OLNEY, Md., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq:SASR) the parent company of Sandy Spring Bank, today reported net income for the fourth quarter of 2015 of $12.8 million ($0.52 per diluted share) compared to net income of $9.1 million ($0.36 per diluted share) for the fourth quarter of 2014 and net income of $11.0 million ($0.45 per diluted share) for the third quarter of 2015.
Net income for the year ended December 31, 2015, was $45.4 million ($1.84 per diluted share) compared to net income of $38.2 million ($1.52 per diluted share) for the prior year. The fourth quarter of the current year includes the recapture of $4.5 million in previously accrued litigation expenses due to the settlement of all claims that were the subject of an adverse jury verdict rendered in 2014.
“Our continued strong core performance was driven by higher net interest income. Building on the first three quarters of the year, loan growth continued steadily at a double-digit year-over-year rate in a very competitive marketplace,” said Daniel J. Schrider, President and Chief Executive Officer.
“Our stable net interest margin, strong capital position and consistent credit quality are the drivers that provide an ongoing competitive return on our shareholders’ investment,” said Schrider. “We continue to focus on providing our customers with outstanding levels of service across the organization.”
Fourth Quarter Highlights:
- Total loans increased 12% compared to the fourth quarter of 2014 and were up 2% compared to the third quarter of 2015. All three major portfolio segments experienced strong growth over the prior year. These increases were driven primarily by year-over-year growth of 15% in the commercial loan portfolio.
- Combined noninterest-bearing and interest-bearing checking account balances increased 3% to $1.6 billion at December 31, 2015 as compared to $1.5 billion at December 31, 2014.
- The provision for loan and lease losses for the fourth quarter of 2015 was a charge of $1.9 million compared to a charge of $0.9 million for the fourth quarter of 2014 and a charge of $1.7 million for the third quarter of 2015. The provision was driven by our solid loan growth.
- The net interest margin was 3.45% for the fourth quarter of 2015, compared to 3.44% for the fourth quarter of 2014 and 3.43% for the third quarter of 2015.
- The non-GAAP efficiency ratio improved to 63.08% for the current quarter from 65.89% for the prior year quarter due primarily to the recapture of $4.5 million of previously accrued litigation expenses. This credit was somewhat offset by a charitable contribution of $1 million to the Sandy Spring Bank Foundation in the quarter.
- During the fourth quarter of 2015, the Company repurchased 141,518 shares of its common stock at an average price of $26.53 per share as part of its existing share repurchase program. For the year-to-date, the Company repurchased 870,450 shares at an average price of $25.99 per share.
Review of Balance Sheet and Credit Quality
Total assets grew 6% to $4.7 billion at December 31, 2015 compared to $4.4 billion at December 31, 2014. This growth was driven by a 12% increase in the loan portfolio as total loans and leases ended the period at $3.5 billion.
At December 31, 2015, combined noninterest-bearing and interest-bearing checking account balances, a primary driver of multiple-product banking relationships with clients, increased 3% compared to balances at December 31, 2014. Total deposits and certain other short-term borrowings that comprise the funding sources derived from customers increased 7% compared to December 31, 2014.
Tangible common equity totaled $441 million at December 31, 2015 compared to $438 million at December 31, 2014. The ratio of tangible common equity to tangible assets decreased to 9.66% at December 31, 2015 from 10.15% at December 31, 2014 due primarily to the growth in assets and continued share repurchases. Dividends per common share increased to $0.24 per share in the fourth quarter and totaled $0.90 per common share for the year compared to $0.76 per common share for 2014, an 18% increase. At December 31, 2015, the Company had a total risk-based capital ratio of 14.25%, a common equity tier 1 risk-based capital ratio of 12.17%, a tier 1 risk-based capital ratio of 13.13% and a tier 1 leverage ratio of 10.60%.
Non-performing loans totaled $34.5 million at December 31, 2015 compared to $34.0 million at December 31, 2014 and $36.9 million at September 30, 2015. The level of non-performing loans to total loans decreased to 0.99% at December 31, 2015 compared to 1.09% at December 31, 2014 due to growth in the overall loan portfolio.
Loan charge-offs, net of recoveries, totaled $0.6 million for the fourth quarter of 2015, compared to net loan charge-offs of $0.6 million for the fourth quarter of 2014. The allowance for loan and lease losses represented 1.17% of outstanding loans and leases and 119% of non-performing loans at December 31, 2015 compared to 1.21% of outstanding loans and leases and 111% of non-performing loans at December 31, 2014. Non-performing loans includes accruing loans 90 days or more past due and restructured loans.
Income Statement Review
Net interest income for the fourth quarter of 2015 increased 8% compared to the fourth quarter of 2014. The net interest margin was 3.45% for the fourth quarter of 2015 compared to 3.44% for the fourth quarter of 2014. This increase was driven by loan growth together with stable funding sources.
The provision for loan and lease losses was a charge of $1.9 million for the fourth quarter of 2015 compared to a charge of $0.9 million for the fourth quarter of 2014 and a charge of $1.7 million for the third quarter of 2015. The majority of the current quarter’s charge reflects the growth in the loan portfolio.
Non-interest income increased 8% to $12.2 million for the fourth quarter of 2015 compared to $11.3 million for the fourth quarter of 2014. The increase in non-interest income for the quarter compared to the prior year quarter was due primarily to an increase in other non-interest income due to an increase in loan prepayment fees and a full payoff received on a loan previously acquired at a significant discount.
Non-interest expenses decreased to $27.0 million for the fourth quarter of 2015 compared to $30.5 million in the fourth quarter of 2014. The current quarter included a $4.5 million recapture of litigation expenses previously accrued in prior periods. As previously noted, the quarter also included a charitable contribution of $1 million to the Sandy Spring Bank Foundation. Excluding these transactions, total non-interest expenses remained virtually level compared to 2014 as increases in salaries and benefits were offset by declines in occupancy expenses and EFT losses. The non-GAAP efficiency ratio was 63.08% for the fourth quarter of 2015 compared to 65.89% for the fourth quarter of 2014.
Net interest income for the year ended December 31, 2015 increased 7% compared to 2014 due primarily to an increase in average loans. The net interest margin was 3.44% for 2015 compared to 3.45% for 2014. As mentioned above, this increase was due primarily to a combination of loan growth and stable funding sources.
The provision for loan and lease losses was a charge of $5.4 million for the year ended December 31, 2015 compared to a credit of $0.2 million for 2014. The change in the provision for the current year is primarily due to the growth in the loan portfolio over the prior year.
Non-interest income increased 6% to $49.9 million for 2015 compared to $46.9 million for 2014. This increase was driven by increases in income from wealth management due to growth in assets under management and income from mortgage banking due primarily to higher mortgage origination volumes. Other non-interest income also increased due to higher gains on sales of SBA loans and an increase in loan prepayment fees.
Non-interest expenses decreased 5% to $115.3 million for 2015 compared to $120.8 million for 2014. Excluding the accrued litigation expenses in 2014 and the subsequent recapture in 2015 together with the charitable contribution mentioned above, non-interest expenses increased 3% over the prior year. The current year also included increases in salaries, pension costs and health benefits and other non-interest expenses. The non-GAAP efficiency ratio was 61.09% for 2015 compared to 62.48% for 2014.
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 Web cast of the conference call is available through the Investor Relations’ section of the Sandy Spring Web site at www.sandyspringbank.com. Participants may call 1-866-235-9910. A password is not necessary. Visitors to the Web site are advised to log on 10 minutes ahead of the scheduled start of the call. An internet-based replay will be available at the Web site until 9:00 am (ET) February 5, 2016. A replay of the teleconference will be available through the same time period by calling 1-877-344-7529 under conference call number 10078286.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank. Independent and community-oriented, Sandy Spring Bank offers a broad range of commercial banking, retail banking, mortgage and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. 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. With $4.7 billion in assets, the bank operates 44 community offices and six financial centers across the region. Visit www.sandyspringbank.com for more information.
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 and lease 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; 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, 2014, 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) | | 2015 | | 2014 | | Change | | 2015 | | 2014 | | Change | |
| Results of Operations: | | | | | | | | | | | | | | |
| Net interest income | | $ | 35,777 | | $ | 33,227 | | 8 | | % | | $ | 138,199 | | $ | 129,548 | | | 7 | | % |
| Provision (credit) for loan and lease losses | | | 1,850 | | | 853 | | 117 | | | | | 5,371 | | | (163 | ) | n.m | |
| Non-interest income | | | 12,243 | | | 11,338 | | 8 | | | | | 49,901 | | | 46,871 | | | 6 | | |
| Non-interest expenses | | | 26,996 | | | 30,478 | | (11 | ) | | | | 115,347 | | | 120,800 | | | (5 | ) | |
| Income before income taxes | | | 19,174 | | | 13,234 | | 45 | | | | | 67,382 | | | 55,782 | | | 21 | | |
| Net income | | | 12,802 | | | 9,148 | | 40 | | | | | 45,355 | | | 38,200 | | | 19 | | |
| | | | | | | | | | | | | | | |
| Pre-tax pre-provision income | | $ | 16,638 | | $ | 14,242 | | 17 | | | | $ | 68,884 | | $ | 62,138 | | | 11 | | |
| | | | | | | | | | | | | | | |
| Return on average assets | | | 1.11 | % | | 0.85 | % | | | | | 1.01 | % | | 0.91 | % | | |
| Return on average common equity | | | 9.73 | % | | 6.93 | % | | | | | 8.73 | % | | 7.43 | % | | |
| Net interest margin | | | 3.45 | % | | 3.44 | % | | | | | 3.44 | % | | 3.45 | % | | |
| Efficiency ratio - GAAP basis (1) | | | 56.22 | % | | 68.39 | % | | | | | 61.32 | % | | 68.47 | % | | |
| Efficiency ratio - Non-GAAP basis (1) | | | 63.08 | % | | 65.89 | % | | | | | 61.09 | % | | 62.48 | % | | |
| | | | | | | | | | | | | | | |
| Per share data: | | | | | | | | | | | | | | |
| Basic net income | | $ | 0.53 | | $ | 0.37 | | 43 | | % | | $ | 1.84 | | $ | 1.53 | | | 20 | | % |
| Diluted net income | | $ | 0.52 | | $ | 0.36 | | 44 | | | | $ | 1.84 | | $ | 1.52 | | | 21 | | |
| Average fully diluted shares | | | 24,455,847 | | | 25,151,831 | | (3 | ) | | | | 24,697,908 | | | 25,139,370 | | | (2 | ) | |
| Dividends declared per share | | $ | 0.24 | | $ | 0.20 | | 20 | | | | $ | 0.90 | | $ | 0.76 | | | 18 | | |
| Book value per share | | | 21.58 | | | 20.83 | | 4 | | | | | 21.58 | | | 20.83 | | | 4 | | |
| Tangible book value per share | | | 18.17 | | | 17.48 | | 4 | | | | | 18.17 | | | 17.48 | | | 4 | | |
| Outstanding shares | | | 24,295,971 | | | 25,044,877 | | (3 | ) | | | | 24,295,971 | | | 25,044,877 | | | (3 | ) | |
| | | | | | | | | | | | | | | |
| Financial Condition at period-end: | | | | | | | | | | | | | | |
| Investment securities | | $ | 841,650 | | $ | 933,619 | | (10 | ) | % | | $ | 841,650 | | $ | 933,619 | | | (10 | ) | % |
| Loans and leases | | | 3,495,370 | | | 3,127,392 | | 12 | | | | | 3,495,370 | | | 3,127,392 | | | 12 | | |
| Interest-earning assets | | | 4,378,403 | | | 4,114,936 | | 6 | | | | | 4,378,403 | | | 4,114,936 | | | 6 | | |
| Assets | | | 4,655,380 | | | 4,397,132 | | 6 | | | | | 4,655,380 | | | 4,397,132 | | | 6 | | |
| Deposits | | | 3,263,730 | | | 3,066,509 | | 6 | | | | | 3,263,730 | | | 3,066,509 | | | 6 | | |
| Interest-bearing liabilities | | | 3,091,034 | | | 2,837,204 | | 9 | | | | | 3,091,034 | | | 2,837,204 | | | 9 | | |
| Stockholders' equity | | | 524,427 | | | 521,751 | | 1 | | | | | 524,427 | | | 521,751 | | | 1 | | |
| | | | | | | | | | | | | | | |
| Capital ratios: | | | | | | | | | | | | | | |
| Tier 1 leverage (4) | | | 10.60 | % | | 11.26 | % | | | | | 10.60 | % | | 11.26 | % | | |
| Tier 1 capital to risk-weighted assets (4) | | | 13.13 | % | | 13.95 | % | | | | | 13.13 | % | | 13.95 | % | | |
| Total regulatory capital to risk-weighted assets (4) | | | 14.25 | % | | 15.06 | % | | | | | 14.25 | % | | 15.06 | % | | |
| Common equity tier 1 capital to risk-weighted assets (4) | | | 12.17 | % | n.a. | % | | | | | 12.17 | % | n.a. | % | | |
| Tangible common equity to tangible assets (2) | | | 9.66 | % | | 10.15 | % | | | | | 9.66 | % | | 10.15 | % | | |
| Average equity to average assets | | | 11.36 | % | | 12.21 | % | | | | | 11.58 | % | | 12.26 | % | | |
| | | | | | | | | | | | | | | |
| Credit quality ratios: | | | | | | | | | | | | | | |
| Allowance for loan and lease losses to loans and leases | | | 1.17 | % | | 1.21 | % | | | | | 1.17 | % | | 1.21 | % | | |
| Non-performing loans to total loans | | | 0.99 | % | | 1.09 | % | | | | | 0.99 | % | | 1.09 | % | | |
| Non-performing assets to total assets | | | 0.80 | % | | 0.85 | % | | | | | 0.80 | % | | 0.85 | % | | |
| Allowance for loan and lease losses to non-performing loans | | 118.54 | % | | 111.09 | % | | | | | 118.54 | % | | 111.09 | % | | |
| Annualized net charge-offs to average loans and leases (3) | | 0.07 | % | | 0.08 | % | | | | | 0.07 | % | | 0.03 | % | | |
| | | | | | | | | | | | | | | |
| (1) The efficiency ratio - GAAP basis is non-interest expenses 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 from non-interest expense; securities gains (losses) from non-interest income; OTTI; and the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights. |
| (2) 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. |
| (3) Calculation utilizes average loans and leases, excluding residential mortgage loans held-for-sale. | | | | | | | | | | | |
| (4) Estimated ratio at December 31, 2015 | | | | | | | | | | | | | | |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | | | | | |
| RECONCILIATION TABLE - UNAUDITED | | | | | | | | |
| | | | | | | | | |
| | | Three Months Ended | | Twelve Months Ended |
| | | December 31, | | December 31, |
| (Dollars in thousands) | | 2015 | | 2014 | | 2015 | | 2014 |
| Pre-tax pre-provision income: | | | | | | | | |
| Net income | | $ | 12,802 | | | $ | 9,148 | | | $ | 45,355 | | | $ | 38,200 | |
| Plus non-GAAP adjustment: | | | | | | | | |
| Litigation expenses | | | (4,386 | ) | | | 155 | | | | (3,869 | ) | | | 6,519 | |
| Income taxes | | | 6,372 | | | | 4,086 | | | | 22,027 | | | | 17,582 | |
| Provision (credit) for loan and lease losses | | | 1,850 | | | | 853 | | | | 5,371 | | | | (163 | ) |
| Pre-tax pre-provision income | | $ | 16,638 | | | $ | 14,242 | | | $ | 68,884 | | | $ | 62,138 | |
| | | | | | | | | |
| Efficiency ratio - GAAP basis: | | | | | | | | |
| Non-interest expenses | | $ | 26,996 | | | $ | 30,478 | | | $ | 115,347 | | | $ | 120,800 | |
| | | | | | | | | |
| Net interest income plus non-interest income | | $ | 48,020 | | | $ | 44,565 | | | $ | 188,100 | | | $ | 176,419 | |
| | | | | | | | | |
| Efficiency ratio - GAAP basis | | | 56.22 | % | | | 68.39 | % | | | 61.32 | % | | | 68.47 | % |
| | | | | | | | | |
| | | | | | | | | |
| Efficiency ratio - Non-GAAP basis: | | | | | | | | |
| Non-interest expenses | | $ | 26,996 | | | $ | 30,478 | | | $ | 115,347 | | | $ | 120,800 | |
| Less non-GAAP adjustment: | | | | | | | | |
| Amortization of intangible assets | | | 52 | | | | 112 | | | | 372 | | | | 821 | |
| Litigation expenses | | | (4,386 | ) | | | 155 | | | | (3,869 | ) | | | 6,519 | |
| Non-interest expenses - as adjusted | | $ | 31,330 | | | $ | 30,211 | | | $ | 118,844 | | | $ | 113,460 | |
| | | | | | | | | |
| Net interest income plus non-interest income | | $ | 48,020 | | | $ | 44,565 | | | $ | 188,100 | | | $ | 176,419 | |
| Plus non-GAAP adjustment: | | | | | | | | |
| Tax-equivalent income | | | 1,662 | | | | 1,283 | | | | 6,478 | | | | 5,192 | |
| Less non-GAAP adjustments: | | | | | | | | |
| Securities gains (losses) | | | 16 | | | | (3 | ) | | | 36 | | | | 5 | |
| Net interest income plus non-interest income - as adjusted | | $ | 49,666 | | | $ | 45,851 | | | $ | 194,542 | | | $ | 181,606 | |
| | | | | | | | | |
| Efficiency ratio - Non-GAAP basis | | | 63.08 | % | | | 65.89 | % | | | 61.09 | % | | | 62.48 | % |
| | | | | | | | | |
| Tangible common equity ratio: | | | | | | | | |
| Total stockholders' equity | | $ | 524,427 | | | $ | 521,751 | | | $ | 524,427 | | | $ | 521,751 | |
| Accumulated other comprehensive income (loss) | | | 1,297 | | | | 823 | | | | 1,297 | | | | 823 | |
| Goodwill | | | (84,171 | ) | | | (84,171 | ) | | | (84,171 | ) | | | (84,171 | ) |
| Other intangible assets, net | | | (138 | ) | | | (510 | ) | | | (138 | ) | | | (510 | ) |
| Tangible common equity | | $ | 441,415 | | | $ | 437,893 | | | $ | 441,415 | | | $ | 437,893 | |
| | | | | | | | | |
| Total assets | | $ | 4,655,380 | | | $ | 4,397,132 | | | $ | 4,655,380 | | | $ | 4,397,132 | |
| Goodwill | | | (84,171 | ) | | | (84,171 | ) | | | (84,171 | ) | | | (84,171 | ) |
| Other intangible assets, net | | | (138 | ) | | | (510 | ) | | | (138 | ) | | | (510 | ) |
| Tangible assets | | $ | 4,571,071 | | | $ | 4,312,451 | | | $ | 4,571,071 | | | $ | 4,312,451 | |
| | | | | | | | | |
| Tangible common equity ratio | | | 9.66 | % | | | 10.15 | % | | | 9.66 | % | | | 10.15 | % |
| | | | | | | | | |
| Outstanding common shares | | | 24,295,971 | | | | 25,044,877 | | | | 24,295,971 | | | | 25,044,877 | |
| Tangible book value per common share | | $ | 18.17 | | | $ | 17.48 | | | $ | 18.17 | | | $ | 17.48 | |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED | | | | |
| | | | | |
| | | December 31,
| | December 31, |
| (Dollars in thousands) | | 2015 | | 2014 |
| Assets | | | | |
| Cash and due from banks | | $ | 46,956 | | | $ | 52,804 | |
| Federal funds sold | | | 472 | | | | 473 | |
| Interest-bearing deposits with banks | | | 25,454 | | | | 42,940 | |
| Cash and cash equivalents | | | 72,882 | | | | 96,217 | |
| | | | | | | | | |
| Residential mortgage loans held for sale (at fair value) | | | 15,457 | | | | 10,512 | |
| Investments available-for-sale (at fair value) | | | 592,049 | | | | 672,209 | |
| Investments held-to-maturity -- fair value of $211,704 and $222,260 at December 31, 2015 and 2014, respectively | | | 208,265 | | | | 219,973 | |
| Other equity securities | | | 41,336 | | | | 41,437 | |
| Total loans and leases | | | 3,495,370 | | | | 3,127,392 | |
| Less: allowance for loan and lease losses | | | (40,895 | ) | | | (37,802 | ) |
| Net loans and leases | | | 3,454,475 | | | | 3,089,590 | |
| Premises and equipment, net | | | 53,214 | | | | 49,402 | |
| Other real estate owned | | | 2,742 | | | | 3,195 | |
| Accrued interest receivable | | | 13,443 | | | | 12,634 | |
| Goodwill | | | 84,171 | | | | 84,171 | |
| Other intangible assets, net | | | 138 | | | | 510 | |
| Other assets | | | 117,208 | | | | 117,282 | |
| Total assets | | $ | 4,655,380 | | | $ | 4,397,132 | |
| | | | | |
| Liabilities | | | | |
| Noninterest-bearing deposits | | $ | 1,001,841 | | | $ | 993,737 | |
| Interest-bearing deposits | | | 2,261,889 | | | | 2,072,772 | |
| Total deposits | | | 3,263,730 | | | | 3,066,509 | |
| Securities sold under retail repurchase agreements and federal funds purchased | | | 109,145 | | | | 74,432 | |
| Advances from FHLB | | | 685,000 | | | | 655,000 | |
| Subordinated debentures | | | 35,000 | | | | 35,000 | |
| Accrued interest payable and other liabilities | | | 38,078 | | | | 44,440 | |
| Total liabilities | | | 4,130,953 | | | | 3,875,381 | |
| | | | | |
| Stockholders' Equity | | | | |
| Common stock -- par value $1.00; shares authorized 50,000,000; shares issued and outstanding 24,295,971 and | | | | |
| 25,044,877 at December 31, 2015 and, 2014, respectively | | | 24,296 | | | | 25,045 | |
| Additional paid in capital | | | 175,588 | | | | 194,647 | |
| Retained earnings | | | 325,840 | | | | 302,882 | |
| Accumulated other comprehensive loss | | | (1,297 | ) | | | (823 | ) |
| Total stockholders' equity | | | 524,427 | | | | 521,751 | |
| Total liabilities and stockholders' equity | | $ | 4,655,380 | | | $ | 4,397,132 | |
| 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) | | 2015 | | 2014 | | 2015 | | 2014 |
| Interest Income: | | | | | | | | |
| Interest and fees on loans and leases | | $ | 35,516 | | | $ | 31,899 | | | $ | 135,170 | | | $ | 123,369 | |
| Interest on loans held for sale | | | 122 | | | | 101 | | | | 544 | | | | 312 | |
| Interest on deposits with banks | | | 29 | | | | 19 | | | | 98 | | | | 85 | |
| Interest and dividends on investment securities: | | | | | | | | |
| Taxable | | | 3,416 | | | | 3,673 | | | | 14,440 | | | | 15,377 | |
| Exempt from federal income taxes | | | 1,991 | | | | 2,282 | | | | 8,059 | | | | 9,222 | |
| Interest on federal funds sold | | | 0 | | | | 1 | | | | 1 | | | | 1 | |
| Total interest income | | | 41,074 | | | | 37,975 | | | | 158,312 | | | | 148,366 | |
| Interest Expense: | | | | | | | | |
| Interest on deposits | | | 1,685 | | | | 1,206 | | | | 5,878 | | | | 4,791 | |
| Interest on retail repurchase agreements and federal funds purchased | | | 76 | | | | 47 | | | | 255 | | | | 164 | |
| Interest on advances from FHLB | | | 3,307 | | | | 3,273 | | | | 13,081 | | | | 12,982 | |
| Interest on subordinated debt | | | 229 | | | | 222 | | | | 899 | | | | 881 | |
| Total interest expense | | | 5,297 | | | | 4,748 | | | | 20,113 | | | | 18,818 | |
| Net interest income | | | 35,777 | | | | 33,227 | | | | 138,199 | | | | 129,548 | |
| Provision (credit) for loan and lease losses | | | 1,850 | | | | 853 | | | | 5,371 | | | | (163 | ) |
| Net interest income after provision (credit) for loan and lease losses | | | 33,927 | | | | 32,374 | | | | 132,828 | | | | 129,711 | |
| Non-interest Income: | | | | | | | | |
| Investment securities gains (losses) | | | 16 | | | | (3 | ) | | | 36 | | | | 5 | |
| Service charges on deposit accounts | | | 1,950 | | | | 2,135 | | | | 7,607 | | | | 8,422 | |
| Mortgage banking activities | | | 548 | | | | 512 | | | | 3,114 | | | | 1,994 | |
| Wealth management income | | | 4,891 | | | | 4,905 | | | | 19,931 | | | | 19,086 | |
| Insurance agency commissions | | | 1,029 | | | | 985 | | | | 5,176 | | | | 4,996 | |
| Income from bank owned life insurance | | | 634 | | | | 627 | | | | 2,571 | | | | 2,444 | |
| Bank card fees | | | 1,177 | | | | 1,144 | | | | 4,652 | | | | 4,439 | |
| Other income | | | 1,998 | | | | 1,033 | | | | 6,814 | | | | 5,485 | |
| Total non-interest income | | | 12,243 | | | | 11,338 | | | | 49,901 | | | | 46,871 | |
| Non-interest Expenses: | | | | | | | | |
| Salaries and employee benefits | | | 18,437 | | | | 16,793 | | | | 71,003 | | | | 66,387 | |
| Occupancy expense of premises | | | 3,061 | | | | 3,914 | | | | 12,809 | | | | 13,692 | |
| Equipment expenses | | | 1,608 | | | | 1,333 | | | | 6,071 | | | | 5,188 | |
| Marketing | | | 735 | | | | 838 | | | | 2,896 | | | | 2,926 | |
| Outside data services | | | 1,331 | | | | 1,284 | | | | 5,023 | | | | 4,947 | |
| FDIC insurance | | | 641 | | | | 615 | | | | 2,491 | | | | 2,302 | |
| Amortization of intangible assets | | | 52 | | | | 112 | | | | 372 | | | | 821 | |
| Litigation expenses | | | (4,386 | ) | | | 155 | | | | (3,869 | ) | | | 6,519 | |
| Other expenses | | | 5,517 | | | | 5,434 | | | | 18,551 | | | | 18,018 | |
| Total non-interest expenses | | | 26,996 | | | | 30,478 | | | | 115,347 | | | | 120,800 | |
| Income before income taxes | | | 19,174 | | | | 13,234 | | | | 67,382 | | | | 55,782 | |
| Income tax expense | | | 6,372 | | | | 4,086 | | | | 22,027 | | | | 17,582 | |
| Net income | | $ | 12,802 | | | $ | 9,148 | | | $ | 45,355 | | | $ | 38,200 | |
| | | | | | | | | |
| Net Income Per Share Amounts: | | | | | | | | |
| Basic net income per share | | $ | 0.53 | | | $ | 0.37 | | | $ | 1.84 | | | $ | 1.53 | |
| Diluted net income per share | | $ | 0.52 | | | $ | 0.36 | | | $ | 1.84 | | | $ | 1.52 | |
| Dividends declared per share | | $ | 0.24 | | | $ | 0.20 | | | $ | 0.90 | | | $ | 0.76 | |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | | | | | | | |
| HISTORICAL TRENDS - QUARTERLY FINANCIAL DATA - UNAUDITED | | | | | | | | |
| | | | | | | | | | | |
| | | 2015 | | 2014 |
| (Dollars in thousands, except per share data) | | Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Profitability for the Quarter: | | | | | | | | | | |
| Tax-equivalent interest income | | $ | 42,736 | | $ | 41,980 | | $ | 40,438 | | $ | 39,343 | | | $ | 39,258 | | $ | 38,446 | | $ | 38,322 | | $ | 37,532 | |
| Interest expense | | | 5,297 | | | 5,201 | | | 4,916 | | | 4,699 | | | | 4,748 | | | 4,730 | | | 4,682 | | | 4,658 | |
| Tax-equivalent net interest income | | | 37,439 | | | 36,779 | | | 35,522 | | | 34,644 | | | | 34,510 | | | 33,716 | | | 33,640 | | | 32,874 | |
| Tax-equivalent adjustment | | | 1,662 | | | 1,663 | | | 1,589 | | | 1,271 | | | | 1,283 | | | 1,296 | | | 1,331 | | | 1,282 | |
| Provision for loan and lease losses | | | 1,850 | | | 1,706 | | | 1,218 | | | 597 | | | | 853 | | | (192 | ) | | 158 | | | (982 | ) |
| Non-interest income | | | 12,243 | | | 12,390 | | | 12,109 | | | 13,159 | | | | 11,338 | | | 12,590 | | | 11,694 | | | 11,249 | |
| Non-interest expenses | | | 26,996 | | | 29,630 | | | 29,477 | | | 29,244 | | | | 30,478 | | | 28,632 | | | 34,141 | | | 27,549 | |
| Income before income taxes | | | 19,174 | | | 16,170 | | | 15,347 | | | 16,691 | | | | 13,234 | | | 16,570 | | | 9,704 | | | 16,274 | |
| Income tax expense | | | 6,372 | | | 5,175 | | | 5,014 | | | 5,466 | | | | 4,086 | | | 5,428 | | | 2,722 | | | 5,346 | |
| Net income | | $ | 12,802 | | $ | 10,995 | | $ | 10,333 | | $ | 11,225 | | | $ | 9,148 | | $ | 11,142 | | $ | 6,982 | | $ | 10,928 | |
| Financial Performance: | | | | | | | | | | |
| Pre-tax pre-provision income | | $ | 16,638 | | $ | 18,031 | | $ | 16,727 | | $ | 17,488 | | | $ | 14,242 | | $ | 16,614 | | $ | 15,990 | | $ | 15,292 | |
| Return on average assets | | | 1.11 | % | | 0.96 | % | | 0.93 | % | | 1.04 | % | | | 0.85 | % | | 1.05 | % | | 0.67 | % | | 1.08 | % |
| Return on average common equity | | | 9.73 | % | | 8.41 | % | | 8.02 | % | | 8.73 | % | | | 6.93 | % | | 8.54 | % | | 5.47 | % | | 8.80 | % |
| Net interest margin | | | 3.45 | % | | 3.43 | % | | 3.42 | % | | 3.44 | % | | | 3.44 | % | | 3.42 | % | | 3.48 | % | | 3.47 | % |
| Efficiency ratio - GAAP basis (1) | | | 56.22 | % | | 62.37 | % | | 64.02 | % | | 62.85 | % | | | 68.39 | % | | 63.61 | % | | 77.59 | % | | 64.31 | % |
| Efficiency ratio - Non-GAAP basis (1) | | | 63.08 | % | | 59.73 | % | | 61.35 | % | | 60.53 | % | | | 65.89 | % | | 61.09 | % | | 61.30 | % | | 61.60 | % |
| Per Share Data: | | | | | | | | | | |
| Basic net income per share | | $ | 0.53 | | $ | 0.45 | | $ | 0.42 | | $ | 0.45 | | | $ | 0.37 | | $ | 0.44 | | $ | 0.28 | | $ | 0.44 | |
| Diluted net income per share | | $ | 0.52 | | $ | 0.45 | | $ | 0.42 | | $ | 0.45 | | | $ | 0.36 | | $ | 0.44 | | $ | 0.28 | | $ | 0.43 | |
| Average fully diluted shares | | | 24,455,847 | | | 24,602,817 | | | 24,689,762 | | | 25,048,576 | | | | 25,151,831 | | | 25,151,582 | | | 25,127,036 | | | 25,124,206 | |
| Dividends declared per common share | | $ | 0.24 | | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | | $ | 0.20 | | $ | 0.20 | | $ | 0.18 | | $ | 0.18 | |
| Non-interest Income: | | | | | | | | | | |
| Securities gains (losses) | | $ | 16 | | $ | 1 | | $ | 19 | | $ | - | | | $ | (3 | ) | $ | 8 | | $ | - | | $ | - | |
| Service charges on deposit accounts | | | 1,950 | | | 1,936 | | | 1,839 | | | 1,882 | | | | 2,135 | | | 2,226 | | | 2,089 | | | 1,972 | |
| Mortgage banking activities | | | 548 | | | 566 | | | 822 | | | 1,178 | | | | 512 | | | 596 | | | 570 | | | 316 | |
| Wealth management income | | | 4,891 | | | 4,963 | | | 5,161 | | | 4,916 | | | | 4,905 | | | 4,974 | | | 4,741 | | | 4,466 | |
| Insurance agency commissions | | | 1,029 | | | 1,648 | | | 881 | | | 1,618 | | | | 985 | | | 1,410 | | | 961 | | | 1,640 | |
| Income from bank owned life insurance | | | 634 | | | 618 | | | 606 | | | 713 | | | | 627 | | | 611 | | | 608 | | | 598 | |
| Bank card fees | | | 1,177 | | | 1,198 | | | 1,220 | | | 1,057 | | | | 1,144 | | | 1,148 | | | 1,169 | | | 978 | |
| Other income | | | 1,998 | | | 1,460 | | | 1,561 | | | 1,795 | | | | 1,033 | | | 1,617 | | | 1,556 | | | 1,279 | |
| Total Non-interest Income | | $ | 12,243 | | $ | 12,390 | | $ | 12,109 | | $ | 13,159 | | | $ | 11,338 | | $ | 12,590 | | $ | 11,694 | | $ | 11,249 | |
| Non-interest Expense: | | | | | | | | | | |
| Salaries and employee benefits | | $ | 18,437 | | $ | 17,733 | | $ | 17,534 | | $ | 17,299 | | | $ | 16,793 | | $ | 16,765 | | $ | 16,474 | | $ | 16,355 | |
| Occupancy expense of premises | | | 3,061 | | | 3,086 | | | 3,173 | | | 3,489 | | | | 3,914 | | | 3,032 | | | 3,274 | | | 3,472 | |
| Equipment expenses | | | 1,608 | | | 1,600 | | | 1,490 | | | 1,373 | | | | 1,333 | | | 1,337 | | | 1,262 | | | 1,256 | |
| Marketing | | | 735 | | | 688 | | | 942 | | | 531 | | | | 838 | | | 744 | | | 802 | | | 542 | |
| Outside data services | | | 1,331 | | | 1,329 | | | 1,102 | | | 1,261 | | | | 1,284 | | | 1,231 | | | 1,216 | | | 1,216 | |
| FDIC insurance | | | 641 | | | 565 | | | 654 | | | 631 | | | | 615 | | | 594 | | | 573 | | | 520 | |
| Amortization of intangible assets | | | 52 | | | 107 | | | 106 | | | 107 | | | | 112 | | | 115 | | | 224 | | | 370 | |
| Litigation expenses | | | (4,386 | ) | | 155 | | | 162 | | | 200 | | | | 155 | | | 236 | | | 6,128 | | | - | |
| Professional fees | | | 1,322 | | | 1,089 | | | 1,199 | | | 1,209 | | | | 1,246 | | | 1,092 | | | 1,292 | | | 914 | |
| Other real estate owned expenses | | | 14 | | | 48 | | | 4 | | | 10 | | | | 2 | | | 40 | | | 9 | | | - | |
| Other expenses | | | 4,181 | | | 3,230 | | | 3,111 | | | 3,134 | | | | 4,186 | | | 3,446 | | | 2,887 | | | 2,904 | |
| Total Non-interest Expense | | $ | 26,996 | | $ | 29,630 | | $ | 29,477 | | $ | 29,244 | | | $ | 30,478 | | $ | 28,632 | | $ | 34,141 | | $ | 27,549 | |
| | | | | | | | | | | |
| (1) The efficiency ratio - GAAP basis is non-interest expenses 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 from non-interest expense; excludes securities gains; OTTI losses 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 | | | | | | | | |
| | | | | | | | | | | |
| | | 2015 | | 2014 |
| (Dollars in thousands) | | Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Balance Sheets at Quarter End: | | | | | | | | | | |
| Residential mortgage loans | | $ | 796,358 | | $ | 773,889 | | $ | 744,195 | | $ | 728,858 | | | $ | 717,886 | | $ | 698,925 | | $ | 668,536 | | $ | 640,939 | |
| Residential construction loans | | | 129,281 | | | 139,492 | | | 137,134 | | | 130,321 | | | | 136,741 | | | 141,883 | | | 149,321 | | | 143,109 | |
| Commercial ADC loans | | | 255,980 | | | 239,160 | | | 223,103 | | | 203,731 | | | | 205,124 | | | 194,666 | | | 178,972 | | | 163,343 | |
| Commercial investor real estate loans | | | 719,084 | | | 710,694 | | | 694,179 | | | 668,931 | | | | 640,193 | | | 575,984 | | | 577,813 | | | 573,634 | |
| Commercial owner occupied real estate loans | | | 678,027 | | | 680,601 | | | 643,973 | | | 618,846 | | | | 611,061 | | | 584,964 | | | 581,795 | | | 582,472 | |
| Commercial business loans | | | 465,765 | | | 423,855 | | | 409,795 | | | 385,452 | | | | 390,781 | | | 368,611 | | | 357,472 | | | 348,180 | |
| Leasing | | | - | | | 19 | | | 21 | | | 36 | | | | 54 | | | 156 | | | 260 | | | 439 | |
| Consumer loans | | | 450,875 | | | 444,729 | | | 436,465 | | | 428,531 | | | | 425,552 | | | 410,723 | | | 396,775 | | | 380,697 | |
| Total loans and leases | | | 3,495,370 | | | 3,412,439 | | | 3,288,865 | | | 3,164,706 | | | | 3,127,392 | | | 2,975,912 | | | 2,910,944 | | | 2,832,813 | |
| Allowance for loan and lease losses | | | (40,895 | ) | | (39,661 | ) | | (38,713 | ) | | (37,475 | ) | | | (37,802 | ) | | (37,574 | ) | | (37,959 | ) | | (38,026 | ) |
| Loans held for sale | | | 15,457 | | | 10,418 | | | 19,445 | | | 13,899 | | | | 10,512 | | | 6,656 | | | 9,042 | | | 3,079 | |
| Investment securities | | | 841,650 | | | 862,409 | | | 878,284 | | | 912,565 | | | | 933,619 | | | 950,869 | | | 980,530 | | | 997,584 | |
| Interest-earning assets | | | 4,378,403 | | | 4,339,375 | | | 4,222,667 | | | 4,125,549 | | | | 4,114,936 | | | 3,976,731 | | | 3,945,643 | | | 3,891,223 | |
| Total assets | | | 4,655,380 | | | 4,611,034 | | | 4,507,367 | | | 4,401,380 | | | | 4,397,132 | | | 4,248,731 | | | 4,234,342 | | | 4,168,998 | |
| Noninterest-bearing demand deposits | | | 1,001,841 | | | 1,068,299 | | | 1,092,413 | | | 1,017,566 | | | | 993,737 | | | 986,549 | | | 984,700 | | | 882,169 | |
| Total deposits | | | 3,263,730 | | | 3,275,668 | | | 3,247,346 | | | 3,109,892 | | | | 3,066,509 | | | 3,028,788 | | | 3,038,670 | | | 2,959,195 | |
| Customer repurchase agreements | | | 109,145 | | | 121,378 | | | 111,817 | | | 101,640 | | | | 74,432 | | | 71,384 | | | 72,917 | | | 67,038 | |
| Total interest-bearing liabilities | | | 3,091,034 | | | 2,973,747 | | | 2,851,750 | | | 2,818,966 | | | | 2,837,204 | | | 2,706,623 | | | 2,698,887 | | | 2,748,064 | |
| Total stockholders' equity | | | 524,427 | | | 523,594 | | | 518,873 | | | 521,768 | | | | 521,751 | | | 522,404 | | | 517,269 | | | 510,386 | |
| Quarterly Average Balance Sheets: | | | | | | | | | | |
| Residential mortgage loans | | $ | 781,015 | | $ | 754,007 | | $ | 734,382 | | $ | 724,248 | | | $ | 707,719 | | $ | 682,013 | | $ | 652,232 | | $ | 627,944 | |
| Residential construction loans | | | 133,812 | | | 134,448 | | | 137,216 | | | 132,456 | | | | 141,890 | | | 147,750 | | | 145,968 | | | 134,261 | |
| Commercial ADC loans | | | 247,612 | | | 227,545 | | | 218,341 | | | 206,105 | | | | 201,020 | | | 180,293 | | | 168,063 | | | 162,544 | |
| Commercial investor real estate loans | | | 717,742 | | | 704,068 | | | 668,883 | | | 645,163 | | | | 607,050 | | | 577,851 | | | 575,283 | | | 557,168 | |
| Commercial owner occupied real estate loans | | | 673,883 | | | 656,337 | | | 624,407 | | | 611,722 | | | | 594,634 | | | 585,014 | | | 579,953 | | | 584,155 | |
| Commercial business loans | | | 424,510 | | | 413,300 | | | 398,510 | | | 383,111 | | | | 367,872 | | | 367,203 | | | 348,597 | | | 349,734 | |
| Leasing | | | 17 | | | 19 | | | 28 | | | 44 | | | | 114 | | | 206 | | | 352 | | | 567 | |
| Consumer loans | | | 448,439 | | | 441,740 | | | 434,011 | | | 425,434 | | | | 417,910 | | | 404,062 | | | 390,076 | | | 377,822 | |
| Total loans and leases | | | 3,427,030 | | | 3,331,464 | | | 3,215,778 | | | 3,128,283 | | | | 3,038,209 | | | 2,944,392 | | | 2,860,524 | | | 2,794,195 | |
| Loans held for sale | | | 11,951 | | | 21,070 | | | 14,075 | | | 7,053 | | | | 9,952 | | | 7,518 | | | 6,940 | | | 5,216 | |
| Investment securities | | | 840,276 | | | 869,461 | | | 898,237 | | | 925,683 | | | | 942,782 | | | 965,206 | | | 991,135 | | | 1,012,701 | |
| Interest-earning assets | | | 4,320,674 | | | 4,261,939 | | | 4,162,963 | | | 4,097,648 | | | | 4,022,051 | | | 3,954,858 | | | 3,893,843 | | | 3,845,513 | |
| Total assets | | | 4,594,025 | | | 4,537,142 | | | 4,438,670 | | | 4,372,988 | | | | 4,292,237 | | | 4,220,084 | | | 4,157,559 | | | 4,105,225 | |
| Noninterest-bearing demand deposits | | | 1,058,215 | | | 1,063,500 | | | 1,023,042 | | | 986,688 | | | | 1,000,285 | | | 956,830 | | | 899,287 | | | 825,968 | |
| Total deposits | | | 3,285,299 | | | 3,263,993 | | | 3,128,562 | | | 3,056,186 | | | | 3,063,591 | | | 3,036,686 | | | 2,965,329 | | | 2,876,641 | |
| Customer repurchase agreements | | | 125,275 | | | 121,127 | | | 106,179 | | | 90,020 | | | | 78,746 | | | 73,046 | | | 68,880 | | | 62,864 | |
| Total interest-bearing liabilities | | | 2,968,555 | | | 2,906,348 | | | 2,852,414 | | | 2,817,575 | | | | 2,731,791 | | | 2,711,206 | | | 2,716,537 | | | 2,749,459 | |
| Total stockholders' equity | | | 521,786 | | | 518,619 | | | 516,940 | | | 521,346 | | | | 524,063 | | | 517,534 | | | 511,738 | | | 503,851 | |
| Financial Measures: | | | | | | | | | | |
| Average equity to average assets | | | 11.36 | % | | 11.43 | % | | 11.65 | % | | 11.92 | % | | | 12.21 | % | | 12.26 | % | | 12.31 | % | | 12.27 | % |
| Investment securities to earning assets | | | 19.22 | % | | 19.87 | % | | 20.80 | % | | 22.12 | % | | | 22.69 | % | | 23.91 | % | | 24.85 | % | | 25.64 | % |
| Loans to earning assets | | | 79.83 | % | | 78.64 | % | | 77.89 | % | | 76.71 | % | | | 76.00 | % | | 74.83 | % | | 73.78 | % | | 72.80 | % |
| Loans to assets | | | 75.08 | % | | 74.01 | % | | 72.97 | % | | 71.90 | % | | | 71.12 | % | | 70.04 | % | | 68.75 | % | | 67.95 | % |
| Loans to deposits | | | 107.10 | % | | 104.18 | % | | 101.28 | % | | 101.76 | % | | | 101.99 | % | | 98.25 | % | | 95.80 | % | | 95.73 | % |
| Capital Measures: | | | | | | | | | | |
| Tier 1 leverage (1) | | | 10.60 | % | | 10.65 | % | | 10.83 | % | | 11.00 | % | | | 11.26 | % | | 11.36 | % | | 11.37 | % | | 11.43 | % |
| Tier 1 capital to risk-weighted assets (1) | | | 13.13 | % | | 13.17 | % | | 13.54 | % | | 14.01 | % | | | 13.95 | % | | 14.52 | % | | 14.48 | % | | 14.64 | % |
| Total regulatory capital to risk-weighted assets (1) | | | 14.25 | % | | 14.27 | % | | 14.65 | % | | 15.12 | % | | | 15.06 | % | | 15.68 | % | | 15.66 | % | | 15.85 | % |
| Common equity tier 1 capital to risk-weighted assets (1) | | | 12.17 | % | | 12.20 | % | | 12.53 | % | | 14.01 | % | | n.a. | n.a. | n.a. | n.a. |
| Book value per share | | $ | 21.58 | | $ | 21.44 | | $ | 21.12 | | $ | 21.10 | | | $ | 20.83 | | $ | 20.83 | | $ | 20.63 | | $ | 20.38 | |
| Outstanding shares | | | 24,295,971 | | | 24,424,944 | | | 24,562,471 | | | 24,733,868 | | | | 25,044,877 | | | 25,076,794 | | | 25,069,700 | | | 25,043,482 | |
| (1) Estimated ratio at December 31, 2015 | | | | | | | | | | |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | | | | | | | | | | | | | |
| LOAN PORTFOLIO QUALITY DETAIL - UNAUDITED | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | 2015
| | 2014
|
| (Dollars in thousands) | | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | March 31, |
| Non-Performing Assets: | | | | | | | | | | | | | | | | |
| Loans and leases 90 days past due: | | | | | | | | | | | | | | | | |
| Commercial business | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 1 | | | $ | - | |
| Commercial real estate: | | | | | | | | | | | | | | | | |
| Commercial AD&C | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Commercial investor real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Commercial owner occupied real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | 649 | | | | - | | | | - | |
| Leasing | | | - | | | | 1 | | | | 2 | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Consumer | | | - | | | | - | | | | 7 | | | | - | | | | - | | | | 6 | | | | 3 | | | | - | |
| Residential real estate: | | | | | | | | | | | | | | | | |
| Residential mortgage | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Residential construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total loans and leases 90 days past due | | | - | | | | 1 | | | | 9 | | | | - | | | | - | | | | 655 | | | | 4 | | | | - | |
| Non-accrual loans and leases: | | | | | | | | | | | | | | | | |
| Commercial business | | | 3,696 | | | | 3,881 | | | | 3,285 | | | | 4,166 | | | | 3,184 | | | | 4,151 | | | | 4,309 | | | | 3,272 | |
| Commercial real estate: | | | | | | | | | | | | | | | | |
| Commercial AD&C | | | 194 | | | | 194 | | | | 194 | | | | 1,363 | | | | 2,464 | | | | 3,792 | | | | 3,739 | | | | 4,133 | |
| Commercial investor real estate | | | 8,368 | | | | 8,609 | | | | 10,023 | | | | 10,083 | | | | 8,156 | | | | 8,210 | | | | 6,731 | | | | 7,284 | |
| Commercial owner occupied real estate | | | 6,340 | | | | 7,932 | | | | 8,423 | | | | 8,974 | | | | 8,941 | | | | 10,742 | | | | 10,868 | | | | 7,150 | |
| Leasing | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Consumer | | | 2,193 | | | | 1,621 | | | | 1,214 | | | | 1,962 | | | | 1,668 | | | | 1,830 | | | | 2,058 | | | | 2,115 | |
| Residential real estate: | | | | | | | | | | | | | | | | |
| Residential mortgage | | | 8,822 | | | | 7,488 | | | | 7,780 | | | | 3,235 | | | | 3,012 | | | | 4,417 | | | | 4,501 | | | | 5,025 | |
| Residential construction | | | 418 | | | | 770 | | | | 780 | | | | 788 | | | | 1,105 | | | | 2,497 | | | | 2,143 | | | | 2,304 | |
| Total non-accrual loans and leases | | | 30,031 | | | | 30,495 | | | | 31,699 | | | | 30,571 | | | | 28,530 | | | | 35,639 | | | | 34,349 | | | | 31,283 | |
| Total restructured loans - accruing | | | 4,467 | | | | 6,419 | | | | 5,620 | | | | 5,446 | | | | 5,497 | | | | 7,382 | | | | 7,364 | | | | 7,411 | |
| Total non-performing loans and leases | | | 34,498 | | | | 36,915 | | | | 37,328 | | | | 36,017 | | | | 34,027 | | | | 43,676 | | | | 41,717 | | | | 38,694 | |
| Other assets and real estate owned (OREO) | | | 2,742 | | | | 2,619 | | | | 4,514 | | | | 3,227 | | | | 3,195 | | | | 1,762 | | | | 1,967 | | | | 1,619 | |
| Total non-performing assets | | $ | 37,240 | | | $ | 39,534 | | | $ | 41,842 | | | $ | 39,244 | | | $ | 37,222 | | | $ | 45,438 | | | $ | 43,684 | | | $ | 40,313 | |
| | | | | | | | | | | | | | | | | |
| | | For the quarter ended, |
| | | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | March 31, |
| (Dollars in thousands) | | 2015
| | 2015
| | 2015
| | 2015
| | 2014
| | 2014
| | 2014
| | 2014
|
| Analysis of Non-accrual Loan and Lease Activity: | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 30,495 | | | $ | 31,699 | | | $ | 30,571 | | | $ | 28,530 | | | $ | 35,639 | | | $ | 34,349 | | | $ | 31,283 | | | $ | 30,574 | |
| Non-accrual balances transferred to OREO | | | (423 | ) | | | (180 | ) | | | (1,309 | ) | | | (32 | ) | | | (1,475 | ) | | | (300 | ) | | | (390 | ) | | | (281 | ) |
| Non-accrual balances charged-off | | | (869 | ) | | | (752 | ) | | | (549 | ) | | | (1,077 | ) | | | (1,033 | ) | | | (216 | ) | | | (357 | ) | | | (513 | ) |
| Net payments or draws | | | (3,084 | ) | | | (1,846 | ) | | | (2,970 | ) | | | (1,067 | ) | | | (4,139 | ) | | | (590 | ) | | | (1,580 | ) | | | (1,073 | ) |
| Loans placed on non-accrual | | | 3,912 | | | | 1,574 | | | | 5,956 | | | | 4,217 | | | | 779 | | | | 2,396 | | | | 5,393 | | | | 2,576 | |
| Non-accrual loans brought current | | | - | | | | - | | | | - | | | | - | | | | (1,241 | ) | | | - | | | | - | | | | - | |
| Balance at end of period | | $ | 30,031 | | | $ | 30,495 | | | $ | 31,699 | | | $ | 30,571 | | | $ | 28,530 | | | $ | 35,639 | | | $ | 34,349 | | | $ | 31,283 | |
| | | | | | | | | | | | | | | | | |
| Analysis of Allowance for Loan Losses: | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 39,661 | | | $ | 38,713 | | | $ | 37,475 | | | $ | 37,802 | | | $ | 37,574 | | | $ | 37,959 | | | $ | 38,026 | | | $ | 38,766 | |
| Provision (credit) for loan and lease losses | | | 1,850 | | | | 1,706 | | | | 1,218 | | | | 597 | | | | 853 | | | | (192 | ) | | | 158 | | | | (982 | ) |
| Less loans charged-off, net of recoveries: | | | | | | | | | | | | | | | | |
| Commercial business | | | (128 | ) | | | (25 | ) | | | 73 | | | | (89 | ) | | | 50 | | | | (58 | ) | | | 28 | | | | (768 | ) |
| Commercial real estate: | | | | | | | | | | | | | | | | |
| Commercial AD&C | | | - | | | | - | | | | (547 | ) | | | 706 | | | | 529 | | | | - | | | | - | | | | - | |
| Commercial investor real estate | | | (4 | ) | | | (5 | ) | | | 85 | | | | (5 | ) | | | (5 | ) | | | (2 | ) | | | (23 | ) | | | (5 | ) |
| Commercial owner occupied real estate | | | 725 | | | | 104 | | | | (1 | ) | | | 212 | | | | (6 | ) | | | - | | | | 265 | | | | - | |
| Leasing | | | 4 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Consumer | | | (31 | ) | | | 348 | | | | 395 | | | | 43 | | | | 83 | | | | 244 | | | | 11 | | | | 331 | |
| Residential real estate: | | | | | | | | | | | | | | | | |
| Residential mortgage | | | 80 | | | | 342 | | | | (18 | ) | | | 65 | | | | (17 | ) | | | 43 | | | | (27 | ) | | | 203 | |
| Residential construction | | | (30 | ) | | | (6 | ) | | | (7 | ) | | | (8 | ) | | | (9 | ) | | | (34 | ) | | | (29 | ) | | | (3 | ) |
| Net charge-offs | | | 616 | | | | 758 | | | | (20 | ) | | | 924 | | | | 625 | | | | 193 | | | | 225 | | | | (242 | ) |
| Balance at end of period | | $ | 40,895 | | | $ | 39,661 | | | $ | 38,713 | | | $ | 37,475 | | | $ | 37,802 | | | $ | 37,574 | | | $ | 37,959 | | | $ | 38,026 | |
| | | | | | | | | | | | | | | | | |
| Asset Quality Ratios: | | | | | | | | | | | | | | | | |
| Non-performing loans to total loans | | | 0.99 | % | | | 1.08 | % | | | 1.13 | % | | | 1.14 | % | | | 1.09 | % | | | 1.47 | % | | | 1.43 | % | | | 1.37 | % |
| Non-performing assets to total assets | | | 0.80 | % | | | 0.86 | % | | | 0.93 | % | | | 0.89 | % | | | 0.85 | % | | | 1.07 | % | | | 1.03 | % | | | 0.97 | % |
| Allowance for loan losses to loans | | | 1.17 | % | | | 1.16 | % | | | 1.18 | % | | | 1.18 | % | | | 1.21 | % | | | 1.26 | % | | | 1.30 | % | | | 1.34 | % |
| Allowance for loan losses to non-performing loans | | | 118.54 | % | | | 107.44 | % | | | 103.71 | % | | | 104.05 | % | | | 111.09 | % | | | 86.03 | % | | | 90.99 | % | | | 98.27 | % |
| Annualized net charge-offs to average loans | | | 0.07 | % | | | 0.09 | % | | | 0.00 | % | | | 0.12 | % | | | 0.08 | % | | | 0.03 | % | | | 0.03 | % | | | (0.04 | )% |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | | | | | | | | | | |
| CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES - UNAUDITED | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | Three Months Ended December 31, | |
| | | 2015 | | | 2014 | |
| | | | | | | Annualized | | | | | | | Annualized | |
| | | Average | | | | | | | | Average | | | Average | | | | | | | | Average | |
| (Dollars in thousands and tax-equivalent) | | Balances | | (1) Interest | | Yield/Rate | | | Balances | | (1) Interest | | Yield/Rate | |
| Assets | | | | | | | | | | | | | | |
| Residential mortgage loans | | $ | 781,015 | | | $ | | 6,626 | | | | 3.39 | % | $ | 707,719 | | | $ | | 5,985 | | | | 3.38 | % |
| Residential construction loans | | | 133,812 | | | | | 1,241 | | | | 3.68 | | | | 141,890 | | | | | 1,328 | | | | 3.71 | |
| Commercial ADC loans | | | 247,612 | | | | | 2,835 | | | | 4.54 | | | | 201,020 | | | | | 2,364 | | | | 4.67 | |
| Commercial investor real estate loans | | | 717,742 | | | | | 8,370 | | | | 4.63 | | | | 607,050 | | | | | 7,320 | | | | 4.78 | |
| Commercial owner occupied real estate loans | | | 673,883 | | | | | 8,242 | | | | 4.85 | | | | 594,634 | | | | | 7,282 | | | | 5.02 | |
| Commercial business loans | | | 424,510 | | | | | 4,819 | | | | 4.50 | | | | 367,872 | | | | | 4,132 | | | | 4.48 | |
| Leasing | | | 17 | | | | | - | | | | - | | | | 114 | | | | | 1 | | | | 6.56 | |
| Consumer loans | | | 448,439 | | | | | 3,817 | | | | 3.40 | | | | 417,910 | | | | | 3,487 | | | | 3.33 | |
| Total loans and leases (2) | | | 3,427,030 | | | | | 35,950 | | | | 4.17 | | | | 3,038,209 | | | | | 31,899 | | | | 4.21 | |
| Loans held for sale | | | 11,951 | | | | | 122 | | | | 4.12 | | | | 9,952 | | | | | 101 | | | | 4.07 | |
| Taxable securities | | | 551,894 | | | | | 3,552 | | | | 2.57 | | | | 643,233 | | | | | 4,031 | | | | 2.49 | |
| Tax-exempt securities (3) | | | 288,382 | | | | | 3,083 | | | | 4.28 | | | | 299,549 | | | | | 3,207 | | | | 4.25 | |
| Interest-bearing deposits with banks | | | 40,945 | | | | | 29 | | | | 0.28 | | | | 30,635 | | | | | 19 | | | | 0.25 | |
| Federal funds sold | | | 472 | | | | | - | | | | 0.26 | | | | 473 | | | | | 1 | | | | 0.22 | |
| Total interest-earning assets | | | 4,320,674 | | | | | 42,736 | | | | 3.93 | | | | 4,022,051 | | | | | 39,258 | | | | 3.91 | |
| | | | | | | | | | | | | | | |
| Less: allowance for loan and lease losses | | | (40,143 | ) | | | | | | | | (38,291 | ) | | | | | |
| Cash and due from banks | | | 48,655 | | | | | | | | | 48,729 | | | | | | |
| Premises and equipment, net | | | 52,707 | | | | | | | | | 47,552 | | | | | | |
| Other assets | | | 212,132 | | | | | | | | | 212,196 | | | | | | |
| Total assets | | $ | 4,594,025 | | | | | | | | $ | 4,292,237 | | | | | | |
| | | | | | | | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 544,133 | | | | | 106 | | | | 0.08 | % | $ | 510,025 | | | | | 119 | | | | 0.09 | % |
| Regular savings deposits | | | 281,146 | | | | | 37 | | | | 0.05 | | | | 261,564 | | | | | 34 | | | | 0.05 | |
| Money market savings deposits | | | 892,833 | | | | | 382 | | | | 0.17 | | | | 842,158 | | | | | 277 | | | | 0.13 | |
| Time deposits | | | 508,972 | | | | | 1,160 | | | | 0.90 | | | | 449,559 | | | | | 776 | | | | 0.68 | |
| Total interest-bearing deposits | | | 2,227,084 | | | | | 1,685 | | | | 0.30 | | | | 2,063,306 | | | | | 1,206 | | | | 0.23 | |
| Other borrowings | | | 125,601 | | | | | 76 | | | | 0.24 | | | | 78,746 | | | | | 47 | | | | 0.23 | |
| Advances from FHLB | | | 580,870 | | | | | 3,307 | | | | 2.26 | | | | 554,739 | | | | | 3,273 | | | | 2.34 | |
| Subordinated debentures | | | 35,000 | | | | | 229 | | | | 2.63 | | | | 35,000 | | | | | 222 | | | | 2.54 | |
| Total interest-bearing liabilities | | | 2,968,555 | | | | | 5,297 | | | | 0.71 | | | | 2,731,791 | | | | | 4,748 | | | | 0.69 | |
| | | | | | | | | | | | | | | |
| Noninterest-bearing demand deposits | | | 1,058,215 | | | | | | | | | 1,000,285 | | | | | | |
| Other liabilities | | | 45,469 | | | | | | | | | 36,098 | | | | | | |
| Stockholders' equity | | | 521,786 | | | | | | | | | 524,063 | | | | | | |
| Total liabilities and stockholders' equity | | $ | 4,594,025 | | | | | | | | $ | 4,292,237 | | | | | | |
| | | | | | | | | | | | | | | |
| Net interest income and spread | | | | $ | | 37,439 | | | | 3.22 | % | | | $ | | 34,510 | | | | 3.22 | % |
| Less: tax-equivalent adjustment | | | | | | 1,662 | | | | | | | | | | | 1,283 | | | | | |
| Net interest income | | | | $ | | 35,777 | | | | | | | | | $ | | 33,227 | | | | | |
| | | | | | | | | | | | | | | |
| Interest income/earning assets | | | | | | 3.93 | % | | | | | 3.91 | % |
| Interest expense/earning assets | | | | | | 0.48 | | | | | | | 0.47 | |
| Net interest margin | | | | | | 3.45 | % | | | | | 3.44 | % |
| | | | | | | | | | | | | | | |
| (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2015 and 2014. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.7 million and $1.3 million in 2015 and 2014, respectively. |
| (2) Non-accrual loans are included in the average balances. | | | | | | | | | | | | | | |
| (3) Includes only investments that are exempt from federal taxes. | | | | | | | | | | | | |
| Sandy Spring Bancorp, Inc. and Subsidiaries | | | | | | | | | | | | | |
| CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES - UNAUDITED | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | Twelve Months Ended December 31, | |
| | | 2015 | | | 2014 | |
| | | | | | | Annualized | | | | | | | Annualized | |
| | | Average | | | | | | | | Average | | | Average | | | | | | | | Average | |
| (Dollars in thousands and tax-equivalent) | | Balances | | (1) Interest | | Yield/Rate | | | Balances | | (1) Interest | | Yield/Rate | |
| Assets | | | | | | | | | | | | | | |
| Residential mortgage loans | | $ | 748,584 | | | $ | | 25,251 | | | | 3.37 | % | $ | 667,735 | | | $ | | 22,859 | | | | 3.42 | % |
| Residential construction loans | | | 134,486 | | | | | 4,970 | | | | 3.70 | | | | 142,503 | | | | | 5,316 | | | | 3.73 | |
| Commercial ADC loans | | | 225,022 | | | | | 10,299 | | | | 4.58 | | | | 178,092 | | | | | 8,814 | | | | 4.95 | |
| Commercial investor real estate loans | | | 684,218 | | | | | 32,073 | | | | 4.69 | | | | 579,471 | | | | | 28,201 | | | | 4.87 | |
| Commercial owner occupied real estate loans | | | 641,798 | | | | | 31,508 | | | | 4.91 | | | | 585,965 | | | | | 28,586 | | | | 5.04 | |
| Commercial business loans | | | 404,994 | | | | | 17,926 | | | | 4.43 | | | | 358,425 | | | | | 16,400 | | | | 4.59 | |
| Leasing | | | 27 | | | | | 1 | | | | 2.50 | | | | 308 | | | | | 17 | | | | 5.64 | |
| Consumer loans | | | 437,481 | | | | | 14,624 | | | | 3.37 | | | | 397,595 | | | | | 13,176 | | | | 3.34 | |
| Total loans and leases (2) | | | 3,276,610 | | | | | 136,652 | | | | 4.17 | | | | 2,910,094 | | | | | 123,369 | | | | 4.27 | |
| Loans held for sale | | | 13,571 | | | | | 544 | | | | 4.01 | | | | 7,420 | | | | | 312 | | | | 4.21 | |
| Taxable securities | | | 592,153 | | | | | 15,016 | | | | 2.54 | | | | 676,237 | | | | | 16,817 | | | | 2.49 | |
| Tax-exempt securities (3) | | | 290,990 | | | | | 12,479 | | | | 4.29 | | | | 301,493 | | | | | 12,974 | | | | 4.30 | |
| Interest-bearing deposits with banks | | | 37,761 | | | | | 98 | | | | 0.26 | | | | 33,902 | | | | | 85 | | | | 0.25 | |
| Federal funds sold | | | 473 | | | | | 1 | | | | 0.23 | | | | 474 | | | | | 1 | | | | 0.22 | |
| Total interest-earning assets | | | 4,211,558 | | | | | 164,790 | | | | 3.91 | | | | 3,929,620 | | | | | 153,558 | | | | 3.93 | |
| | | | | | | | | | | | | | | |
| Less: allowance for loan and lease losses | | | (38,732 | ) | | | | | | | | (38,556 | ) | | | | | |
| Cash and due from banks | | | 46,719 | | | | | | | | | 46,224 | | | | | | |
| Premises and equipment, net | | | 51,804 | | | | | | | | | 46,275 | | | | | | |
| Other assets | | | 215,104 | | | | | | | | | 210,643 | | | | | | |
| Total assets | | $ | 4,486,453 | | | | | | | | $ | 4,194,206 | | | | | | |
| | | | | | | | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 532,578 | | | | | 418 | | | | 0.08 | % | $ | 484,171 | | | | | 425 | | | | 0.09 | % |
| Regular savings deposits | | | 276,873 | | | | | 146 | | | | 0.05 | | | | 259,066 | | | | | 165 | | | | 0.06 | |
| Money market savings deposits | | | 860,399 | | | | | 1,364 | | | | 0.16 | | | | 864,029 | | | | | 1,116 | | | | 0.13 | |
| Time deposits | | | 481,368 | | | | | 3,950 | | | | 0.82 | | | | 457,778 | | | | | 3,085 | | | | 0.67 | |
| Total interest-bearing deposits | | | 2,151,218 | | | | | 5,878 | | | | 0.27 | | | | 2,065,044 | | | | | 4,791 | | | | 0.23 | |
| Other borrowings | | | 110,899 | | | | | 255 | | | | 0.23 | | | | 70,933 | | | | | 164 | | | | 0.23 | |
| Advances from FHLB | | | 589,575 | | | | | 13,081 | | | | 2.22 | | | | 556,178 | | | | | 12,982 | | | | 2.33 | |
| Subordinated debentures | | | 35,000 | | | | | 899 | | | | 2.57 | | | | 35,000 | | | | | 881 | | | | 2.52 | |
| Total interest-bearing liabilities | | | 2,886,692 | | | | | 20,113 | | | | 0.70 | | | | 2,727,155 | | | | | 18,818 | | | | 0.69 | |
| | | | | | | | | | | | | | | |
| Noninterest-bearing demand deposits | | | 1,033,141 | | | | | | | | | 921,169 | | | | | | |
| Other liabilities | | | 46,949 | | | | | | | | | 31,675 | | | | | | |
| Stockholders' equity | | | 519,671 | | | | | | | | | 514,207 | | | | | | |
| Total liabilities and stockholders' equity | | $ | 4,486,453 | | | | | | | | $ | 4,194,206 | | | | | | |
| | | | | | | | | | | | | | | |
| Net interest income and spread | | | | $ | | 144,677 | | | | 3.21 | % | | | $ | | 134,740 | | | | 3.24 | % |
| Less: tax-equivalent adjustment | | | | | | 6,478 | | | | | | | | | | | 5,192 | | | | | |
| Net interest income | | | | $ | | 138,199 | | | | | | | | | $ | | 129,548 | | | | | |
| | | | | | | | | | | | | | | |
| Interest income/earning assets | | | | | | 3.91 | % | | | | | 3.93 | % |
| Interest expense/earning assets | | | | | | 0.47 | | | | | | | 0.48 | |
| Net interest margin | | | | | | 3.44 | % | | | | | 3.45 | % |
| | | | | | | | | | | | | | | |
| (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2015 and 2014. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $6.5 million and $5.2 million in 2015 and 2014, respectively. | |
| (2) Non-accrual loans are included in the average balances. | | | | | | | | | | | | | | |
| (3) Includes only investments that are exempt from federal taxes. | | | | | | | | | | | | |
| | | | | | | | | | | | | |
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