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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2024

☐ 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 incorporation)						(I.R.S. Employer Identification Number)


17801 Georgia Avenue, Olney, Maryland						20832
(Address of principal executive office)						(Zip Code)

301-774-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

SASR

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

The number of outstanding shares of common stock as of November 5, 2024

Common stock, $1.00 par value – 45,135,694 shares

SANDY SPRING BANCORP, INC.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statements of Condition - Unaudited as of September 30, 2024 and December 31, 2023			3

Condensed Consolidated Statements of Income - Unaudited for the Three and Nine Months Ended September 30, 2024 and 2023			4

Condensed Consolidated Statements of Comprehensive Income – Unaudited for the Three and Nine Months Ended September 30, 2024 and 2023			5

Condensed Consolidated Statements of Changes in Stockholders’ Equity – Unaudited for the Three and Nine Months Ended September 30, 2024 and 2023			6

Condensed Consolidated Statements of Cash Flows – Unaudited for the Nine Months Ended September 30, 2024 and 2023			8

Notes to the Condensed Consolidated Financial Statements			9

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			38

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			70

Item 4. CONTROLS AND PROCEDURES			70

PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS			71

Item 1A. RISK FACTORS			71

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			73

Item 3. DEFAULTS UPON SENIOR SECURITIES			73

Item 4. MINE SAFETY DISCLOSURES			73

Item 5. OTHER INFORMATION			73

Item 6. EXHIBITS			74

SIGNATURES			75

Part I

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED


	September 30,		December 31,
(Dollars in thousands)	2024		2023
Assets:
Cash and due from banks	$	109,583	$	82,257
Federal funds sold	—		245
Interest-bearing deposits with banks	640,763		463,396
Cash and cash equivalents	750,346		545,898
Residential mortgage loans held for sale (at fair value)	21,489		10,836
SBA loans held for sale	425		—
Investments held-to-maturity, at cost (fair value of $189,853 and $200,411, respectively)	220,296		236,165
Investments available-for-sale (at fair value)	1,149,056		1,102,681
Other investments, at cost	71,136		75,607
Total loans	11,491,921		11,366,989
Less: allowance for credit losses - loans	(131,428)		(120,865)
Net loans	11,360,493		11,246,124
Premises and equipment, net	57,249		59,490
Other real estate owned	3,265		—
Accrued interest receivable	45,162		46,583
Goodwill	363,436		363,436
Other intangible assets, net	30,514		28,301
Other assets	310,206		313,051
Total assets	$	14,383,073	$	14,028,172

Liabilities:
Noninterest-bearing deposits	$	2,903,063	$	2,914,161
Interest-bearing deposits	8,834,631		8,082,377
Total deposits	11,737,694		10,996,538
Securities sold under retail repurchase agreements	70,767		75,032

Federal Reserve Bank borrowings	—		300,000
Advances from FHLB	450,000		550,000
Subordinated debt	371,251		370,803
Total borrowings	892,018		1,295,835
Accrued interest payable and other liabilities	124,524		147,657
Total liabilities	12,754,236		12,440,030

Stockholders' equity:
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding
45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively	45,125		44,914
Additional paid in capital	748,202		742,243
Retained earnings	911,411		898,316
Accumulated other comprehensive loss	(75,901)		(97,331)
Total stockholders' equity	1,628,837		1,588,142
Total liabilities and stockholders' equity	$	14,383,073	$	14,028,172

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2024		2023		2024		2023
Interest income:
Interest and fees on loans	$	154,339	$	147,304	$	456,309	$	431,305
Interest on mortgage loans held for sale	364		238		801		697
Interest on SBA loans held for sale	2		—		2		—
Interest on deposits with banks	6,191		6,371		17,401		13,979
Interest and dividend income on investment securities:
Taxable	7,440		6,682		21,319		20,538
Tax-advantaged	1,762		1,811		5,385		5,376
Interest on federal funds sold	—		5		8		13
Total interest income	170,098		162,411		501,225		471,908
Interest expense:
Interest on deposits	79,287		63,102		227,062		155,215
Interest on retail repurchase agreements and federal funds purchased	452		4,082		4,890		10,377
Interest on advances from FHLB	5,001		6,200		16,394		21,623
Interest on subordinated debt	3,946		3,946		11,839		11,839
Total interest expense	88,686		77,330		260,185		199,054
Net interest income	81,412		85,081		241,040		272,854
Provision/ (credit) for credit losses	6,316		2,365		9,724		(14,116)
Net interest income after provision/ (credit) for credit losses	75,096		82,716		231,316		286,970
Non-interest income:


Service charges on deposit accounts	3,009		2,704		8,765		7,698
Mortgage banking activities	1,529		1,682		4,524		4,744
Wealth management income	10,738		9,391		31,151		27,414

Income from bank owned life insurance	1,307		845		4,283		3,003
Bank card fees	435		450		1,293		1,315
Other income	2,697		2,319		7,653		6,344
Total non-interest income	19,715		17,391		57,669		50,518
Non-interest expense:
Salaries and employee benefits	41,030		44,853		115,549		124,710
Occupancy expense of premises	4,657		4,609		14,278		14,220
Equipment expense	3,841		3,811		11,672		11,688
Marketing	1,320		729		3,350		3,861
Outside data services	3,025		2,819		9,414		8,186
FDIC insurance	2,773		2,333		8,635		6,846
Amortization of intangible assets	2,323		1,245		6,527		3,820

Professional fees and services	6,577		4,509		16,403		12,354
Other expenses	7,391		7,563		23,219		22,227
Total non-interest expense	72,937		72,471		209,047		207,912
Income before income tax expense	21,874		27,636		79,938		129,576
Income tax expense	5,665		6,890		20,550		32,832
Net income	$	16,209	$	20,746	$	59,388	$	96,744

Per share information:
Basic net income per common share	$	0.36	$	0.46	$	1.32	$	2.16
Diluted net income per common share	$	0.36	$	0.46	$	1.31	$	2.15
Dividends declared per share	$	0.34	$	0.34	$	1.02	$	1.02

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) – UNAUDITED


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2024		2023		2024		2023
Net income	$	16,209	$	20,746	$	59,388	$	96,744
Other comprehensive income/ (loss):
Investments available-for-sale:
Net change in unrealized gains/ (losses) on investments available-for-sale	34,416		(23,730)		27,432		(16,555)
Related income tax (expense)/ benefit	(8,634)		5,873		(6,862)		4,045
Net investment gains reclassified into earnings	—		—		—		—
Related income tax expense	—		—		—		—
Net effect on other comprehensive income/ (loss)	25,782		(17,857)		20,570		(12,510)

Investments held-to-maturity:
Amortization of unrealized loss transferred from investments available-for-sale	401		451		1,137		1,314
Related income tax benefit	(90)		(127)		(277)		(347)
Net effect on other comprehensive income/ (loss)	311		324		860		967

Defined benefit pension plan:
Amortization of net loss	—		10,286		—		10,737
Related income tax benefit	—		(2,620)		—		(2,735)
Net effect on other comprehensive income/ (loss)	—		7,666		—		8,002
Total other comprehensive income/ (loss)	26,093		(9,867)		21,430		(3,541)
Comprehensive income	$	42,302	$	10,879	$	80,818	$	93,203

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY – UNAUDITED


(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income/ (Loss)		Total Stockholders' Equity
Balances at July 1, 2024	$	45,110	$	745,336	$	910,552	$	(101,994)	$	1,599,004
Net income	—		—		16,209		—		16,209
Other comprehensive income, net of tax	—		—		—		26,093		26,093
Total comprehensive income									42,302
Common stock dividends - $0.34 per share	—		—		(15,350)		—		(15,350)
Stock compensation expense	—		2,580		—		—		2,580
Common stock issued pursuant to:

Stock option plan - 700 shares	1		7		—		—		8


Employee stock purchase plan - 14,006 shares	13		281		—		—		294
Restricted stock vesting, net of tax withholding - 701 shares	1		(2)		—		—		(1)


Balances at September 30, 2024	$	45,125	$	748,202	$	911,411	$	(75,901)	$	1,628,837

Balances at July 1, 2023	$	44,862	$	737,740	$	882,055	$	(125,625)	$	1,539,032
Net income	—		—		20,746		—		20,746
Other comprehensive loss, net of tax	—		—		—		(9,867)		(9,867)
Total comprehensive income									10,879
Common stock dividends - $0.34 per share	—		—		(15,289)		—		(15,289)
Stock compensation expense	—		2,762		—		—		2,762
Common stock issued pursuant to:


Stock option plan - 17,179 shares	17		171		—		—		188

Employee stock purchase plan - 15,610 shares	16		326		—		—		342



Balances at September 30, 2023	$	44,895	$	740,999	$	887,512	$	(135,492)	$	1,537,914

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY – UNAUDITED


(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income/ (Loss)		Total Stockholders' Equity
Balances at January 1, 2024	$	44,914	$	742,243	$	898,316	$	(97,331)	$	1,588,142
Net income	—		—		59,388		—		59,388
Other comprehensive loss, net of tax	—		—		—		21,430		21,430
Total comprehensive income									80,818
Common stock dividends - $1.02 per share	—		—		(46,293)		—		(46,293)
Stock compensation expense	—		6,441		—		—		6,441
Common stock issued pursuant to:

Stock option plan - 10,638 shares	11		106		—		—		117


Employee stock purchase plan - 49,108 shares	48		965		—		—		1,013
Restricted stock vesting, net of tax withholding - 151,771 shares	152		(1,553)		—		—		(1,401)


Balances at September 30, 2024	$	45,125	$	748,202	$	911,411	$	(75,901)	$	1,628,837

Balances at January 1, 2023	$	44,657	$	734,273	$	836,789	$	(131,951)	$	1,483,768
Net income	—		—		96,744		—		96,744
Other comprehensive loss, net of tax	—		—		—		(3,541)		(3,541)
Total comprehensive income									93,203
Common stock dividends - $1.02 per share	—		—		(46,021)		—		(46,021)
Stock compensation expense	—		6,734		—		—		6,734
Common stock issued pursuant to:


Stock option plan - 58,100 shares	58		647		—		—		705

Employee stock purchase plan - 47,149 shares	47		1,139		—		—		1,186
Restricted stock vesting, net of tax withholding - 132,855 shares	133		(1,794)		—		—		(1,661)


Balances at September 30, 2023	$	44,895	$	740,999	$	887,512	$	(135,492)	$	1,537,914

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED


	Nine Months Ended September 30,
(Dollars in thousands)	2024		2023
Operating activities:
Net income	$	59,388	$	96,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,196		16,316
Provision/ (credit) for credit losses	9,724		(14,116)
Share based compensation expense	6,441		6,734

Deferred income tax expense	205		4,744
Originations of loans held for sale	(285,227)		(296,913)
Proceeds from sales of loans held for sale	278,391		293,750
Gains on sales of loans held for sale	(4,242)		(4,366)
Gains on sale of other real estate owned	—		(96)


Tax (benefit)/ deficiency associated with share based compensation	513		296
Net (increase)/ decrease in accrued interest receivable	1,421		(3,928)
Net increase in other assets	(6,673)		(10,062)
Net increase/ (decrease) accrued expenses and other liabilities	(25,984)		17,979
Other, net	54		66
Net cash provided by operating activities	53,207		107,148
Investing activities:
Sales/ (purchases) of other investments	4,471		(6,305)
Purchases of investments available-for-sale	(163,868)		—

Proceeds from maturities, calls and principal payments of investments available-for-sale	143,533		120,520

Proceeds from maturities, calls and principal payments of investments held-to-maturity	16,776		19,052
Net (increase)/ decrease in loans	(127,598)		96,764
Proceeds from the sales of other real estate owned	—		481





Expenditures for premises and equipment	(12,801)		(9,914)
Net cash provided by/ (used in) investing activities	(139,487)		220,598
Financing activities:
Net increase in deposits	741,557		198,632
Net increase/ (decrease) in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings	(304,265)		44,614
Proceeds from FHLB advances	—		2,030,000
Repayment of FHLB advances	(100,000)		(2,030,000)


Proceeds from issuance of common stock	1,248		2,051
Stock tendered for payment of withholding taxes	(1,519)		(1,821)

Cash dividends paid	(46,293)		(45,863)
Net cash provided by financing activities	290,728		197,613
Net increase in cash and cash equivalents	204,448		525,359
Cash and cash equivalents at beginning of period	545,898		192,232
Cash and cash equivalents at end of period	$	750,346	$	717,591

Supplemental disclosures:
Interest payments	$	272,069	$	170,336
Income tax payments	18,466		27,345

Transfers from loans to other real estate owned	3,265		—

The accompanying notes are an integral part of these statements

SANDY SPRING BANCORP, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Sandy Spring Bancorp, Inc. ("Bancorp" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, the Bank offers a broad range of commercial banking, retail banking, mortgage services and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. The Bank also offers a comprehensive menu of wealth management services through its subsidiaries, West Financial Services, Inc. (“West Financial”) and SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson, "RPJ”).

Basis of Presentation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2024. In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on the Company's net income and shareholders' equity. The Company has evaluated subsequent events through the date of the issuance of its financial statements.

These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2023 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024. There have been no significant changes to any of the Company’s accounting policies as disclosed in the 2023 Annual Report on Form 10-K.

Principles of Consolidation

The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Sandy Spring Bank, and its subsidiaries. Consolidation has resulted in the elimination of all intercompany accounts and transactions.

Use of Estimates

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, in addition to affecting 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 credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require an allowance for credit losses, valuation of other real estate owned, valuation of share based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, and the calculation of current and deferred income taxes.

Cash Flows

For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less).

Revenue from Contracts with Customers

The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Codification (“ASC”) 606 – Revenue from Contracts with Customers. For revenue within the scope of ASC 606, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of this revenue recognition guidance.

West Financial and RPJ provide comprehensive investment management and financial planning services. Wealth management income is comprised of income for providing trust, estate and investment management services. Trust services include acting as a trustee for corporate or personal trusts. Investment management services include investment management, record-keeping and reporting of security portfolios. Fees for these services are recognized based on a contractually-agreed fixed percentage applied to net assets under management at the end of each reporting period. The Company does not charge/recognize any performance-based fees.

Service charges on deposit accounts are earned on depository accounts for consumer and commercial account holders and include fees for account and overdraft services. Account services include fees for event-driven services and periodic account maintenance activities. An obligation for event-driven services is satisfied at the time of the event when service is delivered and revenue recognized as earned. Obligation for maintenance activities is satisfied over the course of each month and revenue is recognized at month end. The overdraft services obligation is satisfied at the time of the overdraft and revenue is recognized as earned.

Loan Financing Receivables

The Company’s financing receivables consist primarily of loans that are stated at their principal balance outstanding, net of any unearned income, acquisition fair value marks and deferred loan origination fees and costs. Interest income on loans is accrued at the contractual rate based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method.

Loans are considered past due or delinquent when the principal or interest due in accordance with the contractual terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Immaterial shortfalls in payment amounts do not necessarily result in a loan being considered delinquent or past due. If any payments are past due and subsequent payments are resumed without payment of the delinquent amount, the loan shall continue to be considered past due. Whenever any loan is reported delinquent on a principal or interest payment or portion thereof, the amount reported as delinquent is the outstanding principal balance of the loan.

Loans, except for consumer installment loans, are placed into non-accrual status when any portion of the loan principal or interest becomes 90 days past due. Management may determine that certain circumstances warrant earlier discontinuance of interest accruals on specific loans if an evaluation of other relevant factors (such as bankruptcy, interruption of cash flows, etc.) indicates collection of amounts contractually due is unlikely. These loans are considered, collectively, to be non-performing loans. Consumer installment loans that are not secured by real estate are not placed on non-accrual, but are charged down to their net realizable value when they are four months past due. Loans designated as non-accrual have all previously accrued but unpaid interest reversed. Interest income is not recognized on non-accrual loans. All payments received on non-accrual loans are applied using a cost-recovery method to reduce the outstanding principal balance until the loan returns to accrual status. Loans may be returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.

On January 1, 2023, the Company adopted provisions of ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)", which eliminated accounting guidance for TDRs by creditors. Prior to the effective adoption date, the Company considered loans to be TDRs if their terms were restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provided a payment concession to a borrower experiencing financial difficulty. Loans could be removed from a TDR category if the borrower no longer experienced financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement were considered to be consistent with terms that could be obtained in the market for loans with comparable credit risk. Subsequent to the effective adoption date, the Company continues to offer modifications to certain borrowers experiencing financial difficulty, mainly in the form of interest rate concessions or term extensions, without classifying and accounting for them as TDRs.

Allowance for Credit Losses

The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, reflects the lifetime expected losses that may be sustained on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance is measured and recorded upon the initial recognition of a financial asset. The allowance is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision or credit for credit losses, which is recorded as a current period expense.

Determination of the appropriateness of the allowance is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness of the allowance is reviewed by the Risk Committee of the Board of Directors and formally approved quarterly by that same committee of the Board.

The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period, which management has determined to be two years, followed by a two year reversion period, and the Company’s prepayment and curtailment rates; (2) collective qualitative factors that consider the expected impact of certain factors not fully captured in the collective quantified reserve, including concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administration, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations; and (3) individual allowances on collateral-dependent loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. The Company excludes accrued interest from the measurement of the allowance as the Company has a non-accrual policy to reverse any accrued, uncollected interest income as loans are moved to non-accrual status.

Loans are pooled into segments based on the similar risk characteristics of the underlying borrowers, in addition to consideration of collateral type, industry and business purpose of the loans. Portfolio segments used to estimate the allowance are the same as portfolio segments used for general credit risk management purposes. Refer to Note 3 for more details on the Company’s portfolio segments.

The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: expected loss method and weighted average remaining life method. Allowance estimates on commercial acquisition, development and construction (“AD&C”) and residential construction segments are based on the weighted average remaining life method. Allowance estimates on all other portfolio segments are based on the expected loss method. Collective calculation methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a two-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: unemployment rate, gross domestic product, commercial real estate price index, residential real estate house price index and business bankruptcies. Contractual loan level cash flows within the expected loss methodology are adjusted for the Company’s historical prepayment and curtailment rate experience.

The individual reserve assessment is applied to collateral dependent loans where borrowers are experiencing financial difficulty or when the Company determines that a foreclosure is probable. The determination of the fair value of the collateral depends on whether a repayment of the loan is expected to be from the sale or the operation of the collateral. When a repayment is expected from the operation of the collateral, the Company uses the present value of expected cash flows from the operation of the collateral as the fair value. When the repayment of the loan is expected from the sale of the collateral the fair value of the collateral is based on an observable market price or the collateral’s appraised value, less estimated costs to sell. Third-party appraisals used in the individual reserve assessment are conducted at least annually with underlying assumptions that are reviewed by management. Third-party appraisals may be obtained on a more frequent basis if deemed necessary. Internal evaluations of collateral value are conducted quarterly to ensure any further deterioration of the collateral value is recognized on a timely basis. During the individual reserve assessment, management also considers the potential future changes in the value of the collateral over the remainder of the loan’s remaining life. The Company may receive updated appraisals which contradict the preliminary determination of fair value used to establish an individual allowance on a loan. In these instances the individual allowance is adjusted to reflect the Company’s evaluation of the updated appraised fair value. In the event a loss was previously determined and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of the partially charged-off loan is not subsequently increased, but could be further decreased depending on the direction of the change in fair value. Payments on fully or partially charged-off loans are accounted for under the cost-recovery method. Under this method, all payments received are applied on a cash basis to reduce the outstanding principal balance, then to recognize a recovery of all previously charged-off amounts before any interest income may be recognized. Based on the individual reserve assessment, if the Company determines that the fair value of the collateral is less than the amortized cost basis of the loan, an individual allowance will be established measured as the difference between the fair value of the collateral (less costs to sell) and the amortized cost basis of the loan. Once a loss has been determined, the loan is charged-down to its estimated fair value.

Large groups of smaller non-accrual homogeneous loans are not individually evaluated for allowance and include residential permanent and construction mortgages and consumer installment loans. These portfolios are reserved for on a collective basis using historical loss rates of similar loans over the weighted average life of each portfolio.

Unfunded lending commitments are reviewed to determine if they are considered unconditionally cancellable. The Company establishes reserves for unfunded commitments that do not meet that criteria as a liability in the Condensed Consolidated Statements of Condition. Changes to the liability are recorded through the provision for credit losses in the Condensed

Consolidated Statements of Income. The establishment of the reserves for unfunded commitments considers both the likelihood that the funding will occur and an estimate of the expected credit losses over the life of the respective commitments.

Management believes it uses relevant information available to make determinations about the allowance and reserve for unfunded commitments and that it has established the existing reserves in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers.

Held-to-maturity debt securities

Debt securities that are purchased with the positive intent and ability to be held until their maturity are classified as held-to-maturity (“HTM”). HTM debt securities are recorded at cost adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities from available-for-sale ("AFS") category to HTM category are made at fair value as of the transfer date. The unrealized gain or loss at the date of transfer continues to be reported in accumulated other comprehensive income and in the carrying amount of the HTM securities. Both amounts are amortized over the remaining life of the security as a yield adjustment in interest income and effectively offset each other.

Leases

The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Condensed Consolidated Statements of Income.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. Lease expense is recognized on a straight-line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately.

Segment Reporting

Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance. While the Company’s chief operating decision maker has some limited financial information about the Bank's various financial products and services, that information is not complete since it does not include a full allocation of revenue, costs, and capital from key corporate functions; therefore, the Company evaluates financial performance on the Company-wide basis. Management continues to evaluate these business units for separate reporting as facts and circumstances change.

Goodwill and Other Intangible Assets

Goodwill represents the excess purchase price paid over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The current accounting guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company assesses qualitative factors on a quarterly basis. Based on the assessment of these qualitative factors, if it is determined that it is more likely than not that the fair value of a reporting unit remains in excess of the carrying value, then performing a quantitative impairment test is not necessary. However, if it is determined that it is more likely than not that the carrying value exceeds the fair value, a quantitative analysis is required to determine whether an impairment exists.

As of October 1, 2023, the Company’s annual goodwill impairment assessment date, the Company performed an impairment test for its two reporting units: Community Banking and Investment Management. The results of the 2023 annual goodwill

impairment test for the two reporting units, which included both qualitative and quantitative assessments, indicated that the estimated fair value of each reporting unit exceeded its carrying amount and that the goodwill assigned to the Community Banking reporting unit may be at risk of impairment in future periods. The Company provided detailed disclosures regarding the 2023 impairment analysis and the results of the testing in its annual financial statements for the year ended December 31, 2023 in its 2023 Annual Report on Form 10-K. In addition to the annual impairment testing process, on a quarterly basis, the Company monitors each reporting unit for any triggering events and performs qualitative assessments of impairment indicators.

During the third quarter of 2024, the Company determined that there were no triggering events and completed the qualitative assessment of impairment indicators, which included an assessment of changes in macroeconomic conditions and comparison of the actual operating performance to the forecast used in the most recent annual impairment test. Based on these considerations, the Company concluded that it was more-likely-than-not that the fair value of our reporting units remained above the respective carrying amounts as of September 30, 2024.

On October 21, 2024, Bancorp entered into an Agreement and Plan of Merger with Atlantic Union. Refer to Note 17 for more details on the announced transaction. Management is currently reviewing and evaluating the terms of the transaction and their impact on the goodwill as a part of its annual goodwill impairment assessment.

Other intangible assets have finite lives and are reviewed for impairment annually. These assets are amortized over their estimated useful lives on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 15 years. Intangible assets are reviewed or analyzed periodically to determine if it appears that their value has diminished beyond the value in the financial statements. The review or analysis of the intangible assets did not indicate that any impairment occurred during the third quarter of 2024.

Adopted Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method". ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The amendment in this ASU also removes the specialized guidance for low-income-housing tax credit investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other GAAP. The Company fully adopted this update effective January 1, 2024 on a prospective basis. The adoption of this pronouncement did not have a material impact on the Condensed Consolidated Financial Statements.

Pending Accounting Pronouncements applicable to the Company

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt this ASU on a retrospective basis. Early adoption is permitted. Currently, the Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 improves the transparency of income tax disclosures by requiring entities to provide greater disaggregation of information on income taxes paid and on the rate reconciliation disclosures. This pronouncement also requires qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements.

NOTE 2 – INVESTMENTS

Investments available-for-sale and held-to-maturity

The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at the dates indicated are presented in the following table:


	September 30, 2024								December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale debt securities:
U.S. treasuries and government agencies	$	87,237	$	—	$	(2,430)	$	84,807	$	101,678	$	—	$	(4,751)	$	96,927
State and municipal	303,844		1		(38,656)		265,189		311,505		1		(43,292)		268,214
Mortgage-backed and asset-backed	848,681		1,638		(51,259)		799,060		807,636		181		(70,277)		737,540




Total available-for-sale debt securities	$	1,239,762	$	1,639	$	(92,345)	$	1,149,056	$	1,220,819	$	182	$	(118,320)	$	1,102,681
Held-to-maturity debt securities:


Mortgage-backed and asset-backed	220,296		—		(30,443)		189,853		236,165		—		(35,754)		200,411
Total held-to-maturity debt securities	$	220,296	$	—	$	(30,443)	$	189,853	$	236,165	$	—	$	(35,754)	$	200,411
Total debt securities	$	1,460,058	$	1,639	$	(122,788)	$	1,338,909	$	1,456,984	$	182	$	(154,074)	$	1,303,092

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at September 30, 2024 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at September 30, 2024. Unrealized losses on available-for-sale debt securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

All held-to-maturity investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The available-for-sale and held-to-maturity mortgage-backed securities portfolio at September 30, 2024 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($470.5 million), GNMA, FNMA or FHLMC mortgage-backed securities ($556.0 million) or SBA asset-backed securities ($42.5 million).

Accrued interest receivable on investment securities totaled $6.3 million at September 30, 2024 and $5.4 million at December 31, 2023, and is excluded from the amortized cost and fair value of the securities.

Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following table:


	September 30, 2024
	Number of Securities	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. treasuries and government agencies	8	$	—	$	—	$	84,807	$	2,430	$	84,807	$	2,430
State and municipal	118	1,781		167		250,438		38,489		252,219		38,656
Mortgage-backed and asset-backed	328	94,330		401		607,324		50,858		701,654		51,259

Total	454	$	96,111	$	568	$	942,569	$	91,777	$	1,038,680	$	92,345


	December 31, 2023
	Number of Securities	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. treasuries and government agencies	10	$	—	$	—	$	96,927	$	4,751	$	96,927	$	4,751
State and municipal	123	4,162		84		262,081		43,208		266,243		43,292
Mortgage-backed and asset-backed	321	22,731		106		691,281		70,171		714,012		70,277

Total	454	$	26,893	$	190	$	1,050,289	$	118,130	$	1,077,182	$	118,320

The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following tables using the expected average life of the individual securities based on statistics provided by independent third-party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

The estimated fair values and amortized costs of available-for-sale and held-to-maturity debt securities by contractual maturity are provided in the following tables:


	September 30, 2024				December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Available-for-sale debt securities
U.S. treasuries and government agencies:
One year or less	$	36,945	$	37,703	$	17,798	$	17,979
One to five years	47,862		49,534		79,129		83,699
Five to ten years	—		—		—		—
After ten years	—		—		—		—
State and municipal:
One year or less	28,604		28,708		22,345		22,793
One to five years	26,274		27,069		33,282		34,288
Five to ten years	57,006		65,025		46,355		54,487
After ten years	153,305		183,042		166,232		199,937
Mortgage-backed and asset-backed:
One year or less	27,138		27,224		20,814		21,111
One to five years	21,587		21,922		29,823		30,666
Five to ten years	265,069		281,025		256,924		280,209
After ten years	485,266		518,510		429,979		475,650










Total available-for-sale debt securities	$	1,149,056	$	1,239,762	$	1,102,681	$	1,220,819


	September 30, 2024				December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Held-to-maturity debt securities










Mortgage-backed and asset-backed:
One year or less	$	—	$	—	$	—	$	—
One to five years	—		—		—		—
Five to ten years	28,886		31,051		31,434		34,458
After ten years	160,967		189,245		168,977		201,707
Total held-to-maturity debt securities	$	189,853	$	220,296	$	200,411	$	236,165

At September 30, 2024 and December 31, 2023, available-for-sale and held-to-maturity debt securities with a book value of $435.8 million and $729.0 million, respectively, were pledged and designated as collateral for certain government deposits, public and trust funds, securities sold under repurchase agreements and other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at September 30, 2024 and December 31, 2023.

Other investments

Other investments are presented in the following table:


(In thousands)	September 30, 2024		December 31, 2023
Federal Reserve Bank stock, at cost	$	39,268	$	39,125
Federal Home Loan Bank of Atlanta stock, at cost	31,191		35,805
Other	677		677
Total other investments, at cost	$	71,136	$	75,607

NOTE 3 – LOANS

Outstanding loan balances at September 30, 2024 and December 31, 2023 are net of unearned income, including net deferred loan fees of $6.6 million and $7.0 million, respectively, at the end of each period. Accrued interest receivable of $38.9 million and $41.2 million at September 30, 2024 and December 31, 2023, respectively, are excluded from the amortized cost of the loans.

The loan portfolio segment balances at the dates indicated are presented in the following table:


(In thousands)	September 30, 2024		December 31, 2023
Commercial real estate:
Commercial investor real estate	$	4,868,467	$	5,104,425
Commercial owner-occupied real estate	1,737,327		1,755,235
Commercial AD&C	1,255,609		988,967
Commercial business	1,620,926		1,504,880
Total commercial loans	9,482,329		9,353,507
Residential real estate:
Residential mortgage	1,529,786		1,474,521
Residential construction	53,639		121,419
Consumer	426,167		417,542
Total residential and consumer loans	2,009,592		2,013,482
Total loans	$	11,491,921	$	11,366,989

Portfolio Segments

The Company currently manages its credit products and the respective exposure to credit losses (credit risk) by the following specific portfolio segments (classes) which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses attributable to each respective portfolio segment. These segments are:

•Commercial investor real estate loans - Commercial investor real estate loans consist of loans secured by nonowner-occupied properties where an established banking relationship exists and involves investment properties for warehouse, retail, and office space with a history of occupancy and cash flow. This commercial investor real estate category contains mortgage loans to the developers and owners of commercial real estate where the borrower intends to operate or sell the property at a profit and use the income stream or proceeds from the sale(s) to repay the loan.

•Commercial owner-occupied real estate loans - Commercial owner-occupied real estate loans consist of commercial mortgage loans secured by owner-occupied properties where an established banking relationship exists and involves a variety of property types to conduct the borrower’s operations. The decision to extend a loan is based upon the borrower’s financial health and the ability of the borrower and the business to repay. The primary source of repayment for this type of loan is the cash flow from the operations of the business.

•Commercial acquisition, development and construction loans - Commercial acquisition, development and construction loans are intended to finance the construction of commercial properties and include loans for the acquisition and development of land. Construction loans represent a higher degree of risk than permanent real estate loans and may be affected by a variety of additional factors such as the borrower’s ability to control costs and adhere to time schedules and the risk that constructed units may not be absorbed by the market within the anticipated time frame or at the anticipated price. The loan commitment on these loans often includes an interest reserve that allows the lender to periodically advance loan funds to pay interest charges on the outstanding balance of the loan.

•Commercial business loans - Commercial business loans are made to provide funds for equipment and general corporate needs. Repayment of a loan primarily comes from the funds obtained from the operation of the borrower’s business. Commercial business loans also include lines of credit that are utilized to finance a borrower’s short-term credit needs and/or to finance a percentage of eligible receivables and inventory.

•Residential mortgage loans - The residential mortgage loans category contains permanent mortgage loans principally to consumers secured by residential real estate. Residential real estate loans are evaluated for the adequacy of repayment sources at the time of approval, based upon measures including credit scores, debt-to-income ratios, and collateral values. Loans may be either conforming or non-conforming.

•Residential construction loans - The Company makes residential construction loans generally to provide interim financing on residential property during the construction period. Borrowers are typically individuals who will ultimately occupy the single-family dwelling. Loan funds are disbursed periodically as pre-specified stages of completion are attained based upon site inspections.

•Consumer loans - This category of loans includes primarily home equity loans and lines, installment loans, personal lines of credit, and other loans. The home equity category consists mainly of revolving lines of credit to consumers which are secured by residential real estate. These loans are typically secured with second mortgages on the homes. Other consumer loans include installment loans used by customers to purchase automobiles, boats and recreational vehicles.

NOTE 4 – CREDIT QUALITY ASSESSMENT

Allowance for Credit Losses

Summary information on the allowance for credit losses on loans for the period indicated is provided in the following table:


	Nine Months Ended September 30,
(In thousands)	2024		2023
Balance at beginning of period	$	120,865	$	136,242



Provision/ (credit) for credit losses - loans (1)	12,602		(11,320)
Loan charge-offs	(2,810)		(2,518)
Loan recoveries	771		956
Net charge-offs	(2,039)		(1,562)
Balance at period end	$	131,428	$	123,360

(1) Excludes the total credit to the provision on unfunded loan commitments for the nine months ended September 30, 2024 and September 30, 2023 of $2.9 million and $2.8 million, respectively.

The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated:


(In thousands)	September 30, 2024		December 31, 2023
Collateral dependent loans individually evaluated for credit loss with an allowance	$	96,088	$	72,179
Collateral dependent loans individually evaluated for credit loss without an allowance	25,131		15,989
Total individually evaluated collateral dependent loans	$	121,219	$	88,168

Allowance for credit losses related to loans evaluated individually	$	37,326	$	24,000
Allowance for credit losses related to loans evaluated collectively	94,102		96,865
Total allowance for credit losses - loans	$	131,428	$	120,865

The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the period indicated:


	For the Nine Months Ended September 30, 2024
	Commercial Real Estate												Residential Real Estate
(Dollars in thousands)	Commercial Investor R/E			Commercial Owner- Occupied R/E			Commercial AD&C			Commercial Business			Residential Mortgage			Residential Construction			Consumer			Total
Balance at beginning of period	$	61,439		$	7,536		$	8,287		$	31,932		$	8,890		$	729		$	2,052		$	120,865
Provision/ (credit) for credit losses - loans	(6,616)			(1,296)			19,008			805			355			(420)			766			12,602
Charge-offs	(401)			—			(135)			(1,803)			(50)			—			(421)			(2,810)
Recoveries	9			81			330			31			52			—			268			771
Net (charge-offs)/ recoveries	(392)			81			195			(1,772)			2			—			(153)			(2,039)
Balance at end of period	$	54,431		$	6,321		$	27,490		$	30,965		$	9,247		$	309		$	2,665		$	131,428

Total loans	$	4,868,467		$	1,737,327		$	1,255,609		$	1,620,926		$	1,529,786		$	53,639		$	426,167		$	11,491,921
Allowance for credit losses on loans to total loans ratio	1.12		%	0.36		%	2.19		%	1.91		%	0.60		%	0.58		%	0.63		%	1.14		%

Average loans	$	4,964,914		$	1,740,608		$	1,139,517		$	1,546,498		$	1,512,209		$	87,177		$	418,591		$	11,409,514
Annualized net charge-offs/ (recoveries) to average loans	0.01		%	(0.01)		%	(0.02)		%	0.15		%	—		%	—		%	0.05		%	0.02		%

Balance of loans individually evaluated for credit loss	$	70,720		$	9,639		$	31,816		$	9,044		$	—		$	—		$	—		$	121,219
Allowance related to loans evaluated individually	$	16,286		$	1,059		$	13,444		$	6,537		$	—		$	—		$	—		$	37,326
Individual allowance to loans evaluated individually ratio	23.03		%	10.99		%	42.26		%	72.28		%	—		%	—		%	—		%	30.79		%
Contractual balance of individually evaluated loans	$	72,313		$	10,803		$	31,829		$	10,236		$	—		$	—		$	—		$	125,181

Balance of loans collectively evaluated for credit loss	$	4,797,747		$	1,727,688		$	1,223,793		$	1,611,882		$	1,529,786		$	53,639		$	426,167		$	11,370,702
Allowance related to loans evaluated collectively	$	38,145		$	5,262		$	14,046		$	24,428		$	9,247		$	309		$	2,665		$	94,102
Collective allowance to loans evaluated collectively ratio	0.80		%	0.30		%	1.15		%	1.52		%	0.60		%	0.58		%	0.63		%	0.83		%


	For the Year Ended December 31, 2023
	Commercial Real Estate												Residential Real Estate
(Dollars in thousands)	Commercial Investor R/E			Commercial Owner- Occupied R/E			Commercial AD&C			Commercial Business			Residential Mortgage			Residential Construction			Consumer			Total
Balance at beginning of period	$	64,737		$	11,646		$	18,646		$	28,027		$	9,424		$	1,337		$	2,425		$	136,242



Provision for credit losses - loans	(3,323)			(4,215)			(10,359)			4,051			(488)			(608)			1,048			(13,894)
Charge-offs	—			—			—			(449)			(160)			—			(2,005)			(2,614)
Recoveries	25			105			—			303			114			—			584			1,131
Net (charge-offs)/ recoveries	25			105			—			(146)			(46)			—			(1,421)			(1,483)
Balance at end of period	$	61,439		$	7,536		$	8,287		$	31,932		$	8,890		$	729		$	2,052		$	120,865

Total loans	$	5,104,425		$	1,755,235		$	988,967		$	1,504,880		$	1,474,521		$	121,419		$	417,542		$	11,366,989
Allowance for credit losses on loans to total loans ratio	1.20		%	0.43		%	0.84		%	2.12		%	0.60		%	0.60		%	0.49		%	1.06		%

Average loans	$	5,133,279		$	1,766,839		$	1,023,669		$	1,440,382		$	1,380,496		$	187,599		$	421,963		$	11,354,227
Net charge-offs/ (recoveries) to average loans	—		%	(0.01)		%	—		%	0.01		%	—		%	—		%	0.34		%	0.01		%

Balance of loans individually evaluated for credit loss	$	72,218		$	4,640		$	1,259		$	10,051		$	—		$	—		$	—		$	88,168
Allowance related to loans evaluated individually	$	15,353		$	1,159		$	102		$	7,386		$	—		$	—		$	—		$	24,000
Individual allowance to loans evaluated individually ratio	21.26		%	24.98		%	8.10		%	73.49		%	—		%	—		%	—		%	27.22		%
Contractual balance of individually evaluated loans	$	72,712		$	5,623		$	1,270		$	11,500		$	—		$	—		$	—		$	91,105

Balance of loans collectively evaluated for credit loss	$	5,032,207		$	1,750,595		$	987,708		$	1,494,829		$	1,474,521		$	121,419		$	417,542		$	11,278,821
Allowance related to loans evaluated collectively	$	46,086		$	6,377		$	8,185		$	24,546		$	8,890		$	729		$	2,052		$	96,865
Collective allowance to loans evaluated collectively ratio	0.92		%	0.36		%	0.83		%	1.64		%	0.60		%	0.60		%	0.49		%	0.86		%

Credit Quality

The following tables provide information on the credit quality of the loan portfolio for the periods indicated below:


	For the Nine Months Ended September 30, 2024
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Analysis of non-accrual loan activity:
Balance at beginning of period	$	58,658	$	4,640	$	1,259	$	10,051	$	12,332	$	443	$	4,102	$	91,485
Loans placed on non-accrual	5,342		5,397		31,694		3,087		1,496		—		1,179		48,195
Non-accrual balances transferred to OREO	(3,265)		—		—		—		—		—		—		(3,265)
Non-accrual balances charged-off	(402)		—		(134)		(1,801)		—		—		—		(2,337)
Net payments or draws	(2,755)		(398)		(1,003)		(2,293)		(1,261)		96		(925)		(8,539)
Non-accrual loans brought current	—		—		—		—		(571)		—		(98)		(669)
Balance at end of period	$	57,578	$	9,639	$	31,816	$	9,044	$	11,996	$	539	$	4,258	$	124,870


	For the Year Ended December 31, 2023
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Analysis of non-accrual loan activity:
Balance at beginning of period	$	9,943	$	5,019	$	—	$	7,322	$	7,439	$	—	$	5,059	$	34,782

Loans placed on non-accrual	62,725		—		2,111		6,271		7,871		449		2,450		81,877
Non-accrual balances transferred to OREO	—		—		—		—		—		—		—		—
Non-accrual balances charged-off	—		—		—		(441)		(160)		—		(1,757)		(2,358)
Net payments or draws	(14,010)		(379)		(852)		(2,588)		(1,667)		(6)		(1,528)		(21,030)
Non-accrual loans brought current	—		—		—		(513)		(1,151)		—		(122)		(1,786)
Balance at end of period	$	58,658	$	4,640	$	1,259	$	10,051	$	12,332	$	443	$	4,102	$	91,485


	September 30, 2024
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Performing loans:
Current	$	4,804,222	$	1,726,532	$	1,221,424	$	1,610,802	$	1,503,638	$	51,100	$	419,921	$	11,337,639
30-59 days	5,882		1,156		2,369		1,030		12,826		2,000		1,335		26,598
60-89 days	785		—		—		50		927		—		653		2,415
Total performing loans	4,810,889		1,727,688		1,223,793		1,611,882		1,517,391		53,100		421,909		11,366,652
Non-performing loans:
Non-accrual loans	57,578		9,639		31,816		9,044		11,996		539		4,258		124,870
Loans greater than 90 days past due	—		—		—		—		399		—		—		399

Total non-performing loans	57,578		9,639		31,816		9,044		12,395		539		4,258		125,269
Total loans	$	4,868,467	$	1,737,327	$	1,255,609	$	1,620,926	$	1,529,786	$	53,639	$	426,167	$	11,491,921


	December 31, 2023
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Performing loans:
Current	$	5,044,647	$	1,748,449	$	986,859	$	1,494,426	$	1,445,785	$	118,976	$	409,607	$	11,248,749
30-59 days	1,120		2,056		849		383		14,026		2,000		3,298		23,732
60-89 days	—		90		—		—		2,036		—		535		2,661
Total performing loans	5,045,767		1,750,595		987,708		1,494,809		1,461,847		120,976		413,440		11,275,142
Non-performing loans:
Non-accrual loans	58,658		4,640		1,259		10,051		12,332		443		4,102		91,485
Loans greater than 90 days past due	—		—		—		20		342		—		—		362

Total non-performing loans	58,658		4,640		1,259		10,071		12,674		443		4,102		91,847
Total loans	$	5,104,425	$	1,755,235	$	988,967	$	1,504,880	$	1,474,521	$	121,419	$	417,542	$	11,366,989

The following tables present the average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below:


	For the Nine Months Ended September 30, 2024
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Average non-accrual loans for the period	$	56,218	$	7,812	$	11,500	$	8,221	$	12,019	$	540	$	4,223	$	100,533
Contractual interest income due on non- accrual loans during the period	$	2,677	$	394	$	144	$	491	$	463	$	20	$	310	$	4,499


	For the Year Ended December 31, 2023
	Commercial Real Estate								Residential Real Estate
(In thousands)	Commercial Investor R/E		Commercial Owner- Occupied R/E		Commercial AD&C		Commercial Business		Residential Mortgage		Residential Construction		Consumer		Total
Average non-accrual loans for the period	$	28,650	$	4,795	$	812	$	9,640	$	10,547	$	223	$	4,146	$	58,813
Contractual interest income due on non- accrual loans during the period	$	760	$	298	$	41	$	716	$	432	$	6	$	299	$	2,552

There was no interest income recognized on non-accrual loans during the nine months ended September 30, 2024. See Note 1 for additional information on the Company's policies for non-accrual loans. Loans designated as non-accrual have all previously accrued but unpaid interest reversed from interest income. During the nine months ended September 30, 2024 new loans placed on non-accrual status totaled $48.2 million and the related amount of reversed uncollected accrued interest was $1.4 million.

The credit quality indicators for commercial loans are developed through review of individual borrowers on an ongoing basis. Each borrower is evaluated at least annually with more frequent evaluations of classified and criticized loans. The indicators represent the rating for loans as of the date presented and are based on the most recent credit review performed. These credit quality indicators are defined as follows:

Pass - A pass rated credit is not adversely classified because it does not display any of the characteristics for adverse classification.

Special mention – A special mention credit has potential weaknesses that deserve management’s close attention. If uncorrected, such weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.

Substandard – A substandard loan is inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected.

Doubtful – A loan that is classified as doubtful has all the weaknesses inherent in a loan classified as substandard with added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans classified as a loss are considered uncollectible and of such little value that their continuing to be carried as a loan is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future.

The following table provides information about credit quality indicators by the year of origination as of September 30, 2024:


	September 30, 2024
	Term Loans by Origination Year												Revolving
(In thousands)	2024		2023		2022		2021		2020		Prior		Loans		Total
Commercial Investor R/E:
Pass	$	260,574	$	298,081	$	1,320,775	$	1,124,987	$	547,597	$	1,135,568	$	23,369	$	4,710,951
Special Mention	—		—		4,100		—		18,957		37,849		—		60,906
Substandard	—		—		—		32,867		5,881		57,862		—		96,610
Doubtful	—		—		—		—		—		—		—		—
Total	$	260,574	$	298,081	$	1,324,875	$	1,157,854	$	572,435	$	1,231,279	$	23,369	$	4,868,467
Current period gross charge-offs	$	—	$	—	$	—	$	357	$	—	$	44	$	—	$	401

Commercial Owner-Occupied R/E:
Pass	$	138,665	$	107,779	$	337,859	$	307,138	$	225,020	$	573,158	$	5,826	$	1,695,445
Special Mention	—		3,111		1,787		57		953		9,795		—		15,703
Substandard	—		—		2,296		2,895		332		20,656		—		26,179
Doubtful	—		—		—		—		—		—		—		—
Total	$	138,665	$	110,890	$	341,942	$	310,090	$	226,305	$	603,609	$	5,826	$	1,737,327
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial AD&C:
Pass	$	271,589	$	281,782	$	324,070	$	132,419	$	—	$	—	$	189,667	$	1,199,527
Special Mention	—		1,673		—		22,593		—		—		—		24,266
Substandard	—		—		27,994		893		1,571		1,358		—		31,816
Doubtful	—		—		—		—		—		—		—		—
Total	$	271,589	$	283,455	$	352,064	$	155,905	$	1,571	$	1,358	$	189,667	$	1,255,609
Current period gross charge-offs	$	—	$	—	$	135	$	—	$	—	$	—	$	—	$	135

Commercial Business:
Pass	$	272,957	$	158,931	$	297,879	$	173,027	$	76,056	$	152,933	$	441,806	$	1,573,589
Special Mention	364		448		5,800		2,794		269		895		18,557		29,127
Substandard	150		3,173		1,301		1,515		681		5,485		5,905		18,210
Doubtful	—		—		—		—		—		—		—		—
Total	$	273,471	$	162,552	$	304,980	$	177,336	$	77,006	$	159,313	$	466,268	$	1,620,926
Current period gross charge-offs	$	—	$	—	$	212	$	231	$	—	$	1,360	$	—	$	1,803

Residential Mortgage:
Beacon score:
660-850	$	24,440	$	43,161	$	520,653	$	398,546	$	160,929	$	277,431	$	—	$	1,425,160
600-659	647		1,629		8,990		15,456		2,409		24,345		—		53,476
540-599	—		1,497		3,237		2,897		3,126		10,994		—		21,751
less than 540	—		731		2,180		6,283		1,864		18,341		—		29,399
Total	$	25,087

SANDY SPRING BANCORP INC 10-Q