Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of
Sandy Spring Bank, reported net income of $51.3 million ($1.14 per
diluted common share) for the quarter ended March 31, 2023,
compared to net income of $43.9 million ($0.96 per diluted common
share) for the first quarter of 2022 and $34.0 million ($0.76 per
diluted common share) for the fourth quarter of 2022.
Current quarter core earnings were $52.3 million
($1.16 per diluted common share), compared to $45.1 million ($0.99
per diluted common share) for the quarter ended March 31, 2022
and $35.3 million ($0.79 per diluted common share) for the quarter
ended December 31, 2022. Core earnings exclude the after-tax
impact of amortization of intangibles, investment securities gains
or losses and non-recurring or extraordinary items. The current
period driver in the growth of GAAP earnings and core earnings
compared to the linked quarter and the prior year quarter was the
credit to the provision for credit losses. The provision for credit
losses for the current quarter was a credit of $21.5 million
compared to a charge of $1.6 million for the first quarter of 2022
and a charge of $10.8 million for the fourth quarter of 2022. The
current quarter's credit to the provision was primarily the result
of the improvement in the forecasted regional unemployment rate
coupled with the stable credit quality in the loan portfolio.
“Following the closures of Silicon Valley Bank
and Signature Bank last month, our bankers did a tremendous job
proactively reaching out to our clients, answering their questions
and working together to find solutions to any concerns that arose,”
said Daniel J. Schrider, Chair, President and Chief Executive
Officer. “Our clients are loyal to our company and believe in the
valuable service we provide in the Greater Washington region.”
“Given the challenging interest rate
environment, recessionary pressures and the industry-wide
disruption, our priorities for the balance of the year remain
growing core funding, managing expenses and taking care of our
clients,” Schrider added.
First Quarter
Highlights
- Total assets at March 31, 2023
increased 2% to $14.1 billion compared to $13.8 billion at
December 31, 2022. Total loan and deposit balances remained
relatively flat compared to the prior quarter end.
- At March 31, 2023 total loans
have remained relatively stable at $11.4 billion compared to
December 31, 2022 as a result of reduced loan demand and lower
payoff activity during the current quarter.
- Deposits increased 1% to $11.1
billion at March 31, 2023 compared to $11.0 billion at
December 31, 2022. During the current quarter attrition in
noninterest-bearing deposits was 12%, primarily in commercial
checking accounts, while interest-bearing deposits grew 8% driven
by the addition of brokered time deposits. Excluding the increase
in brokered time deposits during the current quarter, total
deposits declined 3%.
- Total borrowings in the current
quarter increased by $130.8 million over amounts at
December 31, 2022 as management bolstered on-balance sheet
liquidity following the closures of Silicon Valley Bank and
Signature Bank.
- Net interest income for the first
quarter of 2023 declined $4.1 million or 4% compared to the first
quarter of 2022. The growth in interest income of $45.3 million
provided by loan growth was more than offset by the $49.5 million
increase in interest expense for the comparative periods that
resulted from the increase in rates paid on deposits and higher
borrowing costs.
- For the first quarter of 2023, the
net interest margin was 2.99% compared to 3.49% for the first
quarter of 2022, and 3.26% for the fourth quarter of 2022. The
erosion in net interest margin for the current quarter was due to
higher rates paid on interest-bearing liabilities, which outpaced
the increase in the yield on interest-earning assets. The overall
rate and yield increases were driven by the multiple federal funds
rate increases that occurred over the preceding twelve months
coupled with competition for deposits in the market. During this
period, the rate paid on interest-bearing liabilities rose 223
basis points, while the yield on interest-earning assets increased
98 basis points, resulting in the aforementioned margin compression
of 50 basis points.
- The current quarter's provision for
credit losses directly attributable to the funded loan portfolio
was a credit of $18.9 million compared to the prior year quarter’s
provision for credit losses of $1.6 million. In addition, the
quarterly credit to the provision contained a credit of $2.6
million associated with the provision for unfunded loan
commitments. The credit to the provision in the current quarter
reflects the impact of the improvement in forecasted regional
unemployment rate, management's consideration of existing economic
versus historical conditions and the continued strong credit
performance of our loan portfolio segments.
- The current quarter's non-interest
income decreased by 23% or $4.6 million compared to the prior year
quarter. The decrease represents the cumulative result of the
impact of the interest rate and market environment on mortgage
banking activities and wealth management income, the decline in
insurance commission income as a result of the disposition of the
Company's insurance business during the second quarter of 2022 and
lower bank card income due to regulatory restrictions on
transaction fees that became effective for the Company in the
second quarter of 2022.
- Non-interest expense for the
current quarter increased $4.2 million or 7% compared to the prior
year quarter, driven primarily by increases in the FDIC insurance
assessment, professional fees and services and other expenses.
- Return on average assets (“ROA”)
for the quarter ended March 31, 2023 was 1.49% and return on
average tangible common equity (“ROTCE”) was 19.10% compared to
1.42% and 16.45%, respectively, for the first quarter of 2022. On a
non-GAAP basis, the current quarter's core ROA was 1.52% and core
ROTCE was 19.11% compared to core ROA of 1.45% and core ROTCE of
16.45% for the first quarter of 2022.
- The GAAP efficiency ratio was
58.55% for the first quarter of 2023, compared to 50.92% for the
first quarter of 2022, and 53.23% for the fourth quarter of 2022.
The non-GAAP efficiency ratio was 56.87% for the first quarter of
2023 compared to 49.34% for the prior year quarter, and 51.46% for
the fourth quarter of 2022. The increase in both the GAAP and
non-GAAP efficiency ratios (reflecting a decrease in efficiency) in
the current quarter compared to the previous quarter and the first
quarter of the prior year was the result of declines in net revenue
from the prior periods coupled with the growth in non-interest
expense.
Customer Deposit Focus
Deposits amounted to $11.1 billion at March 31,
2023. Core deposits, which exclude brokered relationships,
represented 88% of total deposits at the end of the current quarter
as compared to 92% for the previous quarter, reflecting the
stability of the core deposit base. Total insured deposits,
including pass-through insured deposits, represented approximately
66% of total deposits at March 31, 2023. During the quarter, the
availability of high yields in savings products and short-term debt
securities coupled with expected seasonal run-off led to
noninterest-bearing deposits declining 12%. The rotation into
higher yielding accounts along with growth in brokered time
deposits drove an 8% increase in interest-bearing deposits. The
Company mitigated deposit outflows by providing reciprocal deposit
arrangements, which provide FDIC deposit insurance for accounts
that would otherwise exceed deposit insurance limits.
At March 31, 2023, contingent liquidity amounted
to $3.8 billion or 101% of the amount of uninsured deposits. This
amount of contingent liquidity does not include any consideration
of the held-to-maturity or the available-for-sale investment
portfolios. With the inclusion of the total unpledged investment
securities portfolio, in addition to $1.5 billion in available
federal funds, this results in total coverage of 158% of uninsured
deposits.
Balance Sheet and Credit
Quality
Total assets grew 9% to $14.1 billion at
March 31, 2023, as compared to $13.0 billion at March 31,
2022. During this period, total loans grew by 12% to $11.4 billion
at March 31, 2023, compared to $10.1 billion at March 31,
2022. Total commercial loans, grew by $902.1 million or 12% during
the past twelve months. The growth in the commercial portfolio
occurred in most commercial portfolios led by the $779.2 million or
18% growth in the investor owned commercial real estate portfolio.
Year-over-year the total residential mortgage loan portfolio grew
33%, as a greater number of conventional 1-4 family mortgage and
ARM loans were retained to grow the portfolio. Reduced loan demand
coupled with lower payoff activity during the current quarter
resulted in minimal loan growth compared to the prior quarter.
Deposits increased 2% to $11.1 billion at
March 31, 2023 compared to $10.9 billion at March 31,
2022. During the preceding twelve months, the increase in deposits
occurred despite the 20% attrition in noninterest-bearing deposits,
primarily in commercial checking accounts, as interest-bearing
deposits, driven by brokered time deposits, grew 15%. Excluding the
impact of the increase in brokered time deposits, total deposits
declined 7%. Borrowings, primarily advances from the FHLB, have
increased by $872.2 million in reaction to the loan growth over the
previous year and, more recently, to provide greater on-balance
sheet liquidity following the closures of Silicon Valley Bank and
Signature Bank.
The tangible common equity ratio decreased to
8.40% of tangible assets at March 31, 2023, compared to 8.70%
at March 31, 2022. This decrease reflects the impact of the
$46.7 million increase in the accumulated other comprehensive loss
on common equity as a result of the rising interest rate
environment negatively affecting the fair values in the
available-for-sale investment portfolio coupled with the 9%
increase in total assets over the preceding twelve months. At
March 31, 2023, the Company had a total risk-based capital
ratio of 14.43%, a common equity tier 1 risk-based capital ratio of
10.53%, a tier 1 risk-based capital ratio of 10.53%, and a tier 1
leverage ratio of 9.44%. All of these ratios remain well in excess
of the mandated minimum regulatory requirements.
Non-performing loans include non-accrual loans
and accruing loans 90 days or more past due. Credit quality
improved at March 31, 2023 compared to March 31, 2022, as
the level of non-performing loans to total loans declined to 0.41%
compared to 0.46%. These levels of non-performing loans compare to
0.35% for the prior quarter and continue to indicate stable credit
quality during a period of significant loan growth and a degree of
economic uncertainty. At March 31, 2023, non-performing loans
totaled $47.2 million, compared to $46.3 million at
March 31, 2022, and $39.4 million at December 31,
2022. Loans placed on non-accrual during the current quarter
amounted to $19.7 million compared to $1.5 million for
the prior year quarter and $5.5 million for the fourth quarter
of 2022. During the current quarter, the Company successfully
resolved several large non-accrual relationships for a total
pay-off of $10.2 million, including a significant recovery of
delinquent interest, without incurring any charge-offs. The growth
in non-performing loans from the previous quarter reflects a large
borrowing relationship within the custodial care sector with an
aggregate balance of $14.6 million. This large relationship is
collateral dependent and required a minimal individual reserve due
to sufficient values of the underlying collateral. The Company
realized net recoveries of $0.3 million for the first quarter of
2023, as compared to net charge-offs of $0.2 million for the first
quarter of 2022 and $0.1 million in recoveries for the fourth
quarter of 2022.
At March 31, 2023, the allowance for credit
losses was $117.6 million or 1.03% of outstanding loans and
249% of non-performing loans, compared to $136.2 million or
1.20% of outstanding loans and 346% of non-performing loans at the
end of the previous quarter and $110.6 million or 1.09% of
outstanding loans and 239% of non-performing loans at the end of
the first quarter of 2022. The decrease in the allowance for the
current quarter compared to the previous quarter reflects the
impact of the improvement in forecasted regional unemployment rate,
management's consideration of existing economic versus historical
conditions and the continued strong credit performance of our
portfolio segments.
Income Statement Review
Quarterly Results
Net income was $51.3 million for the three
months ended March 31, 2023 compared to net income of $43.9
million for the prior year quarter. The rise in the current
quarter's earnings compared to the prior year quarter was the
result of the current quarter's significant credit to the provision
for credit losses compared to the prior year's charge to the
provision. The impact of the credit to the provision more than
offset the combined effect of lower net interest income and
non-interest income and the rise in non-interest expense. During
the comparative period, the impact on interest income from loan
growth was more than offset by the increase in interest expense,
the result of the increase in rates paid on deposits and higher
borrowing costs. The decline in non-interest income was the result
of the combination of lower mortgage banking income, a decline in
wealth management income, reduced insurance commission income due
to the impact of the sale of the Company's insurance business in
the second quarter of 2022 and lower bank card fees resulting from
the implementation of applicable regulations in the second half of
2022. Non-interest expense increased 7% compared to the prior year
quarter, mainly due to increases in the FDIC insurance assessment,
professional fees and services and other expenses. Current quarter
core earnings were $52.3 million ($1.16 per diluted common share),
compared to $45.1 million ($0.99 per diluted common share) for the
quarter ended March 31, 2022 and $35.3 million ($0.79 per
diluted common share) for the quarter ended December 31,
2022.
Net interest income decreased $4.1 million or 4%
for the first quarter of 2023 compared to the first quarter of
2022. During the past twelve months, loan growth coupled with the
rising interest rate environment was primarily responsible for a
$45.3 million or 43% increase in interest income. This growth in
interest income was fully offset by the $49.5 million growth in
interest expense as funding costs have also risen in response to
the rising rate environment and significant competition for
deposits. Interest income growth occurred in all categories of
commercial loans and, to a lesser degree, in residential mortgage
loans, consumer loans and investment securities income. Interest
expense grew due to the rising cost of interest-bearing deposits,
primarily time and money market deposits, and the growth and cost
of borrowings in the current year period compared to the same
period of the prior year. The net interest margin for the current
quarter was 2.99% compared to 3.49% for the first quarter of 2022,
and 3.26% for the fourth quarter of 2022. The erosion in net
interest margin for the current quarter was due to the higher rate
paid on interest-bearing liabilities, which outpaced the increase
in the yield on interest-earning assets. The overall rate and yield
increases were driven by the multiple federal funds rate increases
that occurred over the preceding twelve months coupled with
competition for deposits in the market. During this period, while
the yield on interest-earning assets increased 98 basis points, the
rate paid on interest-bearing liabilities rose 223 basis points
resulting in the aforementioned margin compression of 50 basis
points.
The total provision for credit losses was a
credit of $21.5 million for the first quarter of 2023 compared to a
charge of $1.6 million for the first quarter of 2022 and $10.8
million for the previous quarter. The provision for credit losses
directly attributable to the funded loan portfolio was $18.9
million for the current quarter compared to the prior year
quarter’s provision for credit losses of $1.6 million and $7.9
million for the fourth quarter of 2022. The current quarter's
credit to the provision reflects the impact of the improvement in
forecasted regional unemployment rate, management's consideration
of existing economic versus historical conditions and the continued
strong credit performance of our loan portfolio segments.
For the first quarter of 2023, non-interest
income decreased $4.6 million or 23% compared to the prior year
quarter. The decline reflects the cumulative result of the decrease
in income from mortgage banking activities reflecting the impact of
the interest rate and market environment, lower wealth management
income driven by market performance, the decline in insurance
commission income as a result of the second quarter's disposition
of the Company's insurance business, and reduced bank card income
due to regulatory restrictions on fee recognition.
Non-interest expense increased $4.2 million or
7% for the first quarter of 2023, compared to the prior year
quarter, driven primarily by increases in the FDIC insurance
assessment, professional fees and services and other expenses.
Compensation and benefits costs during the comparative period was
$0.4 million lower driven by decreases in commission and incentive
payments. Occupancy and equipment expense rose $0.4 million
compared to the prior year quarter as a result of increased
software amortization. Marketing and outside data services also
increased during the comparative period.
For the first quarter of 2023, the GAAP
efficiency ratio was 58.55% compared to 50.92% for the first
quarter of 2022, and 53.23% for the fourth quarter of 2022. The
GAAP efficiency ratio rose from the prior year quarter primarily
the result of the 7% decrease in GAAP revenue in combination with
the 7% increase in GAAP non-interest expense. The non-GAAP
efficiency ratio was 56.87% for the current quarter as compared to
49.34% for the first quarter of 2022, and 51.46% for the fourth
quarter of 2022. The increase in the non-GAAP efficiency ratio
(reflecting a decrease in efficiency) from the first quarter of the
prior year to the current year quarter was primarily the result of
the 7% decline in non-GAAP revenue, driven chiefly by the decrease
in non-GAAP non-interest income, and to a lesser degree, the
decline in net interest income, while non-GAAP expenses rose 7%.
ROA for the first quarter ended March 31, 2023 was 1.49% and
ROTCE was 19.10% compared to 0.98% and 12.91%, respectively, for
the fourth quarter of 2022. On a non-GAAP basis, the current
quarter's core ROA was 1.52% and core ROTCE was 19.11% compared to
core ROA of 1.02% and core ROTCE of 13.02% for the fourth quarter
of 2022.
Explanation of Non-GAAP Financial Measures
This news release contains financial information
and performance measures determined by methods other than in
accordance with generally accepted accounting principles in the
United States (“GAAP”). The Company’s management believes that the
supplemental non-GAAP information provides a better comparison of
period-to-period operating performance. Additionally, the Company
believes this information is utilized by regulators and market
analysts to evaluate a company’s financial condition and,
therefore, such information is useful to investors. Non-GAAP
measures used in this release consist of the following:
- Tangible common equity and related
measures are non-GAAP measures that exclude the impact of goodwill
and other intangible assets.
- The non-GAAP efficiency ratio
excludes amortization of intangible assets, investment securities
gains/(losses) and contingent payment expense, and includes
tax-equivalent income.
- Core earnings and the related
measures of core earnings per diluted common share, core return on
average assets and core return on average tangible common equity
reflect net income exclusive of amortization of intangible assets,
investment securities gains/(losses), and contingent payment
expense, on a net of tax basis.
- Pre-tax pre-provision net income
excludes income tax expense and the provision (credit) for credit
losses.
These disclosures should not be viewed as a
substitute for financial results in accordance with GAAP, nor are
they necessarily comparable to non-GAAP performance measures that
may be presented by other companies. Please refer to the non-GAAP
Reconciliation tables included with this release for a
reconciliation of these non-GAAP measures to the most directly
comparable GAAP measure.
Conference Call
The Company’s management will host a conference
call to discuss its first quarter results today at 2:00 p.m. (ET).
A live Webcast of the conference call is available through the
Investor Relations section of the Sandy Spring Website at
www.sandyspringbank.com. Participants may call 1-833-470-1428.
Please use the following access code: 929546. Visitors to the
Website are advised to log on 10 minutes ahead of the scheduled
start of the call. An internet-based replay will be available on
the website until May 4, 2023. A replay of the teleconference will
be available through the same time period by calling 1-866-813-9403
under conference call number 941985.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in
Olney, Maryland, is the holding company for Sandy Spring Bank, a
premier community bank in the Greater Washington, D.C. region. With
over 50 locations, the bank offers a broad range of commercial and
retail banking, mortgage, private banking, and trust services
throughout Maryland, Virginia, and Washington, D.C. Through its
subsidiaries, Rembert Pendleton Jackson and West Financial
Services, Inc., Sandy Spring Bank also offers a comprehensive menu
of wealth management services.
Category: WebcastSource: Sandy Spring Bancorp,
Inc.Code: SASR-E
For additional information or
questions, please contact:Daniel J. Schrider, Chair, President
& Chief Executive Officer, or Philip J. Mantua, E.V.P. &
Chief Financial OfficerSandy Spring Bancorp 17801 Georgia
AvenueOlney, Maryland 208321-800-399-5919Email:
DSchrider@sandyspringbank.com PMantua@sandyspringbank.com
Website: www.sandyspringbank.com
Media Contact:Diane Deskins Hicks
240-608-3020dhicks@sandyspringbank.com
Forward-Looking Statements
Sandy Spring Bancorp’s forward-looking
statements are subject to significant risks and uncertainties that
may cause actual results to differ materially from those in such
statements. These risks and uncertainties include, but are not
limited to, the risks identified in our quarterly and annual
reports and the following: changes in general business and economic
conditions nationally or in the markets that we serve; changes in
consumer and business confidence, investor sentiment, or consumer
spending or savings behavior; changes in the level of inflation;
changes in the demand for loans, deposits and other financial
services that we provide; the possibility that future credit losses
may be higher than currently expected; the impact of the interest
rate environment on our business, financial condition and results
of operations; the impact of compliance with changes in laws,
regulations and regulatory interpretations, including changes in
income taxes; changes in credit ratings assigned to us or our
subsidiaries; the ability to realize benefits and cost savings
from, and limit any unexpected liabilities associated with, any
business combinations; competitive pressures among financial
services companies; the ability to attract, develop and retain
qualified employees; our ability to maintain the security of our
data processing and information technology systems; the impact of
changes in accounting policies, including the introduction of new
accounting standards; the impact of judicial or regulatory
proceedings; the impact of fiscal and governmental policies of the
United States federal government; the impact of health emergencies,
epidemics or pandemics; the effects of climate change; and the
impact of natural disasters, extreme weather events, military
conflict, terrorism or other geopolitical events. Sandy Spring
Bancorp provides greater detail regarding some of these factors in
its Form 10-K for the year ended December 31, 2022, including
in the Risk Factors section of that report, and in its other SEC
reports. Sandy Spring Bancorp’s forward-looking statements may also
be subject to other risks and uncertainties, including those that
it may discuss elsewhere in this news release or in its filings
with the SEC, accessible on the SEC’s Web site at www.sec.gov.
|
Sandy
Spring Bancorp, Inc. and Subsidiaries FINANCIAL
HIGHLIGHTS - UNAUDITED |
|
|
|
Three Months EndedMarch 31, |
|
%Change |
(Dollars in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
|
Results of operations: |
|
|
|
|
|
|
Net interest income |
|
$ |
97,302 |
|
|
$ |
101,451 |
|
|
(4 |
)% |
Provision/ (credit) for credit losses |
|
|
(21,536 |
) |
|
|
1,635 |
|
|
N/M |
|
Non-interest income |
|
|
15,951 |
|
|
|
20,595 |
|
|
(23 |
) |
Non-interest expense |
|
|
66,305 |
|
|
|
62,147 |
|
|
7 |
|
Income before income tax expense |
|
|
68,484 |
|
|
|
58,264 |
|
|
18 |
|
Net income |
|
|
51,253 |
|
|
|
43,935 |
|
|
17 |
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
|
$ |
51,084 |
|
|
$ |
43,667 |
|
|
17 |
|
Pre-tax pre-provision net income (1) |
|
$ |
46,948 |
|
|
$ |
59,899 |
|
|
(22 |
) |
|
|
|
|
|
|
|
Return on average assets |
|
|
1.49 |
% |
|
|
1.42 |
% |
|
|
Return on average common equity |
|
|
13.93 |
% |
|
|
11.83 |
% |
|
|
Return on average tangible common equity (1) |
|
|
19.10 |
% |
|
|
16.45 |
% |
|
|
Net interest margin |
|
|
2.99 |
% |
|
|
3.49 |
% |
|
|
Efficiency ratio - GAAP basis (2) |
|
|
58.55 |
% |
|
|
50.92 |
% |
|
|
Efficiency ratio - Non-GAAP basis (2) |
|
|
56.87 |
% |
|
|
49.34 |
% |
|
|
|
|
|
|
|
|
|
Per share
data: |
|
|
|
|
|
|
Basic net income per common share |
|
$ |
1.14 |
|
|
$ |
0.97 |
|
|
18 |
% |
Diluted net income per common share |
|
$ |
1.14 |
|
|
$ |
0.96 |
|
|
18 |
|
Weighted average diluted common shares |
|
|
44,872,582 |
|
|
|
45,333,292 |
|
|
(1 |
) |
Dividends declared per share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
— |
|
Book value per common share |
|
$ |
34.37 |
|
|
$ |
32.97 |
|
|
4 |
|
Tangible book value per common share (1) |
|
$ |
25.83 |
|
|
$ |
24.23 |
|
|
7 |
|
Outstanding common shares |
|
|
44,712,497 |
|
|
|
45,162,908 |
|
|
(1 |
) |
|
|
|
|
|
|
|
Financial condition at
period-end: |
|
|
|
|
|
|
Investment securities |
|
$ |
1,528,336 |
|
|
$ |
1,586,441 |
|
|
(4 |
)% |
Loans |
|
|
11,395,241 |
|
|
|
10,144,328 |
|
|
12 |
|
Assets |
|
|
14,129,007 |
|
|
|
12,967,416 |
|
|
9 |
|
Deposits |
|
|
11,075,991 |
|
|
|
10,852,794 |
|
|
2 |
|
Stockholders' equity |
|
|
1,536,865 |
|
|
|
1,488,910 |
|
|
3 |
|
|
|
|
|
|
|
|
Capital
ratios: |
|
|
|
|
|
|
Tier 1 leverage (3) |
|
|
9.44 |
% |
|
|
9.66 |
% |
|
|
Common equity tier 1 capital to risk-weighted assets (3) |
|
|
10.53 |
% |
|
|
12.03 |
% |
|
|
Tier 1 capital to risk-weighted assets (3) |
|
|
10.53 |
% |
|
|
12.03 |
% |
|
|
Total regulatory capital to risk-weighted assets (3) |
|
|
14.43 |
% |
|
|
16.77 |
% |
|
|
Tangible common equity to tangible assets (4) |
|
|
8.40 |
% |
|
|
8.70 |
% |
|
|
Average equity to average assets |
|
|
10.70 |
% |
|
|
11.98 |
% |
|
|
|
|
|
|
|
|
|
Credit quality
ratios: |
|
|
|
|
|
|
Allowance for credit losses to loans |
|
|
1.03 |
% |
|
|
1.09 |
% |
|
|
Non-performing loans to total loans |
|
|
0.41 |
% |
|
|
0.46 |
% |
|
|
Non-performing assets to total assets |
|
|
0.34 |
% |
|
|
0.37 |
% |
|
|
Allowance for credit losses to non-performing loans |
|
|
248.93 |
% |
|
|
238.72 |
% |
|
|
Annualized net charge-offs/ (recoveries) to average loans (5) |
|
(0.01)% |
|
|
0.01 |
% |
|
|
(1) |
|
Represents a non-GAAP measure. |
(2) |
|
The efficiency ratio - GAAP basis is non-interest expense divided
by net interest income plus non-interest income from the Condensed
Consolidated Statements of Income. The traditional efficiency ratio
- Non-GAAP basis excludes intangible asset amortization and
contingent payment expense from non-interest expense; and
investment securities gains/ (losses) from non-interest income; and
adds the tax-equivalent adjustment to net interest income. See the
Reconciliation Table included with these Financial Highlights. |
(3) |
|
Estimated ratio at March 31, 2023. |
(4) |
|
The tangible common equity to tangible assets ratio is a non-GAAP
ratio that divides assets excluding goodwill and other intangible
assets into stockholders' equity after deducting goodwill and other
intangible assets. See the Reconciliation Table included with these
Financial Highlights. |
(5) |
|
Calculation utilizes average loans, excluding residential mortgage
loans held-for-sale. |
|
Sandy
Spring Bancorp, Inc. and Subsidiaries
RECONCILIATION TABLE - UNAUDITED
(CONTINUED)OPERATING EARNINGS -
METRICS |
|
|
|
Three Months EndedMarch 31, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
Core earnings (non-GAAP): |
|
|
|
|
Net income (GAAP) |
|
$ |
51,253 |
|
|
$ |
43,935 |
|
Plus/ (less) non-GAAP
adjustments (net of tax)(1): |
|
|
|
|
Amortization of intangible assets |
|
|
973 |
|
|
|
1,121 |
|
Investment securities gains |
|
|
— |
|
|
|
(6 |
) |
Contingent payment expense |
|
|
27 |
|
|
|
— |
|
Core earnings (Non-GAAP) |
|
$ |
52,253 |
|
|
$ |
45,050 |
|
|
|
|
|
|
Core earnings per
diluted common share (non-GAAP): |
|
|
|
|
Weighted average common shares
outstanding - diluted (GAAP) |
|
|
44,872,582 |
|
|
|
45,333,292 |
|
|
|
|
|
|
Earnings per diluted common
share (GAAP) |
|
$ |
1.14 |
|
|
$ |
0.96 |
|
Core earnings per diluted
common share (non-GAAP) |
|
$ |
1.16 |
|
|
$ |
0.99 |
|
|
|
|
|
|
Core return on average
assets (non-GAAP): |
|
|
|
|
Average assets (GAAP) |
|
$ |
13,949,276 |
|
|
$ |
12,576,089 |
|
|
|
|
|
|
Return on average assets
(GAAP) |
|
|
1.49 |
% |
|
|
1.42 |
% |
Core return on average assets
(non-GAAP) |
|
|
1.52 |
% |
|
|
1.45 |
% |
|
|
|
|
|
Return/ Core return on
average tangible common equity (non-GAAP): |
|
|
|
|
Net Income (GAAP) |
|
$ |
51,253 |
|
|
$ |
43,935 |
|
Plus: Amortization of
intangible assets (net of tax) |
|
|
973 |
|
|
|
1,121 |
|
Net income before amortization
of intangible assets |
|
$ |
52,226 |
|
|
$ |
45,056 |
|
|
|
|
|
|
Average total stockholders'
equity (GAAP) |
|
$ |
1,491,929 |
|
|
$ |
1,506,516 |
|
Average goodwill |
|
|
(363,436 |
) |
|
|
(370,223 |
) |
Average other intangible assets, net |
|
|
(19,380 |
) |
|
|
(25,368 |
) |
Average tangible common equity
(non-GAAP) |
|
$ |
1,109,113 |
|
|
$ |
1,110,925 |
|
|
|
|
|
|
Return on average tangible
common equity (non-GAAP) |
|
|
19.10 |
% |
|
|
16.45 |
% |
Core return on average
tangible common equity (non-GAAP) |
|
|
19.11 |
% |
|
|
16.45 |
% |
(1) |
|
Tax adjustments have been determined using the combined marginal
federal and state rate of 25.47% and 25.64% for 2023 and 2022,
respectively. |
|
Sandy
Spring Bancorp, Inc. and Subsidiaries
RECONCILIATION TABLE - UNAUDITED |
|
|
|
Three Months EndedMarch 31, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
Pre-tax pre-provision net income: |
|
|
|
|
Net income (GAAP) |
|
$ |
51,253 |
|
|
$ |
43,935 |
|
Plus/ (less) non-GAAP adjustments: |
|
|
|
|
Income tax expense |
|
|
17,231 |
|
|
|
14,329 |
|
Provision/ (credit) for credit losses |
|
|
(21,536 |
) |
|
|
1,635 |
|
Pre-tax pre-provision net
income (non-GAAP) |
|
$ |
46,948 |
|
|
$ |
59,899 |
|
|
|
|
|
|
Efficiency ratio
(GAAP): |
|
|
|
|
Non-interest expense |
|
$ |
66,305 |
|
|
$ |
62,147 |
|
|
|
|
|
|
Net interest income plus
non-interest income |
|
$ |
113,253 |
|
|
$ |
122,046 |
|
|
|
|
|
|
Efficiency ratio
(GAAP) |
|
|
58.55 |
% |
|
|
50.92 |
% |
|
|
|
|
|
Efficiency ratio
(Non-GAAP): |
|
|
|
|
Non-interest expense |
|
$ |
66,305 |
|
|
$ |
62,147 |
|
Less non-GAAP adjustments: |
|
|
|
|
Amortization of intangible assets |
|
|
1,306 |
|
|
|
1,508 |
|
Contingent payment expense |
|
|
36 |
|
|
|
— |
|
Non-interest expense - as
adjusted |
|
$ |
64,963 |
|
|
$ |
60,639 |
|
|
|
|
|
|
Net interest income plus
non-interest income |
|
$ |
113,253 |
|
|
$ |
122,046 |
|
Plus non-GAAP adjustment: |
|
|
|
|
Tax-equivalent income |
|
|
970 |
|
|
|
866 |
|
Less/ (plus) non-GAAP adjustment: |
|
|
|
|
Investment securities gains |
|
|
— |
|
|
|
8 |
|
Net interest income plus
non-interest income - as adjusted |
|
$ |
114,223 |
|
|
$ |
122,904 |
|
|
|
|
|
|
Efficiency ratio
(Non-GAAP) |
|
|
56.87 |
% |
|
|
49.34 |
% |
|
|
|
|
|
Tangible common equity
ratio: |
|
|
|
|
Total stockholders'
equity |
|
$ |
1,536,865 |
|
|
$ |
1,488,910 |
|
Goodwill |
|
|
(363,436 |
) |
|
|
(370,223 |
) |
Other intangible assets, net |
|
|
(18,549 |
) |
|
|
(24,412 |
) |
Tangible common equity |
|
$ |
1,154,880 |
|
|
$ |
1,094,275 |
|
|
|
|
|
|
Total assets |
|
$ |
14,129,007 |
|
|
$ |
12,967,416 |
|
Goodwill |
|
|
(363,436 |
) |
|
|
(370,223 |
) |
Other intangible assets, net |
|
|
(18,549 |
) |
|
|
(24,412 |
) |
Tangible assets |
|
$ |
13,747,022 |
|
|
$ |
12,572,781 |
|
|
|
|
|
|
Tangible common equity
ratio |
|
|
8.40 |
% |
|
|
8.70 |
% |
|
|
|
|
|
Outstanding common shares |
|
|
44,712,497 |
|
|
|
45,162,908 |
|
Tangible book value per common
share |
|
$ |
25.83 |
|
|
$ |
24.23 |
|
|
Sandy
Spring Bancorp, Inc. and SubsidiariesCONDENSED
CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED |
|
(Dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
Assets |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
92,771 |
|
|
$ |
88,152 |
|
|
$ |
96,074 |
|
Federal funds sold |
|
|
240 |
|
|
|
193 |
|
|
|
370 |
|
Interest-bearing deposits with banks |
|
|
402,704 |
|
|
|
103,887 |
|
|
|
456,382 |
|
Cash and cash equivalents |
|
|
495,715 |
|
|
|
192,232 |
|
|
|
552,826 |
|
Residential mortgage loans held for sale (at fair value) |
|
|
16,262 |
|
|
|
11,706 |
|
|
|
17,537 |
|
Investments held-to-maturity (fair values of $219,417, $220,123 and
$275,834 at March 31, 2023, December 31, 2022 and
March 31, 2022, respectively) |
|
|
254,219 |
|
|
|
259,452 |
|
|
|
285,339 |
|
Investments available-for-sale (at fair value) |
|
|
1,195,728 |
|
|
|
1,214,538 |
|
|
|
1,259,945 |
|
Other investments, at cost |
|
|
78,389 |
|
|
|
69,218 |
|
|
|
41,157 |
|
Total loans |
|
|
11,395,241 |
|
|
|
11,396,706 |
|
|
|
10,144,328 |
|
Less: allowance for credit losses - loans |
|
|
(117,613 |
) |
|
|
(136,242 |
) |
|
|
(110,588 |
) |
Net loans |
|
|
11,277,628 |
|
|
|
11,260,464 |
|
|
|
10,033,740 |
|
Premises and equipment, net |
|
|
69,227 |
|
|
|
67,070 |
|
|
|
61,434 |
|
Other real estate owned |
|
|
645 |
|
|
|
645 |
|
|
|
1,034 |
|
Accrued interest receivable |
|
|
42,232 |
|
|
|
41,172 |
|
|
|
33,528 |
|
Goodwill |
|
|
363,436 |
|
|
|
363,436 |
|
|
|
370,223 |
|
Other intangible assets, net |
|
|
18,549 |
|
|
|
19,855 |
|
|
|
24,412 |
|
Other assets |
|
|
316,977 |
|
|
|
333,331 |
|
|
|
286,241 |
|
Total
assets |
|
$ |
14,129,007 |
|
|
$ |
13,833,119 |
|
|
$ |
12,967,416 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
3,228,678 |
|
|
$ |
3,673,300 |
|
|
$ |
4,039,797 |
|
Interest-bearing deposits |
|
|
7,847,313 |
|
|
|
7,280,121 |
|
|
|
6,812,997 |
|
Total deposits |
|
|
11,075,991 |
|
|
|
10,953,421 |
|
|
|
10,852,794 |
|
Securities sold under retail repurchase agreements and federal
funds purchased |
|
|
252,627 |
|
|
|
321,967 |
|
|
|
130,784 |
|
Advances from FHLB |
|
|
750,000 |
|
|
|
550,000 |
|
|
|
— |
|
Subordinated debt |
|
|
370,354 |
|
|
|
370,205 |
|
|
|
370,002 |
|
Total borrowings |
|
|
1,372,981 |
|
|
|
1,242,172 |
|
|
|
500,786 |
|
Accrued interest payable and other liabilities |
|
|
143,170 |
|
|
|
153,758 |
|
|
|
124,926 |
|
Total liabilities |
|
|
12,592,142 |
|
|
|
12,349,351 |
|
|
|
11,478,506 |
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
Common stock -- par value $1.00; shares authorized 100,000,000;
shares issued and outstanding 44,712,497, 44,657,054 and 45,162,908
at March 31, 2023, December 31, 2022 and March 31,
2022, respectively |
|
|
44,712 |
|
|
|
44,657 |
|
|
|
45,163 |
|
Additional paid in capital |
|
|
735,509 |
|
|
|
734,273 |
|
|
|
752,671 |
|
Retained earnings |
|
|
872,635 |
|
|
|
836,789 |
|
|
|
760,347 |
|
Accumulated other comprehensive loss |
|
|
(115,991 |
) |
|
|
(131,951 |
) |
|
|
(69,271 |
) |
Total stockholders' equity |
|
|
1,536,865 |
|
|
|
1,483,768 |
|
|
|
1,488,910 |
|
Total liabilities and
stockholders' equity |
|
$ |
14,129,007 |
|
|
$ |
13,833,119 |
|
|
$ |
12,967,416 |
|
|
Sandy
Spring Bancorp, Inc. and SubsidiariesCONDENSED
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED |
|
|
|
Three Months EndedMarch 31, |
(Dollars in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
Interest income: |
|
|
|
|
Interest and fees on loans |
|
$ |
139,727 |
|
|
$ |
99,494 |
Interest on loans held for sale |
|
|
152 |
|
|
|
198 |
Interest on deposits with banks |
|
|
2,686 |
|
|
|
113 |
Interest and dividend income on investment securities: |
|
|
|
|
Taxable |
|
|
7,008 |
|
|
|
4,107 |
Tax-advantaged |
|
|
1,770 |
|
|
|
2,124 |
Interest on federal funds sold |
|
|
4 |
|
|
|
— |
Total interest income |
|
|
151,347 |
|
|
|
106,036 |
Interest
Expense: |
|
|
|
|
Interest on deposits |
|
|
40,788 |
|
|
|
2,293 |
Interest on retail repurchase agreements and federal funds
purchased |
|
|
2,104 |
|
|
|
54 |
Interest on advances from FHLB |
|
|
7,207 |
|
|
|
— |
Interest on subordinated debt |
|
|
3,946 |
|
|
|
2,238 |
Total interest expense |
|
|
54,045 |
|
|
|
4,585 |
Net interest
income |
|
|
97,302 |
|
|
|
101,451 |
Provision/ (credit) for credit
losses |
|
|
(21,536 |
) |
|
|
1,635 |
Net interest income after provision/ (credit) for credit
losses |
|
|
118,838 |
|
|
|
99,816 |
Non-interest
income: |
|
|
|
|
Investment securities gains |
|
|
— |
|
|
|
8 |
Service charges on deposit accounts |
|
|
2,388 |
|
|
|
2,326 |
Mortgage banking activities |
|
|
1,245 |
|
|
|
2,298 |
Wealth management income |
|
|
8,992 |
|
|
|
9,337 |
Insurance agency commissions |
|
|
— |
|
|
|
2,115 |
Income from bank owned life insurance |
|
|
907 |
|
|
|
795 |
Bank card fees |
|
|
418 |
|
|
|
1,668 |
Other income |
|
|
2,001 |
|
|
|
2,048 |
Total non-interest income |
|
|
15,951 |
|
|
|
20,595 |
Non-interest
expense: |
|
|
|
|
Salaries and employee benefits |
|
|
38,926 |
|
|
|
39,373 |
Occupancy expense of premises |
|
|
4,847 |
|
|
|
5,034 |
Equipment expenses |
|
|
4,117 |
|
|
|
3,536 |
Marketing |
|
|
1,543 |
|
|
|
1,193 |
Outside data services |
|
|
2,514 |
|
|
|
2,419 |
FDIC insurance |
|
|
2,138 |
|
|
|
984 |
Amortization of intangible assets |
|
|
1,306 |
|
|
|
1,508 |
Professional fees and services |
|
|
3,684 |
|
|
|
2,017 |
Other expenses |
|
|
7,230 |
|
|
|
6,083 |
Total non-interest expense |
|
|
66,305 |
|
|
|
62,147 |
Income before income tax
expense |
|
|
68,484 |
|
|
|
58,264 |
Income tax expense |
|
|
17,231 |
|
|
|
14,329 |
Net income |
|
$ |
51,253 |
|
|
$ |
43,935 |
|
|
|
|
|
Net income per share
amounts: |
|
|
|
|
Basic net income per common share |
|
$ |
1.14 |
|
|
$ |
0.97 |
Diluted net income per common share |
|
$ |
1.14 |
|
|
$ |
0.96 |
Dividends declared per share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
Sandy
Spring Bancorp, Inc. and SubsidiariesHISTORICAL
TRENDS - QUARTERLY FINANCIAL DATA - UNAUDITED |
|
|
|
|
2023 |
|
|
|
2022 |
|
(Dollars in thousands, except per share data) |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
Profitability for the quarter: |
|
|
|
|
|
|
|
|
|
|
Tax-equivalent interest income |
|
$ |
152,317 |
|
|
$ |
146,332 |
|
|
$ |
131,373 |
|
|
$ |
114,901 |
|
|
$ |
106,902 |
|
Interest
expense |
|
|
54,045 |
|
|
|
38,657 |
|
|
|
17,462 |
|
|
|
7,959 |
|
|
|
4,585 |
|
Tax-equivalent net interest income |
|
|
98,272 |
|
|
|
107,675 |
|
|
|
113,911 |
|
|
|
106,942 |
|
|
|
102,317 |
|
Tax-equivalent adjustment |
|
|
970 |
|
|
|
1,032 |
|
|
|
951 |
|
|
|
992 |
|
|
|
866 |
|
Provision/ (credit) for credit
losses |
|
|
(21,536 |
) |
|
|
10,801 |
|
|
|
18,890 |
|
|
|
3,046 |
|
|
|
1,635 |
|
Non-interest income |
|
|
15,951 |
|
|
|
14,297 |
|
|
|
16,882 |
|
|
|
35,245 |
|
|
|
20,595 |
|
Non-interest expense |
|
|
66,305 |
|
|
|
64,375 |
|
|
|
65,780 |
|
|
|
64,991 |
|
|
|
62,147 |
|
Income before income tax
expense |
|
|
68,484 |
|
|
|
45,764 |
|
|
|
45,172 |
|
|
|
73,158 |
|
|
|
58,264 |
|
Income tax expense |
|
|
17,231 |
|
|
|
11,784 |
|
|
|
11,588 |
|
|
|
18,358 |
|
|
|
14,329 |
|
Net income |
|
$ |
51,253 |
|
|
$ |
33,980 |
|
|
$ |
33,584 |
|
|
$ |
54,800 |
|
|
$ |
43,935 |
|
GAAP financial
performance: |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.49 |
% |
|
|
0.98 |
% |
|
|
0.99 |
% |
|
|
1.69 |
% |
|
|
1.42 |
% |
Return on average common
equity |
|
|
13.93 |
% |
|
|
9.23 |
% |
|
|
8.96 |
% |
|
|
14.97 |
% |
|
|
11.83 |
% |
Return on average tangible
common equity |
|
|
19.10 |
% |
|
|
12.91 |
% |
|
|
12.49 |
% |
|
|
20.83 |
% |
|
|
16.45 |
% |
Net interest margin |
|
|
2.99 |
% |
|
|
3.26 |
% |
|
|
3.53 |
% |
|
|
3.49 |
% |
|
|
3.49 |
% |
Efficiency ratio - GAAP
basis |
|
|
58.55 |
% |
|
|
53.23 |
% |
|
|
50.66 |
% |
|
|
46.03 |
% |
|
|
50.92 |
% |
Non-GAAP financial
performance: |
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net
income |
|
$ |
46,948 |
|
|
$ |
56,565 |
|
|
$ |
64,062 |
|
|
$ |
76,204 |
|
|
$ |
59,899 |
|
Core after-tax earnings |
|
$ |
52,253 |
|
|
$ |
35,322 |
|
|
$ |
35,695 |
|
|
$ |
44,238 |
|
|
$ |
45,050 |
|
Core return on average
assets |
|
|
1.52 |
% |
|
|
1.02 |
% |
|
|
1.05 |
% |
|
|
1.37 |
% |
|
|
1.45 |
% |
Core return on average common
equity |
|
|
14.20 |
% |
|
|
9.60 |
% |
|
|
9.53 |
% |
|
|
12.09 |
% |
|
|
12.13 |
% |
Core return on average
tangible common equity |
|
|
19.11 |
% |
|
|
13.02 |
% |
|
|
12.86 |
% |
|
|
16.49 |
% |
|
|
16.45 |
% |
Core earnings per diluted
common share |
|
$ |
1.16 |
|
|
$ |
0.79 |
|
|
$ |
0.80 |
|
|
$ |
0.98 |
|
|
$ |
0.99 |
|
Efficiency ratio - Non-GAAP
basis |
|
|
56.87 |
% |
|
|
51.46 |
% |
|
|
48.18 |
% |
|
|
49.79 |
% |
|
|
49.34 |
% |
Per share
data: |
|
|
|
|
|
|
|
|
|
Net income attributable to
common shareholders |
|
$ |
51,084 |
|
|
$ |
33,866 |
|
|
$ |
33,470 |
|
|
$ |
54,606 |
|
|
$ |
43,667 |
|
Basic net income per common
share |
|
$ |
1.14 |
|
|
$ |
0.76 |
|
|
$ |
0.75 |
|
|
$ |
1.21 |
|
|
$ |
0.97 |
|
Diluted net income per common
share |
|
$ |
1.14 |
|
|
$ |
0.76 |
|
|
$ |
0.75 |
|
|
$ |
1.21 |
|
|
$ |
0.96 |
|
Weighted average diluted
common shares |
|
|
44,872,582 |
|
|
|
44,828,827 |
|
|
|
44,780,560 |
|
|
|
45,111,693 |
|
|
|
45,333,292 |
|
Dividends declared per
share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
Securities gains/
(losses) |
|
$ |
— |
|
|
$ |
(393 |
) |
|
$ |
2 |
|
|
$ |
38 |
|
|
$ |
8 |
|
Gain/ (loss) on disposal of
assets |
|
|
— |
|
|
|
— |
|
|
|
(183 |
) |
|
|
16,699 |
|
|
|
— |
|
Service charges on deposit
accounts |
|
|
2,388 |
|
|
|
2,419 |
|
|
|
2,591 |
|
|
|
2,467 |
|
|
|
2,326 |
|
Mortgage banking
activities |
|
|
1,245 |
|
|
|
783 |
|
|
|
1,566 |
|
|
|
1,483 |
|
|
|
2,298 |
|
Wealth management income |
|
|
8,992 |
|
|
|
8,472 |
|
|
|
8,867 |
|
|
|
9,098 |
|
|
|
9,337 |
|
Insurance agency
commissions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
812 |
|
|
|
2,115 |
|
Income from bank owned life
insurance |
|
|
907 |
|
|
|
950 |
|
|
|
693 |
|
|
|
703 |
|
|
|
795 |
|
Bank card fees |
|
|
418 |
|
|
|
463 |
|
|
|
438 |
|
|
|
1,810 |
|
|
|
1,668 |
|
Other income |
|
|
2,001 |
|
|
|
1,603 |
|
|
|
2,908 |
|
|
|
2,135 |
|
|
|
2,048 |
|
Total non-interest income |
|
$ |
15,951 |
|
|
$ |
14,297 |
|
|
$ |
16,882 |
|
|
$ |
35,245 |
|
|
$ |
20,595 |
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
$ |
38,926 |
|
|
$ |
39,455 |
|
|
$ |
40,126 |
|
|
$ |
39,550 |
|
|
$ |
39,373 |
|
Occupancy expense of
premises |
|
|
4,847 |
|
|
|
4,728 |
|
|
|
4,759 |
|
|
|
4,734 |
|
|
|
5,034 |
|
Equipment expenses |
|
|
4,117 |
|
|
|
3,859 |
|
|
|
3,825 |
|
|
|
3,559 |
|
|
|
3,536 |
|
Marketing |
|
|
1,543 |
|
|
|
1,354 |
|
|
|
1,370 |
|
|
|
1,280 |
|
|
|
1,193 |
|
Outside data services |
|
|
2,514 |
|
|
|
2,707 |
|
|
|
2,509 |
|
|
|
2,564 |
|
|
|
2,419 |
|
FDIC insurance |
|
|
2,138 |
|
|
|
1,462 |
|
|
|
1,268 |
|
|
|
1,078 |
|
|
|
984 |
|
Amortization of intangible
assets |
|
|
1,306 |
|
|
|
1,408 |
|
|
|
1,432 |
|
|
|
1,466 |
|
|
|
1,508 |
|
Merger, acquisition and
disposal expense |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1,067 |
|
|
|
— |
|
Professional fees and
services |
|
|
3,684 |
|
|
|
2,573 |
|
|
|
2,207 |
|
|
|
2,372 |
|
|
|
2,017 |
|
Other expenses |
|
|
7,230 |
|
|
|
6,829 |
|
|
|
8,283 |
|
|
|
7,321 |
|
|
|
6,083 |
|
Total non-interest expense |
|
$ |
66,305 |
|
|
$ |
64,375 |
|
|
$ |
65,780 |
|
|
$ |
64,991 |
|
|
$ |
62,147 |
|
|
Sandy
Spring Bancorp, Inc. and SubsidiariesHISTORICAL
TRENDS - QUARTERLY FINANCIAL DATA - UNAUDITED |
|
|
|
|
2023 |
|
|
2022 |
(Dollars in thousands, except per share data) |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
Balance
sheets at quarter end: |
|
|
|
|
|
|
|
|
Commercial investor real estate loans |
|
$ |
5,167,456 |
|
|
$ |
5,130,094 |
|
|
$ |
5,066,843 |
|
|
$ |
4,761,658 |
|
|
$ |
4,388,275 |
|
Commercial owner-occupied real
estate loans |
|
|
1,769,928 |
|
|
|
1,775,037 |
|
|
|
1,743,724 |
|
|
|
1,767,326 |
|
|
|
1,692,253 |
|
Commercial AD&C loans |
|
|
1,046,665 |
|
|
|
1,090,028 |
|
|
|
1,143,783 |
|
|
|
1,094,528 |
|
|
|
1,089,331 |
|
Commercial business loans |
|
|
1,437,478 |
|
|
|
1,455,885 |
|
|
|
1,393,634 |
|
|
|
1,353,380 |
|
|
|
1,349,602 |
|
Residential mortgage
loans |
|
|
1,328,524 |
|
|
|
1,287,933 |
|
|
|
1,218,552 |
|
|
|
1,147,577 |
|
|
|
1,000,697 |
|
Residential construction
loans |
|
|
223,456 |
|
|
|
224,772 |
|
|
|
229,243 |
|
|
|
235,486 |
|
|
|
204,259 |
|
Consumer loans |
|
|
421,734 |
|
|
|
432,957 |
|
|
|
423,034 |
|
|
|
426,335 |
|
|
|
419,911 |
|
Total loans |
|
|
11,395,241 |
|
|
|
11,396,706 |
|
|
|
11,218,813 |
|
|
|
10,786,290 |
|
|
|
10,144,328 |
|
Allowance for credit losses -
loans |
|
|
(117,613 |
) |
|
|
(136,242 |
) |
|
|
(128,268 |
) |
|
|
(113,670 |
) |
|
|
(110,588 |
) |
Loans held for sale |
|
|
16,262 |
|
|
|
11,706 |
|
|
|
11,469 |
|
|
|
23,610 |
|
|
|
17,537 |
|
Investment securities |
|
|
1,528,336 |
|
|
|
1,543,208 |
|
|
|
1,587,279 |
|
|
|
1,595,424 |
|
|
|
1,586,441 |
|
Total assets |
|
|
14,129,007 |
|
|
|
13,833,119 |
|
|
|
13,765,597 |
|
|
|
13,303,009 |
|
|
|
12,967,416 |
|
Noninterest-bearing demand
deposits |
|
|
3,228,678 |
|
|
|
3,673,300 |
|
|
|
3,993,480 |
|
|
|
4,129,440 |
|
|
|
4,039,797 |
|
Total deposits |
|
|
11,075,991 |
|
|
|
10,953,421 |
|
|
|
10,749,486 |
|
|
|
10,969,461 |
|
|
|
10,852,794 |
|
Customer repurchase
agreements |
|
|
47,627 |
|
|
|
61,967 |
|
|
|
91,287 |
|
|
|
110,744 |
|
|
|
130,784 |
|
Total stockholders'
equity |
|
|
1,536,865 |
|
|
|
1,483,768 |
|
|
|
1,451,862 |
|
|
|
1,477,169 |
|
|
|
1,488,910 |
|
Quarterly
average balance sheets: |
|
|
|
|
|
|
|
|
Commercial investor real
estate loans |
|
$ |
5,136,204 |
|
|
$ |
5,082,697 |
|
|
$ |
4,898,683 |
|
|
$ |
4,512,937 |
|
|
$ |
4,220,246 |
|
Commercial owner-occupied real
estate loans |
|
|
1,769,680 |
|
|
|
1,753,351 |
|
|
|
1,755,891 |
|
|
|
1,727,325 |
|
|
|
1,683,557 |
|
Commercial AD&C loans |
|
|
1,082,791 |
|
|
|
1,136,780 |
|
|
|
1,115,531 |
|
|
|
1,096,369 |
|
|
|
1,102,660 |
|
Commercial business loans |
|
|
1,444,588 |
|
|
|
1,373,565 |
|
|
|
1,327,218 |
|
|
|
1,334,350 |
|
|
|
1,372,755 |
|
Residential mortgage
loans |
|
|
1,307,761 |
|
|
|
1,251,829 |
|
|
|
1,177,664 |
|
|
|
1,070,836 |
|
|
|
964,056 |
|
Residential construction
loans |
|
|
223,313 |
|
|
|
231,318 |
|
|
|
235,123 |
|
|
|
221,031 |
|
|
|
197,366 |
|
Consumer loans |
|
|
424,122 |
|
|
|
426,134 |
|
|
|
422,963 |
|
|
|
421,022 |
|
|
|
424,859 |
|
Total loans |
|
|
11,388,459 |
|
|
|
11,255,674 |
|
|
|
10,933,073 |
|
|
|
10,383,870 |
|
|
|
9,965,499 |
|
Loans held for sale |
|
|
8,324 |
|
|
|
10,901 |
|
|
|
15,211 |
|
|
|
12,744 |
|
|
|
17,594 |
|
Investment securities |
|
|
1,679,593 |
|
|
|
1,717,455 |
|
|
|
1,734,036 |
|
|
|
1,686,181 |
|
|
|
1,617,615 |
|
Interest-earning assets |
|
|
13,316,165 |
|
|
|
13,134,234 |
|
|
|
12,833,758 |
|
|
|
12,283,834 |
|
|
|
11,859,803 |
|
Total assets |
|
|
13,949,276 |
|
|
|
13,769,472 |
|
|
|
13,521,595 |
|
|
|
12,991,692 |
|
|
|
12,576,089 |
|
Noninterest-bearing demand
deposits |
|
|
3,480,433 |
|
|
|
3,833,275 |
|
|
|
3,995,702 |
|
|
|
4,001,762 |
|
|
|
3,758,732 |
|
Total deposits |
|
|
11,049,991 |
|
|
|
11,025,843 |
|
|
|
10,740,999 |
|
|
|
10,829,221 |
|
|
|
10,542,029 |
|
Customer repurchase
agreements |
|
|
60,626 |
|
|
|
74,797 |
|
|
|
104,742 |
|
|
|
122,728 |
|
|
|
131,487 |
|
Total interest-bearing
liabilities |
|
|
8,806,720 |
|
|
|
8,310,278 |
|
|
|
7,892,230 |
|
|
|
7,377,045 |
|
|
|
7,163,641 |
|
Total stockholders'
equity |
|
|
1,491,929 |
|
|
|
1,460,254 |
|
|
|
1,486,427 |
|
|
|
1,468,036 |
|
|
|
1,506,516 |
|
Financial
measures: |
|
|
|
|
|
|
|
|
|
|
Average equity to average
assets |
|
|
10.70 |
% |
|
|
10.61 |
% |
|
|
10.99 |
% |
|
|
11.30 |
% |
|
|
11.98 |
% |
Average investment securities
to average earning assets |
|
|
12.61 |
% |
|
|
13.08 |
% |
|
|
13.51 |
% |
|
|
13.73 |
% |
|
|
13.64 |
% |
Average loans to average
earning assets |
|
|
85.52 |
% |
|
|
85.70 |
% |
|
|
85.19 |
% |
|
|
84.53 |
% |
|
|
84.03 |
% |
Loans to assets |
|
|
80.65 |
% |
|
|
82.39 |
% |
|
|
81.50 |
% |
|
|
81.08 |
% |
|
|
78.23 |
% |
Loans to deposits |
|
|
102.88 |
% |
|
|
104.05 |
% |
|
|
104.37 |
% |
|
|
98.33 |
% |
|
|
93.47 |
% |
Assets under management |
|
$ |
5,477,560 |
|
|
$ |
5,255,306 |
|
|
$ |
4,969,092 |
|
|
$ |
5,171,321 |
|
|
$ |
5,793,787 |
|
Capital
measures: |
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage(1) |
|
|
9.44 |
% |
|
|
9.33 |
% |
|
|
9.33 |
% |
|
|
9.53 |
% |
|
|
9.66 |
% |
Common equity tier 1 capital
to risk-weighted assets(1) |
|
|
10.53 |
% |
|
|
10.23 |
% |
|
|
10.18 |
% |
|
|
10.42 |
% |
|
|
10.78 |
% |
Tier 1 capital to
risk-weighted assets(1) |
|
|
10.53 |
% |
|
|
10.23 |
% |
|
|
10.18 |
% |
|
|
10.42 |
% |
|
|
10.78 |
% |
Total regulatory capital to
risk-weighted assets(1) |
|
|
14.43 |
% |
|
|
14.20 |
% |
|
|
14.15 |
% |
|
|
14.46 |
% |
|
|
15.02 |
% |
Book value per common
share |
|
$ |
34.37 |
|
|
$ |
33.23 |
|
|
$ |
32.52 |
|
|
$ |
33.10 |
|
|
$ |
32.97 |
|
Outstanding common shares |
|
|
44,712,497 |
|
|
|
44,657,054 |
|
|
|
44,644,269 |
|
|
|
44,629,697 |
|
|
|
45,162,908 |
|
(1) |
|
Estimated ratio at March 31, 2023. |
|
Sandy
Spring Bancorp, Inc. and SubsidiariesLOAN
PORTFOLIO QUALITY DETAIL - UNAUDITED |
|
|
|
|
2023 |
|
|
2022 |
(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 |
|
$ |
215 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Commercial owner-occupied real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial AD&C |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
|
3,002 |
|
|
|
1,002 |
|
|
|
1,966 |
|
|
|
— |
|
|
|
— |
|
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
352 |
|
|
|
— |
|
|
|
167 |
|
|
|
353 |
|
|
|
296 |
|
Residential construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
— |
|
Total loans 90 days past
due |
|
|
3,569 |
|
|
|
1,002 |
|
|
|
2,167 |
|
|
|
353 |
|
|
|
296 |
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate |
|
|
15,451 |
|
|
|
9,943 |
|
|
|
14,038 |
|
|
|
11,245 |
|
|
|
11,743 |
|
Commercial owner-occupied real estate |
|
|
4,949 |
|
|
|
5,019 |
|
|
|
6,294 |
|
|
|
7,869 |
|
|
|
8,083 |
|
Commercial AD&C |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,353 |
|
|
|
1,081 |
|
Commercial business |
|
|
9,443 |
|
|
|
7,322 |
|
|
|
7,198 |
|
|
|
7,542 |
|
|
|
8,357 |
|
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
8,935 |
|
|
|
7,439 |
|
|
|
7,514 |
|
|
|
7,305 |
|
|
|
8,148 |
|
Residential construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
51 |
|
Consumer |
|
|
4,900 |
|
|
|
5,059 |
|
|
|
5,173 |
|
|
|
5,692 |
|
|
|
6,406 |
|
Total non-accrual loans |
|
|
43,678 |
|
|
|
34,782 |
|
|
|
40,217 |
|
|
|
41,007 |
|
|
|
43,869 |
|
Total restructured loans -
accruing (1) |
|
|
— |
|
|
|
3,575 |
|
|
|
2,077 |
|
|
|
2,119 |
|
|
|
2,161 |
|
Total non-performing loans |
|
|
47,247 |
|
|
|
39,359 |
|
|
|
44,461 |
|
|
|
43,479 |
|
|
|
46,326 |
|
Other assets and other real
estate owned (OREO) |
|
|
645 |
|
|
|
645 |
|
|
|
739 |
|
|
|
739 |
|
|
|
1,034 |
|
Total non-performing assets |
|
$ |
47,892 |
|
|
$ |
40,004 |
|
|
$ |
45,200 |
|
|
$ |
44,218 |
|
|
$ |
47,360 |
|
|
|
For the Quarter Ended, |
(Dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Analysis of non-accrual loan activity: |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
34,782 |
|
|
$ |
40,217 |
|
|
$ |
41,007 |
|
|
$ |
43,869 |
|
|
$ |
46,086 |
|
Non-accrual balances transferred to OREO |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-accrual balances charged-off |
|
|
(126 |
) |
|
|
(22 |
) |
|
|
(197 |
) |
|
|
(376 |
) |
|
|
(265 |
) |
Net payments or draws |
|
|
(10,212 |
) |
|
|
(9,535 |
) |
|
|
(3,509 |
) |
|
|
(3,234 |
) |
|
|
(2,787 |
) |
Loans placed on non-accrual |
|
|
19,714 |
|
|
|
5,467 |
|
|
|
4,212 |
|
|
|
948 |
|
|
|
1,503 |
|
Non-accrual loans brought current |
|
|
(480 |
) |
|
|
(1,345 |
) |
|
|
(1,296 |
) |
|
|
(200 |
) |
|
|
(668 |
) |
Balance at end of period |
|
$ |
43,678 |
|
|
$ |
34,782 |
|
|
$ |
40,217 |
|
|
$ |
41,007 |
|
|
$ |
43,869 |
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of allowance for
credit losses - loans: |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
136,242 |
|
|
$ |
128,268 |
|
|
$ |
113,670 |
|
|
$ |
110,588 |
|
|
$ |
109,145 |
|
Provision/ (credit) for credit losses - loans |
|
|
(18,945 |
) |
|
|
7,907 |
|
|
|
14,092 |
|
|
|
3,046 |
|
|
|
1,635 |
|
Less loans charged-off, net of recoveries: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate |
|
|
(5 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(300 |
) |
|
|
(19 |
) |
Commercial owner-occupied real estate |
|
|
(26 |
) |
|
|
(27 |
) |
|
|
(10 |
) |
|
|
(12 |
) |
|
|
— |
|
Commercial AD&C |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
|
(127 |
) |
|
|
(13 |
) |
|
|
(512 |
) |
|
|
331 |
|
|
|
111 |
|
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
21 |
|
|
|
(50 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
120 |
|
Residential construction |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(5 |
) |
|
|
— |
|
Consumer |
|
|
(179 |
) |
|
|
24 |
|
|
|
27 |
|
|
|
(41 |
) |
|
|
(20 |
) |
Net charge-offs/
(recoveries) |
|
|
(316 |
) |
|
|
(67 |
) |
|
|
(506 |
) |
|
|
(36 |
) |
|
|
192 |
|
Balance at the end of period |
|
$ |
117,613 |
|
|
$ |
136,242 |
|
|
$ |
128,268 |
|
|
$ |
113,670 |
|
|
$ |
110,588 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
ratios: |
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
|
0.41 |
% |
|
|
0.35 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.46 |
% |
Non-performing assets to total assets |
|
|
0.34 |
% |
|
|
0.29 |
% |
|
|
0.33 |
% |
|
|
0.33 |
% |
|
|
0.37 |
% |
Allowance for credit losses to loans |
|
|
1.03 |
% |
|
|
1.20 |
% |
|
|
1.14 |
% |
|
|
1.05 |
% |
|
|
1.09 |
% |
Allowance for credit losses to non-performing loans |
|
|
248.93 |
% |
|
|
346.15 |
% |
|
|
288.50 |
% |
|
|
261.44 |
% |
|
|
238.72 |
% |
Annualized net charge-offs/ (recoveries) to average loans |
|
(0.01)% |
|
|
— |
% |
|
|
(0.02 |
)% |
|
|
— |
% |
|
|
0.01 |
% |
(1) |
|
Effective January 1, 2023, the Company adopted ASU 2022-02, which
eliminated the accounting and recognition of troubled debt
restructurings ("TDRs"). |
|
Sandy
Spring Bancorp, Inc. and SubsidiariesCONSOLIDATED
AVERAGE BALANCES, YIELDS AND RATES - UNAUDITED |
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
(Dollars in thousands and tax-equivalent) |
|
AverageBalances |
|
Interest (1) |
|
AnnualizedAverageYield/Rate |
|
AverageBalances |
|
Interest (1) |
|
AnnualizedAverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate loans |
|
$ |
5,136,204 |
|
|
$ |
57,801 |
|
4.56 |
% |
|
$ |
4,220,246 |
|
|
$ |
41,634 |
|
4.00 |
% |
Commercial owner-occupied real
estate loans |
|
|
1,769,680 |
|
|
|
19,598 |
|
4.49 |
|
|
|
1,683,557 |
|
|
|
18,432 |
|
4.44 |
|
Commercial AD&C loans |
|
|
1,082,791 |
|
|
|
19,839 |
|
7.43 |
|
|
|
1,102,660 |
|
|
|
10,593 |
|
3.90 |
|
Commercial business loans |
|
|
1,444,588 |
|
|
|
22,200 |
|
6.23 |
|
|
|
1,372,755 |
|
|
|
16,354 |
|
4.83 |
|
Total commercial loans |
|
|
9,433,263 |
|
|
|
119,438 |
|
5.13 |
|
|
|
8,379,218 |
|
|
|
87,013 |
|
4.21 |
|
Residential mortgage
loans |
|
|
1,307,761 |
|
|
|
11,418 |
|
3.49 |
|
|
|
964,056 |
|
|
|
7,774 |
|
3.23 |
|
Residential construction
loans |
|
|
223,313 |
|
|
|
1,814 |
|
3.29 |
|
|
|
197,366 |
|
|
|
1,557 |
|
3.20 |
|
Consumer loans |
|
|
424,122 |
|
|
|
7,587 |
|
7.25 |
|
|
|
424,859 |
|
|
|
3,589 |
|
3.43 |
|
Total residential and consumer loans |
|
|
1,955,196 |
|
|
|
20,819 |
|
4.29 |
|
|
|
1,586,281 |
|
|
|
12,920 |
|
3.28 |
|
Total loans (2) |
|
|
11,388,459 |
|
|
|
140,257 |
|
4.99 |
|
|
|
9,965,499 |
|
|
|
99,933 |
|
4.06 |
|
Loans held for sale |
|
|
8,324 |
|
|
|
152 |
|
7.29 |
|
|
|
17,594 |
|
|
|
198 |
|
4.50 |
|
Taxable securities |
|
|
1,297,769 |
|
|
|
7,008 |
|
2.16 |
|
|
|
1,165,041 |
|
|
|
4,107 |
|
1.41 |
|
Tax-advantaged securities |
|
|
381,824 |
|
|
|
2,210 |
|
2.32 |
|
|
|
452,574 |
|
|
|
2,551 |
|
2.26 |
|
Total investment securities (3) |
|
|
1,679,593 |
|
|
|
9,218 |
|
2.20 |
|
|
|
1,617,615 |
|
|
|
6,658 |
|
1.65 |
|
Interest-bearing deposits with
banks |
|
|
239,459 |
|
|
|
2,686 |
|
4.55 |
|
|
|
258,273 |
|
|
|
113 |
|
0.18 |
|
Federal funds sold |
|
|
330 |
|
|
|
4 |
|
4.69 |
|
|
|
822 |
|
|
|
— |
|
0.21 |
|
Total interest-earning assets |
|
|
13,316,165 |
|
|
|
152,317 |
|
4.63 |
|
|
|
11,859,803 |
|
|
|
106,902 |
|
3.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: allowance for credit
losses - loans |
|
|
(136,899 |
) |
|
|
|
|
|
|
(109,933 |
) |
|
|
|
|
Cash and due from banks |
|
|
95,057 |
|
|
|
|
|
|
|
66,466 |
|
|
|
|
|
Premises and equipment,
net |
|
|
67,696 |
|
|
|
|
|
|
|
61,036 |
|
|
|
|
|
Other assets |
|
|
607,257 |
|
|
|
|
|
|
|
698,717 |
|
|
|
|
|
Total assets |
|
$ |
13,949,276 |
|
|
|
|
|
|
$ |
12,576,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
|
$ |
1,381,858 |
|
|
$ |
2,630 |
|
0.77 |
% |
|
$ |
1,501,658 |
|
|
$ |
158 |
|
0.04 |
% |
Regular savings deposits |
|
|
505,364 |
|
|
|
363 |
|
0.29 |
|
|
|
546,893 |
|
|
|
19 |
|
0.01 |
|
Money market savings
deposits |
|
|
3,299,794 |
|
|
|
21,338 |
|
2.62 |
|
|
|
3,426,817 |
|
|
|
625 |
|
0.07 |
|
Time deposits |
|
|
2,382,542 |
|
|
|
16,457 |
|
2.80 |
|
|
|
1,307,929 |
|
|
|
1,491 |
|
0.46 |
|
Total interest-bearing deposits |
|
|
7,569,558 |
|
|
|
40,788 |
|
2.19 |
|
|
|
6,783,297 |
|
|
|
2,293 |
|
0.14 |
|
Federal funds purchased |
|
|
171,222 |
|
|
|
2,083 |
|
4.93 |
|
|
|
45,444 |
|
|
|
15 |
|
0.13 |
|
Repurchase agreements |
|
|
60,626 |
|
|
|
21 |
|
0.14 |
|
|
|
131,487 |
|
|
|
39 |
|
0.12 |
|
Advances from FHLB |
|
|
635,056 |
|
|
|
7,207 |
|
4.60 |
|
|
|
— |
|
|
|
— |
|
— |
|
Subordinated debt |
|
|
370,258 |
|
|
|
3,946 |
|
4.26 |
|
|
|
203,413 |
|
|
|
2,238 |
|
4.40 |
|
Total borrowings |
|
|
1,237,162 |
|
|
|
13,257 |
|
4.35 |
|
|
|
380,344 |
|
|
|
2,292 |
|
2.44 |
|
Total interest-bearing liabilities |
|
|
8,806,720 |
|
|
|
54,045 |
|
2.49 |
|
|
|
7,163,641 |
|
|
|
4,585 |
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
|
3,480,433 |
|
|
|
|
|
|
|
3,758,732 |
|
|
|
|
|
Other liabilities |
|
|
170,194 |
|
|
|
|
|
|
|
147,200 |
|
|
|
|
|
Stockholders' equity |
|
|
1,491,929 |
|
|
|
|
|
|
|
1,506,516 |
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
13,949,276 |
|
|
|
|
|
|
$ |
12,576,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest
income and spread |
|
|
|
$ |
98,272 |
|
2.14 |
% |
|
|
|
$ |
102,317 |
|
3.39 |
% |
Less: tax-equivalent adjustment |
|
|
|
|
970 |
|
|
|
|
|
|
866 |
|
|
Net interest income |
|
|
|
$ |
97,302 |
|
|
|
|
|
$ |
101,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/earning
assets |
|
|
|
|
|
4.63 |
% |
|
|
|
|
|
3.65 |
% |
Interest expense/earning
assets |
|
|
|
|
|
1.64 |
|
|
|
|
|
|
0.16 |
|
Net interest margin |
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
3.49 |
% |
(1) |
|
Tax-equivalent income has been adjusted using the combined marginal
federal and state rate of 25.47% and 25.64% for 2023 and 2022,
respectively. The annualized taxable-equivalent adjustments
utilized in the above table to compute yields aggregated to
$1.0 million and $0.9 million in 2023 and 2022,
respectively. |
(2) |
|
Non-accrual loans are included in the average balances. |
(3) |
|
Available-for-sale investments are presented at amortized
cost. |
Sandy Spring Bancorp (NASDAQ:SASR)
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Sandy Spring Bancorp (NASDAQ:SASR)
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De Juin 2023 à Juin 2024