PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Assets:
Cash and cash equivalents	$	125,165	$	83,923
Other investments	568		568
Investment in subsidiary	1,831,553		1,767,933
Goodwill	1,292		1,292
Other assets	3,451		3,375
Total assets	$	1,962,029	$	1,857,091
Liabilities:
Subordinated debt	$	370,803	$	370,205
Accrued expenses and other liabilities	3,084		3,118
Total liabilities	373,887		373,323
Stockholders’ Equity:
Common stock	44,914		44,657
Additional paid in capital	742,243		734,273
Retained earnings	898,316		836,789
Accumulated other comprehensive loss	(97,331)		(131,951)
Total stockholders’ equity	1,588,142		1,483,768
Total liabilities and stockholders’ equity	$	1,962,029	$	1,857,091

Statements of Income

	Year Ended December 31,
(In thousands)	2023		2022		2021
Income:
Cash dividends from subsidiary	$	113,770	$	65,410	$	189,172
Other income	3,204		494		434
Total income	116,974		65,904		189,606
Expenses:
Interest	15,785		14,055		6,765
Other expenses	2,941		1,750		1,592
Total expenses	18,726		15,805		8,357
Income before income taxes and equity in undistributed income of subsidiary	98,248		50,099		181,249
Income tax benefit	(3,226)		(3,175)		(1,563)
Income before equity in undistributed income of subsidiary	101,474		53,274		182,812
Equity in undistributed income of subsidiary	21,370		113,025		52,295
Net income	$	122,844	$	166,299	$	235,107

Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash Flows from Operating Activities:
Net income	$	122,844	$	166,299	$	235,107
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income-subsidiary	(21,370)		(113,025)		(52,295)
Share based compensation expense	7,631		7,887		5,299
Other-net	(7,300)		(9,760)		4,133
Net cash provided by operating activities	101,805		51,401		192,244
Cash Flows from Investing Activities:
Proceeds from sales of investment available-for-sale	—		—		9,099
Investment in subsidiary	—		(150,000)		—
Net cash provided by/ (used in) investing activities	—		(150,000)		9,099
Cash Flows from Financing Activities:
Retirement of subordinated debt	—		—		(32,810)
Proceeds from issuance of subordinated debt	—		200,000		—
Proceeds from issuance of common stock	2,417		2,192		5,758
Stock tendered for payment of withholding taxes	(1,821)		(2,353)		(1,577)
Repurchase of common stock	—		(24,987)		(107,268)
Dividends paid	(61,159)		(61,368)		(60,351)
Net cash provided by/ (used in) financing activities	(60,563)		113,484		(196,248)
Net increase/ (decrease) in cash and cash equivalents	41,242		14,885		5,095
Cash and cash equivalents at beginning of year	83,923		69,038		63,943
Cash and cash equivalents at end of year	$	125,165	$	83,923	$	69,038