PARENT COMPANY FINANCIAL INFOMATION

12 Months Ended

Dec. 31, 2012

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Financial Information

Note 22 – 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)	2012		2011
Assets
Cash and cash equivalents	$	10,035	$	8,326
Investments available for sale (at fair value)		723		100
Investment in subsidiary		472,938		424,965
Loan to subsidiary		35,000		35,000
Dividend receivable from subsidiary		-		13,000
Other assets		338		327
Total assets	$	519,034	$	481,718
Liabilities
Subordinated debentures	$	35,000	$	35,000
Accrued expenses and other liabilities		522		609
Total liabilities		35,522		35,609
Stockholders’ Equity
Common stock		24,905		24,091
Additional paid in capital		191,689		177,828
Retained earnings		255,606		230,942
Accumulated other comprehensive loss		11,312		13,248
Total stockholders’ equity		483,512		446,109
Total liabilities and stockholders’ equity	$	519,034	$	481,718

Statements of Income

	Year Ended December 31,
(In thousands)	2012			2011			2010
Income:
Cash dividends from subsidiary	$	12,028		$	21,339		$	-
Other income		982			945			1,191
Total income		13,010			22,284			1,191
Expenses:
Interest		959			913			940
Other expenses		1,003			784			911
Total expenses		1,962			1,697			1,851
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiary		11,048			20,587			(660	)
Income tax benefit		(221	)		(210	)		(167	)
Income (loss) before equity in undistributed income (loss) of subsidiary		11,269			20,797			(493	)
Equity in undistributed income of subsidiary		25,285			13,305			24,013
Net income		36,554			34,102			23,520
Preferred stock dividends and discount accretion		-			-			6,149
Net income available to common shareholders	$	36,554		$	34,102		$	17,371

Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2012			2011			2010
Cash Flows from Operating Activities:
Net income	$	36,554		$	34,102		$	23,520
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income-subsidiary		(25,285	)		(13,305	)		(24,013	)
Dividends receivable from subsidiary bank					(13,000	)		-
Share based compensation expense		1,451			1,207			904
Net change in other liabilities		(158	)		(184	)		43
Decrease in dividends receivable		13,000
Other-net		(10,804	)		(87	)		14
Net cash provided by operating activities		14,758			8,733			468
Cash Flows from Investing Activities:
Purchase of investment available-for-sale		(511	)		-			-
Acquistion of business activity, net of cash acquired		(849	)		-			-
Net cash used by investing activities		(1,360	)		-			-
Cash Flows from Financing Activities:
Redemption of preferred stock		-			-			(83,094	)
Redemption of stock warrant		-			(4,449	)		-
Proceeds from issuance of common stock		99			314			96,464
Tax benefit from stock options exercised		102			91			201
Repurchase of common stock		-			(334	)		-
Dividends paid		(11,890	)		(8,259	)		(4,563	)
Net cash provided (used) by financing activities		(11,689	)		(12,637	)		9,008
Net increase (decrease) in cash and cash equivalents		1,709			(3,904	)		9,476
Cash and cash equivalents at beginning of year		8,326			12,230			2,754
Cash and cash equivalents at end of year	$	10,035		$	8,326		$	12,230