OLNEY, Md., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Sandy Spring
Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring
Bank, reported a net loss of $39.5 million ($0.87 per diluted
common share) for the quarter ended December 31, 2024,
compared to net income of $16.2 million ($0.36 per diluted common
share) for the third quarter of 2024 and $26.1 million ($0.58 per
diluted common share) for the fourth quarter of 2023.
The current quarter's net loss is a result of a $54.4 million
goodwill impairment charge determined during our annual goodwill
impairment test based on the terms of the merger agreement with
Atlantic Union Bankshares Corporation ("AUB"). The
goodwill impairment is a non-cash charge and has no impact on the
Company's regulatory capital ratios, cash flows, core operating
performance or liquidity position.
The current quarter's core earnings were $21.0
million ($0.47 per diluted common share), compared to $17.9 million
($0.40 per diluted common share) for the quarter ended
September 30, 2024 and $27.1 million ($0.60 per diluted common
share) for the quarter ended December 31, 2023. Core earnings
exclude the goodwill impairment charge, merger and acquisition
expense, and the after-tax impact of amortization of intangibles,
investment securities gains or losses and other non-recurring or
extraordinary items. The current quarter's increase in core
earnings as compared to the linked quarter was driven by higher net
interest income coupled with higher non-interest income, and lower
provision for credit losses, partially offset by higher adjusted
non-interest expense. The total provision for credit losses was
$4.5 million for the fourth quarter of 2024 compared to $6.3
million for the previous quarter and a credit of $3.4 million for
the fourth quarter of 2023.
“We are pleased with our fourth quarter results,
most notably our improved net interest margin, growth in core
earnings, and reductions in brokered deposits,” said Daniel J.
Schrider, Chair, President and CEO of Sandy Spring Bank. “We remain
focused on serving our clients and building communities in the
Greater Washington region.”
Fourth Quarter
Highlights
- Total assets at December 31,
2024 decreased by 2% to $14.1 billion compared to $14.4 billion at
September 30, 2024. This decline is predominantly driven by a
$200.0 million reduction in FHLB advances and a resulting $231.4
million decline in cash and cash equivalents
quarter-over-quarter.
- Total loans remained level at $11.5
billion as of December 31, 2024 compared to September 30,
2024. During the current quarter, AD&C and commercial business
loans and lines increased by $71.7 million and $32.2 million,
respectively, while the commercial investor real estate segment
declined by $88.9 million. Total residential mortgage and consumer
loan portfolios increased by $19.6 million during this period.
- Total deposits stayed relatively
unchanged at $11.7 billion at December 31, 2024 compared to
September 30, 2024. Interest-bearing deposits increased $106.1
million, while noninterest-bearing deposits declined $98.1 million.
Growth in interest-bearing deposits was mainly experienced within
interest checking accounts, which grew $122.9 million during the
current quarter, while decline in noninterest-bearing deposit
categories was driven by lower balances in commercial checking
accounts. Total deposits, excluding brokered deposits, increased by
$32.0 million quarter-over-quarter and represented 94% of total
deposits as of December 31, 2024.
- The ratio of non-performing loans
to total loans was 1.03% at December 31, 2024 compared to
1.09% at September 30, 2024 and 0.81% at December 31,
2023. The current quarter's decline in non-performing loans was
mainly related to pay downs on several non-accrual loans along with
a single commercial real estate loan that returned to an accrual
status.
- Net interest income for the fourth
quarter of 2024 grew $4.7 million or 6% compared to the previous
quarter and $4.4 million or 5% compared to the fourth quarter of
2023. Compared to the previous quarter, interest income increased
by $1.0 million, while interest expense decreased by $3.7
million.
- The net interest margin was 2.53%
for the fourth quarter of 2024 compared to 2.44% for the third
quarter of 2024 and 2.45% for the fourth quarter of 2023. Compared
to the linked quarter, the rate paid on interest-bearing
liabilities decreased 23 basis points, driven by a 26 basis point
decline in the rate on interest-bearing deposits, while the yield
on interest-earning assets declined by six basis points. The
decline in the rate paid on interest-bearing deposits was
attributable to a 50 basis point reduction in the federal funds
rate during the current quarter and the associated actions taken by
management to re-price the Company's funding base.
- Provision for credit losses
directly attributable to the funded loan portfolio was $4.7 million
for the current quarter compared to $6.3 million in the previous
quarter and a credit of $2.6 million in the prior year quarter. The
current quarter's provision expense is mainly attributable to a
slight deterioration in the projected economic variables coupled
with higher qualitative adjustments, partially offset by lower
probability of recession. In addition, during the current quarter,
the provision for unfunded commitments declined by $0.2 million, a
result of higher utilization rates on lines of credit.
- Non-interest income for the fourth
quarter of 2024 increased by 10% or $1.9 million compared to the
linked quarter and grew by 31% or $5.1 million compared to the
prior year quarter. The quarter-over-quarter increase was mainly
due to an increase in income from bank-owned life insurance driven
by one-time mortality proceeds received during the current quarter
in combination with higher swap fees and higher wealth management
income, which was partially offset by lower income from mortgage
banking activities.
- Non-interest expense for the fourth
quarter of 2024 increased by $61.3 million compared to the third
quarter of 2024 and $67.1 million compared to the prior year
quarter, due to the goodwill impairment charge of $54.4 million
incurred during the current quarter. Excluding the goodwill
impairment charge, adjusted non-interest expense was $79.8 million
during the current quarter compared to $72.9 million in the linked
quarter. This quarterly increase in adjusted non-interest expense
was primarily due to a combination of merger and acquisition
expense associated with the pending merger with AUB along with
higher salaries and compensation benefits, partially offset by
lower professional fees and services.
- We perform an annual goodwill
impairment test as of October 1st of each year. During the current
year, we utilized the terms incorporated in the merger agreement
between the Company and AUB. The implied value of the Company
utilized the stock conversion ratio in the merger agreement and
used a weighted average approach to consider both AUB's most recent
closing stock price prior to the merger announcement date, as well
as the forward sale price for AUB common stock under the forward
sale agreement announced simultaneous with the merger agreement.
This valuation method resulted in the estimated fair value of the
Company being below its book value and required the recording of a
goodwill impairment charge of $54.4 million.
- Return on average assets (“ROA”)
for the quarter ended December 31, 2024 was (1.09)% and return
on average tangible common equity (“ROTCE”) was 5.46% compared to
0.46% and 5.88%, respectively, for the third quarter of 2024 and
0.73% and 9.26%, respectively, for the fourth quarter of 2023. On a
non-GAAP basis, the current quarter's core ROA was 0.58% and core
ROTCE was 6.80% compared to 0.50% and 5.88%, respectively, for the
previous quarter and 0.76% and 9.26%, respectively, for the fourth
quarter of 2023.
- The GAAP efficiency ratio was
124.61% for the fourth quarter of 2024, compared to 72.12% for the
third quarter of 2024 and 68.33% for the fourth quarter of 2023. An
elevated GAAP efficiency ratio for the current quarter was the
result of higher non-interest expense due to the $54.4 million
goodwill impairment charge. The non-GAAP efficiency ratio was
67.16% for the fourth quarter of 2024 compared to 69.06% for the
third quarter of 2024 and 66.16% for the prior year quarter.
Balance Sheet and Credit
Quality
Total assets were $14.1 billion at
December 31, 2024, as compared to $14.4 billion at
September 30, 2024. At December 31, 2024, total loans
remained stable at $11.5 billion compared to the previous quarter.
During this period, the growth in AD&C and commercial business
loans and lines of $71.7 million or 6% and $32.2 million or 2%,
respectively, was mostly offset by the decline in commercial
investor real estate loans of $88.9 million or 2%. Total
residential mortgage and consumer loan portfolios increased by
$19.6 million or 1%.
Deposits stayed relatively unchanged at $11.7
billion at December 31, 2024 compared to September 30,
2024. During this period, noninterest-bearing deposits decreased
$98.1 million or 3%, while interest-bearing deposits increased
$106.1 million or 1%. The decline in noninterest-bearing deposit
categories was driven by decreases in commercial checking accounts.
Growth in interest-bearing deposits was seen predominantly in
interest checking accounts, which grew $122.9 million or 8% during
the current quarter. Total deposits, excluding brokered deposits,
increased by $32.0 million quarter-over-quarter and remained at 94%
of total deposits as of December 31, 2024 compared to
September 30, 2024, reflecting continued strength and
stability of the core deposit base. Total uninsured deposits at
December 31, 2024 were approximately 37% of total
deposits.
Total borrowings decreased $201.7 million or 23%
at December 31, 2024 as compared to the previous quarter,
primarily driven by a $200.0 million reduction in FHLB advances, of
which $150 million related to scheduled maturities, while $50
million was prepaid generating a $0.5 million gain on debt
extinguishment. At December 31, 2024, available unused sources
of liquidity, which consist of available FHLB borrowings, fed
funds, funds through the Federal Reserve Bank's discount window, as
well as excess cash and unpledged investment securities, totaled
$6.3 billion or 147% of uninsured deposits.
The tangible common equity to tangible assets
ratio was 8.84% at December 31, 2024, compared to 8.83% at
September 30, 2024.
At December 31, 2024, the Company had a
total risk-based capital ratio of 15.38%, a common equity tier 1
risk-based capital ratio of 11.36%, a tier 1 risk-based capital
ratio of 11.36%, and a tier 1 leverage ratio of 9.39%. These
risk-based capital ratios compare to a total risk-based capital
ratio of 15.53%, a common equity tier 1 risk-based capital ratio of
11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1
leverage ratio of 9.59% at September 30, 2024. 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. At December 31,
2024, non-performing loans totaled $119.4 million, compared to
$125.3 million at September 30, 2024 and
$91.8 million at December 31, 2023. The ratio of
non-performing loans to total loans was 1.03% compared to 1.09% on
a linked quarter basis. These levels of non-performing loans
compare to 0.81% at December 31, 2023. The current quarter's
decline in non-performing loans was mainly related to pay downs on
several non-accrual loans along with a single commercial real
estate loan that returned to an accrual status based on the
borrower's historical payment performance. Total net charge-offs
for the current quarter amounted to $1.7 million compared to $0.7
million for the third quarter of 2024 and net recoveries of $0.1
million for the fourth quarter of 2023.
At December 31, 2024, the allowance for
credit losses was $134.4 million or 1.16% of outstanding loans
and 113% of non-performing loans, compared to $131.4 million
or 1.14% of outstanding loans and 105% of non-performing loans at
the end of the previous quarter and $120.9 million or 1.06% of
outstanding loans and 132% of non-performing loans at the end of
the fourth quarter of 2023. The increase in the allowance for the
current quarter compared to the previous quarter mainly reflects
slight deterioration in the projected economic variables coupled
with higher qualitative adjustments, partially offset by lower
probability of economic recession.
Income Statement Review
Quarterly Results
Net loss was $39.5 million ($0.87 per diluted
common share) for the three months ended December 31, 2024
compared to net income of $16.2 million ($0.36 per diluted common
share) for the three months ended September 30, 2024 and $26.1
million ($0.58 per diluted common share) for the prior year
quarter. The current quarter's net loss is predominantly related to
the $54.4 million goodwill impairment charge. The
current quarter's core earnings were $21.0 million ($0.47 per
diluted common share), compared to $17.9 million ($0.40 per diluted
common share) for the previous quarter and $27.1 million ($0.60 per
diluted common share) for the quarter ended December 31, 2023.
The increase in the current quarter's core earnings compared to the
linked quarter was driven primarily by higher net interest income
and non-interest income, and lower provision for credit losses,
partially offset by higher adjusted non-interest expense.
Net interest income for the fourth quarter of
2024 increased $4.7 million or 6% compared to the previous quarter
and $4.4 million or 5% compared to the fourth quarter of 2023.
During the current quarter, interest income increased $1.0 million,
while interest expense declined $3.7 million. The higher interest
rate environment during the current year was primarily responsible
for a $5.4 million year-over-year increase in interest income,
which outpaced the $1.0 million year-over-year growth in interest
expense.
The net interest margin was 2.53% for the fourth
quarter of 2024 compared to 2.44% for the third quarter of 2024 and
2.45% for the fourth quarter of 2023. The increase in the net
interest margin during the current quarter was a result of a 23
basis point decrease in the rate paid on interest-bearing
liabilities, driven by a 26 basis point decline in the rate paid on
interest-bearing deposits, while the yield earned on
interest-earning assets declined by six basis points. As compared
to the prior year quarter, the yield on interest-earning assets
increased eight basis points, while the rate paid on
interest-bearing liabilities declined nine basis points, resulting
in net interest margin increase of eight basis points.
The total provision for credit losses was $4.5
million for the fourth quarter of 2024 compared to $6.3 million for
the previous quarter and a credit of $3.4 million for the fourth
quarter of 2023. The provision for credit losses directly
attributable to the funded loan portfolio was $4.7 million for the
current quarter compared to $6.3 million for the third quarter of
2024 and a credit of $2.6 million for the fourth quarter of 2023.
The current quarter's provision is mainly a reflection of a slight
deterioration in the projected economic variables along with higher
qualitative adjustments, partially offset by lower probability of
economic recession. In addition, during the current quarter, the
reserve for unfunded commitments declined to $1.3 million from $1.5
million in the previous quarter due to higher utilization rates on
lines of credit.
Non-interest income for the fourth quarter of
2024 increased by 10% or $1.9 million compared to the linked
quarter and grew by 31% or $5.1 million compared to the prior year
quarter. The current quarter's increase in non-interest income as
compared to the previous quarter was mainly driven by the $1.9
million increase in income from bank owned life insurance,
generated by one-time mortality proceeds, $0.4 million of swap fee
income, and $0.2 million increase in wealth management income, due
to the overall favorable market performance, partially offset by
$0.4 million decrease in income from mortgage banking activities,
due to lower sales volumes.
Non-interest expense for the fourth quarter of
2024 increased $61.3 million or 84% compared to the third quarter
of 2024 and $67.1 million or 100% compared to the fourth quarter of
2023. The increase over the comparative quarters was primarily due
to the goodwill impairment charge of $54.4 million in the fourth
quarter of 2024. Excluding the goodwill impairment charge, adjusted
non-interest expense increased $6.9 million or 9% compared to the
linked quarter. This quarter-over-quarter increase is predominantly
attributable to $4.2 million in merger and acquisition expenses
incurred during the current quarter, a $3.3 million increase in
salaries and benefits, due to an increase in employee incentive
compensation, and a $0.7 million increase in marketing expense.
These increases were partially offset by the $1.8 million reduction
in professional fees and services.
For the fourth quarter of 2024, the GAAP
efficiency ratio was 124.61% compared to 72.12% for the third
quarter of 2024 and 68.33% for the fourth quarter of 2023. The
non-GAAP efficiency ratio was 67.16% for the current quarter as
compared to 69.06% for the third quarter of 2024 and 66.16% for the
fourth quarter of 2023.
ROA for the quarter ended December 31, 2024
was (1.09)% and ROTCE was 5.46% compared to 0.46% and 5.88%,
respectively, for the third quarter of 2024 and 0.73% and 9.26%,
respectively, for the fourth quarter of 2023. On a non-GAAP basis,
the current quarter's core ROA was 0.58% and core ROTCE was 6.80%
compared to 0.50% and 5.88% for the third quarter of 2024 and 0.76%
and 9.26%, respectively, for the fourth quarter of 2023.
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 goodwill impairment loss, merger and acquisition expense,
amortization of intangible assets, investment securities
gains/(losses), pension settlement expense, severance expense,
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 goodwill impairment loss, merger
and acquisition expense, and after-tax impact of amortization of
intangible assets, investment securities gains/(losses) and other
non-recurring or extraordinary items.
- 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.
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.
Source: Sandy Spring Bancorp, Inc.
Code: SASR-E
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For additional
information or questions, please contact:
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Daniel J. Schrider, Chair, President & Chief
Executive Officer, or
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Charles S. Cullum, E.V.P. & Chief Financial
Officer
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Sandy Spring Bancorp
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17801 Georgia Avenue
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Olney, Maryland 20832 |
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1-800-399-5919 |
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Email: |
DSchrider@sandyspringbank.com |
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CCullum@sandyspringbank.com |
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Website: |
www.sandyspringbank.com |
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Media Contact: |
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Jennifer E. Schell, Division Executive, Marketing
& Corporate Communications |
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301-774-6400 x8331 |
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jschell@sandyspringbank.com |
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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; 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; the possibility
that the Company’s pending merger with AUB does not close when
expected or at all because required regulatory or other approvals
or conditions to closing are not received or satisfied on a timely
basis or at all (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the merger); the risk that the
benefits from the merger may not be fully realized or may take
longer to realize than expected; and the risk of disruption to the
Company’s business as a result of the pendency of the merger;.
Sandy Spring Bancorp provides greater detail regarding some of
these factors in its Form 10-K for the year ended December 31,
2023 and its Form 10-Q for the quarter ended September 30, 2024,
including in the Risk Factors section of those reports, 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
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|
Three Months Ended
December 31, |
|
%
Change
|
|
Year Ended
December 31, |
|
%
Change
|
(Dollars in thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Results of operations: |
|
|
|
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|
|
|
|
|
|
|
|
Net interest income |
|
$ |
86,086 |
|
|
$ |
81,696 |
|
|
5 |
% |
|
$ |
327,126 |
|
|
$ |
354,550 |
|
|
(8 |
)% |
Provision/ (credit) for credit losses |
|
|
4,468 |
|
|
|
(3,445 |
) |
|
N/M |
|
|
|
14,192 |
|
|
|
(17,561 |
) |
|
N/M |
|
Non-interest income |
|
|
21,646 |
|
|
|
16,560 |
|
|
31 |
|
|
|
79,315 |
|
|
|
67,078 |
|
|
18 |
|
Non-interest expense |
|
|
134,241 |
|
|
|
67,142 |
|
|
100 |
|
|
|
343,288 |
|
|
|
275,054 |
|
|
25 |
|
Income/ (loss) before income tax expense |
|
|
(30,977 |
) |
|
|
34,559 |
|
|
N/M |
|
|
|
48,961 |
|
|
|
164,135 |
|
|
(70 |
) |
Net income/ (loss) |
|
|
(39,453 |
) |
|
|
26,100 |
|
|
N/M |
|
|
|
19,935 |
|
|
|
122,844 |
|
|
(84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss) attributable to common shareholders |
|
$ |
(39,457 |
) |
|
$ |
26,066 |
|
|
N/M |
|
|
$ |
19,902 |
|
|
$ |
122,621 |
|
|
(84 |
) |
Pre-tax pre-provision net income/ (loss) (1) |
|
$ |
(26,509 |
) |
|
$ |
31,114 |
|
|
N/M |
|
|
$ |
63,153 |
|
|
$ |
146,574 |
|
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
(1.09 |
)% |
|
|
0.73 |
% |
|
|
|
|
|
0.14 |
% |
|
|
0.87 |
% |
|
|
Return on average common equity |
|
|
(9.70 |
)% |
|
|
6.70 |
% |
|
|
|
|
|
1.25 |
% |
|
|
8.04 |
% |
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|
Return on average tangible common equity (1) |
|
|
5.46 |
% |
|
|
9.26 |
% |
|
|
|
|
|
6.73 |
% |
|
|
11.06 |
% |
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Net interest margin |
|
|
2.53 |
% |
|
|
2.45 |
% |
|
|
|
|
|
2.46 |
% |
|
|
2.67 |
% |
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|
Efficiency ratio - GAAP basis (2) |
|
|
124.61 |
% |
|
|
68.33 |
% |
|
|
|
|
|
84.46 |
% |
|
|
65.24 |
% |
|
|
Efficiency ratio - Non-GAAP basis (2) |
|
|
67.16 |
% |
|
|
66.16 |
% |
|
|
|
|
|
67.07 |
% |
|
|
60.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
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Basic net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.58 |
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|
N/M |
|
|
$ |
0.44 |
|
|
$ |
2.74 |
|
|
(84 |
)% |
Diluted net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.58 |
|
|
N/M |
|
|
$ |
0.44 |
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|
$ |
2.73 |
|
|
(84 |
) |
Weighted average diluted common shares |
|
|
45,133,834 |
|
|
|
45,009,574 |
|
|
— |
|
|
|
45,227,487 |
|
|
|
44,947,263 |
|
|
1 |
|
Dividends declared per share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
— |
|
|
$ |
1.36 |
|
|
$ |
1.36 |
|
|
— |
|
Book value per common share |
|
$ |
34.51 |
|
|
$ |
35.36 |
|
|
(2 |
) |
|
$ |
34.51 |
|
|
$ |
35.36 |
|
|
(2 |
) |
Tangible book value per common share (1) |
|
$ |
26.99 |
|
|
$ |
26.64 |
|
|
1 |
|
|
$ |
26.99 |
|
|
$ |
26.64 |
|
|
1 |
|
Outstanding common shares |
|
|
45,140,417 |
|
|
|
44,913,561 |
|
|
1 |
|
|
|
45,140,417 |
|
|
|
44,913,561 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial condition at period-end: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
1,418,244 |
|
|
$ |
1,414,453 |
|
|
— |
% |
|
$ |
1,418,244 |
|
|
$ |
1,414,453 |
|
|
— |
% |
Loans |
|
|
11,537,966 |
|
|
|
11,366,989 |
|
|
2 |
|
|
|
11,537,966 |
|
|
|
11,366,989 |
|
|
2 |
|
Assets |
|
|
14,127,480 |
|
|
|
14,028,172 |
|
|
1 |
|
|
|
14,127,480 |
|
|
|
14,028,172 |
|
|
1 |
|
Deposits |
|
|
11,745,665 |
|
|
|
10,996,538 |
|
|
7 |
|
|
|
11,745,665 |
|
|
|
10,996,538 |
|
|
7 |
|
Stockholders' equity |
|
|
1,558,011 |
|
|
|
1,588,142 |
|
|
(2 |
) |
|
|
1,558,011 |
|
|
|
1,588,142 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage (3) |
|
|
9.39 |
% |
|
|
9.51 |
% |
|
|
|
|
9.39 |
% |
|
|
9.51 |
% |
|
|
Common equity tier 1 capital to risk-weighted assets
(3) |
|
|
11.36 |
% |
|
|
10.90 |
% |
|
|
|
|
11.36 |
% |
|
|
10.90 |
% |
|
|
Tier 1 capital to risk-weighted assets (3) |
|
|
11.36 |
% |
|
|
10.90 |
% |
|
|
|
|
11.36 |
% |
|
|
10.90 |
% |
|
|
Total regulatory capital to risk-weighted assets
(3) |
|
|
15.38 |
% |
|
|
14.92 |
% |
|
|
|
|
15.38 |
% |
|
|
14.92 |
% |
|
|
Tangible common equity to tangible assets (4) |
|
|
8.84 |
% |
|
|
8.77 |
% |
|
|
|
|
8.84 |
% |
|
|
8.77 |
% |
|
|
Average equity to average assets |
|
|
11.26 |
% |
|
|
10.97 |
% |
|
|
|
|
11.31 |
% |
|
|
10.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans |
|
|
1.16 |
% |
|
|
1.06 |
% |
|
|
|
|
1.16 |
% |
|
|
1.06 |
% |
|
|
Non-performing loans to total loans |
|
|
1.03 |
% |
|
|
0.81 |
% |
|
|
|
|
1.03 |
% |
|
|
0.81 |
% |
|
|
Non-performing assets to total assets |
|
|
0.87 |
% |
|
|
0.65 |
% |
|
|
|
|
0.87 |
% |
|
|
0.65 |
% |
|
|
Allowance for credit losses to non-performing loans |
|
|
112.59 |
% |
|
|
131.59 |
% |
|
|
|
|
112.59 |
% |
|
|
131.59 |
% |
|
|
Annualized net charge-offs/ (recoveries) to average loans
(5) |
|
|
0.06 |
% |
|
|
— |
% |
|
|
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
N/M - not meaningful
(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
goodwill impairment loss, merger and acquisition expense,
intangible asset amortization, pension settlement expense,
severance expense 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
December 31, 2024. |
(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 Ended
December 31, |
|
Year Ended
December 31, |
(Dollars in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Core earnings (non-GAAP): |
|
|
|
|
|
|
|
|
Net income/ (loss) (GAAP) |
|
$ |
(39,453 |
) |
|
$ |
26,100 |
|
|
$ |
19,935 |
|
|
$ |
122,844 |
|
Plus/ (less) non-GAAP adjustments: |
|
|
|
|
|
|
|
|
Merger, acquisition and disposal expense(2) |
|
|
4,164 |
|
|
|
— |
|
|
|
4,164 |
|
|
|
— |
|
Amortization of intangible assets (net of tax)(1) |
|
|
1,937 |
|
|
|
1,047 |
|
|
|
6,801 |
|
|
|
3,898 |
|
Goodwill impairment loss(2) |
|
|
54,391 |
|
|
|
— |
|
|
|
54,391 |
|
|
|
— |
|
Severance expense (net of tax)(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,445 |
|
Pension settlement expense (net of tax)(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,088 |
|
Investment securities gains/ losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Contingent payment expense (net of tax)(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
Core earnings (Non-GAAP) |
|
$ |
21,039 |
|
|
$ |
27,147 |
|
|
$ |
85,291 |
|
|
$ |
134,302 |
|
|
|
|
|
|
|
|
|
|
Core earnings per diluted common share
(non-GAAP): |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - diluted (GAAP) |
|
|
45,133,834 |
|
|
|
45,009,574 |
|
|
|
45,227,487 |
|
|
|
44,947,263 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (loss) per diluted common share (GAAP) |
|
$ |
(0.87 |
) |
|
$ |
0.58 |
|
|
$ |
0.44 |
|
|
$ |
2.73 |
|
Core earnings per diluted common share (non-GAAP) |
|
$ |
0.47 |
|
|
$ |
0.60 |
|
|
$ |
1.89 |
|
|
$ |
2.99 |
|
|
|
|
|
|
|
|
|
|
Core return on average assets (non-GAAP): |
|
|
|
|
|
|
|
|
Average assets (GAAP) |
|
$ |
14,362,321 |
|
|
$ |
14,090,423 |
|
|
$ |
14,129,795 |
|
|
$ |
14,055,645 |
|
|
|
|
|
|
|
|
|
|
Return on average assets (GAAP) |
|
|
(1.09 |
)% |
|
|
0.73 |
% |
|
|
0.14 |
% |
|
|
0.87 |
% |
Core return on average assets (non-GAAP) |
|
|
0.58 |
% |
|
|
0.76 |
% |
|
|
0.60 |
% |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
Return/ Core return on average tangible common equity
(non-GAAP): |
|
|
|
|
|
|
|
|
Net Income/ (loss) (GAAP) |
|
$ |
(39,453 |
) |
|
$ |
26,100 |
|
|
$ |
19,935 |
|
|
$ |
122,844 |
|
Plus: Amortization of intangible assets (net of
tax)(1) |
|
|
1,937 |
|
|
|
1,047 |
|
|
|
6,801 |
|
|
|
3,898 |
|
Plus: Goodwill impairment loss(2) |
|
|
54,391 |
|
|
|
— |
|
|
|
54,391 |
|
|
|
— |
|
Net income adjusted (non-GAAP) |
|
$ |
16,875 |
|
|
$ |
27,147 |
|
|
$ |
81,127 |
|
|
$ |
126,742 |
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity (GAAP) |
|
$ |
1,617,633 |
|
|
$ |
1,546,312 |
|
|
$ |
1,597,456 |
|
|
$ |
1,528,242 |
|
Average goodwill |
|
|
(356,341 |
) |
|
|
(363,436 |
) |
|
|
(361,653 |
) |
|
|
(363,436 |
) |
Average other intangible assets, net |
|
|
(30,885 |
) |
|
|
(20,162 |
) |
|
|
(30,178 |
) |
|
|
(18,596 |
) |
Average tangible common equity (non-GAAP) |
|
$ |
1,230,407 |
|
|
$ |
1,162,714 |
|
|
$ |
1,205,625 |
|
|
$ |
1,146,210 |
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (non-GAAP) |
|
|
5.46 |
% |
|
|
9.26 |
% |
|
|
6.73 |
% |
|
|
11.06 |
% |
Core return on average tangible common equity (non-GAAP) |
|
|
6.80 |
% |
|
|
9.26 |
% |
|
|
7.07 |
% |
|
|
11.72 |
% |
(1) |
Tax adjustments have been determined using the combined marginal
federal and state rate of 25.48% and 25.37% for 2024 and 2023,
respectively. |
(2) |
Adjustment is not tax-effected as
it represents a tax nondeductible item. |
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
RECONCILIATION TABLE - UNAUDITED
|
|
Three Months Ended
December 31, |
|
Year Ended
December 31, |
(Dollars in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
Net income/ (loss) (GAAP) |
|
$ |
(39,453 |
) |
|
$ |
26,100 |
|
|
$ |
19,935 |
|
|
$ |
122,844 |
|
Plus/ (less) non-GAAP adjustments: |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
8,476 |
|
|
|
8,459 |
|
|
|
29,026 |
|
|
|
41,291 |
|
Provision/ (credit) for credit losses |
|
|
4,468 |
|
|
|
(3,445 |
) |
|
|
14,192 |
|
|
|
(17,561 |
) |
Pre-tax pre-provision net income/ (loss) (non-GAAP) |
|
$ |
(26,509 |
) |
|
$ |
31,114 |
|
|
$ |
63,153 |
|
|
$ |
146,574 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP): |
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
134,241 |
|
|
$ |
67,142 |
|
|
$ |
343,288 |
|
|
$ |
275,054 |
|
|
|
|
|
|
|
|
|
|
Net interest income plus non-interest income |
|
$ |
107,732 |
|
|
$ |
98,256 |
|
|
$ |
406,441 |
|
|
$ |
421,628 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
|
124.61 |
% |
|
|
68.33 |
% |
|
|
84.46 |
% |
|
|
65.24 |
% |
|
|
|
|
|
|
|
|
|
Efficiency ratio (Non-GAAP): |
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
134,241 |
|
|
$ |
67,142 |
|
|
$ |
343,288 |
|
|
$ |
275,054 |
|
Less non-GAAP adjustments: |
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
2,599 |
|
|
|
1,403 |
|
|
|
9,126 |
|
|
|
5,223 |
|
Merger, acquisition and disposal expense |
|
|
4,164 |
|
|
|
— |
|
|
|
4,164 |
|
|
|
— |
|
Goodwill impairment loss |
|
|
54,391 |
|
|
|
— |
|
|
|
54,391 |
|
|
|
— |
|
Severance expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,939 |
|
Pension settlement expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,157 |
|
Contingent payment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36 |
|
Non-interest expense - as adjusted |
|
$ |
73,087 |
|
|
$ |
65,739 |
|
|
$ |
275,607 |
|
|
$ |
259,699 |
|
|
|
|
|
|
|
|
|
|
Net interest income plus non-interest income |
|
$ |
107,732 |
|
|
$ |
98,256 |
|
|
$ |
406,441 |
|
|
$ |
421,628 |
|
Plus non-GAAP adjustment: |
|
|
|
|
|
|
|
|
Tax-equivalent income |
|
|
1,100 |
|
|
|
1,113 |
|
|
|
4,459 |
|
|
|
4,157 |
|
Less/ (plus) non-GAAP adjustment: |
|
|
|
|
|
|
|
|
Investment securities gains/ (losses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net interest income plus non-interest income - as adjusted |
|
$ |
108,832 |
|
|
$ |
99,369 |
|
|
$ |
410,900 |
|
|
$ |
425,785 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (Non-GAAP) |
|
|
67.16 |
% |
|
|
66.16 |
% |
|
|
67.07 |
% |
|
|
60.99 |
% |
|
|
|
|
|
|
|
|
|
Tangible common equity ratio: |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,558,011 |
|
|
$ |
1,588,142 |
|
|
$ |
1,558,011 |
|
|
$ |
1,588,142 |
|
Goodwill |
|
|
(309,045 |
) |
|
|
(363,436 |
) |
|
|
(309,045 |
) |
|
|
(363,436 |
) |
Other intangible assets, net |
|
|
(30,748 |
) |
|
|
(28,301 |
) |
|
|
(30,748 |
) |
|
|
(28,301 |
) |
Tangible common equity |
|
$ |
1,218,218 |
|
|
$ |
1,196,405 |
|
|
$ |
1,218,218 |
|
|
$ |
1,196,405 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
14,127,480 |
|
|
$ |
14,028,172 |
|
|
$ |
14,127,480 |
|
|
$ |
14,028,172 |
|
Goodwill |
|
|
(309,045 |
) |
|
|
(363,436 |
) |
|
|
(309,045 |
) |
|
|
(363,436 |
) |
Other intangible assets, net |
|
|
(30,748 |
) |
|
|
(28,301 |
) |
|
|
(30,748 |
) |
|
|
(28,301 |
) |
Tangible assets |
|
$ |
13,787,687 |
|
|
$ |
13,636,435 |
|
|
$ |
13,787,687 |
|
|
$ |
13,636,435 |
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio |
|
|
8.84 |
% |
|
|
8.77 |
% |
|
|
8.84 |
% |
|
|
8.77 |
% |
|
|
|
|
|
|
|
|
|
Outstanding common shares |
|
|
45,140,417 |
|
|
|
44,913,561 |
|
|
|
45,140,417 |
|
|
|
44,913,561 |
|
Tangible book value per common share |
|
$ |
26.99 |
|
|
$ |
26.64 |
|
|
$ |
26.99 |
|
|
$ |
26.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION -
UNAUDITED
(Dollars in thousands) |
|
December 31,
2024 |
|
December 31,
2023 |
Assets |
|
|
|
|
Cash and due from banks |
|
$ |
80,698 |
|
|
$ |
82,257 |
|
Federal funds sold |
|
|
— |
|
|
|
245 |
|
Interest-bearing deposits with banks |
|
|
438,265 |
|
|
|
463,396 |
|
Cash and cash equivalents |
|
|
518,963 |
|
|
|
545,898 |
|
Residential mortgage loans held for sale (at fair value) |
|
|
22,757 |
|
|
|
10,836 |
|
SBA loans held for sale |
|
|
715 |
|
|
|
— |
|
Investments held-to-maturity (fair values of $177,854 and $200,411
at December 31, 2024 and December 31, 2023,
respectively) |
|
|
215,747 |
|
|
|
236,165 |
|
Investments available-for-sale (at fair value) |
|
|
1,140,783 |
|
|
|
1,102,681 |
|
Other investments, at cost |
|
|
61,714 |
|
|
|
75,607 |
|
Total loans |
|
|
11,537,966 |
|
|
|
11,366,989 |
|
Less: allowance for credit losses - loans |
|
|
(134,401 |
) |
|
|
(120,865 |
) |
Net loans |
|
|
11,403,565 |
|
|
|
11,246,124 |
|
Premises and equipment, net |
|
|
55,998 |
|
|
|
59,490 |
|
Other real estate owned |
|
|
3,265 |
|
|
|
— |
|
Accrued interest receivable |
|
|
45,627 |
|
|
|
46,583 |
|
Goodwill |
|
|
309,045 |
|
|
|
363,436 |
|
Other intangible assets, net |
|
|
30,748 |
|
|
|
28,301 |
|
Other assets |
|
|
318,553 |
|
|
|
313,051 |
|
Total assets |
|
$ |
14,127,480 |
|
|
$ |
14,028,172 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Noninterest-bearing deposits |
|
$ |
2,804,930 |
|
|
$ |
2,914,161 |
|
Interest-bearing deposits |
|
|
8,940,735 |
|
|
|
8,082,377 |
|
Total deposits |
|
|
11,745,665 |
|
|
|
10,996,538 |
|
Securities sold under retail repurchase agreements |
|
|
68,911 |
|
|
|
75,032 |
|
Federal Reserve Bank borrowings |
|
|
— |
|
|
|
300,000 |
|
Advances from FHLB |
|
|
250,000 |
|
|
|
550,000 |
|
Subordinated debt |
|
|
371,400 |
|
|
|
370,803 |
|
Total borrowings |
|
|
690,311 |
|
|
|
1,295,835 |
|
Accrued interest payable and other liabilities |
|
|
133,493 |
|
|
|
147,657 |
|
Total liabilities |
|
|
12,569,469 |
|
|
|
12,440,030 |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
Common stock -- par value $1.00; shares authorized 100,000,000;
shares issued and outstanding 45,140,417 and 44,913,561 at
December 31, 2024 and December 31, 2023,
respectively. |
|
|
45,140 |
|
|
|
44,914 |
|
Additional paid in capital |
|
|
748,905 |
|
|
|
742,243 |
|
Retained earnings |
|
|
856,613 |
|
|
|
898,316 |
|
Accumulated other comprehensive loss |
|
|
(92,647 |
) |
|
|
(97,331 |
) |
Total stockholders' equity |
|
|
1,558,011 |
|
|
|
1,588,142 |
|
Total liabilities and stockholders' equity |
|
$ |
14,127,480 |
|
|
$ |
14,028,172 |
|
|
|
|
|
|
|
|
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME -
UNAUDITED
|
|
Three Months Ended
December 31, |
|
Year Ended
December 31, |
(Dollars in thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Interest income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
153,262 |
|
|
$ |
148,655 |
|
|
$ |
609,571 |
|
$ |
579,960 |
|
Interest on mortgage loans held for sale |
|
|
249 |
|
|
|
199 |
|
|
|
1,050 |
|
|
896 |
|
Interest on SBA loans held for sale |
|
|
21 |
|
|
|
— |
|
|
|
23 |
|
|
— |
|
Interest on deposits with banks |
|
|
7,997 |
|
|
|
8,456 |
|
|
|
25,398 |
|
|
22,435 |
|
Interest and dividend income on investment securities: |
|
|
|
|
|
|
|
|
Taxable |
|
|
7,821 |
|
|
|
6,454 |
|
|
|
29,140 |
|
|
26,992 |
|
Tax-advantaged |
|
|
1,697 |
|
|
|
1,848 |
|
|
|
7,082 |
|
|
7,224 |
|
Interest on federal funds sold |
|
|
— |
|
|
|
4 |
|
|
|
8 |
|
|
17 |
|
Total interest income |
|
|
171,047 |
|
|
|
165,616 |
|
|
|
672,272 |
|
|
637,524 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
76,111 |
|
|
|
69,813 |
|
|
|
303,173 |
|
|
225,028 |
|
Interest on retail repurchase agreements and federal funds
purchased |
|
|
369 |
|
|
|
4,075 |
|
|
|
5,259 |
|
|
14,452 |
|
Interest on advances from FHLB |
|
|
3,865 |
|
|
|
6,086 |
|
|
|
20,259 |
|
|
27,709 |
|
Interest on subordinated debt |
|
|
4,616 |
|
|
|
3,946 |
|
|
|
16,455 |
|
|
15,785 |
|
Total interest expense |
|
|
84,961 |
|
|
|
83,920 |
|
|
|
345,146 |
|
|
282,974 |
|
Net interest income |
|
|
86,086 |
|
|
|
81,696 |
|
|
|
327,126 |
|
|
354,550 |
|
Provision/ (credit) for credit losses |
|
|
4,468 |
|
|
|
(3,445 |
) |
|
|
14,192 |
|
|
(17,561 |
) |
Net interest income after provision/ (credit) for credit
losses |
|
|
81,618 |
|
|
|
85,141 |
|
|
|
312,934 |
|
|
372,111 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,998 |
|
|
|
2,749 |
|
|
|
11,763 |
|
|
10,447 |
|
Mortgage banking activities |
|
|
1,091 |
|
|
|
792 |
|
|
|
5,615 |
|
|
5,536 |
|
Wealth management income |
|
|
10,920 |
|
|
|
9,219 |
|
|
|
42,071 |
|
|
36,633 |
|
Income from bank owned life insurance |
|
|
3,213 |
|
|
|
1,207 |
|
|
|
7,496 |
|
|
4,210 |
|
Bank card fees |
|
|
457 |
|
|
|
454 |
|
|
|
1,750 |
|
|
1,769 |
|
Other income |
|
|
2,967 |
|
|
|
2,139 |
|
|
|
10,620 |
|
|
8,483 |
|
Total non-interest income |
|
|
21,646 |
|
|
|
16,560 |
|
|
|
79,315 |
|
|
67,078 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
44,309 |
|
|
|
35,482 |
|
|
|
159,858 |
|
|
160,192 |
|
Occupancy expense of premises |
|
|
4,727 |
|
|
|
4,558 |
|
|
|
19,005 |
|
|
18,778 |
|
Equipment expenses |
|
|
4,252 |
|
|
|
3,987 |
|
|
|
15,924 |
|
|
15,675 |
|
Marketing |
|
|
2,013 |
|
|
|
1,242 |
|
|
|
5,363 |
|
|
5,103 |
|
Outside data services |
|
|
3,228 |
|
|
|
3,000 |
|
|
|
12,642 |
|
|
11,186 |
|
FDIC insurance |
|
|
2,761 |
|
|
|
2,615 |
|
|
|
11,396 |
|
|
9,461 |
|
Amortization of intangible assets |
|
|
2,599 |
|
|
|
1,403 |
|
|
|
9,126 |
|
|
5,223 |
|
Merger, acquisition and disposal expense |
|
|
4,164 |
|
|
|
— |
|
|
|
4,164 |
|
|
— |
|
Professional fees and services |
|
|
4,805 |
|
|
|
5,628 |
|
|
|
21,208 |
|
|
17,982 |
|
Goodwill impairment loss |
|
|
54,391 |
|
|
|
— |
|
|
|
54,391 |
|
|
— |
|
Other expenses |
|
|
6,992 |
|
|
|
9,227 |
|
|
|
30,211 |
|
|
31,454 |
|
Total non-interest expense |
|
|
134,241 |
|
|
|
67,142 |
|
|
|
343,288 |
|
|
275,054 |
|
Income/ (loss) before income tax expense |
|
|
(30,977 |
) |
|
|
34,559 |
|
|
|
48,961 |
|
|
164,135 |
|
Income tax expense |
|
|
8,476 |
|
|
|
8,459 |
|
|
|
29,026 |
|
|
41,291 |
|
Net income/ (loss) |
|
$ |
(39,453 |
) |
|
$ |
26,100 |
|
|
$ |
19,935 |
|
$ |
122,844 |
|
|
|
|
|
|
|
|
|
|
Net income per share amounts: |
|
|
|
|
|
|
|
|
Basic net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.58 |
|
|
$ |
0.44 |
|
$ |
2.74 |
|
Diluted net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.58 |
|
|
$ |
0.44 |
|
$ |
2.73 |
|
Dividends declared per share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
1.36 |
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
HISTORICAL TRENDS - QUARTERLY FINANCIAL DATA -
UNAUDITED
|
|
|
2024 |
|
|
|
2023 |
|
(Dollars in thousands, except per share data) |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
Profitability for the quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent interest income |
|
$ |
172,147 |
|
|
$ |
171,219 |
|
|
$ |
166,252 |
|
|
$ |
167,113 |
|
|
$ |
166,729 |
|
|
$ |
163,479 |
|
|
$ |
159,156 |
|
|
$ |
152,317 |
|
Interest
expense |
|
|
84,961 |
|
|
|
88,686 |
|
|
|
84,828 |
|
|
|
86,671 |
|
|
|
83,920 |
|
|
|
77,330 |
|
|
|
67,679 |
|
|
|
54,045 |
|
Tax-equivalent net interest income |
|
|
87,186 |
|
|
|
82,533 |
|
|
|
81,424 |
|
|
|
80,442 |
|
|
|
82,809 |
|
|
|
86,149 |
|
|
|
91,477 |
|
|
|
98,272 |
|
Tax-equivalent adjustment |
|
|
1,100 |
|
|
|
1,121 |
|
|
|
1,139 |
|
|
|
1,099 |
|
|
|
1,113 |
|
|
|
1,068 |
|
|
|
1,006 |
|
|
|
970 |
|
Provision/ (credit) for credit losses |
|
|
4,468 |
|
|
|
6,316 |
|
|
|
1,020 |
|
|
|
2,388 |
|
|
|
(3,445 |
) |
|
|
2,365 |
|
|
|
5,055 |
|
|
|
(21,536 |
) |
Non-interest income |
|
|
21,646 |
|
|
|
19,715 |
|
|
|
19,587 |
|
|
|
18,367 |
|
|
|
16,560 |
|
|
|
17,391 |
|
|
|
17,176 |
|
|
|
15,951 |
|
Non-interest expense |
|
|
134,241 |
|
|
|
72,937 |
|
|
|
68,104 |
|
|
|
68,006 |
|
|
|
67,142 |
|
|
|
72,471 |
|
|
|
69,136 |
|
|
|
66,305 |
|
Income/ (loss) before income tax expense |
|
|
(30,977 |
) |
|
|
21,874 |
|
|
|
30,748 |
|
|
|
27,316 |
|
|
|
34,559 |
|
|
|
27,636 |
|
|
|
33,456 |
|
|
|
68,484 |
|
Income tax expense |
|
|
8,476 |
|
|
|
5,665 |
|
|
|
7,941 |
|
|
|
6,944 |
|
|
|
8,459 |
|
|
|
6,890 |
|
|
|
8,711 |
|
|
|
17,231 |
|
Net income/ (loss) |
|
$ |
(39,453 |
) |
|
$ |
16,209 |
|
|
$ |
22,807 |
|
|
$ |
20,372 |
|
|
$ |
26,100 |
|
|
$ |
20,746 |
|
|
$ |
24,745 |
|
|
$ |
51,253 |
|
GAAP financial performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
(1.09)% |
|
|
0.46 |
% |
|
|
0.66 |
% |
|
|
0.58 |
% |
|
|
0.73 |
% |
|
|
0.58 |
% |
|
|
0.70 |
% |
|
|
1.49 |
% |
Return on average common equity |
|
(9.70)% |
|
|
4.01 |
% |
|
|
5.81 |
% |
|
|
5.17 |
% |
|
|
6.70 |
% |
|
|
5.35 |
% |
|
|
6.46 |
% |
|
|
13.93 |
% |
Return on average tangible common equity |
|
|
5.46 |
% |
|
|
5.88 |
% |
|
|
8.27 |
% |
|
|
7.39 |
% |
|
|
9.26 |
% |
|
|
7.42 |
% |
|
|
8.93 |
% |
|
|
19.10 |
% |
Net interest margin |
|
|
2.53 |
% |
|
|
2.44 |
% |
|
|
2.46 |
% |
|
|
2.41 |
% |
|
|
2.45 |
% |
|
|
2.55 |
% |
|
|
2.73 |
% |
|
|
2.99 |
% |
Efficiency ratio - GAAP basis |
|
|
124.61 |
% |
|
|
72.12 |
% |
|
|
68.19 |
% |
|
|
69.60 |
% |
|
|
68.33 |
% |
|
|
70.72 |
% |
|
|
64.22 |
% |
|
|
58.55 |
% |
Non-GAAP financial performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income/ (loss) |
|
$ |
(26,509 |
) |
|
$ |
28,190 |
|
|
$ |
31,768 |
|
|
$ |
29,704 |
|
|
$ |
31,114 |
|
|
$ |
30,001 |
|
|
$ |
38,511 |
|
|
$ |
46,948 |
|
Core after-tax earnings |
|
$ |
21,039 |
|
|
$ |
17,936 |
|
|
$ |
24,400 |
|
|
$ |
21,916 |
|
|
$ |
27,147 |
|
|
$ |
27,766 |
|
|
$ |
27,136 |
|
|
$ |
52,253 |
|
Core return on average assets |
|
|
0.58 |
% |
|
|
0.50 |
% |
|
|
0.70 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
|
|
0.78 |
% |
|
|
0.77 |
% |
|
|
1.52 |
% |
Core return on average common equity |
|
|
5.17 |
% |
|
|
4.44 |
% |
|
|
6.21 |
% |
|
|
5.56 |
% |
|
|
6.97 |
% |
|
|
7.16 |
% |
|
|
7.09 |
% |
|
|
14.20 |
% |
Core return on average tangible common equity |
|
|
6.80 |
% |
|
|
5.88 |
% |
|
|
8.27 |
% |
|
|
7.39 |
% |
|
|
9.26 |
% |
|
|
9.51 |
% |
|
|
9.43 |
% |
|
|
19.11 |
% |
Core earnings per diluted common share |
|
$ |
0.47 |
|
|
$ |
0.40 |
|
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.60 |
|
|
$ |
1.16 |
|
Efficiency ratio - Non-GAAP basis |
|
|
67.16 |
% |
|
|
69.06 |
% |
|
|
65.31 |
% |
|
|
66.73 |
% |
|
|
66.16 |
% |
|
|
60.91 |
% |
|
|
60.68 |
% |
|
|
56.87 |
% |
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss) attributable to common shareholders |
|
$ |
(39,457 |
) |
|
$ |
16,205 |
|
|
$ |
22,800 |
|
|
$ |
20,346 |
|
|
$ |
26,066 |
|
|
$ |
20,719 |
|
|
$ |
24,712 |
|
|
$ |
51,084 |
|
Basic net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.36 |
|
|
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
0.58 |
|
|
$ |
0.46 |
|
|
$ |
0.55 |
|
|
$ |
1.14 |
|
Diluted net income/ (loss) per common share |
|
$ |
(0.87 |
) |
|
$ |
0.36 |
|
|
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
0.58 |
|
|
$ |
0.46 |
|
|
$ |
0.55 |
|
|
$ |
1.14 |
|
Weighted average diluted common shares |
|
|
45,133,834 |
|
|
|
45,242,920 |
|
|
|
45,145,214 |
|
|
|
45,086,471 |
|
|
|
45,009,574 |
|
|
|
44,960,455 |
|
|
|
44,888,759 |
|
|
|
44,872,582 |
|
Dividends declared per share |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,998 |
|
|
|
3,009 |
|
|
|
2,939 |
|
|
|
2,817 |
|
|
|
2,749 |
|
|
|
2,704 |
|
|
|
2,606 |
|
|
|
2,388 |
|
Mortgage banking activities |
|
|
1,091 |
|
|
|
1,529 |
|
|
|
1,621 |
|
|
|
1,374 |
|
|
|
792 |
|
|
|
1,682 |
|
|
|
1,817 |
|
|
|
1,245 |
|
Wealth management income |
|
|
10,920 |
|
|
|
10,738 |
|
|
|
10,455 |
|
|
|
9,958 |
|
|
|
9,219 |
|
|
|
9,391 |
|
|
|
9,031 |
|
|
|
8,992 |
|
Income from bank owned life insurance |
|
|
3,213 |
|
|
|
1,307 |
|
|
|
1,816 |
|
|
|
1,160 |
|
|
|
1,207 |
|
|
|
845 |
|
|
|
1,251 |
|
|
|
907 |
|
Bank card fees |
|
|
457 |
|
|
|
435 |
|
|
|
445 |
|
|
|
413 |
|
|
|
454 |
|
|
|
450 |
|
|
|
447 |
|
|
|
418 |
|
Other income |
|
|
2,967 |
|
|
|
2,697 |
|
|
|
2,311 |
|
|
|
2,645 |
|
|
|
2,139 |
|
|
|
2,319 |
|
|
|
2,024 |
|
|
|
2,001 |
|
Total non-interest income |
|
$ |
21,646 |
|
|
$ |
19,715 |
|
|
$ |
19,587 |
|
|
$ |
18,367 |
|
|
$ |
16,560 |
|
|
$ |
17,391 |
|
|
$ |
17,176 |
|
|
$ |
15,951 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
44,309 |
|
|
$ |
41,030 |
|
|
$ |
37,821 |
|
|
$ |
36,698 |
|
|
$ |
35,482 |
|
|
$ |
44,853 |
|
|
$ |
40,931 |
|
|
$ |
38,926 |
|
Occupancy expense of premises |
|
|
4,727 |
|
|
|
4,657 |
|
|
|
4,805 |
|
|
|
4,816 |
|
|
|
4,558 |
|
|
|
4,609 |
|
|
|
4,764 |
|
|
|
4,847 |
|
Equipment expenses |
|
|
4,252 |
|
|
|
3,841 |
|
|
|
3,868 |
|
|
|
3,963 |
|
|
|
3,987 |
|
|
|
3,811 |
|
|
|
3,760 |
|
|
|
4,117 |
|
Marketing |
|
|
2,013 |
|
|
|
1,320 |
|
|
|
1,288 |
|
|
|
742 |
|
|
|
1,242 |
|
|
|
729 |
|
|
|
1,589 |
|
|
|
1,543 |
|
Outside data services |
|
|
3,228 |
|
|
|
3,025 |
|
|
|
3,286 |
|
|
|
3,103 |
|
|
|
3,000 |
|
|
|
2,819 |
|
|
|
2,853 |
|
|
|
2,514 |
|
FDIC insurance |
|
|
2,761 |
|
|
|
2,773 |
|
|
|
2,951 |
|
|
|
2,911 |
|
|
|
2,615 |
|
|
|
2,333 |
|
|
|
2,375 |
|
|
|
2,138 |
|
Amortization of intangible assets |
|
|
2,599 |
|
|
|
2,323 |
|
|
|
2,135 |
|
|
|
2,069 |
|
|
|
1,403 |
|
|
|
1,245 |
|
|
|
1,269 |
|
|
|
1,306 |
|
Merger, acquisition and disposal expense |
|
|
4,164 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Professional fees and services |
|
|
4,805 |
|
|
|
6,577 |
|
|
|
4,946 |
|
|
|
4,880 |
|
|
|
5,628 |
|
|
|
4,509 |
|
|
|
4,161 |
|
|
|
3,684 |
|
Goodwill impairment loss |
|
|
54,391 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other expenses |
|
|
6,992 |
|
|
|
7,391 |
|
|
|
7,004 |
|
|
|
8,824 |
|
|
|
9,227 |
|
|
|
7,563 |
|
|
|
7,434 |
|
|
|
7,230 |
|
Total non-interest expense |
|
$ |
134,241 |
|
|
$ |
72,937 |
|
|
$ |
68,104 |
|
|
$ |
68,006 |
|
|
$ |
67,142 |
|
|
$ |
72,471 |
|
|
$ |
69,136 |
|
|
$ |
66,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
HISTORICAL TRENDS - QUARTERLY FINANCIAL DATA -
UNAUDITED
|
|
|
2024 |
|
|
|
2023 |
|
(Dollars in thousands, except per share data) |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
Balance sheets at quarter end: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate loans |
|
$ |
4,779,593 |
|
|
$ |
4,868,467 |
|
|
$ |
4,933,329 |
|
|
$ |
4,997,879 |
|
|
$ |
5,104,425 |
|
|
$ |
5,137,694 |
|
|
$ |
5,131,210 |
|
|
$ |
5,167,456 |
|
Commercial owner-occupied real estate loans |
|
|
1,748,772 |
|
|
|
1,737,327 |
|
|
|
1,747,708 |
|
|
|
1,741,113 |
|
|
|
1,755,235 |
|
|
|
1,760,384 |
|
|
|
1,770,135 |
|
|
|
1,769,928 |
|
Commercial AD&C loans |
|
|
1,327,292 |
|
|
|
1,255,609 |
|
|
|
1,184,296 |
|
|
|
1,090,259 |
|
|
|
988,967 |
|
|
|
938,673 |
|
|
|
1,045,742 |
|
|
|
1,046,665 |
|
Commercial business loans |
|
|
1,653,135 |
|
|
|
1,620,926 |
|
|
|
1,601,510 |
|
|
|
1,509,592 |
|
|
|
1,504,880 |
|
|
|
1,454,709 |
|
|
|
1,423,614 |
|
|
|
1,437,478 |
|
Residential mortgage loans |
|
|
1,537,589 |
|
|
|
1,529,786 |
|
|
|
1,521,890 |
|
|
|
1,511,624 |
|
|
|
1,474,521 |
|
|
|
1,432,051 |
|
|
|
1,385,743 |
|
|
|
1,328,524 |
|
Residential construction loans |
|
|
49,028 |
|
|
|
53,639 |
|
|
|
78,027 |
|
|
|
97,685 |
|
|
|
121,419 |
|
|
|
160,345 |
|
|
|
190,690 |
|
|
|
223,456 |
|
Consumer loans |
|
|
442,557 |
|
|
|
426,167 |
|
|
|
417,161 |
|
|
|
416,132 |
|
|
|
417,542 |
|
|
|
416,436 |
|
|
|
422,505 |
|
|
|
421,734 |
|
Total loans |
|
|
11,537,966 |
|
|
|
11,491,921 |
|
|
|
11,483,921 |
|
|
|
11,364,284 |
|
|
|
11,366,989 |
|
|
|
11,300,292 |
|
|
|
11,369,639 |
|
|
|
11,395,241 |
|
Allowance for credit losses - loans |
|
|
(134,401 |
) |
|
|
(131,428 |
) |
|
|
(125,863 |
) |
|
|
(123,096 |
) |
|
|
(120,865 |
) |
|
|
(123,360 |
) |
|
|
(120,287 |
) |
|
|
(117,613 |
) |
Residential mortgage loans held for sale |
|
|
22,757 |
|
|
|
21,489 |
|
|
|
18,961 |
|
|
|
16,627 |
|
|
|
10,836 |
|
|
|
19,235 |
|
|
|
21,476 |
|
|
|
16,262 |
|
SBA loans held for sale |
|
|
715 |
|
|
|
425 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Investment securities |
|
|
1,418,244 |
|
|
|
1,440,488 |
|
|
|
1,401,511 |
|
|
|
1,405,490 |
|
|
|
1,414,453 |
|
|
|
1,392,078 |
|
|
|
1,463,554 |
|
|
|
1,528,336 |
|
Total assets |
|
|
14,127,480 |
|
|
|
14,383,073 |
|
|
|
14,008,343 |
|
|
|
13,888,133 |
|
|
|
14,028,172 |
|
|
|
14,135,085 |
|
|
|
13,994,545 |
|
|
|
14,129,007 |
|
Noninterest-bearing demand deposits |
|
|
2,804,930 |
|
|
|
2,903,063 |
|
|
|
2,931,405 |
|
|
|
2,817,928 |
|
|
|
2,914,161 |
|
|
|
3,013,905 |
|
|
|
3,079,896 |
|
|
|
3,228,678 |
|
Total deposits |
|
|
11,745,665 |
|
|
|
11,737,694 |
|
|
|
11,340,228 |
|
|
|
11,227,200 |
|
|
|
10,996,538 |
|
|
|
11,151,012 |
|
|
|
10,958,922 |
|
|
|
11,075,991 |
|
Customer repurchase agreements |
|
|
68,911 |
|
|
|
70,767 |
|
|
|
75,038 |
|
|
|
71,529 |
|
|
|
75,032 |
|
|
|
66,581 |
|
|
|
74,510 |
|
|
|
47,627 |
|
Total stockholders' equity |
|
|
1,558,011 |
|
|
|
1,628,837 |
|
|
|
1,599,004 |
|
|
|
1,589,364 |
|
|
|
1,588,142 |
|
|
|
1,537,914 |
|
|
|
1,539,032 |
|
|
|
1,536,865 |
|
Quarterly average balance sheets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate loans |
|
$ |
4,825,594 |
|
|
$ |
4,874,003 |
|
|
$ |
4,964,406 |
|
|
$ |
5,057,334 |
|
|
$ |
5,125,028 |
|
|
$ |
5,125,459 |
|
|
$ |
5,146,632 |
|
|
$ |
5,136,204 |
|
Commercial owner-occupied real estate loans |
|
|
1,739,686 |
|
|
|
1,741,663 |
|
|
|
1,734,106 |
|
|
|
1,746,042 |
|
|
|
1,755,048 |
|
|
|
1,769,717 |
|
|
|
1,773,039 |
|
|
|
1,769,680 |
|
Commercial AD&C loans |
|
|
1,300,966 |
|
|
|
1,253,035 |
|
|
|
1,133,506 |
|
|
|
1,030,763 |
|
|
|
960,646 |
|
|
|
995,682 |
|
|
|
1,057,205 |
|
|
|
1,082,791 |
|
Commercial business loans |
|
|
1,606,641 |
|
|
|
1,579,001 |
|
|
|
1,551,798 |
|
|
|
1,508,336 |
|
|
|
1,433,035 |
|
|
|
1,442,518 |
|
|
|
1,441,489 |
|
|
|
1,444,588 |
|
Residential mortgage loans |
|
|
1,535,924 |
|
|
|
1,526,445 |
|
|
|
1,518,748 |
|
|
|
1,491,277 |
|
|
|
1,451,614 |
|
|
|
1,406,929 |
|
|
|
1,353,809 |
|
|
|
1,307,761 |
|
Residential construction loans |
|
|
47,788 |
|
|
|
64,684 |
|
|
|
86,638 |
|
|
|
110,456 |
|
|
|
142,325 |
|
|
|
174,204 |
|
|
|
211,590 |
|
|
|
223,313 |
|
Consumer loans |
|
|
433,185 |
|
|
|
421,003 |
|
|
|
417,206 |
|
|
|
417,539 |
|
|
|
419,299 |
|
|
|
421,189 |
|
|
|
423,306 |
|
|
|
424,122 |
|
Total loans |
|
|
11,489,784 |
|
|
|
11,459,834 |
|
|
|
11,406,408 |
|
|
|
11,361,747 |
|
|
|
11,286,995 |
|
|
|
11,335,698 |
|
|
|
11,407,070 |
|
|
|
11,388,459 |
|
Residential mortgage loans held for sale |
|
|
13,768 |
|
|
|
19,889 |
|
|
|
14,497 |
|
|
|
8,142 |
|
|
|
10,132 |
|
|
|
13,714 |
|
|
|
17,480 |
|
|
|
8,324 |
|
SBA loans held for sale |
|
|
591 |
|
|
|
65 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
Investment securities |
|
|
1,542,401 |
|
|
|
1,531,378 |
|
|
|
1,538,624 |
|
|
|
1,536,127 |
|
|
|
1,544,173 |
|
|
|
1,589,342 |
|
|
|
1,639,324 |
|
|
|
1,679,593 |
|
Interest-earning assets |
|
|
13,713,618 |
|
|
|
13,474,697 |
|
|
|
13,292,995 |
|
|
|
13,411,810 |
|
|
|
13,462,583 |
|
|
|
13,444,117 |
|
|
|
13,423,589 |
|
|
|
13,316,165 |
|
Total assets |
|
|
14,362,321 |
|
|
|
14,136,037 |
|
|
|
13,956,261 |
|
|
|
14,061,935 |
|
|
|
14,090,423 |
|
|
|
14,086,342 |
|
|
|
14,094,653 |
|
|
|
13,949,276 |
|
Noninterest-bearing demand deposits |
|
|
2,813,545 |
|
|
|
2,783,906 |
|
|
|
2,790,620 |
|
|
|
2,730,295 |
|
|
|
2,958,254 |
|
|
|
3,041,101 |
|
|
|
3,137,971 |
|
|
|
3,480,433 |
|
Total deposits |
|
|
11,807,983 |
|
|
|
11,483,524 |
|
|
|
11,245,476 |
|
|
|
11,086,145 |
|
|
|
11,089,587 |
|
|
|
11,076,724 |
|
|
|
10,928,038 |
|
|
|
11,049,991 |
|
Customer repurchase agreements |
|
|
65,253 |
|
|
|
63,436 |
|
|
|
62,161 |
|
|
|
72,836 |
|
|
|
66,622 |
|
|
|
67,298 |
|
|
|
58,382 |
|
|
|
60,626 |
|
Total interest-bearing liabilities |
|
|
9,792,134 |
|
|
|
9,600,905 |
|
|
|
9,441,015 |
|
|
|
9,583,074 |
|
|
|
9,418,666 |
|
|
|
9,332,617 |
|
|
|
9,257,652 |
|
|
|
8,806,720 |
|
Total stockholders' equity |
|
|
1,617,633 |
|
|
|
1,607,377 |
|
|
|
1,579,582 |
|
|
|
1,584,902 |
|
|
|
1,546,312 |
|
|
|
1,538,553 |
|
|
|
1,535,465 |
|
|
|
1,491,929 |
|
Financial measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average assets |
|
|
11.26 |
% |
|
|
11.37 |
% |
|
|
11.32 |
% |
|
|
11.27 |
% |
|
|
10.97 |
% |
|
|
10.92 |
% |
|
|
10.89 |
% |
|
|
10.70 |
% |
Average investment securities to average earning assets |
|
|
11.25 |
% |
|
|
11.36 |
% |
|
|
11.57 |
% |
|
|
11.45 |
% |
|
|
11.47 |
% |
|
|
11.82 |
% |
|
|
12.21 |
% |
|
|
12.61 |
% |
Average loans to average earning assets |
|
|
83.78 |
% |
|
|
85.05 |
% |
|
|
85.81 |
% |
|
|
84.71 |
% |
|
|
83.84 |
% |
|
|
84.32 |
% |
|
|
84.98 |
% |
|
|
85.52 |
% |
Loans to assets |
|
|
81.67 |
% |
|
|
79.90 |
% |
|
|
81.98 |
% |
|
|
81.83 |
% |
|
|
81.03 |
% |
|
|
79.94 |
% |
|
|
81.24 |
% |
|
|
80.65 |
% |
Loans to deposits |
|
|
98.23 |
% |
|
|
97.91 |
% |
|
|
101.27 |
% |
|
|
101.22 |
% |
|
|
103.37 |
% |
|
|
101.34 |
% |
|
|
103.75 |
% |
|
|
102.88 |
% |
Assets under management |
|
$ |
6,577,150 |
|
|
$ |
6,567,752 |
|
|
$ |
6,215,697 |
|
|
$ |
6,165,509 |
|
|
$ |
5,999,520 |
|
|
$ |
5,536,499 |
|
|
$ |
5,742,888 |
|
|
$ |
5,477,560 |
|
Capital measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage(1) |
|
|
9.39 |
% |
|
|
9.59 |
% |
|
|
9.70 |
% |
|
|
9.56 |
% |
|
|
9.51 |
% |
|
|
9.50 |
% |
|
|
9.42 |
% |
|
|
9.44 |
% |
Common equity tier 1 capital to risk-weighted
assets(1) |
|
|
11.36 |
% |
|
|
11.27 |
% |
|
|
11.28 |
% |
|
|
10.96 |
% |
|
|
10.90 |
% |
|
|
10.83 |
% |
|
|
10.65 |
% |
|
|
10.53 |
% |
Tier 1 capital to risk-weighted assets(1) |
|
|
11.36 |
% |
|
|
11.27 |
% |
|
|
11.28 |
% |
|
|
10.96 |
% |
|
|
10.90 |
% |
|
|
10.83 |
% |
|
|
10.65 |
% |
|
|
10.53 |
% |
Total regulatory capital to risk-weighted assets(1) |
|
|
15.38 |
% |
|
|
15.53 |
% |
|
|
15.49 |
% |
|
|
15.05 |
% |
|
|
14.92 |
% |
|
|
14.85 |
% |
|
|
14.60 |
% |
|
|
14.43 |
% |
Book value per common share |
|
$ |
34.51 |
|
|
$ |
36.10 |
|
|
$ |
35.45 |
|
|
$ |
35.37 |
|
|
$ |
35.36 |
|
|
$ |
34.26 |
|
|
$ |
34.31 |
|
|
$ |
34.37 |
|
Outstanding common shares |
|
|
45,140,417 |
|
|
|
45,125,078 |
|
|
|
45,109,671 |
|
|
|
44,940,147 |
|
|
|
44,913,561 |
|
|
|
44,895,158 |
|
|
|
44,862,369 |
|
|
|
44,712,497 |
|
(1) |
Estimated ratio at December 31, 2024. |
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
LOAN PORTFOLIO QUALITY DETAIL - UNAUDITED
|
|
|
2024 |
|
|
2023 |
(Dollars in thousands) |
|
December 31, |
|
September 30, |
|
June 30, |
|
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 |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
20 |
|
|
415 |
|
|
29 |
|
|
3,002 |
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
232 |
|
|
399 |
|
|
338 |
|
|
340 |
|
|
342 |
|
|
— |
|
|
692 |
|
|
352 |
Residential construction |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total loans 90 days past due |
|
|
232 |
|
|
399 |
|
|
338 |
|
|
360 |
|
|
362 |
|
|
415 |
|
|
721 |
|
|
3,569 |
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate |
|
|
58,071 |
|
|
57,578 |
|
|
55,498 |
|
|
55,579 |
|
|
58,658 |
|
|
20,108 |
|
|
20,381 |
|
|
15,451 |
Commercial owner-occupied real estate |
|
|
7,008 |
|
|
9,639 |
|
|
9,403 |
|
|
4,394 |
|
|
4,640 |
|
|
4,744 |
|
|
4,846 |
|
|
4,949 |
Commercial AD&C |
|
|
31,314 |
|
|
31,816 |
|
|
2,127 |
|
|
556 |
|
|
1,259 |
|
|
1,422 |
|
|
569 |
|
|
— |
Commercial business |
|
|
7,590 |
|
|
9,044 |
|
|
8,455 |
|
|
7,164 |
|
|
10,051 |
|
|
9,671 |
|
|
9,393 |
|
|
9,443 |
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
10,939 |
|
|
11,996 |
|
|
12,228 |
|
|
11,835 |
|
|
12,332 |
|
|
10,766 |
|
|
10,153 |
|
|
8,935 |
Residential construction |
|
|
521 |
|
|
539 |
|
|
539 |
|
|
542 |
|
|
443 |
|
|
449 |
|
|
— |
|
|
— |
Consumer |
|
|
3,697 |
|
|
4,258 |
|
|
4,400 |
|
|
4,011 |
|
|
4,102 |
|
|
4,187 |
|
|
3,396 |
|
|
4,900 |
Total non-accrual loans |
|
|
119,140 |
|
|
124,870 |
|
|
92,650 |
|
|
84,081 |
|
|
91,485 |
|
|
51,347 |
|
|
48,738 |
|
|
43,678 |
Total non-performing loans |
|
|
119,372 |
|
|
125,269 |
|
|
92,988 |
|
|
84,441 |
|
|
91,847 |
|
|
51,762 |
|
|
49,459 |
|
|
47,247 |
Other real estate owned (OREO) |
|
|
3,265 |
|
|
3,265 |
|
|
2,700 |
|
|
2,700 |
|
|
— |
|
|
261 |
|
|
611 |
|
|
645 |
Total non-performing assets |
|
$ |
122,637 |
|
$ |
128,534 |
|
$ |
95,688 |
|
$ |
87,141 |
|
$ |
91,847 |
|
$ |
52,023 |
|
$ |
50,070 |
|
$ |
47,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended, |
(Dollars in thousands) |
|
December 31,
2024 |
|
September 30,
2024 |
|
June 30,
2024 |
|
March 31,
2024 |
|
December 31,
2023 |
z |
September 30,
2023 |
|
June 30,
2023 |
|
March 31,
2023 |
Analysis of non-accrual loan activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
124,870 |
|
|
$ |
92,650 |
|
|
$ |
84,081 |
|
|
$ |
91,485 |
|
|
$ |
51,347 |
|
|
$ |
48,738 |
|
|
$ |
43,678 |
|
|
$ |
34,782 |
|
Non-accrual balances transferred to OREO |
|
|
— |
|
|
|
(565 |
) |
|
|
— |
|
|
|
(2,700 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-accrual balances charged-off |
|
|
(1,698 |
) |
|
|
(787 |
) |
|
|
— |
|
|
|
(1,550 |
) |
|
|
— |
|
|
|
(183 |
) |
|
|
(2,049 |
) |
|
|
(126 |
) |
Net payments or draws |
|
|
(5,065 |
) |
|
|
(3,095 |
) |
|
|
(1,427 |
) |
|
|
(4,017 |
) |
|
|
(7,619 |
) |
|
|
(1,545 |
) |
|
|
(1,654 |
) |
|
|
(10,212 |
) |
Loans placed on non-accrual |
|
|
2,847 |
|
|
|
36,667 |
|
|
|
10,038 |
|
|
|
1,490 |
|
|
|
47,920 |
|
|
|
4,967 |
|
|
|
9,276 |
|
|
|
19,714 |
|
Non-accrual loans brought current |
|
|
(1,814 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
(627 |
) |
|
|
(163 |
) |
|
|
(630 |
) |
|
|
(513 |
) |
|
|
(480 |
) |
Balance at end of period |
|
$ |
119,140 |
|
|
$ |
124,870 |
|
|
$ |
92,650 |
|
|
$ |
84,081 |
|
|
$ |
91,485 |
|
|
$ |
51,347 |
|
|
$ |
48,738 |
|
|
$ |
43,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of allowance for credit losses -
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
131,428 |
|
|
$ |
125,863 |
|
|
$ |
123,096 |
|
|
$ |
120,865 |
|
|
$ |
123,360 |
|
|
$ |
120,287 |
|
|
$ |
117,613 |
|
|
$ |
136,242 |
|
Provision/ (credit) for credit losses - loans |
|
|
4,653 |
|
|
|
6,310 |
|
|
|
2,961 |
|
|
|
3,331 |
|
|
|
(2,574 |
) |
|
|
3,171 |
|
|
|
4,454 |
|
|
|
(18,945 |
) |
Less loans charged-off, net of recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial investor real estate |
|
|
(3 |
) |
|
|
397 |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(5 |
) |
Commercial owner-occupied real estate |
|
|
(30 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(25 |
) |
|
|
(27 |
) |
|
|
(26 |
) |
Commercial AD&C |
|
|
(23 |
) |
|
|
111 |
|
|
|
(23 |
) |
|
|
(283 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial business |
|
|
1,656 |
|
|
|
250 |
|
|
|
(28 |
) |
|
|
1,550 |
|
|
|
(105 |
) |
|
|
15 |
|
|
|
363 |
|
|
|
(127 |
) |
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
(7 |
) |
|
|
(35 |
) |
|
|
39 |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
35 |
|
|
|
21 |
|
Residential construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
|
87 |
|
|
|
49 |
|
|
|
236 |
|
|
|
(132 |
) |
|
|
62 |
|
|
|
115 |
|
|
|
1,423 |
|
|
|
(179 |
) |
Net charge-offs/ (recoveries) |
|
|
1,680 |
|
|
|
745 |
|
|
|
194 |
|
|
|
1,100 |
|
|
|
(79 |
) |
|
|
98 |
|
|
|
1,780 |
|
|
|
(316 |
) |
Balance at the end of period |
|
$ |
134,401 |
|
|
$ |
131,428 |
|
|
$ |
125,863 |
|
|
$ |
123,096 |
|
|
$ |
120,865 |
|
|
$ |
123,360 |
|
|
$ |
120,287 |
|
|
$ |
117,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
|
1.03 |
% |
|
|
1.09 |
% |
|
|
0.81 |
% |
|
|
0.74 |
% |
|
|
0.81 |
% |
|
|
0.46 |
% |
|
|
0.44 |
% |
|
|
0.41 |
% |
Non-performing assets to total assets |
|
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.68 |
% |
|
|
0.63 |
% |
|
|
0.65 |
% |
|
|
0.37 |
% |
|
|
0.36 |
% |
|
|
0.34 |
% |
Allowance for credit losses to total loans |
|
|
1.16 |
% |
|
|
1.14 |
% |
|
|
1.10 |
% |
|
|
1.08 |
% |
|
|
1.06 |
% |
|
|
1.09 |
% |
|
|
1.06 |
% |
|
|
1.03 |
% |
Allowance for credit losses to non-performing loans |
|
|
112.59 |
% |
|
|
104.92 |
% |
|
|
135.35 |
% |
|
|
145.78 |
% |
|
|
131.59 |
% |
|
|
238.32 |
% |
|
|
243.21 |
% |
|
|
248.93 |
% |
Annualized net charge-offs/ (recoveries) to average loans |
|
|
0.06 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.06 |
% |
|
|
(0.01 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES -
UNAUDITED
|
|
Three Months Ended December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
(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 |
|
$ |
4,825,594 |
|
|
$ |
57,898 |
|
4.77 |
% |
|
$ |
5,125,028 |
|
|
$ |
60,909 |
|
4.72 |
% |
Commercial owner-occupied real estate loans |
|
|
1,739,686 |
|
|
|
21,497 |
|
4.92 |
|
|
|
1,755,048 |
|
|
|
21,011 |
|
4.75 |
|
Commercial AD&C loans |
|
|
1,300,966 |
|
|
|
24,303 |
|
7.43 |
|
|
|
960,646 |
|
|
|
20,510 |
|
8.47 |
|
Commercial business loans |
|
|
1,606,641 |
|
|
|
26,374 |
|
6.53 |
|
|
|
1,433,035 |
|
|
|
23,822 |
|
6.60 |
|
Total commercial loans |
|
|
9,472,887 |
|
|
|
130,072 |
|
5.46 |
|
|
|
9,273,757 |
|
|
|
126,252 |
|
5.40 |
|
Residential mortgage loans |
|
|
1,535,924 |
|
|
|
14,676 |
|
3.82 |
|
|
|
1,451,614 |
|
|
|
12,984 |
|
3.58 |
|
Residential construction loans |
|
|
47,788 |
|
|
|
672 |
|
5.59 |
|
|
|
142,325 |
|
|
|
1,515 |
|
4.22 |
|
Consumer loans |
|
|
433,185 |
|
|
|
8,496 |
|
7.80 |
|
|
|
419,299 |
|
|
|
8,543 |
|
8.08 |
|
Total residential and consumer loans |
|
|
2,016,897 |
|
|
|
23,844 |
|
4.72 |
|
|
|
2,013,238 |
|
|
|
23,042 |
|
4.56 |
|
Total loans (2) |
|
|
11,489,784 |
|
|
|
153,916 |
|
5.33 |
|
|
|
11,286,995 |
|
|
|
149,294 |
|
5.25 |
|
Residential mortgage loans held for sale |
|
|
13,768 |
|
|
|
249 |
|
7.24 |
|
|
|
10,132 |
|
|
|
199 |
|
7.86 |
|
SBA loans held for sale |
|
|
591 |
|
|
|
21 |
|
14.50 |
|
|
|
— |
|
|
|
— |
|
— |
|
Taxable securities |
|
|
1,214,327 |
|
|
|
7,821 |
|
2.58 |
|
|
|
1,193,408 |
|
|
|
6,454 |
|
2.16 |
|
Tax-advantaged securities |
|
|
328,074 |
|
|
|
2,143 |
|
2.61 |
|
|
|
350,765 |
|
|
|
2,322 |
|
2.64 |
|
Total investment securities (3) |
|
|
1,542,401 |
|
|
|
9,964 |
|
2.58 |
|
|
|
1,544,173 |
|
|
|
8,776 |
|
2.27 |
|
Interest-bearing deposits with banks |
|
|
667,074 |
|
|
|
7,997 |
|
4.77 |
|
|
|
621,007 |
|
|
|
8,456 |
|
5.40 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
— |
|
|
|
276 |
|
|
|
4 |
|
5.43 |
|
Total interest-earning assets |
|
|
13,713,618 |
|
|
|
172,147 |
|
5.00 |
|
|
|
13,462,583 |
|
|
|
166,729 |
|
4.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: allowance for credit losses - loans |
|
|
(131,565 |
) |
|
|
|
|
|
|
(121,851 |
) |
|
|
|
|
Cash and due from banks |
|
|
77,280 |
|
|
|
|
|
|
|
89,143 |
|
|
|
|
|
Premises and equipment, net |
|
|
56,925 |
|
|
|
|
|
|
|
69,162 |
|
|
|
|
|
Other assets |
|
|
646,063 |
|
|
|
|
|
|
|
591,386 |
|
|
|
|
|
Total assets |
|
$ |
14,362,321 |
|
|
|
|
|
|
$ |
14,090,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
1,519,835 |
|
|
$ |
6,510 |
|
1.70 |
% |
|
$ |
1,474,748 |
|
|
$ |
5,612 |
|
1.51 |
% |
Regular savings deposits |
|
|
1,763,353 |
|
|
|
13,768 |
|
3.11 |
|
|
|
1,153,610 |
|
|
|
9,715 |
|
3.34 |
|
Money market savings deposits |
|
|
3,116,359 |
|
|
|
26,657 |
|
3.40 |
|
|
|
2,697,930 |
|
|
|
24,456 |
|
3.60 |
|
Time deposits |
|
|
2,594,891 |
|
|
|
29,176 |
|
4.47 |
|
|
|
2,805,045 |
|
|
|
30,030 |
|
4.25 |
|
Total interest-bearing deposits |
|
|
8,994,438 |
|
|
|
76,111 |
|
3.37 |
|
|
|
8,131,333 |
|
|
|
69,813 |
|
3.41 |
|
Repurchase agreements |
|
|
65,253 |
|
|
|
327 |
|
2.00 |
|
|
|
66,622 |
|
|
|
354 |
|
2.11 |
|
Federal funds purchased and Federal Reserve Bank borrowings |
|
|
3,525 |
|
|
|
42 |
|
4.69 |
|
|
|
300,000 |
|
|
|
3,721 |
|
4.92 |
|
Advances from FHLB |
|
|
357,609 |
|
|
|
3,865 |
|
4.30 |
|
|
|
550,000 |
|
|
|
6,086 |
|
4.39 |
|
Subordinated debt |
|
|
371,309 |
|
|
|
4,616 |
|
4.97 |
|
|
|
370,711 |
|
|
|
3,946 |
|
4.26 |
|
Total borrowings |
|
|
797,696 |
|
|
|
8,850 |
|
4.41 |
|
|
|
1,287,333 |
|
|
|
14,107 |
|
4.35 |
|
Total interest-bearing liabilities |
|
|
9,792,134 |
|
|
|
84,961 |
|
3.45 |
|
|
|
9,418,666 |
|
|
|
83,920 |
|
3.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
2,813,545 |
|
|
|
|
|
|
|
2,958,254 |
|
|
|
|
|
Other liabilities |
|
|
139,009 |
|
|
|
|
|
|
|
167,191 |
|
|
|
|
|
Stockholders' equity |
|
|
1,617,633 |
|
|
|
|
|
|
|
1,546,312 |
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
14,362,321 |
|
|
|
|
|
|
$ |
14,090,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income and spread |
|
|
|
$ |
87,186 |
|
1.55 |
% |
|
|
|
$ |
82,809 |
|
1.38 |
% |
Less: tax-equivalent adjustment |
|
|
|
|
1,100 |
|
|
|
|
|
|
1,113 |
|
|
Net interest income |
|
|
|
$ |
86,086 |
|
|
|
|
|
$ |
81,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/earning assets |
|
|
|
|
|
5.00 |
% |
|
|
|
|
|
4.92 |
% |
Interest expense/earning assets |
|
|
|
|
|
2.47 |
|
|
|
|
|
|
2.47 |
|
Net interest margin |
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
2.45 |
% |
(1) |
Tax-equivalent income has been adjusted using the combined marginal
federal and state rate of 25.48% and 25.37% for 2024 and 2023,
respectively. The annualized taxable-equivalent adjustments
utilized in the above table to compute yields aggregated to
$1.1 million and $1.1 million in 2024 and 2023,
respectively. |
(2) |
Non-accrual loans are included in
the average balances. |
(3) |
Available-for-sale investments
are presented at amortized cost. |
|
|
Sandy Spring Bancorp, Inc. and
Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES -
UNAUDITED
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
(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 |
|
$ |
4,929,894 |
|
|
$ |
234,402 |
|
4.75 |
% |
|
$ |
5,133,279 |
|
|
$ |
237,976 |
|
4.64 |
% |
Commercial owner-occupied real estate loans |
|
|
1,740,376 |
|
|
|
84,587 |
|
4.86 |
|
|
|
1,766,839 |
|
|
|
82,049 |
|
4.64 |
|
Commercial AD&C loans |
|
|
1,180,100 |
|
|
|
93,082 |
|
7.89 |
|
|
|
1,023,669 |
|
|
|
81,515 |
|
7.96 |
|
Commercial business loans |
|
|
1,561,616 |
|
|
|
105,400 |
|
6.75 |
|
|
|
1,440,382 |
|
|
|
92,080 |
|
6.39 |
|
Total commercial loans |
|
|
9,411,986 |
|
|
|
517,471 |
|
5.50 |
|
|
|
9,364,169 |
|
|
|
493,620 |
|
5.27 |
|
Residential mortgage loans |
|
|
1,518,170 |
|
|
|
56,644 |
|
3.73 |
|
|
|
1,380,496 |
|
|
|
48,909 |
|
3.54 |
|
Residential construction loans |
|
|
77,276 |
|
|
|
3,880 |
|
5.02 |
|
|
|
187,599 |
|
|
|
6,817 |
|
3.63 |
|
Consumer loans |
|
|
422,260 |
|
|
|
34,189 |
|
8.10 |
|
|
|
421,963 |
|
|
|
32,946 |
|
7.81 |
|
Total residential and consumer loans |
|
|
2,017,706 |
|
|
|
94,713 |
|
4.69 |
|
|
|
1,990,058 |
|
|
|
88,672 |
|
4.46 |
|
Total loans (2) |
|
|
11,429,692 |
|
|
|
612,184 |
|
5.36 |
|
|
|
11,354,227 |
|
|
|
582,292 |
|
5.13 |
|
Residential mortgage loans held for sale |
|
|
14,089 |
|
|
|
1,050 |
|
7.45 |
|
|
|
12,421 |
|
|
|
896 |
|
7.21 |
|
SBA loans held for sale |
|
|
165 |
|
|
|
23 |
|
14.17 |
|
|
|
— |
|
|
|
— |
|
— |
|
Taxable securities |
|
|
1,200,218 |
|
|
|
29,140 |
|
2.43 |
|
|
|
1,254,739 |
|
|
|
26,992 |
|
2.15 |
|
Tax-advantaged securities |
|
|
336,913 |
|
|
|
8,928 |
|
2.65 |
|
|
|
357,933 |
|
|
|
9,049 |
|
2.53 |
|
Total investment securities (3) |
|
|
1,537,131 |
|
|
|
38,068 |
|
2.48 |
|
|
|
1,612,672 |
|
|
|
36,041 |
|
2.23 |
|
Interest-bearing deposits with banks |
|
|
492,649 |
|
|
|
25,398 |
|
5.16 |
|
|
|
432,392 |
|
|
|
22,435 |
|
5.19 |
|
Federal funds sold |
|
|
216 |
|
|
|
8 |
|
3.79 |
|
|
|
393 |
|
|
|
17 |
|
4.26 |
|
Total interest-earning assets |
|
|
13,473,942 |
|
|
|
676,731 |
|
5.02 |
|
|
|
13,412,105 |
|
|
|
641,681 |
|
4.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: allowance for credit losses - loans |
|
|
(125,131 |
) |
|
|
|
|
|
|
(124,624 |
) |
|
|
|
|
Cash and due from banks |
|
|
81,761 |
|
|
|
|
|
|
|
93,494 |
|
|
|
|
|
Premises and equipment, net |
|
|
58,571 |
|
|
|
|
|
|
|
69,886 |
|
|
|
|
|
Other assets |
|
|
640,652 |
|
|
|
|
|
|
|
604,784 |
|
|
|
|
|
Total assets |
|
$ |
14,129,795 |
|
|
|
|
|
|
$ |
14,055,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
1,480,668 |
|
|
$ |
25,368 |
|
1.71 |
% |
|
$ |
1,429,219 |
|
|
$ |
16,077 |
|
1.12 |
% |
Regular savings deposits |
|
|
1,643,305 |
|
|
|
56,365 |
|
3.43 |
|
|
|
784,575 |
|
|
|
17,546 |
|
2.24 |
|
Money market savings deposits |
|
|
2,914,712 |
|
|
|
105,847 |
|
3.63 |
|
|
|
2,974,580 |
|
|
|
93,432 |
|
3.14 |
|
Time deposits |
|
|
2,588,713 |
|
|
|
115,593 |
|
4.47 |
|
|
|
2,695,232 |
|
|
|
97,973 |
|
3.64 |
|
Total interest-bearing deposits |
|
|
8,627,398 |
|
|
|
303,173 |
|
3.51 |
|
|
|
7,883,606 |
|
|
|
225,028 |
|
2.85 |
|
Repurchase agreements |
|
|
65,913 |
|
|
|
1,370 |
|
2.08 |
|
|
|
63,259 |
|
|
|
915 |
|
1.45 |
|
Federal funds purchased and Federal Reserve Bank borrowings |
|
|
75,227 |
|
|
|
3,889 |
|
5.17 |
|
|
|
273,508 |
|
|
|
13,537 |
|
4.95 |
|
Advances from FHLB |
|
|
465,164 |
|
|
|
20,259 |
|
4.36 |
|
|
|
615,082 |
|
|
|
27,709 |
|
4.50 |
|
Subordinated debt |
|
|
371,085 |
|
|
|
16,455 |
|
4.43 |
|
|
|
370,487 |
|
|
|
15,785 |
|
4.26 |
|
Total borrowings |
|
|
977,389 |
|
|
|
41,973 |
|
4.29 |
|
|
|
1,322,336 |
|
|
|
57,946 |
|
4.38 |
|
Total interest-bearing liabilities |
|
|
9,604,787 |
|
|
|
345,146 |
|
3.59 |
|
|
|
9,205,942 |
|
|
|
282,974 |
|
3.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
2,779,696 |
|
|
|
|
|
|
|
3,152,699 |
|
|
|
|
|
Other liabilities |
|
|
147,856 |
|
|
|
|
|
|
|
168,762 |
|
|
|
|
|
Stockholders' equity |
|
|
1,597,456 |
|
|
|
|
|
|
|
1,528,242 |
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
14,129,795 |
|
|
|
|
|
|
$ |
14,055,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income and spread |
|
|
|
$ |
331,585 |
|
1.43 |
% |
|
|
|
$ |
358,707 |
|
1.71 |
% |
Less: tax-equivalent adjustment |
|
|
|
|
4,459 |
|
|
|
|
|
|
4,157 |
|
|
Net interest income |
|
|
|
$ |
327,126 |
|
|
|
|
|
$ |
354,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/earning assets |
|
|
|
|
|
5.02 |
% |
|
|
|
|
|
4.78 |
% |
Interest expense/earning assets |
|
|
|
|
|
2.56 |
|
|
|
|
|
|
2.11 |
|
Net interest margin |
|
|
|
|
|
2.46 |
% |
|
|
|
|
|
2.67 |
% |
(1) |
Tax-equivalent income has been adjusted using the combined marginal
federal and state rate of 25.48% and 25.37% for 2024 and 2023,
respectively. The annualized taxable-equivalent adjustments
utilized in the above table to compute yields aggregated to
$4.5 million and $4.2 million in 2024 and 2023,
respectively. |
(2) |
Non-accrual loans are included in
the average balances. |
(3) |
Available-for-sale investments
are presented at amortized cost. |
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Sandy Spring Bancorp (NASDAQ:SASR)
Historical Stock Chart
From Jan 2025 to Feb 2025
Sandy Spring Bancorp (NASDAQ:SASR)
Historical Stock Chart
From Feb 2024 to Feb 2025