PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

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)	2022		2021
Assets:
Cash and cash equivalents	$	83,923	$	69,038
Other investments	568		568
Investment in subsidiary	1,767,933		1,620,432
Goodwill	1,292		1,292
Other assets	3,375		2,255
Total assets	$	1,857,091	$	1,693,585
Liabilities:
Subordinated debt	$	370,205	$	172,712
Accrued expenses and other liabilities	3,118		1,194
Total liabilities	373,323		173,906
Stockholders’ Equity:
Common stock	44,657		45,119
Additional paid in capital	734,273		751,072
Retained earnings	836,789		732,027
Accumulated other comprehensive loss	(131,951)		(8,539)
Total stockholders’ equity	1,483,768		1,519,679
Total liabilities and stockholders’ equity	$	1,857,091	$	1,693,585

Statements of Income

	Year Ended December 31,
(In thousands)	2022		2021		2020
Income:
Cash dividends from subsidiary	$	65,410	$	189,172	$	74,410
Other income	494		434		932
Total income	65,904		189,606		75,342
Expenses:
Interest	14,055		6,765		9,028
Other expenses	1,750		1,592		1,505
Total expenses	15,805		8,357		10,533
Income before income taxes and equity in undistributed income of subsidiary	50,099		181,249		64,809
Income tax benefit	(3,175)		(1,563)		(1,988)
Income before equity in undistributed income of subsidiary	53,274		182,812		66,797
Equity in undistributed income of subsidiary	113,025		52,295		30,156
Net income	$	166,299	$	235,107	$	96,953

Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2022		2021		2020
Cash Flows from Operating Activities:
Net income	$	166,299	$	235,107	$	96,953
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income-subsidiary	(113,025)		(52,295)		(30,156)
Share based compensation expense	7,887		5,299		3,850
Tax benefit from stock options exercised	—		—		5
Other-net	(9,760)		4,133		(9,732)
Net cash provided by operating activities	51,401		192,244		60,920
Cash Flows from Investing Activities:
Proceeds from sales of investment available-for-sale	—		9,099		310
Investment in subsidiary	(150,000)		—		—
Net cash provided by/ (used in) investing activities	(150,000)		9,099		310
Cash Flows from Financing Activities:
Retirement of subordinated debt	—		(32,810)		(10,310)
Proceeds from issuance of subordinated debt	200,000		—		—
Proceeds from issuance of common stock	2,192		5,758		1,997
Stock tendered for payment of withholding taxes	(2,353)		(1,577)		(458)
Repurchase of common stock	(24,987)		(107,268)		(25,702)
Dividends paid	(61,368)		(60,351)		(53,175)
Net cash provided by/ (used in) financing activities	113,484		(196,248)		(87,648)
Net increase/ (decrease) in cash and cash equivalents	14,885		5,095		(26,418)
Cash and cash equivalents at beginning of year	69,038		63,943		90,361
Cash and cash equivalents at end of year	$	83,923	$	69,038	$	63,943