(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibits. | |||||
Exhibit No. | Description | ||||
Press release dated April 21, 2022 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SANDY SPRING BANCORP, INC. | ||||||||
(Registrant) | ||||||||
Date: April 21, 2022 | By: | /s/ Daniel J. Schrider | ||||||
Daniel J. Schrider | ||||||||
President and Chief Executive Officer |
![]() | NEWS RELEASE |
Three Months Ended March 31, | % Change | |||||||||||||||||||
(Dollars in thousands, except per share data) | 2022 | 2021 | ||||||||||||||||||
Results of operations: | ||||||||||||||||||||
Net interest income | $ | 101,451 | $ | 104,600 | (3) | % | ||||||||||||||
Provision/ (credit) for credit losses | 1,635 | (34,708) | (105) | |||||||||||||||||
Non-interest income | 20,595 | 28,866 | (29) | |||||||||||||||||
Non-interest expense | 62,147 | 68,173 | (9) | |||||||||||||||||
Income before income tax expense | 58,264 | 100,001 | (42) | |||||||||||||||||
Net income | 43,935 | 75,464 | (42) | |||||||||||||||||
Net income attributable to common shareholders | $ | 43,667 | $ | 74,824 | (42) | |||||||||||||||
Pre-tax pre-provision net income (1) | $ | 59,899 | $ | 65,293 | (8) | |||||||||||||||
Return on average assets | 1.42 | % | 2.39 | % | ||||||||||||||||
Return on average common equity | 11.83 | % | 20.72 | % | ||||||||||||||||
Return on average tangible common equity (1) | 16.04 | % | 28.47 | % | ||||||||||||||||
Net interest margin | 3.49 | % | 3.56 | % | ||||||||||||||||
Efficiency ratio - GAAP basis (2) | 50.92 | % | 51.08 | % | ||||||||||||||||
Efficiency ratio - Non-GAAP basis (2) | 49.34 | % | 42.65 | % | ||||||||||||||||
Per share data: | ||||||||||||||||||||
Basic net income per common share | $ | 0.97 | $ | 1.59 | (39) | % | ||||||||||||||
Diluted net income per common share | $ | 0.96 | $ | 1.58 | (39) | |||||||||||||||
Weighted average diluted common shares | 45,333,292 | 47,415,060 | (4) | |||||||||||||||||
Dividends declared per share | $ | 0.34 | $ | 0.32 | 6 | |||||||||||||||
Book value per common share | $ | 32.97 | $ | 32.04 | 3 | |||||||||||||||
Tangible book value per common share (1) | $ | 24.23 | $ | 23.54 | 3 | |||||||||||||||
Outstanding common shares | 45,162,908 | 47,187,389 | (4) | |||||||||||||||||
Financial condition at period-end: | ||||||||||||||||||||
Investment securities | $ | 1,586,441 | $ | 1,472,727 | 8 | % | ||||||||||||||
Loans | 10,144,328 | 10,446,866 | (3) | |||||||||||||||||
Interest-earning assets | 12,205,058 | 12,132,405 | 1 | |||||||||||||||||
Assets | 12,967,416 | 12,873,366 | 1 | |||||||||||||||||
Deposits | 10,852,794 | 10,677,752 | 2 | |||||||||||||||||
Interest-bearing liabilities | 7,313,783 | 7,423,262 | (1) | |||||||||||||||||
Stockholders' equity | 1,488,910 | 1,511,694 | (2) | |||||||||||||||||
Capital ratios: | ||||||||||||||||||||
Tier 1 leverage (3) | 9.66 | % | 9.14 | % | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets (3) | 12.03 | % | 12.11 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets (3) | 12.03 | % | 12.11 | % | ||||||||||||||||
Total regulatory capital to risk-weighted assets (3) | 16.77 | % | 15.52 | % | ||||||||||||||||
Tangible common equity to tangible assets (4) | 8.70 | % | 8.90 | % | ||||||||||||||||
Average equity to average assets | 11.98 | % | 11.54 | % | ||||||||||||||||
Credit quality ratios: | ||||||||||||||||||||
Allowance for credit losses to loans | 1.09 | % | 1.25 | % | ||||||||||||||||
Non-performing loans to total loans | 0.46 | % | 0.94 | % | ||||||||||||||||
Non-performing assets to total assets | 0.37 | % | 0.78 | % | ||||||||||||||||
Allowance for credit losses to non-performing loans | 238.72 | % | 132.08 | % | ||||||||||||||||
Annualized net charge-offs to average loans (5) | 0.01 | % | 0.01 | % |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Core earnings (non-GAAP): | ||||||||||||||
Net income (GAAP) | $ | 43,935 | $ | 75,464 | ||||||||||
Plus/ (less) non-GAAP adjustments (net of tax): | ||||||||||||||
Merger and acquisition expense | — | 34 | ||||||||||||
Amortization of intangible assets | 1,121 | 1,264 | ||||||||||||
Loss on FHLB redemption | — | 6,792 | ||||||||||||
Investment securities gains | (6) | (43) | ||||||||||||
Core earnings (Non-GAAP) | $ | 45,050 | $ | 83,511 | ||||||||||
Core earnings per diluted common share (non-GAAP): | ||||||||||||||
Weighted average common shares outstanding - diluted (GAAP) | 45,333,292 | 47,415,060 | ||||||||||||
Earnings per diluted common share (GAAP) | $ | 0.96 | $ | 1.58 | ||||||||||
Core earnings per diluted common share (non-GAAP) | $ | 0.99 | $ | 1.76 | ||||||||||
Core return on average assets (non-GAAP): | ||||||||||||||
Average assets (GAAP) | $ | 12,576,089 | $ | 12,801,539 | ||||||||||
Return on average assets (GAAP) | 1.42 | % | 2.39 | % | ||||||||||
Core return on average assets (non-GAAP) | 1.45 | % | 2.65 | % | ||||||||||
Core return on average tangible common equity (non-GAAP): | ||||||||||||||
Average total stockholders' equity (GAAP) | $ | 1,506,516 | $ | 1,477,150 | ||||||||||
Average goodwill | (370,223) | (370,223) | ||||||||||||
Average other intangible assets, net | (25,368) | (31,896) | ||||||||||||
Average tangible common equity (non-GAAP) | $ | 1,110,925 | $ | 1,075,031 | ||||||||||
Return on average tangible common equity (non-GAAP) | 16.04 | % | 28.47 | % | ||||||||||
Core return on average tangible common equity (non-GAAP) | 16.45 | % | 31.50 | % |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||||||||
Pre-tax pre-provision net income: | ||||||||||||||
Net income (GAAP) | $ | 43,935 | $ | 75,464 | ||||||||||
Plus/ (less) non-GAAP adjustments: | ||||||||||||||
Income tax expense | 14,329 | 24,537 | ||||||||||||
Provision/ (credit) for credit losses | 1,635 | (34,708) | ||||||||||||
Pre-tax pre-provision net income (non-GAAP) | $ | 59,899 | $ | 65,293 | ||||||||||
Efficiency ratio (GAAP): | ||||||||||||||
Non-interest expense | $ | 62,147 | $ | 68,173 | ||||||||||
Net interest income plus non-interest income | $ | 122,046 | $ | 133,466 | ||||||||||
Efficiency ratio (GAAP) | 50.92% | 51.08 | % | |||||||||||
Efficiency ratio (Non-GAAP): | ||||||||||||||
Non-interest expense | $ | 62,147 | $ | 68,173 | ||||||||||
Less non-GAAP adjustments: | ||||||||||||||
Amortization of intangible assets | 1,508 | 1,697 | ||||||||||||
Loss on FHLB redemption | — | 9,117 | ||||||||||||
Merger and acquisition expense | — | 45 | ||||||||||||
Non-interest expense - as adjusted | $ | 60,639 | $ | 57,314 | ||||||||||
Net interest income plus non-interest income | $ | 122,046 | $ | 133,466 | ||||||||||
Plus non-GAAP adjustment: | ||||||||||||||
Tax-equivalent income | 866 | 980 | ||||||||||||
Less non-GAAP adjustment: | ||||||||||||||
Investment securities gains | 8 | 58 | ||||||||||||
Net interest income plus non-interest income - as adjusted | $ | 122,904 | $ | 134,388 | ||||||||||
Efficiency ratio (Non-GAAP) | 49.34% | 42.65 | % | |||||||||||
Tangible common equity ratio: | ||||||||||||||
Total stockholders' equity | $ | 1,488,910 | $ | 1,511,694 | ||||||||||
Goodwill | (370,223) | (370,223) | ||||||||||||
Other intangible assets, net | (24,412) | (30,824) | ||||||||||||
Tangible common equity | $ | 1,094,275 | $ | 1,110,647 | ||||||||||
Total assets | $ | 12,967,416 | $ | 12,873,366 | ||||||||||
Goodwill | (370,223) | (370,223) | ||||||||||||
Other intangible assets, net | (24,412) | (30,824) | ||||||||||||
Tangible assets | $ | 12,572,781 | $ | 12,472,319 | ||||||||||
Tangible common equity ratio | 8.70% | 8.90 | % | |||||||||||
Outstanding common shares | 45,162,908 | 47,187,389 | ||||||||||||
Tangible book value per common share | $ | 24.23 | $ | 23.54 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 96,074 | $ | 65,630 | $ | 100,739 | ||||||||||||||
Federal funds sold | 370 | 312 | 285 | |||||||||||||||||
Interest-bearing deposits with banks | 456,382 | 354,078 | 127,597 | |||||||||||||||||
Cash and cash equivalents | 552,826 | 420,020 | 228,621 | |||||||||||||||||
Residential mortgage loans held for sale (at fair value) | 17,537 | 39,409 | 84,930 | |||||||||||||||||
Investments held-to-maturity (fair value of $275,834) | 285,339 | — | — | |||||||||||||||||
Investments available-for-sale (at fair value) | 1,259,945 | 1,465,896 | 1,427,880 | |||||||||||||||||
Other equity securities | 41,157 | 41,166 | 44,847 | |||||||||||||||||
Total loans | 10,144,328 | 9,967,091 | 10,446,866 | |||||||||||||||||
Less: allowance for credit losses | (110,588) | (109,145) | (130,361) | |||||||||||||||||
Net loans | 10,033,740 | 9,857,946 | 10,316,505 | |||||||||||||||||
Premises and equipment, net | 61,434 | 59,685 | 55,361 | |||||||||||||||||
Other real estate owned | 1,034 | 1,034 | 1,354 | |||||||||||||||||
Accrued interest receivable | 33,528 | 34,349 | 44,559 | |||||||||||||||||
Goodwill | 370,223 | 370,223 | 370,223 | |||||||||||||||||
Other intangible assets, net | 24,412 | 25,920 | 30,824 | |||||||||||||||||
Other assets | 286,241 | 275,078 | 268,262 | |||||||||||||||||
Total assets | $ | 12,967,416 | $ | 12,590,726 | $ | 12,873,366 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Noninterest-bearing deposits | $ | 4,039,797 | $ | 3,779,630 | $ | 3,770,852 | ||||||||||||||
Interest-bearing deposits | 6,812,997 | 6,845,101 | 6,906,900 | |||||||||||||||||
Total deposits | 10,852,794 | 10,624,731 | 10,677,752 | |||||||||||||||||
Securities sold under retail repurchase agreements and federal funds purchased | 130,784 | 141,086 | 189,318 | |||||||||||||||||
Advances from FHLB | — | — | 100,000 | |||||||||||||||||
Subordinated debt | 370,002 | 172,712 | 227,044 | |||||||||||||||||
Total borrowings | 500,786 | 313,798 | 516,362 | |||||||||||||||||
Accrued interest payable and other liabilities | 124,926 | 132,518 | 167,558 | |||||||||||||||||
Total liabilities | 11,478,506 | 11,071,047 | 11,361,672 | |||||||||||||||||
Stockholders' equity | ||||||||||||||||||||
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,162,908, 45,118,930 and 47,187,389 at March 31, 2022, December 31, 2021 and March 31, 2021, respectively | 45,163 | 45,119 | 47,187 | |||||||||||||||||
Additional paid in capital | 752,671 | 751,072 | 849,606 | |||||||||||||||||
Retained earnings | 760,347 | 732,027 | 617,553 | |||||||||||||||||
Accumulated other comprehensive loss | (69,271) | (8,539) | (2,652) | |||||||||||||||||
Total stockholders' equity | 1,488,910 | 1,519,679 | 1,511,694 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 12,967,416 | $ | 12,590,726 | $ | 12,873,366 |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands, except per share data) | 2022 | 2021 | ||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 99,494 | $ | 107,428 | ||||||||||
Interest on loans held for sale | 198 | 537 | ||||||||||||
Interest on deposits with banks | 113 | 46 | ||||||||||||
Interest and dividends on investment securities: | ||||||||||||||
Taxable | 4,107 | 3,899 | ||||||||||||
Tax-advantaged | 2,124 | 2,351 | ||||||||||||
Interest on federal funds sold | — | — | ||||||||||||
Total interest income | 106,036 | 114,261 | ||||||||||||
Interest Expense: | ||||||||||||||
Interest on deposits | 2,293 | 4,830 | ||||||||||||
Interest on retail repurchase agreements and federal funds purchased | 54 | 53 | ||||||||||||
Interest on advances from FHLB | — | 2,276 | ||||||||||||
Interest on subordinated debt | 2,238 | 2,502 | ||||||||||||
Total interest expense | 4,585 | 9,661 | ||||||||||||
Net interest income | 101,451 | 104,600 | ||||||||||||
Provision/ (credit) for credit losses | 1,635 | (34,708) | ||||||||||||
Net interest income after provision/ (credit) for credit losses | 99,816 | 139,308 | ||||||||||||
Non-interest income: | ||||||||||||||
Investment securities gains | 8 | 58 | ||||||||||||
Service charges on deposit accounts | 2,326 | 1,852 | ||||||||||||
Mortgage banking activities | 2,298 | 10,169 | ||||||||||||
Wealth management income | 9,337 | 8,730 | ||||||||||||
Insurance agency commissions | 2,115 | 2,153 | ||||||||||||
Income from bank owned life insurance | 795 | 680 | ||||||||||||
Bank card fees | 1,668 | 1,518 | ||||||||||||
Other income | 2,048 | 3,706 | ||||||||||||
Total non-interest income | 20,595 | 28,866 | ||||||||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | 39,373 | 36,652 | ||||||||||||
Occupancy expense of premises | 5,034 | 5,487 | ||||||||||||
Equipment expenses | 3,536 | 3,222 | ||||||||||||
Marketing | 1,193 | 1,212 | ||||||||||||
Outside data services | 2,419 | 2,283 | ||||||||||||
FDIC insurance | 984 | 1,492 | ||||||||||||
Amortization of intangible assets | 1,508 | 1,697 | ||||||||||||
Merger and acquisition expense | — | 45 | ||||||||||||
Professional fees and services | 2,017 | 1,731 | ||||||||||||
Other expenses | 6,083 | 14,352 | ||||||||||||
Total non-interest expense | 62,147 | 68,173 | ||||||||||||
Income before income tax expense | 58,264 | 100,001 | ||||||||||||
Income tax expense | 14,329 | 24,537 | ||||||||||||
Net income | $ | 43,935 | $ | 75,464 | ||||||||||
Net income per share amounts: | ||||||||||||||
Basic net income per common share | $ | 0.97 | $ | 1.59 | ||||||||||
Diluted net income per common share | $ | 0.96 | $ | 1.58 | ||||||||||
Dividends declared per share | $ | 0.34 | $ | 0.32 |
2022 | 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||||||||
Profitability for the quarter: | ||||||||||||||||||||||||||||||||
Tax-equivalent interest income | $ | 106,902 | $ | 110,933 | $ | 112,060 | $ | 115,753 | $ | 115,241 | ||||||||||||||||||||||
Interest expense | 4,585 | 4,803 | 4,525 | 6,777 | 9,661 | |||||||||||||||||||||||||||
Tax-equivalent net interest income | 102,317 | 106,130 | 107,535 | 108,976 | 105,580 | |||||||||||||||||||||||||||
Tax-equivalent adjustment | 866 | 862 | 931 | 930 | 980 | |||||||||||||||||||||||||||
Provision/ (credit) for credit losses | 1,635 | 1,585 | (8,229) | (4,204) | (34,708) | |||||||||||||||||||||||||||
Non-interest income | 20,595 | 22,536 | 24,394 | 26,259 | 28,866 | |||||||||||||||||||||||||||
Non-interest expense | 62,147 | 66,141 | 63,181 | 62,975 | 68,173 | |||||||||||||||||||||||||||
Income before income tax expense | 58,264 | 60,078 | 76,046 | 75,534 | 100,001 | |||||||||||||||||||||||||||
Income tax expense | 14,329 | 14,674 | 19,070 | 18,271 | 24,537 | |||||||||||||||||||||||||||
Net income | $ | 43,935 | $ | 45,404 | $ | 56,976 | $ | 57,263 | $ | 75,464 | ||||||||||||||||||||||
GAAP financial performance: | ||||||||||||||||||||||||||||||||
Return on average assets | 1.42 | % | 1.41 | % | 1.75 | % | 1.79 | % | 2.39 | % | ||||||||||||||||||||||
Return on average common equity | 11.83 | % | 11.87 | % | 14.54 | % | 15.07 | % | 20.72 | % | ||||||||||||||||||||||
Return on average tangible common equity | 16.04 | % | 16.07 | % | 19.56 | % | 20.44 | % | 28.47 | % | ||||||||||||||||||||||
Net interest margin | 3.49 | % | 3.51 | % | 3.52 | % | 3.63 | % | 3.56 | % | ||||||||||||||||||||||
Efficiency ratio - GAAP basis (1) | 50.92 | % | 51.75 | % | 48.23 | % | 46.89 | % | 51.08 | % | ||||||||||||||||||||||
Non-GAAP financial performance: | ||||||||||||||||||||||||||||||||
Pre-tax pre-provision net income | $ | 59,899 | $ | 61,663 | $ | 67,817 | $ | 71,330 | $ | 65,293 | ||||||||||||||||||||||
Core after-tax earnings | $ | 45,050 | $ | 46,575 | $ | 58,151 | $ | 58,446 | $ | 83,511 | ||||||||||||||||||||||
Core return on average assets | 1.45 | % | 1.44 | % | 1.79 | % | 1.83 | % | 2.65 | % | ||||||||||||||||||||||
Core return on average common equity | 12.13 | % | 12.17 | % | 14.84 | % | 15.38 | % | 22.93 | % | ||||||||||||||||||||||
Core return on average tangible common equity | 16.45 | % | 16.49 | % | 19.96 | % | 20.87 | % | 31.50 | % | ||||||||||||||||||||||
Core earnings per diluted common share | $ | 0.99 | $ | 1.02 | $ | 1.23 | $ | 1.23 | $ | 1.76 | ||||||||||||||||||||||
Efficiency ratio - Non-GAAP basis (1) | 49.34 | % | 50.17 | % | 46.67 | % | 45.36 | % | 42.65 | % | ||||||||||||||||||||||
Per share data: | ||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 43,667 | $ | 45,114 | $ | 56,622 | $ | 56,782 | $ | 74,824 | ||||||||||||||||||||||
Basic net income per common share | $ | 0.97 | $ | 0.99 | $ | 1.21 | $ | 1.20 | $ | 1.59 | ||||||||||||||||||||||
Diluted net income per common share | $ | 0.96 | $ | 0.99 | $ | 1.20 | $ | 1.19 | $ | 1.58 | ||||||||||||||||||||||
Weighted average diluted common shares | 45,333,292 | 45,655,924 | 47,086,824 | 47,523,198 | 47,415,060 | |||||||||||||||||||||||||||
Dividends declared per share | $ | 0.34 | $ | 0.32 | $ | 0.32 | $ | 0.32 | $ | 0.32 | ||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||
Securities gains | $ | 8 | $ | 34 | $ | 49 | $ | 71 | $ | 58 | ||||||||||||||||||||||
Service charges on deposit accounts | 2,326 | 2,305 | 2,108 | 1,976 | 1,852 | |||||||||||||||||||||||||||
Mortgage banking activities | 2,298 | 3,622 | 4,942 | 5,776 | 10,169 | |||||||||||||||||||||||||||
Wealth management income | 9,337 | 9,598 | 9,392 | 9,121 | 8,730 | |||||||||||||||||||||||||||
Insurance agency commissions | 2,115 | 1,332 | 2,285 | 1,247 | 2,153 | |||||||||||||||||||||||||||
Income from bank owned life insurance | 795 | 819 | 818 | 705 | 680 | |||||||||||||||||||||||||||
Bank card fees | 1,668 | 1,818 | 1,775 | 1,785 | 1,518 | |||||||||||||||||||||||||||
Other income | 2,048 | 3,008 | 3,025 | 5,578 | 3,706 | |||||||||||||||||||||||||||
Total non-interest income | $ | 20,595 | $ | 22,536 | $ | 24,394 | $ | 26,259 | $ | 28,866 | ||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 39,373 | $ | 41,535 | $ | 38,653 | $ | 38,990 | $ | 36,652 | ||||||||||||||||||||||
Occupancy expense of premises | 5,034 | 5,693 | 5,728 | 5,497 | 5,487 | |||||||||||||||||||||||||||
Equipment expenses | 3,536 | 3,427 | 3,214 | 3,020 | 3,222 | |||||||||||||||||||||||||||
Marketing | 1,193 | 1,090 | 1,376 | 1,052 | 1,212 | |||||||||||||||||||||||||||
Outside data services | 2,419 | 2,123 | 2,317 | 2,260 | 2,283 | |||||||||||||||||||||||||||
FDIC insurance | 984 | 991 | 361 | 1,450 | 1,492 | |||||||||||||||||||||||||||
Amortization of intangible assets | 1,508 | 1,609 | 1,635 | 1,659 | 1,697 | |||||||||||||||||||||||||||
Merger and acquisition expense | — | — | — | — | 45 | |||||||||||||||||||||||||||
Professional fees and services | 2,017 | 2,381 | 3,031 | 3,165 | 1,731 | |||||||||||||||||||||||||||
Other expenses | 6,083 | 7,292 | 6,866 | 5,882 | 14,352 | |||||||||||||||||||||||||||
Total non-interest expense | $ | 62,147 | $ | 66,141 | $ | 63,181 | $ | 62,975 | $ | 68,173 |
2022 | 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||||||||
Balance sheets at quarter end: | ||||||||||||||||||||||||||||||||
Commercial investor real estate loans | $ | 4,388,275 | $ | 4,141,346 | $ | 3,743,698 | $ | 3,712,374 | $ | 3,652,418 | ||||||||||||||||||||||
Commercial owner-occupied real estate loans | 1,692,253 | 1,690,881 | 1,661,092 | 1,687,843 | 1,644,848 | |||||||||||||||||||||||||||
Commercial AD&C loans | 1,089,331 | 1,088,094 | 1,177,949 | 1,126,960 | 1,051,013 | |||||||||||||||||||||||||||
Commercial business loans | 1,349,602 | 1,481,834 | 1,594,528 | 1,974,366 | 2,411,109 | |||||||||||||||||||||||||||
Residential mortgage loans | 1,000,697 | 937,570 | 911,997 | 960,527 | 1,022,546 | |||||||||||||||||||||||||||
Residential construction loans | 204,259 | 197,652 | 181,319 | 172,869 | 171,028 | |||||||||||||||||||||||||||
Consumer loans | 419,911 | 429,714 | 450,765 | 457,576 | 493,904 | |||||||||||||||||||||||||||
Total loans | 10,144,328 | 9,967,091 | 9,721,348 | 10,092,515 | 10,446,866 | |||||||||||||||||||||||||||
Allowance for credit losses | (110,588) | (109,145) | (107,920) | (123,961) | (130,361) | |||||||||||||||||||||||||||
Loans held for sale | 17,537 | 39,409 | 44,678 | 71,082 | 84,930 | |||||||||||||||||||||||||||
Investment securities | 1,586,441 | 1,507,062 | 1,470,652 | 1,482,123 | 1,472,727 | |||||||||||||||||||||||||||
Interest-earning assets | 12,205,058 | 11,867,952 | 12,245,374 | 12,167,067 | 12,132,405 | |||||||||||||||||||||||||||
Total assets | 12,967,416 | 12,590,726 | 13,017,464 | 12,925,577 | 12,873,366 | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 4,039,797 | 3,779,630 | 3,987,411 | 4,000,636 | 3,770,852 | |||||||||||||||||||||||||||
Total deposits | 10,852,794 | 10,624,731 | 10,987,400 | 10,866,466 | 10,677,752 | |||||||||||||||||||||||||||
Customer repurchase agreements | 130,784 | 141,086 | 147,504 | 140,708 | 129,318 | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,313,783 | 7,158,899 | 7,320,132 | 7,233,536 | 7,423,262 | |||||||||||||||||||||||||||
Total stockholders' equity | 1,488,910 | 1,519,679 | 1,546,060 | 1,562,280 | 1,511,694 | |||||||||||||||||||||||||||
Quarterly average balance sheets: | ||||||||||||||||||||||||||||||||
Commercial investor real estate loans | $ | 4,220,246 | $ | 3,769,529 | $ | 3,678,886 | $ | 3,675,119 | $ | 3,634,174 | ||||||||||||||||||||||
Commercial owner-occupied real estate loans | 1,683,557 | 1,669,737 | 1,671,442 | 1,663,543 | 1,638,885 | |||||||||||||||||||||||||||
Commercial AD&C loans | 1,102,660 | 1,140,059 | 1,161,183 | 1,089,287 | 1,049,597 | |||||||||||||||||||||||||||
Commercial business loans | 1,372,755 | 1,482,901 | 1,820,598 | 2,225,885 | 2,291,097 | |||||||||||||||||||||||||||
Residential mortgage loans | 964,056 | 925,093 | 934,365 | 994,899 | 1,066,714 | |||||||||||||||||||||||||||
Residential construction loans | 197,366 | 186,129 | 170,511 | 176,135 | 179,925 | |||||||||||||||||||||||||||
Consumer loans | 424,859 | 436,030 | 452,289 | 468,686 | 496,578 | |||||||||||||||||||||||||||
Total loans | 9,965,499 | 9,609,478 | 9,889,274 | 10,293,554 | 10,356,970 | |||||||||||||||||||||||||||
Loans held for sale | 17,594 | 29,426 | 50,075 | 66,958 | 82,263 | |||||||||||||||||||||||||||
Investment securities | 1,617,615 | 1,535,265 | 1,403,496 | 1,482,905 | 1,407,455 | |||||||||||||||||||||||||||
Interest-earning assets | 11,859,803 | 12,012,576 | 12,121,048 | 12,037,701 | 12,029,424 | |||||||||||||||||||||||||||
Total assets | 12,576,089 | 12,791,526 | 12,886,460 | 12,798,355 | 12,801,539 | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 3,758,732 | 3,879,572 | 3,869,293 | 3,763,135 | 3,394,110 | |||||||||||||||||||||||||||
Total deposits | 10,542,029 | 10,809,665 | 10,832,115 | 10,663,346 | 10,343,190 | |||||||||||||||||||||||||||
Customer repurchase agreements | 131,487 | 144,988 | 145,483 | 136,286 | 148,195 | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,163,641 | 7,247,756 | 7,315,021 | 7,356,656 | 7,742,987 | |||||||||||||||||||||||||||
Total stockholders' equity | 1,506,516 | 1,517,793 | 1,554,765 | 1,523,875 | 1,477,150 | |||||||||||||||||||||||||||
Financial measures: | ||||||||||||||||||||||||||||||||
Average equity to average assets | 11.98 | % | 11.87 | % | 12.07 | % | 11.91 | % | 11.54 | % | ||||||||||||||||||||||
Investment securities to earning assets | 13.00 | % | 12.70 | % | 12.01 | % | 12.18 | % | 12.14 | % | ||||||||||||||||||||||
Loans to earning assets | 83.12 | % | 83.98 | % | 79.39 | % | 82.95 | % | 86.11 | % | ||||||||||||||||||||||
Loans to assets | 78.23 | % | 79.16 | % | 74.68 | % | 78.08 | % | 81.15 | % | ||||||||||||||||||||||
Loans to deposits | 93.47 | % | 93.81 | % | 88.48 | % | 92.88 | % | 97.84 | % | ||||||||||||||||||||||
Assets under management | $ | 5,793,787 | $ | 6,078,204 | $ | 5,733,311 | $ | 5,676,141 | $ | 5,401,158 | ||||||||||||||||||||||
Capital measures: | ||||||||||||||||||||||||||||||||
Tier 1 leverage (1) | 9.66 | % | 9.26 | % | 9.33 | % | 9.49 | % | 9.14 | % | ||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets (1) | 12.03 | % | 11.91 | % | 12.53 | % | 12.49 | % | 12.11 | % | ||||||||||||||||||||||
Tier 1 capital to risk-weighted assets (1) | 12.03 | % | 11.91 | % | 12.53 | % | 12.49 | % | 12.11 | % | ||||||||||||||||||||||
Total regulatory capital to risk-weighted assets (1) | 16.77 | % | 14.59 | % | 15.30 | % | 15.85 | % | 15.52 | % | ||||||||||||||||||||||
Book value per common share | $ | 32.97 | $ | 33.68 | $ | 33.52 | $ | 33.02 | $ | 32.04 | ||||||||||||||||||||||
Outstanding common shares | 45,162,908 | 45,118,930 | 46,119,074 | 47,312,982 | 47,187,389 |
2022 | 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||
Non-performing assets: | ||||||||||||||||||||||||||||||||
Loans 90 days past due: | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial investor real estate | $ | — | $ | — | $ | 14,830 | $ | — | $ | — | ||||||||||||||||||||||
Commercial owner-occupied real estate | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial AD&C | — | — | 7,344 | — | — | |||||||||||||||||||||||||||
Commercial business | — | — | — | — | 31 | |||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
Residential mortgage | 296 | 557 | 679 | 680 | 398 | |||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Total loans 90 days past due | 296 | 557 | 22,853 | 680 | 429 | |||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial investor real estate | 11,743 | 12,489 | 15,386 | 42,072 | 42,776 | |||||||||||||||||||||||||||
Commercial owner-occupied real estate | 8,083 | 9,306 | 9,854 | 8,183 | 8,316 | |||||||||||||||||||||||||||
Commercial AD&C | 1,081 | 650 | 1,022 | 14,489 | 14,975 | |||||||||||||||||||||||||||
Commercial business | 8,357 | 8,420 | 9,454 | 9,435 | 13,147 | |||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
Residential mortgage | 8,148 | 8,441 | 9,511 | 9,440 | 9,593 | |||||||||||||||||||||||||||
Residential construction | 51 | 55 | 62 | 62 | — | |||||||||||||||||||||||||||
Consumer | 6,406 | 6,725 | 7,826 | 7,718 | 7,193 | |||||||||||||||||||||||||||
Total non-accrual loans | 43,869 | 46,086 | 53,115 | 91,399 | 96,000 | |||||||||||||||||||||||||||
Total restructured loans - accruing | 2,161 | 2,167 | 2,199 | 2,228 | 2,271 | |||||||||||||||||||||||||||
Total non-performing loans | 46,326 | 48,810 | 78,167 | 94,307 | 98,700 | |||||||||||||||||||||||||||
Other assets and other real estate owned (OREO) | 1,034 | 1,034 | 1,105 | 1,234 | 1,354 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 47,360 | $ | 49,844 | $ | 79,272 | $ | 95,541 | $ | 100,054 |
For the Quarter Ended, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||||
Analysis of non-accrual loan activity: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 46,086 | $ | 53,115 | $ | 91,399 | $ | 96,000 | $ | 112,361 | ||||||||||||||||||||||
Non-accrual balances transferred to OREO | — | — | — | (257) | — | |||||||||||||||||||||||||||
Non-accrual balances charged-off | (265) | (754) | (7,171) | (2,166) | (699) | |||||||||||||||||||||||||||
Net payments or draws | (2,787) | (5,786) | (36,526) | (3,693) | (16,028) | |||||||||||||||||||||||||||
Loans placed on non-accrual | 1,503 | 511 | 5,699 | 1,515 | 421 | |||||||||||||||||||||||||||
Non-accrual loans brought current | (668) | (1,000) | (286) | — | (55) | |||||||||||||||||||||||||||
Balance at end of period | $ | 43,869 | $ | 46,086 | $ | 53,115 | $ | 91,399 | $ | 96,000 | ||||||||||||||||||||||
Analysis of allowance for credit losses: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 109,145 | $ | 107,920 | $ | 123,961 | $ | 130,361 | $ | 165,367 | ||||||||||||||||||||||
Provision/ (credit) for credit losses | 1,635 | 1,585 | (8,229) | (4,204) | (34,708) | |||||||||||||||||||||||||||
Less loans charged-off, net of recoveries: | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial investor real estate | (19) | (109) | 5,797 | (144) | (27) | |||||||||||||||||||||||||||
Commercial owner-occupied real estate | — | — | 136 | — | — | |||||||||||||||||||||||||||
Commercial AD&C | — | — | 2,007 | — | — | |||||||||||||||||||||||||||
Commercial business | 111 | 564 | (53) | 2,359 | 634 | |||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
Residential mortgage | 120 | (80) | (49) | (11) | (270) | |||||||||||||||||||||||||||
Residential construction | — | (2) | (2) | (1) | — | |||||||||||||||||||||||||||
Consumer | (20) | (13) | (24) | (7) | (39) | |||||||||||||||||||||||||||
Net charge-offs | 192 | 360 | 7,812 | 2,196 | 298 | |||||||||||||||||||||||||||
Balance at the end of period | $ | 110,588 | $ | 109,145 | $ | 107,920 | $ | 123,961 | $ | 130,361 | ||||||||||||||||||||||
Asset quality ratios: | ||||||||||||||||||||||||||||||||
Non-performing loans to total loans | 0.46 | % | 0.49 | % | 0.80 | % | 0.93 | % | 0.94 | % | ||||||||||||||||||||||
Non-performing assets to total assets | 0.37 | % | 0.40 | % | 0.61 | % | 0.74 | % | 0.78 | % | ||||||||||||||||||||||
Allowance for credit losses to loans | 1.09 | % | 1.10 | % | 1.11 | % | 1.23 | % | 1.25 | % | ||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 238.72 | % | 223.61 | % | 138.06 | % | 131.44 | % | 132.08 | % | ||||||||||||||||||||||
Annualized net charge-offs/ (recoveries) to average loans | 0.01 | % | 0.01 | % | 0.31 | % | 0.09 | % | 0.01 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands and tax-equivalent) | Average Balances | Interest (1) | Annualized Average Yield/Rate | Average Balances | Interest (1) | Annualized Average Yield/Rate | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Commercial investor real estate loans | $ | 4,220,246 | $ | 41,634 | 4.00 | % | $ | 3,634,174 | $ | 38,354 | 4.28 | % | ||||||||||||||||||||||||||
Commercial owner-occupied real estate loans | 1,683,557 | 18,432 | 4.44 | 1,638,885 | 18,680 | 4.62 | ||||||||||||||||||||||||||||||||
Commercial AD&C loans | 1,102,660 | 10,593 | 3.90 | 1,049,597 | 10,396 | 4.02 | ||||||||||||||||||||||||||||||||
Commercial business loans | 1,372,755 | 16,354 | 4.83 | 2,291,097 | 24,794 | 4.39 | ||||||||||||||||||||||||||||||||
Total commercial loans | 8,379,218 | 87,013 | 4.21 | 8,613,753 | 92,224 | 4.34 | ||||||||||||||||||||||||||||||||
Residential mortgage loans | 964,056 | 7,774 | 3.23 | 1,066,714 | 9,544 | 3.58 | ||||||||||||||||||||||||||||||||
Residential construction loans | 197,366 | 1,557 | 3.20 | 179,925 | 1,606 | 3.62 | ||||||||||||||||||||||||||||||||
Consumer loans | 424,859 | 3,589 | 3.43 | 496,578 | 4,545 | 3.71 | ||||||||||||||||||||||||||||||||
Total residential and consumer loans | 1,586,281 | 12,920 | 3.28 | 1,743,217 | 15,695 | 3.62 | ||||||||||||||||||||||||||||||||
Total loans (2) | 9,965,499 | 99,933 | 4.06 | 10,356,970 | 107,919 | 4.22 | ||||||||||||||||||||||||||||||||
Loans held for sale | 17,594 | 198 | 4.50 | 82,263 | 537 | 2.61 | ||||||||||||||||||||||||||||||||
Taxable securities | 1,165,041 | 4,107 | 1.41 | 915,625 | 3,899 | 1.70 | ||||||||||||||||||||||||||||||||
Tax-advantaged securities | 452,574 | 2,551 | 2.26 | 491,830 | 2,840 | 2.31 | ||||||||||||||||||||||||||||||||
Total investment securities (3) | 1,617,615 | 6,658 | 1.65 | 1,407,455 | 6,739 | 1.92 | ||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 258,273 | 113 | 0.18 | 182,095 | 46 | 0.10 | ||||||||||||||||||||||||||||||||
Federal funds sold | 822 | — | 0.21 | 641 | — | 0.09 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 11,859,803 | 106,902 | 3.65 | 12,029,424 | 115,241 | 3.88 | ||||||||||||||||||||||||||||||||
Less: allowance for credit losses | (109,933) | (163,229) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 66,466 | 106,259 | ||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 61,036 | 56,369 | ||||||||||||||||||||||||||||||||||||
Other assets | 698,717 | 772,716 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 12,576,089 | $ | 12,801,539 | ||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,501,658 | $ | 158 | 0.04 | % | $ | 1,365,652 | $ | 236 | 0.07 | % | ||||||||||||||||||||||||||
Regular savings deposits | 546,893 | 19 | 0.01 | 444,296 | 56 | 0.05 | ||||||||||||||||||||||||||||||||
Money market savings deposits | 3,426,817 | 625 | 0.07 | 3,410,589 | 1,463 | 0.17 | ||||||||||||||||||||||||||||||||
Time deposits | 1,307,929 | 1,491 | 0.46 | 1,728,543 | 3,075 | 0.72 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 6,783,297 | 2,293 | 0.14 | 6,949,080 | 4,830 | 0.28 | ||||||||||||||||||||||||||||||||
Federal funds purchased | 45,444 | 15 | 0.13 | 41,656 | 10 | 0.10 | ||||||||||||||||||||||||||||||||
Repurchase agreements | 131,487 | 39 | 0.12 | 148,195 | 43 | 0.12 | ||||||||||||||||||||||||||||||||
Advances from FHLB | — | — | — | 376,984 | 2,276 | 2.45 | ||||||||||||||||||||||||||||||||
Subordinated debt | 203,413 | 2,238 | 4.40 | 227,072 | 2,502 | 4.41 | ||||||||||||||||||||||||||||||||
Total borrowings | 380,344 | 2,292 | 2.44 | 793,907 | 4,831 | 2.47 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,163,641 | 4,585 | 0.26 | 7,742,987 | 9,661 | 0.50 | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 3,758,732 | 3,394,110 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 147,200 | 187,292 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 1,506,516 | 1,477,150 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 12,576,089 | $ | 12,801,539 | ||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income and spread | $ | 102,317 | 3.39 | % | $ | 105,580 | 3.38 | % | ||||||||||||||||||||||||||||||
Less: tax-equivalent adjustment | 866 | 980 | ||||||||||||||||||||||||||||||||||||
Net interest income | $ | 101,451 | $ | 104,600 | ||||||||||||||||||||||||||||||||||
Interest income/earning assets | 3.65 | % | 3.88 | % | ||||||||||||||||||||||||||||||||||
Interest expense/earning assets | 0.16 | 0.32 | ||||||||||||||||||||||||||||||||||||
Net interest margin | 3.49 | % | 3.56 | % |
Cover |
Apr. 21, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 21, 2022 |
Entity Registrant Name | SANDY SPRING BANCORP, INC. |
Entity Incorporation State Country Code | MD |
Entity File Number | 000-19065 |
Entity Tax Identification Number | 52-1532952 |
Entity Address Address Line1 | 17801 Georgia Avenue |
Entity Address City Or Town | Olney |
Entity Address State Or Province | MD |
Entity Address Postal Zip Code | 20832 |
City Area Code | 301 |
Local Phone Number | 774-6400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $1.00 per share |
Trading Symbol | SASR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000824410 |
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