Financial Data and Key Metrics Changes - The company reported net income of $33.6 million or $0.75 per diluted common share for Q3 2022, down from $57 million or $1.20 per diluted common share in Q3 2021 and $54.8 million or $1.21 per share in Q2 2022 [10] - Core earnings were $35.7 million compared to $44.2 million for the linked quarter and $58.2 million for the prior year quarter, primarily due to the provision for credit losses and expected decline in mortgage banking income [11] - Pre-tax, pre-provision income for the quarter was $64.1 million, a 6% increase after adjusting for prior quarter gains [12] - The provision for credit losses was a charge of $18.9 million, compared to a credit of $8.2 million for the prior year quarter [13] Business Line Data and Key Metrics Changes - Total loans excluding PPP increased 21% to $11.2 billion compared to $9.3 billion at September 30, 2021, with commercial loans net of PPP growing by $1.6 billion or 21% [14] - Consumer loan portfolio decreased 6.2% year-over-year, while commercial pipeline was $1.3 billion compared to $1.7 billion at the linked quarter end [17] - Non-interest income decreased by 31% or $7.5 million compared to the prior year quarter, primarily due to economic impacts on mortgage banking and wealth management income [22] Market Data and Key Metrics Changes - Total assets were $13.8 billion, a 6% increase year-over-year, and 10% excluding PPP balances [14] - Deposit growth has been challenging, with deposits decreasing 2% over the past 12 months [17] - The net interest margin for the current quarter was 3.53%, slightly higher than the prior quarter, but expected to compress to the low 330s in the coming quarters [20][21] Company Strategy and Development Direction - The company is focused on growing client relationships and investing in technology and human capital while managing credit quality and operating costs [8] - Plans to launch a sophisticated online account opening platform in early 2023 to enhance client experience [19] - The company aims for an 8% to 10% loan growth expectation for 2023, driven by existing and new client demand [74] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented environment due to inflation and recession expectations but remains focused on long-term growth [7] - The increase in provision for credit losses was driven by growth and an assumed greater probability of recession [28] - Management sees no inherent signs of weakness in the major sectors of the loan portfolio despite the increase in provision [28] Other Important Information - The tangible common equity ratio decreased to 7.98% of tangible assets, attributed to share repurchases and rising rate impacts [32] - The company paid a special one-time bonus to employees in August to support them amid inflation [35] - Sandy Spring Bancorp ranked number 23 among the 300 largest publicly traded banks in the country [36] Q&A Session Summary Question: Margin forecast and deposit costs - Management expects net interest margin to be in the low 330s due to rising funding costs and the need to replace wholesale funding with deposits [40][41] Question: Deposit growth strategy - Growth is expected from money market accounts and CDs, with efforts to stabilize DDA balances [46] Question: Credit quality outlook - The large provision this quarter was influenced by growth and macroeconomic factors, with expectations for a potential decrease in future provisions [61][62] Question: Loan growth expectations - Management anticipates loan growth in the range of 8% to 10% for 2023, contingent on funding capabilities [74] Question: M&A activity - The company continues to explore M&A opportunities but has no immediate updates [80]

FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the Quarterly Period Ended June 30, 2022 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 incorporati ...

Financial Data and Key Metrics Changes - The company reported net income of $54.8 million, or $1.21 per diluted common share for Q2 2022, compared to $57.3 million or $1.19 per diluted common share for Q2 2021, and $43.9 million or $0.96 per diluted common share for Q1 2022 [10] - Core earnings were $44.2 million, down from $45.1 million for the linked quarter and $58.4 million for the prior year quarter, primarily due to the provision for credit losses and a decline in mortgage banking income [10][20] - Total assets increased to $13.3 billion, a 3% increase year-over-year from $12.9 billion, and a 2% increase from the linked quarter [12] - The provision for credit losses was $3 million, reflecting significant growth in the loan portfolio and management's assessment of recession probability [10][11] Business Line Data and Key Metrics Changes - Total loans, excluding PPP, increased 17% to $10.8 billion compared to $9.2 billion at June 30, 2021, with commercial loans growing by $1.3 billion or 17% [13] - Funded commercial loan production increased 60% to $805 million compared to $503 million for the same quarter of the prior year [14] - The consumer portfolio decreased by 7% year-over-year, while the pipeline remained robust at $1.5 billion [15] Market Data and Key Metrics Changes - Year-over-year deposits increased by 1%, driven by a 3% growth in noninterest-bearing deposits [17] - Interest-bearing deposits remained relatively unchanged at $6.8 billion [17] - Noninterest income increased by 34% or $9 million compared to the prior year quarter, primarily due to a $16.7 million gain from the sale of the insurance business [20] Company Strategy and Development Direction - The company completed the sale of its insurance business to enhance noninterest income and established a partnership with HUB International for improved insurance offerings [9][20] - The management emphasized a focus on strategically growing deposits to support continued loan growth [8] - The company aims to maintain a balance between commercial and commercial real estate transactions in its pipeline [15] Management Comments on Operating Environment and Future Outlook - Management acknowledged uncertainty in the marketplace but expressed confidence in client readiness to grow and the company's ability to support them [6][7] - The management expects continued solid loan growth, with a target of 8% to 10% growth for the year, although competitive pressures may affect this [35] - The company is closely monitoring asset quality and expects to maintain strong credit metrics despite potential recessionary pressures [26][27] Other Important Information - The tangible common equity ratio decreased to 8.45% of tangible assets, attributed to share repurchases and rising interest rates impacting the value of securities [28] - Noninterest expense increased by 3% compared to the prior year quarter, including transaction costs related to the sale of the insurance business [25] - The company received multiple workplace recognitions, including being named a top workplace by the Washington Post [30] Q&A Session Summary Question: What is driving the recent loan growth? - The primary driver of loan growth is the engagement of the broader team post-PPP, with a strong pipeline of opportunities despite local market disruptions [33][34] Question: How does the company view deposit growth and costs moving forward? - The company plans to match deposit growth with expected loan growth and may become more aggressive in pricing to remain competitive [40][41] Question: What are the expectations for expense growth in the second half of the year? - The company anticipates a year-over-year expense growth of around 4% to 5%, contingent on successful hiring and strategic initiatives [46][47] Question: How has the company managed to reduce nonperforming loans? - The reduction in nonperforming loans is attributed to resolving sizable relationships and conducting thorough portfolio reviews [59][60] Question: How does the company plan to handle deposit rates amid rising interest rates? - The company has been managing deposit rates on a case-by-case basis and anticipates needing to adjust rates more aggressively in response to Fed actions [61][62] Question: What is the impact of the insurance business sale on future revenues? - The insurance business contributed approximately $7 million in revenue and $6 million in expenses in 2021, which will be removed from future models [66]

2nd Quarter 2022 Earnings Presentation July 21, 2022 Forward Looking Statements 2 Sandy Spring Bancorp's forward-looking statements are subject to the following principal risks and uncertainties: risks, uncertainties and other factors relating to the COVID-19 pandemic, including the effect of the pandemic on our borrowers and their ability to make payments on their obligations, the effectiveness of vaccination programs, and the effect of remedial actions and stimulus measures adopted by federal, state and l ...

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 March 31, 2022 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 incorporat ...

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q1 2022 Earnings Conference Call April 21, 2022 2:00 PM ET Company Participants Daniel Schrider – President and Chief Executive Officer Aaron Kaslow – General Counsel Phil Mantua – Chief Financial Officer Conference Call Participants Casey Whitman – Piper Sandler Erik Zwick – Boenning & Scattergood Catherine Mealor – KBW Russell Gunther – D.A. Davidson Brody Preston – Stephens Operator Hello and welcome to today's Sandy Spring Bancorp, Incorporated Earnings Conferenc ...

Subtitle Copy 4th Quarter 2021 Investor Presentation February 8, 2022 1 Forward Looking Statements and Non-GAAP Financial Information 2 Forward-Looking Statements Sandy Spring Bancorp's forward-looking statements are subject to the following principal risks and uncertainties: risks, uncertainties and other factors relating to the COVID-19 pandemic, including the effect of the pandemic on our borrowers and their ability to make payments on their obligations, the effectiveness of vaccination programs, and the ...

Maryland 52-1532952 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, 2021 ☐ 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. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 17801 Georgi ...

4th Quarter Supplemental Information January 20, 2022 1 Specific Industry Summary As of December 31, 2021 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|------------------------|--------------------------|---------------------------------------------|------------------------------------|------------------------|--------------------------------|-----------| | ($ in millions) Industry | Total Commitments(1) | Balance Outstanding(1) | Loans with Active Payment Accommodation | ...

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q4 2021 Earnings Conference Call January 20, 2022 2:00 PM ET Company Participants Daniel Schrider - President and Chief Executive Officer Aaron Kaslow - General Counsel Phil Mantua - Chief Financial Officer Conference Call Participants Casey Whitman - Piper Sandler Brody Preston - Stephens Inc. Catherine Mealor - Keefe, Bruyette, & Woods Erik Zwick - Boenning and Scattergood Disclaimer*: This transcript is designed to be used alongside the freely available audio reco ...