PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

Note 21 – Parent Company Financial Information

Financial statements for Sandy Spring Bancorp, Inc. (Parent Only) for the periods indicated are presented in the following tables:

Statement of Condition
			December 31,
(In thousands)			2017		2016
Assets
	Cash and cash equivalents		$	13,237	$	10,869
	Investments available-for-sale (at fair value)			9,644		10,357
	Investment in subsidiary			541,062		513,083
	Loan to subsidiary			-		30,000
	Other assets			304		515
Total assets			$	564,247	$	564,824
Liabilities
	Subordinated debentures		$	-	$	30,000
	Accrued expenses and other liabilities			431		1,252
		Total liabilities		431		31,252
Stockholders’ Equity
	Common stock			23,996		23,901
	Additional paid in capital			168,188		165,871
	Retained earnings			378,489		350,414
	Accumulated other comprehensive loss			(6,857)		(6,614)
		Total stockholders’ equity		563,816		533,572
Total liabilities and stockholders’ equity			$	564,247	$	564,824

Statements of Income
			Year Ended December 31,
(In thousands)			2017		2016		2015
Income:
	Cash dividends from subsidiary		$	25,420	$	43,975	$	42,580
	Other income			1,832		2,476		995
		Total income		27,252		46,451		43,575
Expenses:
	Interest			12		944		899
	Other expenses			970		1,139		1,123
		Total expenses		982		2,083		2,022
Income before income taxes and equity in undistributed income of subsidiary				26,270		44,368		41,553
Income tax expense (benefit)				331		78		(308)
		Income before equity in undistributed income of subsidiary		25,939		44,290		41,861
Equity in undistributed income of subsidiary				27,270		3,960		3,494
	Net income		$	53,209	$	48,250	$	45,355

Statements of Cash Flows
				Year Ended December 31,
(In thousands)				2017		2016		2015
Cash Flows from Operating Activities:
Net income				$	53,209	$	48,250	$	45,355
Adjustments to reconcile net income to net cash provided by operating activities:
		Equity in undistributed income-subsidiary			(27,270)		(3,960)		(3,494)
		Decrease in receivable from subsidiary bank			30,000		-		-
		Share based compensation expense			2,164		2,139		1,979
		Tax benefit from stock options exercised			-		125		350
		Other-net			(4,028)		3,213		10
			Net cash provided by operating activities		54,075		49,767		44,200
Cash Flows from Investing Activities:
	Proceeds (purchases) of investment available-for-sale				3,179		(7,000)		(2,600)
		Net cash provided/ (used) by investing activities			3,179		(7,000)		(2,600)
Cash Flows from Financing Activities:
	Retirement of subordinated debt				(30,000)		(5,000)		-
	Proceeds from issuance of common stock				1,200		1,580		1,174
	Stock tendered for payment of withholding taxes				(952)		(683)		(687)
	Repurchase of common stock				-		(13,273)		(22,624)
	Dividends paid				(25,134)		(23,676)		(22,397)
		Net cash used by financing activities			(54,886)		(41,052)		(44,534)
Net increase (decrease) in cash and cash equivalents					2,368		1,715		(2,934)
Cash and cash equivalents at beginning of year					10,869		9,154		12,088
Cash and cash equivalents at end of year				$	13,237	$	10,869	$	9,154