0001104659-20-006197.txt : 20200123 0001104659-20-006197.hdr.sgml : 20200123 20200123123019 ACCESSION NUMBER: 0001104659-20-006197 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200123 DATE AS OF CHANGE: 20200123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANDY SPRING BANCORP INC CENTRAL INDEX KEY: 0000824410 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521532952 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19065 FILM NUMBER: 20541272 BUSINESS ADDRESS: STREET 1: 17801 GEORGIA AVE CITY: OLNEY STATE: MD ZIP: 20832 BUSINESS PHONE: 3017746400 MAIL ADDRESS: STREET 1: 17801 GEORGIA AVENUE CITY: OLNEY STATE: MD ZIP: 20832 8-K 1 tm205453-1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 23, 2020

 

SANDY SPRING BANCORP, INC.

(Exact name of registrant as specified in its charter)

  

Maryland 000-19065 52-1532952

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

17801 Georgia Avenue, Olney, Maryland 20832

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (301) 774-6400

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of exchange on which registered
Common Stock, par value $1.00 per share SASR The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On January 23, 2020, Sandy Spring Bancorp, Inc. issued a news release announcing its results of operations and financial condition for the quarter ended December 31, 2019. A copy of the news release is included as Exhibit 99.1 to this report.

 

Item 9.01 Financial Statements and Exhibits

 

 Exhibits. 
   
 Exhibit No.Description
   
 99.1Press release dated January 23, 2020
   
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SANDY SPRING BANCORP, INC.
  (Registrant)
   
Date: January 23, 2020 By: /s/ Daniel J. Schrider
    Daniel J. Schrider
    President and Chief Executive Officer

 

2

EX-99.1 2 tm205453d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

NEWS RELEASE

 

  

FOR IMMEDIATE RELEASE

 

SANDY SPRING BANCORP REPORTS RECORD ANNUAL EARNINGS

Company Announces Fifth Consecutive Record Year and $116.4 Million in Annual Net Income

  

OLNEY, MARYLAND, January 23, 2020 — Sandy Spring Bancorp, Inc., (Nasdaq-SASR), the parent company of Sandy Spring Bank, today reported net income for the fourth quarter of 2019 of $28.5 million ($0.80 per diluted share) compared to net income of $25.6 million ($0.72 per diluted share) for the fourth quarter of 2018 and net income of $29.4 million ($0.82 per diluted share) for the third quarter of 2019.

 

Net earnings for 2019 were $116.4 million ($3.25 per diluted share) compared to $100.9 million ($2.82 per diluted share) for 2018. The results from 2019 and 2018 included recovered interest income from previously acquired impaired loans of $1.8 million and $2.4 million, respectively. The results for 2018 also included the effect of merger expenses associated with the acquisition of WashingtonFirst Bankshares (“WashingtonFirst”) totaling $11.8 million (an after tax impact of $0.19 per share) compared to $1.3 million for 2019, which are associated with the pending acquisition of Revere Bank that is expected close in the beginning of the second quarter of 2020. Revere Bank has 11 banking offices and more than $2.8 billion in assets (as of September 30, 2019).

 

“We delivered a strong financial performance in 2019, which was our first full year following the successful integration of WashingtonFirst Bank. We rose to the occasion with record results and announced another wave of strategic expansion through the acquisitions of Revere Bank and Rembert Pendleton Jackson, a registered investment advisor headquartered in Falls Church, Virginia,” said Daniel J. Schrider, President and Chief Executive Officer.

 

“Throughout the year we adjusted our strategies in response to the competitive market and interest rate environment, while consistently growing deposits, delivering impressive fee-income growth, and staying laser focused on providing exceptional experiences for the individuals and businesses we serve,” added Schrider. “We finished the year on a high note and the momentum from our fourth quarter performance will serve us well in 2020.”

 

Fourth Quarter Highlights:

 

·Total loans at December 31, 2019 increased 2% compared to December 31, 2018. During this period, the Company experienced 7% growth in total commercial loans as investor real estate loans and owner occupied real estate loans grew by 11% and 7%, respectively. The impact of commercial loan growth was offset by the decline in the mortgage loan portfolio due to the impact of mortgage loan refinance activity driven by the current interest rate environment and the sale of the majority of new mortgage loan production and the decline in consumer loan balances.

 

 

 

 

·Total deposits grew 9% compared to the end of 2018. Deposit growth reduced the loan-to-deposit ratio to 104% at the end of 2019 compared to 111% at the end of 2018. The year-over-year deposit growth included an 8% increase in noninterest-bearing deposits, a 13% increase in core interest-bearing deposits and a 38% reduction in wholesale deposits.

 

·The provision for loan losses for the current quarter was $1.7 million compared to $3.4 million for the fourth quarter of 2018 and $1.5 million for the prior quarter of the current year.

 

·Preparation for the implementation of the Current Expected Credit Losses (“CECL”) accounting standard in the first quarter of 2020 has been completed. Exclusive of the $2.8 million reclassification to the allowance for loan losses related to the acquired credit impaired loans, the estimated impact to retained earnings at transition date is expected to be approximately $2.0 million based on the expected performance of the economy.

 

·During the quarter, the Company repurchased 668,191 shares of common stock at an average price of $36.34 per share as part of its existing share repurchase program.

 

·The net interest margin was 3.38% for the fourth quarter of 2019, compared to 3.57% for the fourth quarter of 2018 and 3.51% for the third quarter of 2019.

 

·The Company successfully issued $175 million in subordinated debt at an advantageous rate during the quarter. The debt provides capital to support future growth in the real estate lending portfolio and fund anticipated future redemptions of existing higher priced funding sources.

 

·Driven by income from mortgage banking activities, wealth management and fees related to customer level commercial loan swaps, quarterly non-interest income increased 37% as compared to the same period in the prior year. Income from mortgage banking activities grew 269% compared to the same quarter of the prior year.

 

·Non-interest expense for the quarter increased $3.4 million or 8% compared to the same quarter of the prior year. Increases occurred in most major expense categories, notably compensation and benefits, driven by incentive-based programs, merger costs and professional fees and services. A portion of the non-interest expense increases were offset by the decrease in FDIC insurance expense due to the application of the remaining assessment credit during the current quarter.

 

·The non-GAAP efficiency ratio was 51.98% for the current quarter as compared to 51.78% for the fourth quarter of 2018 and 50.95% for the third quarter of 2019.

 

 

 

 

Review of Balance Sheet and Credit Quality

 

At December 31, 2019, total assets amounted to $8.6 billion compared to $8.2 billion at December 31, 2018. Total loans were $6.7 billion at December 31, 2019 compared to $6.6 billion at the end of 2018. During this period, the composition of the portfolio shifted as total commercial loans grew 7% while mortgage loans have declined 8% due to the refinance activity and the strategic decision to sell the majority of new mortgage loan production. Consumer loans experienced a 10% decline related to recent mortgage refinancing activity. During this period, total funded commercial loan production was a record $884 million. Commercial loans originated during the current year had total unfunded commitments of $479 million as of December 31, 2019.

 

 

Total deposits at December 31, 2019 were $6.4 billion compared to $5.9 billion at December 31, 2018, a 9% increase during the period. The increase from year-end 2018 was driven by increases in non-interest bearing demand, interest-bearing demand and money market deposit categories. The impact of the increase in rates associated with these additional deposits during 2019 was partially offset by the benefit realized from an increase in noninterest-bearing deposits and a reduction in wholesale deposits. During the current quarter, the Company issued $175 million in subordinated debt. The proceeds from the debt provides capital for future growth in the real estate lending portfolio, in addition to providing funds to reduce higher priced funding sources.

 

Tangible common equity totaled $782 million at December 31, 2019, compared to $727 million at December 31, 2018 as the ratio of tangible common equity to tangible assets grew to 9.46% at December 31, 2019, as compared to 9.21% at December 31, 2018. The decline in the tangible common equity ratio from 9.74% at the end of the prior quarter was the result of the impact on stockholder’s equity of stock repurchases in the current quarter. The Company had a total risk-based capital ratio of 14.85%, a common equity tier 1 risk-based capital ratio of 11.06%, a tier 1 risk-based capital ratio of 11.21% and a tier 1 leverage ratio of 9.70% at December 31, 2019.

 

The ratio of non-performing loans to total loans increased to 0.62% at December 31, 2019, compared to 0.55% at December 31, 2018. Non-performing loans totaled $41.3 million at December 31, 2019, compared to $36.0 million at December 31, 2018, and $40.1 million at September 30, 2019. The modest growth in non-performing loans over the prior periods occurred primarily as a result of increases in segments of the loan portfolio secured by real estate. Non-performing loans include accruing loans 90 days or more past due and restructured loans, but exclude purchased credit impaired loans acquired in the prior year’s acquisition of WashingtonFirst.

 

Loan charge-offs, net of recoveries, for the fourth quarter of 2019 totaled $0.5 million as compared to $0.3 million for the fourth quarter of 2018. The allowance for loan losses represented 0.84% of outstanding loans and 136% of non-performing loans at December 31, 2019, compared to 0.81% of outstanding loans and 149% of non-performing loans at December 31, 2018. While non-performing loans increased from the prior year-end to December 31, 2019, the related reserves for those loans remained stable due to adequate collateral values.

 

 

 

 

Income Statement Review

 

For the fourth quarter of 2019, net interest income decreased 1% to $65.6 million compared to $66.1 million for the fourth quarter of 2018. Interest income remained level while interest expense increased 2% driven by deposit growth. The rise in interest expense was partially offset by the decline in the cost of borrowings from the prior year quarter to the current quarter.

 

The net interest margin for the current quarter was 3.38%, compared to the net interest margin for the fourth quarter of 2018 of 3.57%. The current quarter’s margin benefited from the decrease in average borrowed funds and their associated rates as this decrease offset the increase in the average rate paid on deposits. The average rate on interest-bearing liabilities remained at 1.48% for the quarter ended December 31, 2019 compared to the same quarter of the prior year. During this same period, the yield on interest-earning assets declined from 4.60% for the quarter ended December 31, 2018 to 4.38% for the quarter ended December 31, 2019 due to the interest rate environment, resulting in margin compression. The 9% increase in average noninterest-bearing deposits compared to the prior year quarter provided an interest free funding source that benefited the current quarter’s net interest margin. Amortization of the fair value adjustments to both interest-earning assets and interest-bearing liabilities directly attributable to the WashingtonFirst acquisition had a 4 basis point positive effect on the net interest margin for the current period, compared to 12 basis points for the same period of the prior year. The resulting adjusted net interest margin for the current quarter was 3.34% as compared to 3.45% for the prior year quarter.

 

The provision for loan losses was $1.7 million for the fourth quarter of 2019, compared to $3.4 million for the fourth quarter of 2018. The decline in the loan loss provision for the current quarter compared to the prior year quarter reflects the impact of the decline in the amount of loans subject to the allowance for loan losses.

 

Non-interest income increased 37% to $19.2 million for the fourth quarter of 2019, compared to $14.0 million for the fourth quarter of 2018. The increase in non-interest income was due primarily to the 269% increase in income from mortgage banking activities, as the volume of residential mortgages sold increased. In addition, wealth management income increased 17% and other income rose 58% due to fees from customer level commercial loan swaps during this period.

 

Non-interest expense increased 8% to $46.1 million for the fourth quarter of 2019, compared to $42.7 million in the fourth quarter of 2018. The current year quarter included $0.9 million in merger expenses. Excluding merger expenses, non-interest expense increased 6% compared to the prior year, driven by higher compensation costs associated with incentive-based sales programs and professional fees and services. A portion of these increases were offset by the decrease in FDIC insurance as a result of the application of the remaining assessment credit during the current quarter. The non-GAAP efficiency ratio was 51.98% for the fourth quarter of 2019, compared to 51.78% for the fourth quarter of 2018.

 

Net interest income for the full year of 2019 increased 2% compared to 2018 due principally to loan growth. The net interest margin for 2019 was 3.51% compared to 3.60% for the prior year. The year ended December 31, 2019 included $1.8 million in recovered interest income on acquired credit impaired loans compared to $2.4 million for the same period of the prior year. Excluding the recovered interest income from both periods, the interest margin would have been 3.48% for the current year versus 3.58% for the prior year. Amortization of the fair value adjustments had a 5 basis point positive impact on the net interest margin for 2019, compared to 13 basis point positive impact for the prior year.

 

 

 

 

The provision for loan losses was $4.7 million for the year ended December 31, 2019, compared to $9.0 million for 2018. The decrease in the provision for the current period compared to the prior year was primarily the result of the overall improvement in the qualitative credit metrics of the loan portfolio during the previous twelve months in addition to lower loan growth than experienced in the prior year.

 

Non-interest income increased 17% to $71.3 million for 2019, compared to $61.1 million for 2018. Excluding life insurance mortality proceeds of $0.6 million and $1.6 million in 2019 and 2018, respectively, non-interest income increased 19%. This increase was driven by income from mortgage banking activities, which increased 108% from the prior year, to $14.7 million for the year ended December 31, 2019, as a result of the rise in mortgage lending activity during the year. Sales of originated mortgage loans rose 74% during 2019 compared to 2018. Excluding income from bank owned life insurance, increases occurred in the majority of the other categories of non-interest income.

 

Non-interest expense decreased $0.7 million to $179.1 million for 2019, compared to $179.8 million for the prior year. The prior year included $11.8 million in merger expenses compared to $1.3 million for the current year. Excluding merger expenses, non-interest expense rose 6%, driven primarily by increases in salaries and benefits. Increases in non-interest expense also occurred in occupancy and equipment costs, software and outside data services, professional fees and marketing. A portion of the increases in non-interest expense was offset by the decrease in FDIC insurance during the year. The non-GAAP efficiency ratio was 51.52% for 2019 compared to 50.87% for 2018.

 

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 intangible assets.
   
·The non-GAAP efficiency ratio is non-GAAP in that it excludes amortization of intangible assets, merger expenses and securities gains and includes tax-equivalent income.

 

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 which may be presented by other companies. Please refer to the non-GAAP reconciliation table included with this release for details on the earnings impact of these items.

 

 

 

 

Conference Call

 

The Company’s management will host a conference call to discuss its fourth 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 1-866-235-9910. A password is not necessary. 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 9:00 am (ET) February 6, 2020. A replay of the teleconference will be available through the same time period by calling 1-877-344-7529 under conference call number 10137689.

 

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 central Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services. Visit www.sandyspringbank.com for more information.

 

For additional information or questions, please contact:

 

Daniel J. Schrider, President & Chief Executive Officer, or

Philip J. Mantua, E.V.P. & Chief Financial Officer

Sandy Spring Bancorp

17801 Georgia Avenue

Olney, Maryland 20832

1-800-399-5919

Email: DSchrider@sandyspringbank.com
  PMantua@sandyspringbank.com
Website: www.sandyspringbank.com

 

Media Contact:

Jen Schell

301-570-8331

jschell@sandyspringbank.com

 

Forward-Looking Statements

 

Sandy Spring Bancorp makes forward-looking statements in this news release and in the conference call regarding this news release. These forward-looking statements may include: statements of goals, intentions, earnings expectations, and other expectations; estimates of risks and of future costs and benefits; assessments of probable loan losses; assessments of market risk; and statements of the ability to achieve financial and other goals.

 

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Sandy Spring Bancorp does not assume any duty and does not undertake to update its forward-looking statements. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that Sandy Spring Bancorp anticipated in its forward-looking statements and future results could differ materially from historical performance.

 

 

 

 

Sandy Spring Bancorp’s forward-looking statements are subject to the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of the Company’s loan or investment portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the Company’s ability to retain key members of management; changes in legislation, regulations, and policies; risks, uncertainties and other factors relating to the acquisition of Revere Bank by Sandy Spring Bancorp, including the ability to obtain regulatory and shareholder approvals and meet other closing conditions to the transaction, and delay in closing the merger; the possibility that any of the anticipated benefits of acquisitions will not be realized or will not be realized within the expected time period; and a variety of other matters which, by their nature, are subject to significant uncertainties. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2018, 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 Ended       Twelve Months Ended     
   December 31,   %   December 31,   % 
(Dollars in thousands, except per share data)  2019   2018   Change   2019   2018   Change 
Results of Operations:                        
  Net interest income  $65,583   $66,145    (1)%  $265,308   $260,445    2%
  Provision for loan losses   1,655    3,403    (51)   4,684    9,023    (48)
  Non-interest income   19,224    14,030    37    71,322    61,049    17 
  Non-interest expense   46,081    42,667    8    179,085    179,783    - 
  Income before income taxes   37,071    34,105    9    152,861    132,688    15 
  Net income   28,457    25,566    11    116,433    100,864    15 
                               
  Pre-tax pre-provision pre-merger income (1)  $39,674   $37,508    6   $158,857   $153,477    4 
                               
  Return on average assets   1.32%   1.25%        1.39%   1.27%     
  Return on average common equity   9.93%   9.70%        10.51%   9.84%     
  Net interest margin   3.38%   3.57%        3.51%   3.60%     
  Efficiency ratio - GAAP basis (2)   54.34%   53.22%        53.20%   55.92%     
  Efficiency ratio - Non-GAAP basis (2)   51.98%   51.78%        51.52%   50.87%     
                               
Per share data:                              
  Basic net income  $0.80   $0.72    11%  $3.25   $2.82    15%
  Diluted net income  $0.80   $0.72    11   $3.25   $2.82    15 
  Average fully diluted shares   35,773,246    35,747,478    -    35,852,846    35,728,146    - 
  Dividends declared per share  $0.30   $0.28    7   $1.18   $1.10    7 
  Book value per share   32.40    30.06    8    32.40    30.06    8 
  Tangible book value per share (1)   22.37    20.45    9    22.37    20.45    9 
  Outstanding shares   34,970,370    35,530,734    (2)   34,970,370    35,530,734    (2)
                               
Financial Condition at period-end:                              
  Investment securities  $1,125,136   $1,010,724    11%  $1,125,136   $1,010,724    11%
  Loans   6,705,232    6,573,014    2    6,705,232    6,573,014    2 
  Interest-earning assets   7,947,703    7,640,978    4    7,947,703    7,640,978    4 
  Assets   8,629,002    8,243,272    5    8,629,002    8,243,272    5 
  Deposits   6,440,319    5,914,880    9    6,440,319    5,914,880    9 
  Interest-bearing liabilities   5,485,055    5,378,026    2    5,485,055    5,378,026    2 
  Stockholders' equity   1,132,974    1,067,903    6    1,132,974    1,067,903    6 
                               
Capital ratios:                              
  Tier 1 leverage (3)   9.70%   9.50%        9.70%   9.50%     
  Tier 1 capital to risk-weighted assets (3)   11.21%   11.06%        11.21%   11.06%     
  Total regulatory capital to risk-weighted assets (3)   14.85%   12.26%        14.85%   12.26%     
  Common equity tier 1 capital to risk-weighted assets (3)   11.06%   10.90%        11.06%   10.90%     
  Tangible common equity to tangible assets (4)   9.46%   9.21%        9.46%   9.21%     
  Average equity to average assets   13.31%   12.90%        13.25%   12.87%     
                               
Credit quality ratios:                              
  Allowance for loan losses to loans   0.84%   0.81%        0.84%   0.81%     
  Non-performing loans to total loans   0.62%   0.55%        0.62%   0.55%     
  Non-performing assets to total assets   0.50%   0.46%        0.50%   0.46%     
  Allowance for loan losses to non-performing loans   136.02%   148.51%        136.02%   148.51%     
  Annualized net charge-offs to average loans (5)   0.03%   0.02%        0.03%   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 merger expenses from non-interest expense; securities gains 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, 2019
(4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding intangible assets into stockholders' equity after deducting intangible assets and other comprehensive gains (losses). 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                  

 

   Three Months Ended   Twelve Months Ended 
   December 31,   December 31, 
(Dollars in thousands)  2019   2018   2019   2018 
Pre-tax pre-provision pre-merger income:                    
Net income  $28,457   $25,566   $116,433   $100,864 
  Plus non-GAAP adjustments:                    
     Merger expenses   948    -    1,312    11,766 
     Income taxes   8,614    8,539    36,428    31,824 
     Provision for loan losses   1,655    3,403    4,684    9,023 
Pre-tax pre-provision pre-merger income  $39,674   $37,508   $158,857   $153,477 
                     
Efficiency ratio - GAAP basis:                    
Non-interest expense  $46,081   $42,667   $179,085   $179,783 
                     
Net interest income plus non-interest income  $84,807   $80,175   $336,630   $321,494 
                     
Efficiency ratio - GAAP basis   54.34%   53.22%   53.20%   55.92%
                     
Efficiency ratio - Non-GAAP basis:                    
Non-interest expense  $46,081   $42,667   $179,085   $179,783 
  Less non-GAAP adjustments:                    
     Amortization of intangible assets   481    540    1,946    2,162 
     Merger expenses   948    -    1,312    11,766 
Non-interest expense - as adjusted  $44,652   $42,127   $175,827   $165,855 
                     
Net interest income plus non-interest income  $84,807   $80,175   $336,630   $321,494 
  Plus non-GAAP adjustment:                    
     Tax-equivalent income   1,149    1,232    4,746    4,715 
  Less non-GAAP adjustment:                    
     Securities gains   57    45    77    190 
Net interest income plus non-interest income - as adjusted  $85,899   $81,362   $341,299   $326,019 
                     
Efficiency ratio - Non-GAAP basis   51.98%   51.78%   51.52%   50.87%
                     
Tangible common equity ratio:                    
Total stockholders' equity  $1,132,974   $1,067,903   $1,132,974   $1,067,903 
Accumulated other comprehensive loss   4,332    15,754    4,332    15,754 
Goodwill   (347,149)   (347,149)   (347,149)   (347,149)
Other intangible assets, net   (7,841)   (9,788)   (7,841)   (9,788)
Tangible common equity  $782,316   $726,720   $782,316   $726,720 
                     
Total assets  $8,629,002   $8,243,272   $8,629,002   $8,243,272 
Goodwill   (347,149)   (347,149)   (347,149)   (347,149)
Other intangible assets, net   (7,841)   (9,788)   (7,841)   (9,788)
Tangible assets  $8,274,012   $7,886,335   $8,274,012   $7,886,335 
                     
Tangible common equity ratio   9.46%   9.21%   9.46%   9.21%
                     
Outstanding common shares   34,970,370    35,530,734    34,970,370    35,530,734 
Tangible book value per common share  $22.37   $20.45   $22.37   $20.45 

 

 

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries        
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION  - UNAUDITED        
         
   December 31,   December 31, 
(Dollars in thousands)  2019   2018 
Assets          
  Cash and due from banks  $82,469   $67,014 
  Federal funds sold   208    609 
  Interest-bearing deposits with banks   63,426    33,858 
     Cash and cash equivalents   146,103    101,481 
  Residential mortgage loans held for sale (at fair value)   53,701    22,773 
  Investments available-for-sale (at fair value)   1,073,333    937,335 
  Other equity securities   51,803    73,389 
  Total loans   6,705,232    6,571,634 
     Less: allowance for loan losses   (56,132)   (53,486)
  Net loans   6,649,100    6,518,148 
  Premises and equipment, net   58,615    61,942 
  Other real estate owned   1,482    1,584 
  Accrued interest receivable   23,282    24,609 
  Goodwill   347,149    347,149 
  Other intangible assets, net   7,841    9,788 
  Other assets   216,593    145,074 
Total assets  $8,629,002   $8,243,272 
           
Liabilities          
  Noninterest-bearing deposits  $1,892,052   $1,750,319 
  Interest-bearing deposits   4,548,267    4,164,561 
     Total deposits   6,440,319    5,914,880 
  Securities sold under retail repurchase agreements and federal funds purchased   213,605    327,429 
  Advances from FHLB   513,777    848,611 
  Subordinated debentures   209,406    37,425 
  Accrued interest payable and other liabilities   118,921    47,024 
     Total liabilities   7,496,028    7,175,369 
           
Stockholders' Equity          
  Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding 34,970,370 and 35,530,734 at December 31, 2019 and December 31, 2018, respectively   34,970    35,531 
  Additional paid in capital   586,622    606,573 
  Retained earnings   515,714    441,553 
  Accumulated other comprehensive loss   (4,332)   (15,754)
     Total stockholders' equity   1,132,974    1,067,903 
Total liabilities and stockholders' equity  $8,629,002   $8,243,272 
           

 

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

 

   Three Months Ended   Twelve Months Ended 
   December 31,   December 31, 
(Dollars in thousands, except per share data)  2019   2018   2019   2018 
Interest Income:                    
 Interest and fees on loans  $77,522   $78,081   $316,550   $293,131 
 Interest on loans held for sale   462    262    1,607    1,245 
 Interest on deposits with banks   724    222    2,129    1,304 
 Interest and dividends on investment securities:                    
    Taxable   5,437    5,219    21,739    20,516 
    Exempt from federal income taxes   1,243    1,820    5,834    7,855 
 Interest on federal funds sold   2    3    10    31 
     Total interest income   85,390    85,607    347,869    324,082 
Interest Expense:                    
Interest on deposits   14,723    12,556    61,681    39,139 
Interest on retail repurchase agreements and federal funds purchased   216    570    1,161    1,169 
Interest on advances from FHLB   3,189    5,851    16,578    21,408 
Interest on subordinated debt   1,679    485    3,141    1,921 
     Total interest expense   19,807    19,462    82,561    63,637 
Net interest income   65,583    66,145    265,308    260,445 
Provision for loan losses   1,655    3,403    4,684    9,023 
     Net interest income after provision for loan losses   63,928    62,742    260,624    251,422 
Non-interest Income:                    
 Investment securities gains   57    45    77    190 
 Service charges on deposit accounts   2,427    2,459    9,692    9,324 
 Mortgage banking activities   4,170    1,130    14,711    7,073 
 Wealth management income   6,401    5,492    22,669    21,284 
 Insurance agency commissions   1,331    1,138    6,612    6,158 
 Income from bank owned life insurance   660    663    3,165    4,327 
 Bank card fees   1,435    1,368    5,616    5,567 
 Other income   2,743    1,735    8,780    7,126 
     Total non-interest income   19,224    14,030    71,322    61,049 
Non-interest Expense:                    
 Salaries and employee benefits   26,251    23,934    103,950    96,998 
 Occupancy expense of premises   4,663    4,413    19,470    18,352 
 Equipment expenses   2,791    2,426    10,720    9,335 
 Marketing   1,085    1,061    4,456    3,924 
 Outside data services   1,854    1,763    7,567    6,603 
 FDIC insurance   123    1,255    2,260    5,095 
 Amortization of intangible assets   481    540    1,946    2,162 
 Merger expenses   948    -    1,312    11,766 
 Professional fees and services   2,553    1,966    6,978    6,056 
 Other expenses   5,332    5,309    20,426    19,492 
     Total non-interest expense   46,081    42,667    179,085    179,783 
Income before income taxes   37,071    34,105    152,861    132,688 
Income tax expense   8,614    8,539    36,428    31,824 
     Net income  $28,457   $25,566   $116,433   $100,864 
                     
Net Income Per Share Amounts:                    
Basic net income per share  $0.80   $0.72   $3.25   $2.82 
Diluted net income per share  $0.80   $0.72   $3.25   $2.82 
Dividends declared per share  $0.30   $0.28   $1.18   $1.10 
                     

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries 
HISTORICAL TRENDS - QUARTERLY FINANCIAL DATA - UNAUDITED 
   2019   2018 
(Dollars in thousands, except per share data)  Q4   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
Profitability for the Quarter:                                        
Tax-equivalent interest income  $86,539   $88,229   $88,423   $89,424   $86,839   $85,595   $79,774   $76,589 
Interest expense   19,807    20,292    21,029    21,433    19,462    16,783    14,779    12,613 
Tax-equivalent net interest income   66,732    67,937    67,394    67,991    67,377    68,812    64,995    63,976 
  Tax-equivalent adjustment   1,149    1,147    1,209    1,241    1,232    1,221    1,177    1,085 
Provision (credit) for loan losses   1,655    1,524    1,633    (128)   3,403    1,890    1,733    1,997 
Non-interest income   19,224    18,573    16,556    16,969    14,030    15,033    14,868    17,118 
Non-interest expense   46,081    44,925    43,887    44,192    42,667    42,393    45,082    49,641 
Income before income taxes   37,071    38,914    37,221    39,655    34,105    38,341    31,871    28,371 
Income tax expense   8,614    9,531    8,945    9,338    8,539    9,107    7,472    6,706 
Net income  $28,457   $29,383   $28,276   $30,317   $25,566   $29,234   $24,399   $21,665 
Financial Performance:                                        
Pre-tax pre-provision pre-merger income  $39,674   $40,802   $38,854   $39,527   $37,508   $40,811   $35,832   $39,326 
Return on average assets   1.32%   1.39%   1.37%   1.49%   1.25%   1.45%   1.23%   1.12%
Return on average common equity   9.93%   10.38%   10.32%   11.46%   9.70%   11.26%   9.66%   8.70%
Net interest margin   3.38%   3.51%   3.54%   3.60%   3.57%   3.71%   3.56%   3.58%
Efficiency ratio - GAAP basis (1)   54.34%   52.63%   53.04%   52.79%   53.22%   51.31%   57.29%   62.04%
Efficiency ratio - Non-GAAP basis (1)   51.98%   50.95%   51.71%   51.44%   51.78%   49.27%   52.98%   49.54%
Per Share Data:                                        
Basic net income per share  $0.80   $0.82   $0.79   $0.85   $0.72   $0.82   $0.68   $0.61 
Diluted net income per share  $0.80   $0.82   $0.79   $0.85   $0.72   $0.82   $0.68   $0.61 
Average fully diluted shares   35,773,246    35,900,102    35,890,437    35,806,459    35,747,478    35,744,085    35,743,927    35,683,542 
Dividends declared per common share  $0.30   $0.30   $0.30   $0.28   $0.28   $0.28   $0.28   $0.26 
Non-interest Income:                                        
Securities gains  $57   $15   $5   $-   $45   $82   $-   $63 
Service charges on deposit accounts   2,427    2,516    2,442    2,307    2,459    2,316    2,290    2,259 
Mortgage banking activities   4,170    4,408    3,270    2,863    1,130    1,672    2,064    2,207 
Wealth management income   6,401    5,493    5,539    5,236    5,492    5,344    5,387    5,061 
Insurance agency commissions   1,331    2,116    1,265    1,900    1,138    2,016    1,180    1,824 
Income from bank owned life insurance   660    662    654    1,189    663    663    670    2,331 
Bank card fees   1,435    1,462    1,467    1,252    1,368    1,436    1,393    1,370 
Other income   2,743    1,901    1,914    2,222    1,735    1,504    1,884    2,003 
  Total Non-interest Income  $19,224   $18,573   $16,556   $16,969   $14,030   $15,033   $14,868   $17,118 
Non-interest Expense:                                        
Salaries and employee benefits  $26,251   $26,234   $25,489   $25,976   $23,934   $24,488   $24,664   $23,912 
Occupancy expense of premises   4,663    4,816    4,760    5,231    4,413    4,355    4,642    4,942 
Equipment expenses   2,791    2,641    2,712    2,576    2,426    2,441    2,243    2,225 
Marketing   1,085    1,541    887    943    1,061    770    945    1,148 
Outside data services   1,854    1,973    1,962    1,778    1,763    1,736    1,707    1,397 
FDIC insurance   123    (83)   1,084    1,136    1,255    1,257    1,390    1,193 
Amortization of intangible assets   481    491    483    491    540    540    541    541 
Merger expenses   948    364    -    -    -    580    2,228    8,958 
Professional fees and services   2,553    1,546    1,634    1,245    1,966    1,351    1,699    1,040 
Other expenses   5,332    5,402    4,876    4,816    5,309    4,875    5,023    4,285 
  Total Non-interest Expense  $46,081   $44,925   $43,887   $44,192   $42,667   $42,393   $45,082   $49,641 

(1) 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 merger expenses from non-interest expense;

     securities gains from non-interest income; and adds the tax-equivalent adjustment to net interest income.  See the Reconciliation Table included with these Financial Highlights.

 

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries 
HISTORICAL TRENDS - QUARTERLY FINANCIAL DATA - UNAUDITED 
   2019   2018 
(Dollars in thousands)  Q4   Q3   Q2   Q1   Q4   Q3   Q2   Q1 
Balance Sheets at Quarter End:                                        
Residential mortgage loans  $1,149,327   $1,199,275   $1,241,081   $1,249,968   $1,228,247   $1,181,427   $1,106,674   $992,287 
Residential construction loans   146,279    150,692    171,106    176,388    186,785    188,779    197,372    215,445 
Commercial AD&C loans   684,010    678,906    658,709    688,939    681,201    631,589    609,266    564,871 
Commercial investor real estate loans   2,169,156    2,036,021    1,994,027    1,962,879    1,958,395    1,924,397    1,923,827    1,928,439 
Commercial owner occupied real estate loans   1,288,677    1,278,505    1,224,986    1,216,713    1,202,903    1,201,673    1,184,421    1,174,739 
Commercial business loans   801,019    772,619    772,158    769,660    796,264    738,083    702,939    652,797 
Consumer loans   466,764    480,530    489,176    505,443    517,839    523,011    525,574    532,973 
  Total loans   6,705,232    6,596,548    6,551,243    6,569,990    6,571,634    6,388,959    6,250,073    6,061,551 
Allowance for loan losses   (56,132)   (54,992)   (54,024)   (53,089)   (53,486)   (50,409)   (48,493)   (46,931)
Loans held for sale   53,701    78,821    50,511    24,998    22,773    31,581    40,000    28,486 
Investment securities   1,125,136    946,210    955,715    987,299    1,010,724    992,797    1,017,274    1,040,339 
Interest-earning assets   7,947,703    7,742,138    7,713,364    7,648,654    7,639,598    7,428,534    7,532,664    7,285,731 
Total assets   8,629,002    8,437,538    8,398,519    8,327,900    8,243,272    8,034,565    8,152,600    7,894,918 
Noninterest-bearing demand deposits   1,892,052    2,081,435    2,023,614    1,813,708    1,750,319    1,902,537    1,910,690    1,767,523 
Total deposits   6,440,319    6,493,899    6,389,749    6,224,523    5,914,880    5,898,394    5,837,826    5,627,206 
Customer repurchase agreements   138,605    126,008    150,604    122,626    137,429    142,669    139,647    149,323 
Total interest-bearing liabilities   5,485,055    5,093,265    5,136,860    5,297,108    5,378,026    5,042,431    5,168,055    5,057,645 
Total stockholders' equity   1,132,974    1,140,041    1,119,445    1,095,848    1,067,903    1,042,716    1,026,349    1,014,608 
Quarterly Average Balance Sheets:                                        
Residential mortgage loans  $1,169,623   $1,215,132   $1,244,086   $1,230,319   $1,188,135   $1,122,946   $1,034,062   $1,117,478 
Residential construction loans   149,690    162,196    174,095    189,720    202,710    215,578    223,171    193,327 
Commercial AD&C loans   695,817    651,905    686,282    676,205    647,115    632,354    576,076    582,876 
Commercial investor real estate loans   2,092,478    1,982,979    1,960,919    1,964,699    1,936,936    1,905,427    1,924,759    1,988,340 
Commercial owner occupied real estate loans   1,274,782    1,258,000    1,215,632    1,207,799    1,196,506    1,190,865    1,184,409    940,065 
Commercial business loans   765,159    786,150    756,594    780,318    751,754    700,791    666,280    657,372 
Consumer loans   477,572    486,865    505,235    515,644    522,453    524,605    531,965    538,198 
  Total loans   6,625,121    6,543,227    6,542,843    6,564,704    6,445,609    6,292,566    6,140,722    6,017,656 
Loans held for sale   50,208    61,870    37,121    17,846    21,923    29,939    25,403    35,768 
Investment securities   1,002,692    941,048    964,863    1,010,940    986,146    996,365    1,028,306    1,062,325 
Interest-earning assets   7,859,836    7,690,629    7,619,240    7,627,187    7,495,338    7,372,536    7,311,272    7,212,878 
Total assets   8,542,837    8,370,789    8,294,883    8,258,116    8,104,916    7,986,525    7,926,735    7,841,611 
Noninterest-bearing demand deposits   1,927,063    1,909,884    1,796,802    1,682,720    1,766,672    1,822,931    1,796,644    1,651,258 
Total deposits   6,459,551    6,405,762    6,247,409    5,952,942    5,822,580    5,783,992    5,657,420    5,489,715 
Customer repurchase agreements   126,596    138,736    141,865    129,059    146,637    139,809    148,539    136,694 
Total interest-bearing liabilities   5,326,303    5,202,876    5,269,209    5,403,946    5,230,254    5,076,717    5,058,016    5,116,904 
Total stockholders' equity   1,136,824    1,123,185    1,099,078    1,073,291    1,045,378    1,030,167    1,013,081    1,010,106 
Financial Measures:                                        
Average equity to average assets   13.31%   13.42%   13.25%   13.00%   12.90%   12.90%   12.78%   12.88%
Investment securities to earning assets   14.16%   12.22%   12.39%   12.91%   13.23%   13.36%   13.50%   14.28%
Loans to earning assets   84.37%   85.20%   84.93%   85.90%   86.02%   86.01%   82.97%   83.20%
Loans to assets   77.71%   78.18%   78.00%   78.89%   79.72%   79.52%   76.66%   76.78%
Loans to deposits   104.11%   101.58%   102.53%   105.55%   111.10%   108.32%   107.06%   107.72%
Capital Measures:                                        
Tier 1 leverage (1)   9.70%   9.96%   9.80%   9.61%   9.50%   9.46%   9.27%   9.21%
Tier 1 capital to risk-weighted assets (1)   11.21%   11.52%   11.59%   11.35%   11.06%   11.18%   11.01%   11.08%
Total regulatory capital to risk-weighted assets (1)   14.85%   12.70%   12.79%   12.54%   12.26%   12.38%   12.19%   12.27%
Common equity tier 1 capital to risk-weighted assets (1)   11.06%   11.37%   11.43%   11.19%   10.90%   11.02%   10.85%   10.92%
Book value per share  $32.40   $32.00   $31.43   $30.82   $30.06   $29.35   $28.90   $28.61 
Outstanding shares   34,970,370    35,625,822    35,614,953    35,557,110    35,530,734    35,521,541    35,511,943    35,463,269 

(1) Estimated ratio at December 31, 2019

 

 

 

  

Sandy Spring Bancorp, Inc. and Subsidiaries      

LOAN PORTFOLIO QUALITY DETAIL - UNAUDITED                          

 

   2019  2018
(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 business  $-  $17  $-  $-  $49  $150  $6  $-
Commercial real estate:                                
Commercial AD&C   -   -   -   -   -   1,261   -   -
Commercial investor real estate   -   1,201   1,248   -   -   -   -   -
Commercial owner occupied real estate   -   -   -   90   -   13   112   -
Consumer   -   -   -   -   219   563   -   126
Residential real estate:                                
Residential mortgage   -   -   -   221   221   -   -   -
Residential construction   -   -   -   -   -   -   -   -
Total loans 90 days past due   -   1,218   1,248   311   489   1,987   118   126
Non-accrual loans:                                
Commercial business   8,450   6,393   7,083   8,013   7,086   6,352   6,883   6,634
Commercial real estate:                                
Commercial AD&C   829   829   1,990   3,306   3,306   136   136   136
Commercial investor real estate   8,437   8,454   6,409   6,071   5,355   5,861   5,878   5,813
Commercial owner occupied real estate   4,148   3,810   3,766   5,992   4,234   3,352   3,440   3,524
Consumer   4,107   4,561   4,439   4,081   4,107   4,098   4,298   3,244
Residential real estate:                                
Residential mortgage   12,661   12,574   10,625   9,704   9,336   9,134   6,251   7,063
Residential construction   -   -   -   156   159   163   168   174
Total non-accrual loans   38,632   36,621   34,312   37,323   33,583   29,096   27,054   26,588
Total restructured loans - accruing   2,636   2,287   2,133   2,479   1,942   2,224   1,663   2,678
Total non-performing loans   41,268   40,126   37,693   40,113   36,014   33,307   28,835   29,392
Other assets and real estate owned (OREO)   1,482   1,482   1,486   1,410   1,584   2,118   2,361   2,761
Total non-performing assets  $42,750  $41,608  $39,179  $41,523  $37,598  $35,425  $31,196  $32,153

 

 

   For the Quarter Ended, 
   December 31,   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31, 
(Dollars in thousands)  2019   2019   2019   2019   2018   2018   2018   2018 
Analysis of Non-accrual Loan Activity:                                
Balance at beginning of period  $36,621   $34,312   $37,323   $33,583   $29,096   $27,054   $26,588   $26,336 
Non-accrual balances transferred to OREO   -    -    (195)   -    -    -    -    (289)
Non-accrual balances charged-off   (454)   (705)   (604)   (227)   (360)   (91)   (144)   (411)
Net payments or draws   (2,916)   (2,903)   (5,517)   (1,786)   (1,126)   (1,777)   (1,635)   (357)
Loans placed on non-accrual   5,381    6,015    3,396    6,202    5,973    4,193    2,245    1,309 
Non-accrual loans brought current   -    (98)   (91)   (449)   -    (283)   -    - 
Balance at end of period  $38,632   $36,621   $34,312   $37,323   $33,583   $29,096   $27,054   $26,588 
                                         
Analysis of Allowance for Loan Losses:                                        
Balance at beginning of period  $54,992   $54,024   $53,089   $53,486   $50,409   $48,493   $46,931   $45,257 
Provision (credit) for loan losses   1,655    1,524    1,633    (128)   3,403    1,890    1,733    1,997 
Less loans charged-off, net of recoveries:                                        
Commercial business   15    389    735    7    (9)   (49)   (73)   322 
Commercial real estate:                                        
Commercial AD&C   -    (224)   (4)   -    -    -    -    (62)
Commercial investor real estate   (3)   (3)   (3)   (7)   109    (49)   (8)   (8)
Commercial owner occupied real estate   -    -    -    -    -    -    -    - 
Consumer   241    187    (18)   182    45    85    244    99 
Residential real estate:                                        
Residential mortgage   264    209    (10)   89    183    (11)   13    (22)
Residential construction   (2)   (2)   (2)   (2)   (2)   (2)   (5)   (6)
Net charge-offs   515    556    698    269    326    (26)   171    323 
Balance at end of period  $56,132   $54,992   $54,024   $53,089   $53,486   $50,409   $48,493   $46,931 
                                         
Asset Quality Ratios:                                        
Non-performing loans to total loans   0.62%   0.61%   0.58%   0.61%   0.55%   0.52%   0.46%   0.48%
Non-performing assets to total assets   0.50%   0.49%   0.47%   0.50%   0.46%   0.44%   0.38%   0.41%
Allowance for loan losses to loans   0.84%   0.83%   0.82%   0.81%   0.81%   0.79%   0.78%   0.77%
Allowance for loan losses to non-performing loans   136.02%   137.05%   143.33%   132.35%   148.51%   151.35%   168.17%   159.67%
Annualized net charge-offs to average loans   0.03%   0.03%   0.04%   0.02%   0.02%   0.00%   0.01%   0.02%

 

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES - UNAUDITED
 
   Three Months Ended December 31, 
   2019 2018 
           Annualized           Annualized 
    Average    (1)   Average    Average    (1)   Average 
(Dollars in thousands and tax-equivalent)   Balances    Interest    Yield/Rate    Balances    Interest    Yield/Rate 
Assets                              
Residential mortgage loans  $1,169,623   $11,030    3.77%  $1,188,135   $11,348    3.82%
Residential construction loans   149,690    1,650    4.37    202,710    2,086    4.08 
Total mortgage loans   1,319,313    12,680    3.84    1,390,845    13,434    3.86 
Commercial AD&C loans   695,817    9,388    5.35    647,115    9,466    5.80 
Commercial investor real estate loans   2,092,478    24,982    4.74    1,936,936    24,301    4.98 
Commercial owner occupied real estate loans   1,274,782    15,606    4.86    1,196,506    14,661    4.86 
Commercial business loans   765,159    9,821    5.09    751,769    10,447    5.51 
Total commercial loans   4,828,236    59,797    4.91    4,532,326    58,875    5.15 
Consumer loans   477,572    5,594    4.65    522,453    6,258    4.75 
Total loans (2)   6,625,121    78,071    4.68    6,445,624    78,567    4.84 
Loans held for sale   50,208    462    3.68    21,923    262    4.78 
Taxable securities   816,008    5,704    2.79    728,560    5,471    3.00 
Tax-exempt securities (3)   186,684    1,576    3.38    257,586    2,314    3.59 
Total investment securities (4)   1,002,692    7,280    2.90    986,146    7,785    3.16 
Interest-bearing deposits with banks   181,394    724    1.58    40,864    222    2.16 
Federal funds sold   421    2    1.66    796    3    1.51 
Total interest-earning assets   7,859,836    86,539    4.38    7,495,353    86,839    4.60 
                               
Less:  allowance for loan losses   (54,653)             (51,302)          
Cash and due from banks   68,011              64,866           
Premises and equipment, net   59,277              62,219           
Other assets   610,366              534,356           
Total assets  $8,542,837             $8,105,492           
                               
Liabilities and Stockholders' Equity                              
Interest-bearing demand deposits  $800,263    685    0.34%  $695,762    226    0.13%
Regular savings deposits   325,540    94    0.11    334,593    82    0.10 
Money market savings deposits   1,875,045    5,820    1.23    1,601,050    5,691    1.41 
Time deposits   1,531,640    8,124    2.10    1,424,503    6,557    1.83 
Total interest-bearing deposits   4,532,488    14,723    1.29    4,055,908    12,556    1.23 
Other borrowings   133,716    216    0.64    214,278    570    1.06 
Advances from FHLB   516,101    3,189    2.45    922,620    5,851    2.52 
Subordinated debentures   143,998    1,679    4.66    37,448    485    5.18 
Total interest-bearing liabilities   5,326,303    19,807    1.48    5,230,254    19,462    1.48 
                               
Noninterest-bearing demand deposits   1,927,063              1,766,672           
Other liabilities   152,647              63,188           
Stockholders' equity   1,136,824              1,045,378           
Total liabilities and stockholders' equity  $8,542,837             $8,105,492           
                               
Net interest income and spread       $66,732    2.90%       $67,377    3.12%
Less: tax-equivalent adjustment        1,149              1,232      
Net interest income       $65,583             $66,145      
                               
Interest income/earning assets             4.38%             4.60%
Interest expense/earning assets             1.00              1.03 
Net interest margin             3.38%             3.57%

 

(1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 26.13% for 2019 and 2018. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.2 million in 2019 and 2018, respectively.
(2) Non-accrual loans are included in the average balances.
(3) Includes only investments that are exempt from federal taxes.
(4) Available for sale investments are presented at amortized cost.

 

 

 

Sandy Spring Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES - UNAUDITED

 

   Twelve Months Ended December 31, 
   2019   2018 
           Annualized           Annualized 
   Average   (1)   Average   Average   (1)   Average 
(Dollars in thousands and tax-equivalent)  Balances   Interest   Yield/Rate   Balances   Interest   Yield/Rate 
Assets                              
Residential mortgage loans  $1,214,625   $46,438    3.82%  $1,115,869   $41,628    3.73%
Residential construction loans   168,797    7,232    4.28    208,741    8,289    3.97 
Total mortgage loans   1,383,422    53,670    3.88    1,324,610    49,917    3.77 
Commercial AD&C loans   677,536    39,241    5.79    609,844    35,058    5.75 
Commercial investor real estate loans   2,000,571    99,410    4.97    1,938,633    96,125    4.96 
Commercial owner occupied real estate loans   1,239,289    60,581    4.89    1,128,836    53,712    4.76 
Commercial business loans   772,052    41,300    5.35    694,326    36,499    5.26 
Total commercial loans   4,689,448    240,532    5.13    4,371,639    221,394    5.06 
Consumer loans   496,199    24,391    4.92    529,249    23,568    4.45 
  Total loans (2)   6,569,069    318,593    4.85    6,225,498    294,879    4.74 
Loans held for sale   41,905    1,607    3.84    28,225    1,245    4.41 
Taxable securities   768,521    22,873    2.98    736,054    21,362    2.90 
Tax-exempt securities (3)   211,236    7,403    3.50    281,962    9,976    3.54 
Total investment securities (4)   979,757    30,276    3.09    1,018,016    31,338    3.08 
Interest-bearing deposits with banks   108,534    2,129    1.96    74,956    1,304    1.74 
Federal funds sold   572    10    1.76    2,151    31    1.42 
  Total interest-earning assets   7,699,837    352,615    4.58    7,348,846    328,797    4.47 
                               
Less:  allowance for loan losses   (53,746)             (48,483)          
Cash and due from banks   65,181              68,183           
Premises and equipment, net   60,595              61,686           
Other assets   595,272              535,282           
   Total assets  $8,367,139             $7,965,514           
                               
Liabilities and Stockholders' Equity                              
Interest-bearing demand deposits  $750,606    1,990    0.27%  $721,759    883    0.12%
Regular savings deposits   329,158    415    0.13    376,207    570    0.15 
Money market savings deposits   1,751,989    25,437    1.45    1,541,142    18,719    1.21 
Time deposits   1,604,996    33,839    2.11    1,290,626    18,967    1.47 
   Total interest-bearing deposits   4,436,749    61,681    1.39    3,929,734    39,139    1.00 
Other borrowings   152,088    1,161    0.76    172,888    1,169    0.68 
Advances from FHLB   645,587    16,578    2.57    980,541    21,408    2.18 
Subordinated debentures   64,251    3,141    4.89    37,501    1,921    5.13 
  Total interest-bearing liabilities   5,298,675    82,561    1.56    5,120,664    63,637    1.24 
                               
Noninterest-bearing demand deposits   1,830,008              1,759,867           
Other liabilities   130,146              60,188           
Stockholders' equity   1,108,310              1,024,795           
  Total liabilities and stockholders' equity  $8,367,139             $7,965,514           
                               
Net interest income and spread       $270,054    3.02%       $265,160    3.23%
  Less: tax-equivalent adjustment        4,746              4,715      
Net interest income       $265,308             $260,445      
                               
Interest income/earning assets             4.58%             4.47%
Interest expense/earning assets             1.07              0.87 
  Net interest margin             3.51%             3.60%

 

(1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 26.13% for 2019 and 2018. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $4.7 million and $4.7 million in 2019 and 2018, respectively.
(2) Non-accrual loans are included in the average balances.
(3) Includes only investments that are exempt from federal taxes.
(4) Available for sale investments are presented at amortized cost.

 

 

 

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Entity File Number 000-19065
Entity Registrant Name SANDY SPRING BANCORP, INC.
Entity Central Index Key 0000824410
Entity Tax Identification Number 52-1532952
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 17801 Georgia Avenue
Entity Address, City or Town Olney
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City Area Code 301
Local Phone Number 774-6400
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Title of 12(b) Security Common Stock, par value $1.00 per share
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Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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