2012 Q3 Form 10-Q Financial Statement

#000114420412043852 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q4
Revenue $37.50M $35.56M
YoY Change 1.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $2.000M $1.900M
YoY Change 0.0% 5.26% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $5.710M $5.749M
YoY Change -16.12%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $16.63M $10.86M $10.20M
YoY Change -3.88% -9.26% -16.39%
Income Tax $5.638M $3.652M $3.000M
% Of Pretax Income 33.91% 33.63% 29.41%
Net Earnings $10.99M $7.207M $7.300M
YoY Change -2.74% -13.13% -12.05%
Net Earnings / Revenue 29.31% 20.27%
Basic Earnings Per Share $0.44 $0.30
Diluted Earnings Per Share $0.44 $0.30 $302.9K
COMMON SHARES
Basic Shares Outstanding 24.89M shares 24.15M shares
Diluted Shares Outstanding 24.42K shares

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $79.27M $122.8M $72.31M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $49.00M $49.24M $48.48M
YoY Change 0.0% 0.49% -1.06%
Goodwill $81.89M $76.82M
YoY Change
Intangibles $4.017M $4.734M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.887B $3.855B $3.711B
YoY Change 7.21% 6.73% 5.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.00M $27.00M $25.00M
YoY Change 8.0% 8.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $58.00M $65.00M $144.0M
YoY Change -27.5% 0.0% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.00M $27.00M $25.00M
YoY Change 8.0% 8.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $35.00M $35.00M $35.00M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $35.00M $35.00M $35.00M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.00M $27.00M $25.00M
Total Long-Term Liabilities $35.00M $35.00M $35.00M
Total Liabilities $3.406B $3.384B $3.265B
YoY Change 6.94% 6.14% 4.92%
SHAREHOLDERS EQUITY
Retained Earnings $241.3M $230.9M
YoY Change
Common Stock $215.6M $201.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $481.8M $471.5M $446.1M
YoY Change
Total Liabilities & Shareholders Equity $3.887B $3.855B $3.711B
YoY Change 7.2% 6.73% 5.47%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q4
OPERATING ACTIVITIES
Net Income $10.99M $7.207M $7.300M
YoY Change -2.74% -13.13% -12.05%
Depreciation, Depletion And Amortization $1.900M $2.000M $1.900M
YoY Change 0.0% 5.26% 0.0%
Cash From Operating Activities $2.700M $7.300M $9.100M
YoY Change 28.57% -60.75% 8.33%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$1.600M -$900.0K
YoY Change -20.0% 45.45% -50.0%
Acquisitions
YoY Change
Other Investing Activities $105.7M -$144.9M -$84.50M
YoY Change -331.8% 567.74% -242.26%
Cash From Investing Activities $104.9M -$146.5M -$85.40M
YoY Change -325.11% 539.74% -248.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -151.2M 159.7M 77.90M
YoY Change 2649.09% 247.17% -194.31%
NET CHANGE
Cash From Operating Activities 2.700M 7.300M 9.100M
Cash From Investing Activities 104.9M -146.5M -85.40M
Cash From Financing Activities -151.2M 159.7M 77.90M
Net Change In Cash -43.60M 20.50M 1.600M
YoY Change -12.8% -50.84% -109.58%
FREE CASH FLOW
Cash From Operating Activities $2.700M $7.300M $9.100M
Capital Expenditures -$800.0K -$1.600M -$900.0K
Free Cash Flow $3.500M $8.900M $10.00M
YoY Change 12.9% -54.82% -1.96%

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sasr Mortgage Banking Income
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sasr Repurchase Of Warrants
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sasr Financing Receivable Allowance For Credit Losses Net Charge Offs
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sasr Payments For Acquisition Of Held To Maturity Securities
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sasr Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividendRate
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dei Trading Symbol
TradingSymbol
SASR
dei Entity Registrant Name
EntityRegistrantName
SANDY SPRING BANCORP INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000824410
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
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<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Use of Estimates</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for loan and lease losses and the related allowance, determination of impaired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of other real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projections related to pension expense and the related liability.</font></p> </div>
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654000
CY2011Q2 us-gaap Occupancy Net
OccupancyNet
2790000
CY2011Q2 us-gaap Other Noninterest Expense
OtherNoninterestExpense
4338000
CY2011Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
27003000
CY2011Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
276000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24130000 shares
CY2011Q2 us-gaap Available For Sale Securities Income Tax Expense On Change In Unrealized Holding Gain Or Loss
AvailableForSaleSecuritiesIncomeTaxExpenseOnChangeInUnrealizedHoldingGainOrLoss
5012000
CY2011Q2 us-gaap Equipment Expense
EquipmentExpense
1128000
CY2011Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
35008000
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11967000
CY2011Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7744000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2011Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
382000
CY2011Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
28154000
CY2011Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
2398000
CY2011Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
989000
CY2011Q2 us-gaap Noninterest Expense
NoninterestExpense
25838000
CY2011Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
3590000
CY2011Q2 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
224000
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
39000 shares
CY2011Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
32000
CY2011Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-276000
CY2011Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
269000
CY2011Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
43000
CY2011Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
2437000
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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741000 shares
CY2011Q2 us-gaap Asset Management Fees
AssetManagementFees
4023000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
8296000
CY2011Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
14676000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3671000
CY2011Q2 us-gaap Interest And Fee Income Loans And Leases Held For Sale
InterestAndFeeIncomeLoansAndLeasesHeldForSale
124000
CY2011Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
462000
CY2011Q2 us-gaap Interest Expense
InterestExpense
6854000
CY2011Q2 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
21000
CY2011Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
7577000
CY2011Q2 sasr Other Comprehensive Income Loss Net Unrealized Gains Losses On Securities Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetUnrealizedGainsLossesOnSecuritiesNetOfTaxPeriodIncreaseDecrease
12570000
CY2011Q2 sasr Mortgage Banking Income
MortgageBankingIncome
808000
CY2011Q2 sasr Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Shares Vested During Year
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfSharesVestedDuringYear
300000
CY2012Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1871000
CY2012Q2 us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
51000
CY2012Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
411000
CY2012Q2 us-gaap Interest Income Federal Funds Sold
InterestIncomeFederalFundsSold
1000
CY2012Q2 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
8000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8946000
CY2012Q2 us-gaap Noninterest Income
NoninterestIncome
11493000
CY2012Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
28338000
CY2012Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
4662000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2012Q2 us-gaap Fees And Commissions Credit Cards
FeesAndCommissionsCreditCards
962000
CY2012Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1585000
CY2012Q2 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
1828000
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2012Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
934000
CY2012Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
139000
CY2012Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
653000
CY2012Q2 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
36000
CY2012Q2 us-gaap Marketing Expense
MarketingExpense
565000
CY2012Q2 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
24393000 shares
CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-210000
CY2012Q2 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
660000
CY2012Q2 us-gaap Occupancy Net
OccupancyNet
2943000
CY2012Q2 us-gaap Other Noninterest Expense
OtherNoninterestExpense
5221000
CY2012Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
28224000
CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
349000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24423000 shares
CY2012Q2 us-gaap Available For Sale Securities Income Tax Expense On Change In Unrealized Holding Gain Or Loss
AvailableForSaleSecuritiesIncomeTaxExpenseOnChangeInUnrealizedHoldingGainOrLoss
977000
CY2012Q2 us-gaap Equipment Expense
EquipmentExpense
1255000
CY2012Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
35558000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10859000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1739000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2012Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
389000
CY2012Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
29809000
CY2012Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
2343000
CY2012Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
1250000
CY2012Q2 us-gaap Noninterest Expense
NoninterestExpense
28858000
CY2012Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
3586000
CY2012Q2 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
241000
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
31000 shares
CY2012Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
90000
CY2012Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-349000
CY2012Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
327000
CY2012Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
8000
CY2012Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
2283000
CY2012Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
8000
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
527000 shares
CY2012Q2 us-gaap Asset Management Fees
AssetManagementFees
4034000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
7207000
CY2012Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
15927000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3652000
CY2012Q2 us-gaap Interest And Fee Income Loans And Leases Held For Sale
InterestAndFeeIncomeLoansAndLeasesHeldForSale
190000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
466000
CY2012Q2 us-gaap Interest Expense
InterestExpense
5749000
CY2012Q2 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
24000
CY2012Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1529000
CY2012Q2 sasr Other Comprehensive Income Loss Net Unrealized Gains Losses On Securities Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetUnrealizedGainsLossesOnSecuritiesNetOfTaxPeriodIncreaseDecrease
2452000
CY2012Q2 sasr Mortgage Banking Income
MortgageBankingIncome
1288000
CY2012Q2 sasr Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Shares Vested During Year
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfSharesVestedDuringYear
200000

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