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Sandy Spring Bancorp (SASR)

Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 60 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.

Company profile

Ticker
SASR
Exchange
Website
CEO
Daniel J. Schrider
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Sandy Spring Insurance Corporation • West Financial Services, Inc. ...
IRS number
520312970

SASR stock data

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 221.28M 221.28M 221.28M 221.28M 221.28M 221.28M
Cash burn (monthly) 110.52M 34.1M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 160.87M 49.64M n/a n/a n/a n/a
Cash remaining 60.41M 171.64M n/a n/a n/a n/a
Runway (months of cash) 0.5 5.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Jul 22 Kaslow Aaron Michael Common Stock Payment of exercise Dispose F No No 39.63 885 35.07K 11,719.149
25 May 22 Ralph F Boyd JR Common Stock Grant Acquire A No No 0 1,229 0 1,229
25 May 22 Brian J Lemek Common Stock Grant Acquire A No No 0 1,229 0 1,229
25 May 22 Christina B O'Meara Common Stock Grant Acquire A No No 0 1,229 0 1,229
25 May 22 Mark E Friis Common Stock Grant Acquire A No No 0 1,229 0 1,229
73.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 197 204 -3.4%
Opened positions 19 33 -42.4%
Closed positions 26 15 +73.3%
Increased positions 62 56 +10.7%
Reduced positions 73 72 +1.4%
13F shares Current Prev Q Change
Total value 2.97B 3.22B -7.7%
Total shares 29.35M 30.19M -2.8%
Total puts 0 0
Total calls 4.7K 0 NEW
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 4.28M $192.29M -1.6%
TROW T. Rowe Price 2.96M $133.16M +1.9%
Vanguard 2.74M $123.16M +10.5%
Dimensional Fund Advisors 2.37M $106.59M -2.2%
STT State Street 1.52M $68.23M +1.0%
WHG Westwood 1.41M $63.22M +1.8%
MCQEF Macquarie 1.14M $51.24M +0.5%
Geode Capital Management 829.33K $37.25M +1.6%
Massachusetts Financial Services 771.63K $34.66M +2.0%
Systematic Financial Management 739.48K $33.22M -0.9%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -447.85K EXIT
Vanguard 2.74M +261.17K +10.5%
Rothschild & Co Asset Management Us 0 -235.24K EXIT
BK Bank Of New York Mellon 321.62K -224.21K -41.1%
PFG Principal Financial Group Inc - Registered Shares 155.49K +113.93K +274.2%
Bridgeway Capital Management 42.4K -85.2K -66.8%
Chartwell Investment Partners 317.14K -79.3K -20.0%
Millennium Management 78.75K +78.75K NEW
JHG Janus Henderson 683.87K -75.06K -9.9%
Cubist Systematic Strategies 132.1K +74.29K +128.5%

Financial report summary

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Competition
Financial Services
Risks
  • 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.
  • The adoption of flexible work from home arrangements poses a number of operational risks that could adversely affect the Company’s business, 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 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.
  • 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.
  • Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
  • 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
  • The Company recorded net income of $98.7 million for the six months ended June 30, 2022 compared to net income of $132.7 million for the same period of the prior year. The decline in year-to-date earnings for the current year primarily reflects the impact of the decline in PPP fees and interest, partially offset by the impact on interest income from the growth in the commercial loan portfolio, and the activity in the provision for loan losses, which shifted from the significant credit in the prior year to the charge for the current year. Core earnings were $89.3 million ($1.97 per diluted common share) for the six months ended June 30, 2022 compared to $142.0 million ($2.99 per diluted common share) for the prior year. Core earnings for the current period compared to the prior year period were reduced primarily as a result of the activity associated with the provision for credit losses, a decline in mortgage banking income and lower other non-interest income from isolated events that occurred in 2021. Core earnings for the current period excludes the gain from the disposal of the Company's insurance business and the associated transaction costs. Pre-tax, pre-provision net income, was $136.1 million for the six months ended June 30, 2022 compared to $136.6 million for the prior year period. Net interest income for the current period included $4.4 million in PPP interest and fees compared to $24.1 million for the same period of 2021.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
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Readability
H.S. sophomore Avg
New words: brokerage, conventional, dampened, disposal, disposition, erosion, family, faster, flat, franchise, FRB, grow, growing, isolated, marketplace, possessed, seek, seeking, shorter, unable, unchanged
Removed: ADC, aspect, driver, fourth, liquidated, medical, Neff, notable, noted, Ocean, outcome, predict, remit, SSIC, TCE