PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Statements of Condition

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

Statements of Condition

	December 31,
(In thousands)	2024		2023
Assets:
Cash and cash equivalents	$	99,664	$	125,165
Other investments	568		568
Investment in subsidiary	1,828,350		1,831,553
Goodwill	1,292		1,292
Other assets	3,095		3,451
Total assets	$	1,932,969	$	1,962,029
Liabilities:
Subordinated debt	$	371,400	$	370,803
Accrued expenses and other liabilities	3,557		3,084
Total liabilities	374,957		373,887
Stockholders’ Equity:
Common stock	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	$	1,932,969	$	1,962,029

Statements of Income

Statements of Income

	Year Ended December 31,
(In thousands)	2024		2023		2022
Income:
Cash dividends from subsidiary	$	47,430	$	113,770	$	65,410
Other income	5,699		3,204		494
Total income	53,129		116,974		65,904
Expenses:
Interest	16,455		15,785		14,055
Other expenses	2,595		2,941		1,750
Total expenses	19,050		18,726		15,805
Income before income taxes and equity in undistributed income of subsidiary	34,079		98,248		50,099
Income tax benefit	(2,785)		(3,226)		(3,175)
Income before equity in undistributed income of subsidiary	36,864		101,474		53,274
Equity in undistributed income of subsidiary	(16,929)		21,370		113,025
Net income	$	19,935	$	122,844	$	166,299

Statements of Cash Flows

Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2024		2023		2022
Cash Flows from Operating Activities:
Net income	$	19,935	$	122,844	$	166,299
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income-subsidiary	16,929		(21,370)		(113,025)
Share based compensation expense	9,044		7,631		7,887
Other-net	(7,617)		(7,300)		(9,760)
Net cash provided by operating activities	38,291		101,805		51,401
Cash Flows from Investing Activities:
Investment in subsidiary	—		—		(150,000)
Net cash provided by/ (used in) investing activities	—		—		(150,000)
Cash Flows from Financing Activities:
Proceeds from issuance of subordinated debt	—		—		200,000
Proceeds from issuance of common stock	1,359		2,417		2,192
Stock tendered for payment of withholding taxes	(3,513)		(1,821)		(2,353)
Repurchase of common stock	—		—		(24,987)
Dividends paid	(61,638)		(61,159)		(61,368)
Net cash provided by/ (used in) financing activities	(63,792)		(60,563)		113,484
Net increase/ (decrease) in cash and cash equivalents	(25,501)		41,242		14,885
Cash and cash equivalents at beginning of year	125,165		83,923		69,038
Cash and cash equivalents at end of year	$	99,664	$	125,165	$	83,923