| --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------| | • | 1Q 2024 Highlights1 Total core customer deposit growth of $286.6 million (+3%), total deposit growth of $230.7 million | Net | $20.3 million Income Available to Common Equity (-22% vs. 4Q 2023) | | • | Total loans remained flat at $11.4 billion | | | | • ...

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE SANDY SPRING BANCORP REPORTS FIRST QUARTER EARNINGS OF $20.4 MILLION OLNEY, MARYLAND, April 23, 2024 — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $20.4 million ($0.45 per diluted common share) for the quarter ended March 31, 2024, compared to net income of $26.1 million ($0.58 per diluted common share) for the fourth quarter of 2023 and $51.3 million ($1.14 per diluted common share) for the first q ...

(Exact name of registrant as specified in its charter) Maryland 52-1532952 (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-19065 SANDY SPRING BANCORP, INC. 17801 Georgi ...

Financial Data and Key Metrics Changes - Core earnings for the current quarter were $27.1 million or $0.60 per diluted common share, down from $27.8 million or $0.62 per diluted common share in the previous quarter and $35.3 million or $0.79 per diluted common share in the same quarter last year [7] - Net income for the quarter ended December 31, 2023, was $26.1 million or $0.58 per diluted common share, compared to $20.7 million or $0.46 per diluted common share for the third quarter of 2023 and $34 million or $0.76 per diluted common share for the fourth quarter of 2022 [20] - The net interest margin decreased to 2.45% from 2.55% in the previous quarter and 3.26% in the same quarter last year [35] Business Line Data and Key Metrics Changes - Total loans increased by $66.7 million or 1% to $11.4 billion at December 31, 2023, compared to $11.3 billion at September 30 [24] - Commercial loan production totaled $245 million, yielding $153 million in funded production for the quarter, down from $323 million yielding $96 million in the previous quarter [25] - Non-interest income decreased by 5% or $800,000 compared to the linked quarter but grew by 16% or $2.3 million compared to the prior year quarter [31] Market Data and Key Metrics Changes - Total deposits decreased by $154.5 million or 1% to $11 billion compared to $11.2 billion at September 30 [28] - The loan to deposit ratio increased to 103% at December 31 from 101% at September 30 [29] - Total borrowings remained unchanged across all categories at December 31 [12] Company Strategy and Development Direction - The company has shifted focus towards diversifying its asset base by growing small business and commercial & industrial (C&I) relationships while de-emphasizing growth in the commercial real estate portfolio [6] - The company implemented new technologies to enhance client access to products and services, aiming to deepen existing relationships and develop new ones through digital offerings [19] - The company anticipates a mid to upper-single digit growth in loans driven predominantly by C&I work and owner-occupied real estate [58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the core deposit base and the potential for deposit growth through enhanced digital capabilities [63] - The company expects the net interest margin to bottom out in the first quarter of 2024 and rebound in subsequent quarters [33] - Management noted that the overall expense growth for 2024 is expected to be flat compared to 2023 levels after adjusting for one-time costs [34] Other Important Information - The company reported a total risk-based capital ratio of 14.92%, which remains well above regulatory requirements [38] - The CFO announced his retirement, with a transition plan in place for a new CFO [39] Q&A Session Summary Question: Can you clarify the expense guidance for 2024? - Management indicated that they expect overall expense growth to be flat year-over-year after adjusting for one-time costs from 2023 [43] Question: What is the outlook for deposit costs and noninterest-bearing deposits? - Management anticipates some incremental increases in deposit costs but expects to rebuild demand deposit account balances, which will help improve margins [44] Question: What is the expected loan production yield? - The average yield on new commercial production was about 8.3%, with various segments yielding between 6.5% to 8.5% [46] Question: How does the company view its digital transformation and ongoing projects? - Management confirmed that significant digital capabilities have been rolled out, with ongoing projects aimed at enhancing small business and commercial online capabilities [55] Question: What is the loan growth guidance for 2024? - The company aims for mid to upper-single digit loan growth, primarily driven by C&I and owner-occupied real estate [58]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ____________ Commission File Number: 0-19065 SANDY SPRING BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 52-1532952 (State of incorp ...

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q3 2023 Earnings Conference Call October 24, 2023 2:00 PM ET Company Participants Daniel Schrider - President and Chief Executive Officer Philip Mantua - Executive Vice President and Chief Financial Officer Aaron Kaslow - General Counsel and Chief Administrative Officer Conference Call Participants Russell Gunther - Stephens Casey Whitman - Piper Sandler Catherine Mealor - KBW Manuel Navas - D.A Davidson Operator Hello, and welcome to today's Sandy Spring Bancorp, In ...

3rd Quarter 2023 Earnings Presentation October 24, 2023 Forward Looking Statements Sandy Spring Bancorp's forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in ...

Sandy Spring Bancorp's forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savin ...

PART I - FINANCIAL INFORMATION [Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=3&type=section&id=Item%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Unaudited condensed consolidated financial statements and notes detail the Company's financial position and performance for Q2 2023 and FY 2022 [Condensed Consolidated Statements of Condition - Unaudited](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Condition%20-%20Unaudited) Total assets and liabilities slightly increased from December 2022 to June 2023, driven by cash and interest-bearing deposits Condensed Consolidated Statements of Condition Summary | Metric (in thousands) | June 30, 2023 | December 31, 2022 | | :-------------------- | :------------ | :---------------- | | Total assets | $13,994,545 | $13,833,119 | | Total liabilities | $12,455,513 | $12,349,351 | | Total stockholders' equity | $1,539,032 | $1,483,768 | | Cash and cash equivalents | $430,127 | $192,232 | | Total loans | $11,369,639 | $11,396,706 | | Total deposits | $10,958,922 | $10,953,421 | | Noninterest-bearing deposits | $3,079,896 | $3,673,300 | | Interest-bearing deposits | $7,879,026 | $7,280,121 | | Total borrowings | $1,345,014 | $1,242,172 | [Condensed Consolidated Statements of Income - Unaudited](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20-%20Unaudited) Net income significantly decreased for Q2 and H1 2023 due to increased interest expense and lower non-interest income Condensed Consolidated Statements of Income Summary | Metric (in thousands, except per share) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total interest income | $158,150 | $113,909 | $309,497 | $219,945 | | Total interest expense | $67,679 | $7,959 | $121,724 | $12,544 | | Net interest income | $90,471 | $105,950 | $187,773 | $207,401 | | Provision/ (credit) for credit losses | $5,055 | $3,046 | $(16,481) | $4,681 | | Total non-interest income | $17,176 | $35,245 | $33,127 | $55,840 | | Total non-interest expense | $69,136 | $64,991 | $135,441 | $127,138 | | Income before income tax expense | $33,456 | $73,158 | $101,940 | $131,422 | | Income tax expense | $8,711 | $18,358 | $25,942 | $32,687 | | Net income | $24,745 | $54,800 | $75,998 | $98,735 | | Basic net income per common share | $0.55 | $1.21 | $1.69 | $2.18 | | Diluted net income per common share | $0.55 | $1.21 | $1.69 | $2.17 | | Dividends declared per share | $0.34 | $0.34 | $0.68 | $0.68 | [Condensed Consolidated Statements of Comprehensive Income – Unaudited](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%E2%80%93%20Unaudited) Comprehensive income decreased for Q2 2023 but significantly increased for H1, driven by available-for-sale investments Condensed Consolidated Statements of Comprehensive Income Summary | Metric (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $24,745 | $54,800 | $75,998 | $98,735 | | Net effect on other comprehensive income/ (loss) (AFS) | $(10,143) | $(28,924) | $5,347 | $(77,956) | | Net effect on other comprehensive income/ (loss) (HTM) | $341 | $597 | $643 | $(11,249) | | Net effect on other comprehensive income/ (loss) (Pension) | $168 | $145 | $336 | $291 | | Total other comprehensive income/ (loss) | $(9,634) | $(28,182) | $6,326 | $(88,914) | | Comprehensive income | $15,111 | $26,618 | $82,324 | $9,821 | [Condensed Consolidated Statements of Changes in Stockholders' Equity – Unaudited](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20%E2%80%93%20Unaudited) Stockholders' equity increased from January to June 2023, driven by net income and positive comprehensive loss changes Stockholders' Equity Balances | Metric (in thousands) | Balances at January 1, 2023 | Balances at June 30, 2023 | | :-------------------- | :-------------------------- | :------------------------ | | Common Stock | $44,657 | $44,862 | | Additional Paid-In Capital | $734,273 | $737,740 | | Retained Earnings | $836,789 | $882,055 | | Accumulated Other Comprehensive Income/ (Loss) | $(131,951) | $(125,625) | | Total Stockholders' Equity | $1,483,768 | $1,539,032 | | Metric (in thousands) | Balances at January 1, 2022 | Balances at June 30, 2022 | | :-------------------- | :-------------------------- | :------------------------ | | Common Stock | $45,119 | $44,630 | | Additional Paid-In Capital | $751,072 | $730,285 | | Retained Earnings | $732,027 | $799,707 | | Accumulated Other Comprehensive Income/ (Loss) | $(8,539) | $(97,453) | | Total Stockholders' Equity | $1,519,679 | $1,477,169 | - Common stock dividends declared per share remained constant at **$0.34** for the three months and **$0.68** for the six months ended June 30, 2023 and 2022[8](index=8&type=chunk) - The Company repurchased **625,710 common shares** for **$25.0 million** in 2022, but no shares were repurchased during the quarter ended June 30, 2023[10](index=10&type=chunk)[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows – Unaudited](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%E2%80%93%20Unaudited) Operating cash flow increased for H1 2023, investing activities shifted to inflow, and financing activities decreased significantly Condensed Consolidated Statements of Cash Flows Summary | Metric (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $54,291 | $101,520 | | Net cash provided by/ (used in) investing activities | $105,692 | $(1,008,939) | | Net cash provided by financing activities | $77,912 | $708,678 | | Net increase/ (decrease) in cash and cash equivalents | $237,895 | $(198,741) | | Cash and cash equivalents at end of period | $430,127 | $221,279 | - The provision for credit losses was a credit of **$16.481 million** in 2023, compared to a charge of **$4.681 million** in 2022, significantly impacting operating cash flows[12](index=12&type=chunk) - Net (increase)/decrease in loans shifted from a decrease of **$814.098 million** in 2022 to an increase of **$27.075 million** in 2023, contributing to the change in investing activities[12](index=12&type=chunk) - Proceeds from FHLB advances increased significantly to **$2,030,000 million** in 2023 from **$346,625 million** in 2022, with corresponding repayments, impacting financing cash flows[12](index=12&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, financial instruments, credit quality, and fair value measurements [NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=NOTE%201%20%E2%80%93%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines operations, basis of presentation, and accounting for loans, ACL, and leases, including ASU 2022-02 adoption - The Company adopted **ASU 2022-02**, 'Financial Instruments - Credit Losses (Topic 326)', effective January 1, 2023, which eliminated accounting guidance for Troubled Debt Restructurings (TDRs) and amended vintage disclosures, with no material impact on Consolidated Financial Statements[27](index=27&type=chunk)[41](index=41&type=chunk) - The allowance for credit losses (ACL) reflects lifetime expected losses on outstanding loans, based on historical default and loss experience, adjusted for expected economic conditions (two-year forecast period, reverting to historical mean over two years), with key variables including unemployment rate, house price index, and business bankruptcies[28](index=28&type=chunk)[33](index=33&type=chunk) - The Company adopted **ASU 2020-04** on January 1, 2022, related to Reference Rate Reform, and continues to evaluate **ASU 2021-01**, neither of which is expected to have a material impact[43](index=43&type=chunk) [NOTE 2 – INVESTMENTS](index=14&type=section&id=NOTE%202%20%E2%80%93%20INVESTMENTS) Details the investment portfolio, showing decreased fair value of debt securities due to interest rate changes, not credit events Debt Securities Portfolio | Investment Category (in thousands) | June 30, 2023 Amortized Cost | June 30, 2023 Estimated Fair Value | December 31, 2022 Amortized Cost | December 31, 2022 Estimated Fair Value | | :--------------------------------- | :----------------------------- | :--------------------------------- | :------------------------------- | :------------------------------- | | Available-for-sale debt securities | $1,288,818 | $1,143,688 | $1,366,843 | $1,214,538 | | Held-to-maturity debt securities | $247,814 | $208,662 | $259,452 | $220,123 | | Total debt securities | $1,536,632 | $1,352,350 | $1,626,295 | $1,434,661 | - Unrealized losses on available-for-sale debt securities at June 30, 2023, are due to changes in interest rates, not credit-related events, and the Company does not intend to sell these securities and has sufficient liquidity to hold them to maturity[44](index=44&type=chunk) Other Investments | Other Investments (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------------- | :------------ | :---------------- | | Federal Reserve Bank stock | $38,961 | $38,873 | | Federal Home Loan Bank of Atlanta stock | $32,414 | $29,668 | | Other | $677 | $677 | | Total other investments, at cost | $72,052 | $69,218 | [NOTE 3 – LOANS](index=16&type=section&id=NOTE%203%20%E2%80%93%20LOANS) Breakdown of the loan portfolio shows stable total loans, with commercial loans decreasing and residential mortgages growing Loan Portfolio Segment Breakdown | Loan Portfolio Segment (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------------------ | :------------ | :---------------- | | Commercial investor real estate | $5,131,210 | $5,130,094 | | Commercial owner-occupied real estate | $1,770,135 | $1,775,037 | | Commercial AD&C | $1,045,742 | $1,090,028 | | Commercial business | $1,423,614 | $1,455,885 | | Total commercial loans | $9,370,701 | $9,451,044 | | Residential mortgage | $1,385,743 | $1,287,933 | | Residential construction | $190,690 | $224,772 | | Consumer | $422,505 | $432,957 | | Total residential and consumer loans | $1,998,938 | $1,945,662 | | Total loans | $11,369,639 | $11,396,706 | - Commercial loans decreased slightly by **$80.3 million**, while residential and consumer loans increased by **$53.3 million**, primarily driven by residential mortgage growth[53](index=53&type=chunk) [NOTE 4 – CREDIT QUALITY ASSESSMENT](index=17&type=section&id=NOTE%204%20%E2%80%93%20CREDIT%20QUALITY%20ASSESSMENT) Details ACL, collateral-dependent loans, and credit quality indicators, showing decreased ACL and increased non-accrual loans Allowance for Credit Losses Activity | Metric (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :-------------------- | :----------------------------- | :----------------------------- | | Balance at beginning of period | $136,242 | $109,145 | | Provision/ (credit) for credit losses - loans | $(14,491) | $4,681 | | Net charge-offs | $(1,464) | $(156) | | Balance at period end | $120,287 | $113,670 | Collateral Dependent Loans and ACL | Collateral Dependent Loans (in thousands) | June 30, 2023 | December 31, 2022 | | :---------------------------------------- | :------------ | :---------------- | | Collateral dependent loans individually evaluated for credit loss with an allowance | $48,878 | $9,743 | | Total individually evaluated collateral dependent loans | $63,530 | $26,197 | | Allowance for credit losses related to loans evaluated individually | $16,224 | $6,902 | | Allowance for credit losses related to loans evaluated collectively | $104,063 | $129,340 | | Total allowance for credit losses - loans | $120,287 | $136,242 | Non-accrual Loan Activity | Non-accrual Loan Activity (in thousands) | Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | | :--------------------------------------- | :----------------------------- | :--------------------------- | | Balance at beginning of period | $34,782 | $46,086 | | Loans placed on non-accrual | $28,990 | $12,130 | | Non-accrual balances charged-off | $(2,175) | $(860) | | Balance at end of period | $48,738 | $34,782 | Loan Modifications by Type | Loan Modifications (in thousands) | Interest rate reduction | Term extension | | :-------------------------------- | :---------------------- | :------------- | | Commercial Investor R/E | $28,340 | $553 | | Commercial Owner-Occupied R/E | — | $2,000 | | Commercial AD&C | — | $350 | | Commercial Business | — | $950 | | Total | $28,340 | $3,853 | - No loan modifications completed on or after January 1, 2023, for borrowers experiencing financial difficulty had a payment default during the six months ended June 30, 2023[75](index=75&type=chunk) [NOTE 5 – GOODWILL AND OTHER INTANGIBLE ASSETS](index=25&type=section&id=NOTE%205%20%E2%80%93%20GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS) Goodwill remained constant, while amortizing intangible assets decreased due to ongoing amortization Intangible Assets Summary | Intangible Asset (in thousands) | June 30, 2023 Net Carrying Amount | December 31, 2022 Net Carrying Amount | | :------------------------------ | :-------------------------------- | :------------------------------------ | | Core deposit intangibles | $10,552 | $12,344 | | Other identifiable intangibles | $6,728 | $7,511 | | Total amortizing intangible assets | $17,280 | $19,855 | | Goodwill | $363,436 | $363,436 | - The weighted average remaining life for core deposit intangibles is **6.0 years** and for other identifiable intangibles is **8.2 years** as of June 30, 2023[77](index=77&type=chunk) [NOTE 6 – DEPOSITS](index=26&type=section&id=NOTE%206%20%E2%80%93%20DEPOSITS) Total deposits remained stable, but a significant shift occurred from noninterest-bearing to interest-bearing deposits Deposit Composition | Deposit Category (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------------ | :------------ | :---------------- | | Noninterest-bearing deposits | $3,079,896 | $3,673,300 | | Interest-bearing deposits: | | | | Demand | $1,413,027 | $1,435,454 | | Money market savings | $2,918,253 | $3,213,045 | | Regular savings | $731,985 | $513,360 | | Time deposits of less than $250,000 | $2,293,858 | $1,644,645 | | Time deposits of $250,000 or more | $521,903 | $473,617 | | Total interest-bearing deposits | $7,879,026 | $7,280,121 | | Total deposits | $10,958,922 | $10,953,421 | - Noninterest-bearing deposits decreased by **$593.4 million**, while interest-bearing deposits increased by **$598.9 million**, with time deposits showing significant growth[79](index=79&type=chunk) [NOTE 7 – BORROWINGS](index=26&type=section&id=NOTE%207%20%E2%80%93%20BORROWINGS) Total borrowings increased due to new Federal Reserve Bank borrowings and FHLB advances, offsetting reduced federal funds purchased Borrowings by Category | Borrowing Category (in thousands) | June 30, 2023 | December 31, 2022 | | :-------------------------------- | :------------ | :---------------- | | Fixed to floating rate subordinated debt, 3.875% | $200,000 | $200,000 | | Fixed to floating rate subordinated debt, 4.25% | $175,000 | $175,000 | | Total subordinated debt | $375,000 | $375,000 | | Securities sold under retail repurchase agreements | $74,510 | $61,967 | | Federal funds purchased | — | $260,000 | | Federal Reserve Bank borrowings | $300,000 | — | | Advances from FHLB | $600,000 | $550,000 | - The Company had **$300.0 million** outstanding borrowings through the Federal Reserve's Bank Term Funding Program at June 30, 2023, with an additional **$16.6 million** available[84](index=84&type=chunk) - FHLB availability based on pledged collateral was **$2.6 billion** at June 30, 2023, with **$600.0 million** outstanding[85](index=85&type=chunk) [NOTE 8 – STOCKHOLDERS' EQUITY](index=27&type=section&id=NOTE%208%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) No shares were repurchased in Q2 2023, with $25.0 million remaining available under the stock repurchase plan - The Company repurchased **625,710 common shares** for **$25.0 million** in 2022 under a **$50.0 million** stock repurchase plan[88](index=88&type=chunk) - No common shares were repurchased during the quarter ended June 30, 2023, leaving **$25.0 million** available under the current authorization[88](index=88&type=chunk) [NOTE 9 – SHARE BASED COMPENSATION](index=27&type=section&id=NOTE%209%20%E2%80%93%20SHARE%20BASED%20COMPENSATION) Compensation expense decreased for H1 2023, with significant unrecognized costs remaining for restricted stock awards Share-Based Compensation Expense | Metric (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Compensation expense | $2,700 | $3,200 | $4,000 | $4,700 | - Unrecognized compensation cost related to restricted stock awards, restricted stock unit grants, and performance share unit grants was approximately **$9.5 million** as of June 30, 2023, expected to be recognized over a weighted average period of approximately **2.04 years**[90](index=90&type=chunk) - During the six months ended June 30, 2023, the Company granted **276,252 restricted stock units** and performance share units, but no stock options[91](index=91&type=chunk) [NOTE 10 – PENSION PLAN](index=28&type=section&id=NOTE%2010%20%E2%80%93%20PENSION%20PLAN) The defined benefit pension plan was frozen and approved for termination, with asset distributions anticipated in Q3 2023 - The Company's defined benefit pension plan was approved for termination effective June 30, 2022, with asset distributions anticipated in the **third quarter of 2023**[96](index=96&type=chunk)[98](index=98&type=chunk) Net Periodic Benefit Cost | Metric (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net periodic benefit cost | $290 | $169 | $580 | $337 | - No contributions were made to the Plan during the six months ended June 30, 2023[100](index=100&type=chunk) [NOTE 11 – NET INCOME PER COMMON SHARE](index=29&type=section&id=NOTE%2011%20%E2%80%93%20NET%20INCOME%20PER%20COMMON%20SHARE) Both basic and diluted EPS decreased for Q2 and H1 2023, reflecting the overall decline in net income Net Income Per Common Share Calculation | Metric (in thousands, except per share) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to common shareholders | $24,712 | $54,606 | $75,821 | $98,259 | | Basic weighted average common shares | 44,833 | 45,024 | 44,756 | 45,082 | | Diluted weighted average common shares | 44,889 | 45,111 | 44,877 | 45,222 | | Basic net income per common share | $0.55 | $1.21 | $1.69 | $2.18 | | Diluted net income per common share | $0.55 | $1.21 | $1.69 | $2.17 | [NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE LOSS](index=29&type=section&id=NOTE%2012%20%E2%80%93%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20LOSS) The balance improved from a loss of **$(131.951) million** to **$(125.625) million**, driven by available-for-sale investments Accumulated Other Comprehensive Loss Activity | Metric (in thousands) | Balance at January 1, 2023 | Current period change in other comprehensive loss, net of tax | Balance at June 30, 2023 | | :-------------------- | :------------------------- | :---------------------------------------------------------- | :----------------------- | | Unrealized Gains/(Losses) on Debt Securities Available-for-Sale | $(113,513) | $5,347 | $(108,166) | | Defined Benefit Pension Plan | $(8,002) | $336 | $(7,666) | | Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity | $(10,436) | $643 | $(9,793) | | Total | $(131,951) | $6,326 | $(125,625) | - Reclassification adjustments from accumulated other comprehensive income to earnings for the six months ended June 30, 2023, included amortization of unrealized losses on HTM debt securities and amortization of defined benefit pension plan items, with no impact from investment securities gains[104](index=104&type=chunk) [NOTE 13 – LEASES](index=30&type=section&id=NOTE%2013%20%E2%80%93%20LEASES) Operating lease costs and cash flows remained stable, with new ROU assets and lease liabilities recognized Operating Lease Costs and Cash Flows | Metric (in thousands) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | | :-------------------- | :------------------------------- | :----------------------------- | | Operating lease cost | $2,712 | $5,427 | | Operating cash flows from operating leases | $2,861 | $5,749 | | ROU assets obtained in exchange for lease liabilities (New leases) | — | $703 | Lease Information | Lease Information | June 30, 2023 | December 31, 2022 | | :---------------- | :------------ | :---------------- | | Operating lease ROU assets | $50,397 | $48,910 | | Operating lease liabilities | $58,568 | $57,402 | | Weighted average remaining lease term | 8.3 years | 8.6 years | | Weighted average discount rate | 3.22% | 3.02% | [NOTE 14 – DERIVATIVES](index=31&type=section&id=NOTE%2014%20%E2%80%93%20DERIVATIVES) Interest rate swap agreements are used for customer transactions, with slight decrease in notional value and fair values - The notional value of interest rate swaps outstanding was **$334.5 million** as of June 30, 2023, a slight decrease from **$339.1 million** at December 31, 2022[109](index=109&type=chunk) - Fair values of swap positions net to zero to minimize the potential impact on the Condensed Consolidated Financial Statements, carried as gross assets and liabilities[109](index=109&type=chunk) [NOTE 15 – LITIGATION](index=32&type=section&id=NOTE%2015%20%E2%80%93%20LITIGATION) Management anticipates no material adverse effect on the Company's financial condition or results from ongoing legal proceedings - Management does not anticipate that the ultimate liability from pending or threatened legal proceedings will have a material adverse effect on the Company's financial condition, operating results, or liquidity[111](index=111&type=chunk) [NOTE 16 – FAIR VALUE](index=32&type=section&id=NOTE%2016%20%E2%80%93%20FAIR%20VALUE) Fair value measurements for financial instruments are primarily Level 2, with details on collateral-dependent non-accrual loans Fair Value Measurements (Level 2) | Asset/Liability (in thousands) | June 30, 2023 Total Fair Value | Level 2 Fair Value | | :----------------------------- | :----------------------------- | :----------------- | | Residential mortgage loans held for sale | $21,476 | $21,476 | | Available-for-sale debt securities | $1,143,688 | $1,143,688 | | Interest rate swap agreements (assets) | $18,286 | $18,286 | | Interest rate swap agreements (liabilities) | $(18,286) | $(18,286) | - At June 30, 2023, non-accrual loans totaling **$63.5 million** had an estimated fair value of **$47.3 million**, resulting in individual credit loss allowances of **$16.2 million**[124](index=124&type=chunk) Fair Value of Loans and Subordinated Debt (Level 3) | Financial Instrument (in thousands) | June 30, 2023 Carrying Amount | June 30, 2023 Estimated Fair Value | June 30, 2023 Level 3 Fair Value | | :---------------------------------- | :---------------------------- | :--------------------------------- | :------------------------------- | | Loans, net of allowance | $11,249,352 | $10,467,917 | $10,467,917 | | Subordinated debt | $370,504 | $336,107 | $336,107 | [Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=36&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Analyzes financial condition and results for Q2 and H1 2023, highlighting declining net income, stable balances, and strong capital [Forward-Looking Statements](index=37&type=section&id=Forward-Looking%20Statements) Highlights forward-looking statements subject to risks and uncertainties, which the Company does not undertake to update - Forward-looking statements are subject to significant risks and uncertainties, including changes in economic conditions, consumer confidence, demand for financial services, credit losses, interest rate environment, regulatory compliance, and competitive pressures[134](index=134&type=chunk) - The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the report date, except as required by federal securities laws[135](index=135&type=chunk) [The Company](index=37&type=section&id=The%20Company) Sandy Spring Bancorp, Inc. is a bank holding company offering diverse financial services, with total assets of **$14.0 billion** - Sandy Spring Bancorp, Inc. is the bank holding company for Sandy Spring Bank, providing commercial banking, retail banking, mortgage services, and trust services[136](index=136&type=chunk)[137](index=137&type=chunk) - The Bank offers wealth management services through West Financial Services, Inc. and SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson)[137](index=137&type=chunk) - Total assets at June 30, 2023, were **$14.0 billion**, compared to **$13.8 billion** at December 31, 2022[136](index=136&type=chunk) [Current Quarter Financial Overview](index=38&type=section&id=Current%20Quarter%20Financial%20Overview) Q2 2023 net income decreased significantly due to lower net interest income, reduced non-interest income, and higher expenses Current Quarter Financial Performance Summary | Metric (in millions, except per share) | Q2 2023 | Q1 2023 | Q2 2022 | | :------------------------------------- | :------ | :------ | :------ | | Net income | $24.7 | $51.3 | $54.8 | | Diluted EPS | $0.55 | $1.14 | $1.21 | | Core earnings | $27.1 | $52.3 | $44.2 | | Core diluted EPS | $0.60 | $1.16 | $0.98 | - Net interest income for Q2 2023 declined **7% QoQ** and **15% YoY**, primarily due to interest expense growth outpacing interest income growth[142](index=142&type=chunk) Key Financial Ratios | Metric | Q2 2023 | Q1 2023 | Q2 2022 | | :----- | :------ | :------ | :------ | | Net interest margin | 2.73% | 2.99% | 3.49% | | Non-performing loans to total loans | 0.44% | 0.41% | 0.40% | | GAAP efficiency ratio | 64.22% | 58.55% | 46.03% | | Non-GAAP efficiency ratio | 60.68% | 56.87% | 49.79% | - Provision for credit losses was a charge of **$4.5 million** in Q2 2023, compared to a credit of **$18.9 million** in Q1 2023, mainly due to an individual reserve on a commercial real estate relationship and consumer loan charge-offs[142](index=142&type=chunk)[143](index=143&type=chunk) [Summary of Comparative Second Quarter Results](index=39&type=section&id=Summary%20of%20Comparative%20Second%20Quarter%20Results) Assets and loans increased year-over-year, deposits remained level, and net income declined significantly due to lower net interest income Comparative Financial Position | Metric (in billions) | June 30, 2023 | June 30, 2022 | | :------------------- | :------------ | :------------ | | Total assets | $14.0 | $13.3 | | Total loans | $11.4 | $10.8 | | Deposits | $11.0 | $11.0 | - Tangible common equity ratio increased to **8.51%** at June 30, 2023, from **8.45%** at June 30, 2022, driven by growth in retained earnings[146](index=146&type=chunk) Capital Ratios | Capital Ratio | June 30, 2023 | | :------------ | :------------ | | Total risk-based capital ratio | 14.60% | | Common equity tier 1 risk-based capital ratio | 10.65% | | Tier 1 risk-based capital ratio | 10.65% | | Tier 1 leverage ratio | 9.42% | - Net income for Q2 2023 was **$24.7 million**, down from **$54.8 million** in Q2 2022, primarily due to a **$16.7 million** gain on the sale of the insurance segment in the prior year and lower net interest income[149](index=149&type=chunk)[150](index=150&type=chunk) Credit Quality Metrics | Credit Quality Metric | June 30, 2023 | June 30, 2022 | | :-------------------- | :------------ | :------------ | | Non-performing loans to total loans | 0.44% | 0.40% |\ | Allowance for credit losses to outstanding loans | 1.06% | 1.05% | | Allowance for credit losses to non-performing loans | 243% | 261% | [Results of Operations (Six Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022)](index=42&type=section&id=Results%20of%20Operations) H1 2023 net income and core earnings declined due to increased interest expense, lower non-interest income, and higher expenses Six-Month Financial Performance Summary | Metric (in millions) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------- | :----------------------------- | :----------------------------- | | Net income | $76.0 | $98.7 | | Core earnings | $79.4 | $89.3 | | Pre-tax, pre-provision net income | $85.5 | $136.1 | Net Interest Income and Margin | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :----- | :----------------------------- | :----------------------------- | | Net interest income (tax-equivalent) | $189.7 | $209.3 | | Net interest margin | 2.86% | 3.49% | | Average yield on earning assets | 4.69% | 3.70% | | Average rate paid on interest-bearing liabilities | 2.72% | 0.35% | Non-interest Income Breakdown | Non-interest Income (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | $ Change | % Change | | :--------------------------------- | :----------------------------- | :----------------------------- | :------- | :------- | | Total non-interest income | $33,127 | $55,840 | $(22,713) | (40.7)% | | Gain on disposal of assets | — | $16,699 | $(16,699) | N/M | | Insurance agency commissions | — | $2,927 | $(2,927) | N/M | | Bank card fees | $865 | $3,478 | $(2,613) | (75.1)% | Non-interest Expense Breakdown | Non-interest Expense (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | $ Change | % Change | | :---------------------------------- | :----------------------------- | :----------------------------- | :------- | :------- | | Total non-interest expense | $135,441 | $127,138 | $8,303 | 6.5% | | FDIC insurance | $4,513 | $2,062 | $2,451 | 118.9% | | Professional fees and services | $7,845 | $4,389 | $3,456 | 78.7% | Efficiency Ratios | Efficiency Ratio | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--------------- | :----------------------------- | :----------------------------- | | GAAP efficiency ratio | 61.31% | 48.30% | | Non-GAAP efficiency ratio | 58.73% | 49.57% | [Results of Operations (Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022)](index=50&type=section&id=Results%20of%20Operations) Q2 2023 net income and core earnings significantly decreased due to increased interest expense, lower non-interest income, and rising expenses Three-Month Financial Performance Summary | Metric (in millions, except per share) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :------------------------------------- | :------------------------------- | :------------------------------- | | Net income | $24.7 | $54.8 | | Diluted EPS | $0.55 | $1.21 | | Core earnings | $27.1 | $44.2 | | Core diluted EPS | $0.60 | $0.98 | Net Interest Income and Margin | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :----- | :------------------------------- | :------------------------------- | | Net interest income | $90,471 | $105,950 | | Net interest margin | 2.73% | 3.49% | | Average yield on interest-earning assets | 4.75% | 3.75% | | Average rate paid on interest-bearing liabilities | 2.93% | 0.43% | Non-interest Income Breakdown | Non-interest Income (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | $ Change | % Change | | :--------------------------------- | :------------------------------- | :------------------------------- | :------- | :------- | | Total non-interest income | $17,176 | $35,245 | $(18,069) | (51.3)% | | Gain on disposal of assets | — | $16,699 | $(16,699) | N/M | | Bank card fees | $447 | $1,810 | $(1,363) | (75.3)% | Non-interest Expense Breakdown | Non-interest Expense (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | $ Change | % Change | | :---------------------------------- | :------------------------------- | :------------------------------- | :------- | :------- | | Total non-interest expense | $69,136 | $64,991 | $4,145 | 6.4% | | Salaries and employee benefits | $40,931 | $39,550 | $1,381 | 3.5% | | FDIC insurance | $2,375 | $1,078 | $1,297 | 120.3% | | Professional fees and services | $4,161 | $2,372 | $1,789 | 75.4% | Efficiency Ratios | Efficiency Ratio | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :--------------- | :------------------------------- | :------------------------------- | | GAAP efficiency ratio | 64.22% | 46.03% | | Non-GAAP efficiency ratio | 60.68% | 49.79% | [FINANCIAL CONDITION](index=57&type=section&id=FINANCIAL%20CONDITION) Financial condition at June 30, 2023, shows increased assets, stable loans and deposits, and bolstered on-balance sheet liquidity Financial Position Overview | Metric (in billions) | June 30, 2023 | December 31, 2022 | | :------------------- | :------------ | :---------------- | | Total assets | $14.0 | $13.8 | | Total loans | $11.4 | $11.4 | | Total deposits | $11.0 | $11.0 | | Loan to deposit ratio | 103.7% | 104.0% | - Noninterest-bearing deposits declined **16.2%**, while interest-bearing deposits increased **8.2%**, driven by competitive high yields and growth in brokered time deposits[199](index=199&type=chunk)[203](index=203&type=chunk) Investment Portfolio Summary | Investment Category (in thousands) | June 30, 2023 Amount | December 31, 2022 Amount | Period-to-Period Change % | | :--------------------------------- | :------------------- | :----------------------- | :------------------------ | | Total available-for-sale debt securities | $1,143,688 | $1,214,538 | (5.8)% | | Total held-to-maturity debt securities | $247,814 | $259,452 | (4.5)% | | Total securities | $1,463,554 | $1,543,208 | (5.2)% | - The duration of the investment portfolio decreased to **4.6 years** at June 30, 2023, from **4.8 years** at December 31, 2022[201](index=201&type=chunk) - Total borrowings increased by **$102.8 million**, with **$300.0 million** in Federal Reserve Bank's Bank Term Funding Program borrowings replacing **$260.0 million** in federal funds purchased[206](index=206&type=chunk) [Credit Risk](index=61&type=section&id=Credit%20Risk) Non-performing loans increased, ACL decreased, and the provision for credit losses was a credit in H1 2023 due to an improving forecast Credit Quality Metrics | Credit Quality Metric (in thousands) | June 30, 2023 | December 31, 2022 | | :----------------------------------- | :------------ | :---------------- | | Total non-accrual loans | $48,738 | $34,782 | | Total 90 days past due loans | $721 | $1,002 | | Total non-performing loans | $49,459 | $39,359 | | Total non-performing assets | $50,070 | $40,004 | | Non-performing loans to total loans | 0.44% | 0.35% | | Allowance for credit losses to non-performing loans | 243.21% | 346.15% | Allowance for Credit Losses | Allowance for Credit Losses (in thousands) | June 30, 2023 | December 31, 2022 | | :----------------------------------------- | :------------ | :---------------- | | Balance, period end | $120,287 | $136,242 | | Allowance for credit losses on loans to loans | 1.06% | 1.20% | - The provision for credit losses was a credit of **$16.5 million** for the six months ended June 30, 2023, compared to a charge of **$4.7 million** for the same period in 2022, reflecting an improving regional forecast and strong loan portfolio performance[228](index=228&type=chunk) - The allowance attributable to the commercial portfolio was **1.16%** of total commercial loans, and for consumer and mortgage loans was **0.59%** at June 30, 2023[229](index=229&type=chunk) [Market Risk Management](index=67&type=section&id=Market%20Risk%20Management) Interest rate risk management uses simulation analysis, with NII at risk increasing and EVE at risk decreasing - Interest rate risk management aims to increase net interest income consistent with asset growth and minimize fluctuations in net interest income as a percentage of interest-earning assets[240](index=240&type=chunk) - The Company uses simulation analysis to measure NII at risk and EVE at risk from hypothetical changes in U.S. Treasury interest rates, with policy limits established by the board of directors[241](index=241&type=chunk)[244](index=244&type=chunk) Net Interest Income (NII) at Risk | Change in Interest Rates | +400 bp | +300 bp | +200 bp | +100 bp | -100 bp | -200 bp | -300 bp | -400 bp | | :----------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | NII at Risk (June 30, 2023) | 7.37% | 5.56% | 3.77% | 1.89% | (1.47%) | (3.04%) | (4.89%) | (6.35%) | | NII at Risk (December 31, 2022) | 1.87% | 1.58% | 1.29% | 0.75% | (0.89%) | (1.75%) | (2.66%) | (4.17%) | Economic Value of Equity (EVE) at Risk | Change in Interest Rates | +400 bp | +300 bp | +200 bp | +100 bp | -100 bp | -200 bp | -300 bp | -400 bp | | :----------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | EVE at Risk (June 30, 2023) | (17.59%) | (12.97%) | (8.42%) | (4.07%) | 3.76% | 6.32% | 7.49% | 6.03% | | EVE at Risk (December 31, 2022) | (20.78%) | (15.84%) | (10.62%) | (5.32%) | 5.13% | 10.48% | 15.71% | 18.74% | [Liquidity Management](index=69&type=section&id=Liquidity%20Management) Robust liquidity management includes **$4.4 billion** in contingent liquidity, covering **132%** of uninsured deposits - At June 30, 2023, contingent liquidity totaled **$4.4 billion**, or **132%** of uninsured deposits, with an additional **$1.0 billion** in available federal funds, providing total coverage of **163%** of uninsured deposits[253](index=253&type=chunk) - External liquidity sources include **$2.6 billion** in FHLB availability (with **$600.0 million** outstanding), **$760.8 million** in secured lines of credit at the Federal Reserve Bank (no borrowings outstanding), and **$316.5 million** in collateral under the BTF Program (with **$300.0 million** in borrowings outstanding)[254](index=254&type=chunk) - As of June 30, 2023, the Bank could have declared a dividend of up to **$117.5 million** to Bancorp, which had liquid assets of **$83.6 million**[255](index=255&type=chunk) Commitments to Extend Credit | Commitments to Extend Credit (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------------------------ | :------------ | :---------------- | | Commercial real estate development and construction | $728,839 | $887,154 | | Residential real estate-development and construction | $687,972 | $798,607 | | Lines of credit, principally home equity and business lines | $2,486,317 | $2,397,533 | | Standby letters of credit | $74,333 | $77,424 | | Total commitments | $4,009,551 | $4,181,836 | [Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=71&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Market risk disclosures are incorporated by reference from the "Financial Condition - Market Risk Management" section - Quantitative and qualitative disclosures about market risk are incorporated by reference from the "Financial Condition - Market Risk Management" section of Item 2[260](index=260&type=chunk) [Item 4. CONTROLS AND PROCEDURES](index=71&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls were effective as of June 30, 2023, with no material changes to internal controls - The Company's disclosure controls and procedures were evaluated as effective as of June 30, 2023[261](index=261&type=chunk) - No material changes in internal controls over financial reporting occurred during the three months ended June 30, 2023[261](index=261&type=chunk) PART II - OTHER INFORMATION [Item 1. LEGAL PROCEEDINGS](index=72&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) Management anticipates no material adverse effect on the Company's financial condition or results from routine legal proceedings - Management does not anticipate that the ultimate liability from legal proceedings will have a material adverse effect on the Company's financial condition, operating results, or liquidity[262](index=262&type=chunk) [Item 1A. RISK FACTORS](index=72&type=section&id=Item%201A.%20RISK%20FACTORS) A new risk factor highlights potential increases in FDIC deposit insurance premiums and assessments - A new risk factor involves potential increases in FDIC deposit insurance premiums and assessments, including a proposed special assessment on banks with uninsured deposits over **$5.0 billion**[263](index=263&type=chunk) - At December 31, 2022, the Company's total reported uninsured deposits were **$4.4 billion**, below the proposed **$5.0 billion** threshold for the special assessment[263](index=263&type=chunk) [Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=72&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No shares were repurchased in Q2 2023, with **$25.0 million** remaining available under the repurchase plan - The Company repurchased **625,710 common shares** for **$25.0 million** in 2022 under a **$50.0 million** stock repurchase plan[264](index=264&type=chunk) - No shares were repurchased during the quarter ended June 30, 2023, with **$25.0 million** remaining available under the authorization[264](index=264&type=chunk) [Item 3. DEFAULTS UPON SENIOR SECURITIES](index=72&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) There were no defaults upon senior securities [Item 4. MINE SAFETY DISCLOSURES](index=72&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) Mine safety disclosures are not applicable to the Company [Item 5. OTHER INFORMATION](index=72&type=section&id=Item%205.%20OTHER%20INFORMATION) No directors or officers reported adoption or termination of Rule 10b5-1 trading arrangements in Q2 2023 - No directors or officers informed the Company of the adoption or termination of Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2023[265](index=265&type=chunk) [Item 6. EXHIBITS](index=73&type=section&id=Item%206.%20EXHIBITS) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications and XBRL taxonomy documents - Exhibits include certifications from the Chief Executive Officer and Chief Financial Officer (Exhibits 31(a), 31(b), 32(a), 32(b)) and various XBRL taxonomy extension documents (Exhibits 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[266](index=266&type=chunk) [SIGNATURES](index=74&type=section&id=SIGNATURES) The quarterly report was signed by the President/CEO and EVP/CFO on August 4, 2023 - The quarterly report was signed by Daniel J. Schrider, President and Chief Executive Officer, and Philip J. Mantua, Executive Vice President and Chief Financial Officer, on August 4, 2023[267](index=267&type=chunk)

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q2 2023 Earnings Conference Call July 25, 2023 2:00 PM ET Company Participants Daniel Schrider - President and CEO Philip Mantua - CFO Aaron Kaslow - General Counsel & Chief Administrative Officer Conference Call Participants Catherine Mealor - KBW Casey Whitman - Piper Sandler Russell Gunther - Stephens Manuel Navas - D.A Davidson Operator Hello, and welcome to the Sandy Spring Bancorp, Inc. Second Quarter 2023 Earnings Conference Call and Webcast. My name is Alex. ...