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SASR Sandy Spring Bancorp

Sandy Spring Bancorp, Inc. is a bank holding company, which engages in the provision of commercial banking, retail banking, and trust services to individuals and businesses. It operates through the following segments: Community Banking, Insurance, and Investment Management. The Community Banking segment conducts its operations through Sandy Spring Bank and involves delivering financial products and services, including various loan and deposit products to both individuals and businesses. The Insurance segment includes operations through Sandy Spring Insurance Corp, a subsidiary of the bank, and offers annuities as an alternative to traditional deposit accounts. The Investment Management segment conducts its operations through West Financial Services, Inc., a subsidiary of the Bank. The company was founded in 1868 and is headquartered in Olney, MD.

Company profile

Ticker
SASR
Exchange
CEO
Daniel J. Schrider
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
520312970

SASR stock data

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Calendar

19 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 21 Daniel J Schrider Common Stock Payment of exercise Dispose F No No 43.43 1,420 61.67K 83,635.875
1 Apr 21 Daniel J Schrider Common Stock Payment of exercise Dispose F No No 43.43 806 35K 80,793.875
1 Apr 21 Daniel J Schrider Common Stock Payment of exercise Dispose F No No 43.43 403 17.5K 79,181.875
1 Apr 21 Daniel J Schrider Common Stock Payment of exercise Dispose F No No 43.43 529 22.97K 78,374.875
1 Apr 21 Philip J Mantua Common Stock Payment of exercise Dispose F No No 43.43 555 24.1K 35,582.137
1 Apr 21 Philip J Mantua Common Stock Payment of exercise Dispose F No No 43.43 310 13.46K 34,471.137
1 Apr 21 Philip J Mantua Common Stock Payment of exercise Dispose F No No 43.43 189 8.21K 33,852.137
1 Apr 21 Philip J Mantua Common Stock Payment of exercise Dispose F No No 43.43 237 10.29K 33,474.137
1 Apr 21 Joseph J Jr O'Brien Common Stock Payment of exercise Dispose F No No 43.43 649 28.19K 41,974.7
1 Apr 21 Joseph J Jr O'Brien Common Stock Payment of exercise Dispose F No No 43.43 336 14.59K 40,468.7

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

64.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 173 151 +14.6%
Opened positions 32 12 +166.7%
Closed positions 10 28 -64.3%
Increased positions 52 35 +48.6%
Reduced positions 51 60 -15.0%
13F shares
Current Prev Q Change
Total value 1.97B 2.87B -31.5%
Total shares 30.16M 29.32M +2.9%
Total puts 10.6K 11.9K -10.9%
Total calls 0 0
Total put/call ratio Infinity Infinity NaN%
Largest owners
Shares Value Change
BLK Blackrock 4.39M $141.19M +2.7%
Dimensional Fund Advisors 2.75M $88.65M -0.4%
TROW T. Rowe Price 2.6M $83.83M +12.1%
Vanguard 2.48M $79.83M +4.6%
WHG Westwood 1.21M $38.82M -1.8%
MCQEF Macquarie 1.1M $35.42M +1.6%
STT State Street 1.03M $33.1M +2.0%
Alliancebernstein 798.82K $25.71M +6.2%
NTRS Northern Trust 759.07K $24.43M -2.5%
Investment Counselors Of Maryland 734.98K $23.66M +5.4%
Largest transactions
Shares Bought/sold Change
Norges Bank 539.3K +539.3K NEW
JPM JPMorgan Chase & Co. 330.95K +302.82K +1076.3%
TROW T. Rowe Price 2.6M +280.4K +12.1%
Penn Capital Management 44.05K -156.77K -78.1%
Dalton Greiner Hartman Maher & Co 184.35K -134.92K -42.3%
GS Goldman Sachs 368.43K -122.97K -25.0%
BLK Blackrock 4.39M +116.56K +2.7%
Vanguard 2.48M +109.94K +4.6%
Banc Funds 484.17K -100.09K -17.1%
Renaissance Technologies 295.84K -96.7K -24.6%

Financial report summary

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Competition
Financial Services
Risks
  • The widespread outbreak of COVID-19 has adversely affected, and will likely continue to adversely affect, our business, financial condition, and results of operations. Moreover, the longer the pandemic persists, the more material the ultimate effects are likely to be.
  • The Company has granted payment deferrals to borrowers that have experienced financial hardship due to COVID-19, and if those borrowers are unable to resume making payments the Company will experience an increase in non-accrual loans, which could adversely affect the Company’s earnings and financial condition.
  • Customary means to collect non-performing assets may be prohibited or impractical during the COVID-19 pandemic, and there is a risk that collateral securing a non-performing asset may deteriorate if the Company chooses not to, or is unable to, foreclose on collateral on a timely basis.
  • The Company may experience losses, additional expense and reputational harm arising out of its origination of PPP loans.
  • The geographic concentration of the Company’s operations makes the Company susceptible to downturns in local economic conditions.
  • Changes in interest rates may adversely affect earnings and financial condition.
  • Changes to and replacement of the LIBOR Benchmark Interest Rate may adversely affect our business, financial condition, and results of operations.
  • The Company is subject to liquidity risks.
  • The Company’s investment securities portfolio is subject to credit risk, market risk, and liquidity risk.
  • The Company’s allowance for credit losses may not be adequate to cover its actual credit losses, which could adversely affect the Company’s financial condition and results of operations.
  • The Company may not be able to adequately measure and limit its credit risk, which could lead to unexpected losses.
  • If non-performing assets increase, earnings will be adversely impacted.
  • The Company’s commercial real estate lending activities expose it to increased lending risks and related loan losses.
  • Imposition of limits by the bank regulators on commercial real estate lending activities could curtail the Company’s growth and adversely affect its earnings.
  • The Company’s concentration of residential mortgage loans exposes it to increased lending risks.
  • The Company may be subject to certain risks related to originating and selling mortgage loans.
  • Any delays in the Company’s ability to foreclose on delinquent mortgage loans may negatively impact the Company’s business.
  • The Company’s trust and wealth management fees may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease the Company’s revenues and net earnings.
  • The Company’s investment management contracts are terminable without cause and on relatively short notice by the Company’s clients, which makes the Company vulnerable to short-term declines in the performance of the securities under the Company’s management.
  • The wealth management business is heavily regulated, and the regulators have the ability to limit or restrict the Company’s activities and impose fines or suspensions on the conduct of the Company’s business.
  • Combining acquired businesses may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of acquisitions may not be realized.
  • The Company depends on its executive officers and key personnel to continue the implementation of its long-term business strategy and could be harmed by the loss of their services.
  • Restrictions on unfriendly acquisitions could prevent a takeover of the Company.
  • Market competition may decrease the Company’s growth or profits.
  • The high volume of transactions processed by the Company exposes the Company to significant operational risks.
  • Failure to keep up with technological change in the financial services industry could have a material adverse effect on the Company’s competitive position or profitability.
  • The Company’s risk management framework may not be effective in mitigating risks and/or losses to the Company.
  • The Company’s information systems may experience an interruption or security breach.
  • Security breaches and other disruptions could compromise the Company’s information and expose the Company to liability, which would cause its business and reputation to suffer.
  • The reliance of the Company on third-party vendors could expose it to additional cyber risk and liability.
  • The Company outsources certain aspects of its data processing to certain third-party providers, which may expose it to additional risk.
  • The Company is dependent on its information technology and telecommunications systems; third-party service providers and systems failures, interruptions or breaches of security could have an adverse effect on its financial condition and results of operations.
  • Changes in accounting standards or interpretation of new or existing standards may affect how the Company reports its financial condition and results of operations.
  • The implementation of the Current Expected Credit Loss accounting standard could require the Company to increase its allowance for credit losses and may have a material adverse effect on its financial condition and results of operations.
  • Impairment in the carrying value of goodwill and other intangible assets could negatively impact the Company’s financial condition and results of operations.
  • The Company’s accounting estimates and risk management processes rely on analytical and forecasting models.
  • The Company operates in a highly regulated industry, and compliance with, or changes to, the laws and regulations that govern its operations may adversely affect the Company.
  • The Company will become subject to reduced interchange income in 2022.
  • The Company’s ability to pay dividends is limited by law.
  • Federal banking agencies periodically conduct examinations of the Company’s business, including compliance with laws and regulations; the failure to comply with any supervisory actions to which the Company is or becomes subject as a result of such examinations could adversely affect the Company.
  • The Company is subject to numerous laws designed to protect consumers, including the Community Reinvestment Act ("CRA") fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • The Company faces a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
  • Changes in U.S. or regional economic conditions could have an adverse effect on the Company’s business, financial condition and results of operations.
  • Societal responses to climate change could adversely affect the Company’s business and performance, including indirectly through impacts on the Company’s customers.
  • The market price for the Company’s stock may be volatile.
  • Future sales of the Company’s common stock or other securities may dilute the value and adversely affect the market price of the Company’s common stock.
  • Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may negatively impact the Company’s financial performance.
  • Negative public opinion regarding the Company or failure to maintain the Company’s reputation in the communities it serves could adversely affect the Company’s business and prevent the Company from growing its business.
Management Discussion
  • Net interest income for 2020 was $363.2 million, compared to $265.3 million for 2019, a 37% increase. On a tax-equivalent basis, net interest income for 2020 was $367.3 million, compared to $270.1 million for 2019. The growth in net interest income during the current year from the prior year primarily reflects the effects of the Revere acquisition. While this growth was tempered by the impact of the 68 basis point decrease in the yield on interest-earning assets, which grew 42%, it was partially mitigated by the 74 basis point decline in the rate paid on interest-bearing liabilities, which grew 39%. Overall, the net interest margin decreased to 3.35% for 2020 compared to 3.51% for 2019. An analysis of the net interest income performance is presented in the following tables.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Bad
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