,057
Additional paid in capital	751,072		846,922
Retained earnings	732,027		557,271
Accumulated other comprehensive income/ (loss)	(8,539)		18,705
Total stockholders’ equity	1,519,679		1,469,955
Total liabilities and stockholders’ equity	$	1,693,585	$	1,667,895


	Year Ended December 31,
(In thousands)	2021		2020		2019
Income:
Cash dividends from subsidiary	$	189,172	$	74,410	$	42,625
Other income	434		932		1,093
Total income	189,606		75,342		43,718
Expenses:
Interest	6,765		9,028		3,141
Other expenses	1,592		1,505		1,507
Total expenses	8,357		10,533		4,648
Income before income taxes and equity in undistributed income of subsidiary	181,249		64,809		39,070
Income tax benefit	(1,563)		(1,988)		(734)
Income before equity in undistributed income of subsidiary	182,812		66,797		39,804
Equity in undistributed income of subsidiary	52,295		30,156		76,629
Net income	$	235,107	$	96,953	$	116,433


	Year Ended December 31,
(In thousands)	2021		2020		2019
Cash Flows from Operating Activities:
Net income	$	235,107	$	96,953	$	116,433
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income-subsidiary	(52,295)		(30,156)		(76,629)

Share based compensation expense	5,299		3,850		3,042
Tax benefit from stock options exercised	—		5		7
Other-net	4,133		(9,732)		—
Net cash provided by operating activities	192,244		60,920		42,853
Cash Flows from Investing Activities:
Proceeds from sales of investment available-for-sale	9,099		310		—
Investment in subsidiary	—		—		(85,000)

Net cash provided by/ (used in) investing activities	9,099		310		(85,000)
Cash Flows from Financing Activities:
Retirement of subordinated debt	(32,810)		(10,310)		—
Proceeds from issuance of subordinated debt	—		—		175,000
Proceeds from issuance of common stock	5,758		1,997		1,433
Stock tendered for payment of withholding taxes	(1,577)		(458)		(703)
Repurchase of common stock	(107,268)		(25,702)		(24,284)
Dividends paid	(60,351)		(53,175)		(42,272)
Net cash provided by/ (used in) financing activities	(196,248)		(87,648)		109,174
Net increase/ (decrease) in cash and cash equivalents	5,095		(26,418)		67,027
Cash and cash equivalents at beginning of year	63,943		90,361		23,334
Cash and cash equivalents at end of year	$	69,038	$	63,943	$	90,361