Sandy Spring Bancorp, Inc
(NASDAQ:SASR)

Sandy Spring Bancorp, Inc. operates as the bank holding company for Sandy Spring Bank that provides commercial and retail banking, mortgage, private banking, and trust services to individuals and businesses. The company operates through three segments: Community Banking, Insurance, and Investment Ma...

Website: http://www.sandyspringbank.com

Founded: 1868

Full Time Employees: 1,080

Sector: Financial Services

Industry: Banks-Regional

Regional Bank

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-03-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31

interest income:
interest and fees on loans	106,560,000	106,279,000	75,882,000	77,522,000	79,167,000	79,464,000
interest on loans held for sale	398,000	405,000	291,000	462,000	572,000	381,000	142,000	124,000	122,000	148,000	92,000	81,000	113,000	121,000	253,000	280,000	118,000	100,000	122,000	96,000	114,000	234,000	272,000	195,000		150,000
interest on deposits with banks	84,000	155,000	180,000	724,000	783,000	428,000	23,000	21,000	18,000	61,000	63,000	34,000	37,000	23,000	43,000	46,000	33,000	6,000	24,000	49,000	42,000	590,000	401,000	90,000		10,000
interest and dividends on investment securities:
taxable for federal income taxes	4,488,000
exempt from federal income taxes	1,454,000						2,355,000	2,398,000	2,179,000	1,737,000	1,771,000	1,864,000	1,907,000	1,814,000	1,774,000	1,972,000	2,088,000	1,409,000	2,972,000	2,331,000	2,392,000	2,468,000	2,581,000	2,727,000		3,016,000
interest on federal funds sold			1,000	2,000	2,000	1,000			1,000	1,000		1,000			1,000	2,000	26,000	99,000	151,000	279,000	437,000	666,000	617,000	437,000		112,000
total interest income	112,984,000						35,004,000	35,008,000	34,750,000	37,367,000	37,508,000	37,360,000	38,649,000	39,185,000	38,668,000	38,728,000	41,030,000	42,048,000	41,845,000	43,922,000	46,109,000	46,958,000	46,014,000	41,894,000		35,177,000
interest expense:
interest on deposits	9,439,000	12,284,000	13,518,000	14,723,000	16,332,000	16,146,000	2,773,000	2,987,000	2,913,000	3,883,000	4,568,000	5,290,000	6,803,000	8,743,000	9,921,000	9,454,000	9,886,000	9,325,000	10,583,000	13,022,000	14,653,000	15,898,000	15,577,000	13,788,000		7,674,000
interest on retail repurchase agreements and federal funds purchased	551,000	600,000	580,000	216,000	257,000	290,000	49,000	53,000	53,000	61,000	65,000	72,000
interest on advances from fhlb	2,841,000	-2,123,000	3,145,000	3,189,000	3,222,000	4,103,000	3,628,000	3,590,000	3,551,000	3,676,000	3,653,000	3,620,000
interest on subordinated debt	2,669,000	2,652,000	2,281,000	1,679,000	481,000	490,000	224,000	224,000	223,000	248,000	226,000	219,000
total interest expense	15,500,000						6,674,000	6,854,000	6,740,000	7,868,000	8,512,000	9,201,000	10,816,000	12,783,000	14,220,000	13,703,000	14,356,000	13,961,000	14,726,000	17,343,000	18,709,000	19,746,000	19,815,000	17,879,000		12,000,000
net interest income	97,484,000	101,514,000	64,334,000	65,583,000	66,790,000	66,185,000	28,330,000	28,154,000	28,010,000	29,499,000	28,996,000	28,159,000	27,833,000	26,402,000	24,448,000	25,025,000	26,674,000	28,087,000	27,119,000	26,579,000	27,400,000	27,212,000	26,199,000	24,015,000		23,177,000
provision for credit losses	7,003,000	58,686,000
net interest income after provision for credit losses	90,481,000
non-interest income:
investment securities gains	51,000	212,000	169,000	57,000	15,000	5,000	231,000	32,000	20,000	25,000	95,000
service charges on deposit accounts	1,673,000	1,223,000	2,253,000	2,427,000	2,516,000	2,442,000	2,444,000	2,437,000	2,252,000	2,567,000	2,791,000	2,626,000	2,896,000	2,823,000	2,851,000	2,863,000	3,297,000	3,249,000	3,202,000	3,030,000	3,211,000	2,999,000	2,630,000	2,308,000		1,848,000
mortgage banking activities	14,108,000	8,426,000	3,033,000	4,170,000	4,408,000	3,270,000	1,141,000	808,000	455,000
wealth management income	7,785,000	7,604,000	6,966,000	6,401,000	5,493,000	5,539,000
insurance agency commissions	2,122,000	1,188,000	2,129,000	1,331,000	2,116,000	1,265,000	1,044,000	953,000	1,180,000	978,000	928,000	1,989,000	1,098,000	1,048,000	1,040,000	2,050,000	1,183,000	1,282,000	1,357,000	2,086,000	1,203,000	1,294,000	1,438,000	2,690,000		2,108,000
income from bank owned life insurance	708,000	809,000	645,000	660,000	662,000	654,000	662,000	654,000	646,000	709,000	703,000	693,000	730,000	740,000	725,000	711,000	719,000	742,000	727,000	714,000	732,000	720,000	693,000	684,000		553,000
bank card fees	1,525,000	1,257,000	1,320,000	1,435,000	1,462,000	1,467,000
other income	1,418,000	2,205,000	1,653,000	2,743,000	1,901,000	1,914,000	1,026,000	989,000	1,001,000	1,794,000	2,091,000	1,290,000	2,311,000	1,121,000	1,858,000	1,541,000	1,437,000	1,273,000	1,506,000	1,655,000	1,783,000	1,497,000	1,351,000	913,000		1,186,000
total non-interest income	29,390,000						11,336,000	10,802,000	9,992,000	10,738,000	11,869,000	11,340,000
non-interest expense:
salaries and employee benefits	36,041,000	34,297,000	28,053,000	26,251,000	26,234,000	25,489,000	14,892,000	14,676,000	14,624,000	13,841,000	14,181,000	13,371,000	13,141,000	14,411,000	13,704,000	13,204,000	13,441,000	11,949,000	13,862,000	13,763,000	13,343,000	14,654,000	13,776,000	13,434,000		12,471,000
occupancy expense of premises	5,575,000	5,991,000	4,581,000	4,663,000	4,816,000	4,760,000	2,784,000	2,790,000	3,143,000	2,826,000	2,709,000	3,090,000	2,702,000	2,685,000	2,548,000	2,775,000	2,612,000	2,732,000	2,619,000	2,799,000	2,288,000	2,946,000	2,709,000	2,417,000		2,126,000
equipment expense	3,133,000	3,219,000		1,982,250	2,641,000	2,712,000
marketing	1,305,000						468,000	709,000	485,000	589,000	573,000	516,000	777,000	484,000	485,000	420,000	652,000	526,000	488,000	497,000	674,000	359,000	675,000	529,000		341,000
outside data services	2,614,000	2,169,000	1,582,000	1,854,000	1,973,000	1,962,000	1,073,000	999,000	995,000	966,000	918,000	1,123,000	967,000	987,000	961,000	806,000	1,054,000	1,116,000	1,081,000	1,122,000	1,094,000	870,000	1,077,000	926,000		781,000
fdic insurance	1,340,000	1,378,000	482,000	123,000	-83,000	1,084,000	709,000	736,000	1,044,000	1,056,000	1,186,000	1,141,000	1,124,000	1,219,000	2,790,000
amortization of intangible assets	1,968,000	1,998,000	600,000	481,000	491,000	483,000	461,000	462,000	461,000	495,000	496,000	496,000	496,000	1,048,000	1,047,000	1,055,000	1,103,000	1,103,000	1,117,000	1,124,000	1,124,000	1,123,000	1,031,000	802,000		742,000
merger and acquisition expense	1,263,000	22,454,000
professional fees and services	1,800,000	1,840,000	1,826,000	2,553,000	1,546,000	1,634,000
other expenses	5,898,000	11,363,000	5,228,000	5,332,000	5,402,000
total non-interest expense	60,937,000
income before income taxes	58,934,000	-19,686,000	10,287,000	37,071,000	38,914,000	37,221,000	17,338,000	11,967,000	10,425,000	12,445,000	8,805,000	-832,000	-7,040,000	-23,953,000	-1,995,000	2,136,000	-7,377,000	7,154,000	7,739,000	11,905,000	11,739,000	11,693,000	11,333,000	10,468,000		11,717,000
income tax expense	14,292,000	-5,348,000	300,000	8,614,000	9,531,000	8,945,000	6,081,000	3,671,000									-3,941,000	1,795,000	2,088,000	3,700,000	3,372,000	3,512,000	3,164,000	2,923,000		3,377,000
net income	44,642,000	-14,338	9,987,000	28,457	29,383	28,276	11,257,000	8,296,000	7,291,000	8,484,000	6,259,000	501,000	-3,218,000	-13,574,000	-280,000	2,217,000	-3,436,000	5,359,000	5,651,000	8,205,000	8,367,000	8,181,000	8,169,000	7,545,000		8,340,000
yoy	151831.39%	-150.71%	-11.28%	-99.66%	-99.60%	-99.67%	79.85%	1555.89%	-326.57%	-162.50%	-2335.36%	-77.40%	-6.34%	-353.29%	-104.95%	-72.98%	-141.07%	-34.49%	-30.82%	8.75%		-1.91%
qoq	-311454.44%	-100.14%	34995.06%	-3.15%	3.91%	-99.75%	35.69%	13.78%	-14.06%	35.55%	1149.30%	-115.57%	-76.29%	4747.86%	-112.63%	-164.52%	-164.12%	-5.17%	-31.13%	-1.94%	2.27%	0.15%	8.27%
per share information:
basic net income per common share	0.94						0.47	0.34	0.3	0.27	0.21	-0.04	-0.27	-0.9	-0.09
diluted net income per common share	0.94						0.47	0.34	0.3	0.27	0.21	-0.04	-0.27	-0.9	-0.09
dividends declared per share	0.3	0.3											0.09	0.12	0.12
other comprehensive income:
investments available-for-sale:
net change in unrealized gains on investments available-for-sale	3,445
related income tax expense	-909
net investment gains reclassified into earnings	-51
net effect on other comprehensive income for the period	2,498
defined benefit pension plan:
recognition of unrealized loss	219
related income tax benefit	-48
total other comprehensive income	2,669	8,480	10,676	-1,624	857
comprehensive income	47,311	-5,858	20,663	26,833	30,240	33,761
basic net income per share		-0.31	0.29	0.79	0.82	0.79	0.47	0.34	0.3	0.35	0.26	0.03	-0.19	-0.83	-0.02
diluted net income per share		-0.31	0.28	0.8	0.82	0.79	0.47	0.34	0.3	0.35	0.26	0.03	-0.19	-0.83	-0.02
the accompanying notes are an integral part of these statements
provision (credit) for credit losses			24,469,000
non-interest expenses:
equipment expenses			2,751,000				1,143,000	1,128,000	1,142,000	1,137,000	1,304,000	1,214,000	1,359,000	1,444,000	1,374,000	1,514,000	1,642,000	1,515,000	1,560,000	1,439,000	1,829,000	1,631,000	1,501,000	1,602,000		1,316,000
merger and acquisition expenses			1,454,000
net income per share
dividends declared per common share			0.3	0.22	0.3	0.3	0.08	0.08	0.08	0.01	0.01	0.01
provision for loan losses				1,655,000	1,524,000
merger expenses				91,000	364,000
benefit from loan losses						1,633,000
other incomes						4,876,000	4,318,000	4,338,000	4,168,000	4,429,000	4,586,000	4,355,000	4,798,000	4,289,000	3,949,000	4,476,000	4,820,000	4,076,000	4,159,000	3,959,000	4,964,000	4,316,000	4,190,000	3,904,000		2,579,000
total other comprehensive income/						5,485
interest and fees on loans and leases							26,791,000	26,816,000	26,990,000	29,084,000	29,284,000	29,374,000	30,320,000	31,280,000	32,066,000	33,233,000	36,337,000	37,263,000	36,696,000	38,469,000	39,967,000	39,789,000	38,393,000	34,574,000		28,858,000
taxable							5,693,000	5,649,000	5,440,000	6,336,000	6,298,000	6,006,000	6,272,000	5,947,000	4,531,000	3,195,000	2,428,000	3,171,000	1,880,000	2,698,000	3,157,000	3,211,000	3,750,000	3,871,000		3,031,000
provision (credit) for loan and lease losses							-3,520,000
net interest income after provision (credit) for loan and lease losses							31,850,000
total other-than-temporary impairment ("otti") losses							-76,000	-43,000	-100,000	-334,000	-834,000
portion of otti losses recognized in other comprehensive income, before taxes									59,000	-46,000	745,000
net otti recognized in earnings							-76,000	-43,000	-41,000	-380,000	-89,000
fees on sales of investment products							905,000	1,005,000	858,000	782,000	941,000	741,000	761,000	740,000	622,000	700,000	928,000	820,000	905,000	822,000	518,000	765,000	906,000	800,000		718,000
trust and investment management fees							3,032,000	3,018,000	2,787,000	2,505,000	2,534,000	2,449,000	2,358,000	2,406,000	2,370,000	2,287,000	2,201,000	2,380,000	2,505,000	2,397,000	2,581,000	2,365,000	2,361,000	2,281,000		2,116,000
visa check fees							927,000	949,000	834,000	843,000	855,000	740,000	776,000	758,000	748,000	638,000	691,000	727,000	761,000	696,000	747,000	730,000	717,000	590,000		535,000
total non-interest expenses							25,848,000	25,838,000	26,062,000	25,339,000	25,953,000	25,306,000
preferred stock dividends and discount accretion										2,074,000	1,203,000	1,200,000	1,203,000	1,205,000	1,202,000	1,200,000
net income available to common stockholders							11,257,000	8,296,000	7,291,000	6,410,000	5,056,000	-699,000
benefit from loan and lease losses								1,151,000	1,515,000	2,453,000	6,107,000	15,025,000	21,084,000	34,450,000	10,615,000	10,613,000	17,791,000	6,545,000	6,189,000	2,667,000	1,725,000	750,000	780,000	839,000		950,000
net interest income after benefit from loan and lease losses								27,003,000	26,495,000	27,046,000	22,889,000	13,134,000			13,833,000	14,412,000	8,883,000	21,542,000	20,930,000	23,912,000	25,675,000	26,462,000	25,419,000	23,176,000		22,227,000
income tax benefit									3,134,000	3,961,000	2,546,000	-1,333,000	-3,822,000	-10,379,000	-1,715,000	-81,000
interest and dividends on securities:
gains on sales of mortgage loans										915,000	1,020,000	609,000	434,000	1,011,000	786,000	1,022,000	516,000	397,000	653,000	722,000	590,000	738,000	773,000	638,000		782,000
securities gains												203,000	211,000	15,000	30,000	162,000	1,000	9,000	79,000	574,000	15,000	22,000	4,000	2,000
interest on short-term borrowings													2,689,250	3,697,000	3,614,000	3,446,000	3,326,000	3,544,000	3,063,000	3,279,000	3,408,000	3,198,000	3,586,000	3,481,000		3,749,000
interest on long-term borrowings													457,750	343,000	685,000	803,000	1,144,000	1,092,000	1,080,000	1,042,000	648,000	650,000	652,000	610,000		577,000
net interest income after provision
for loan and lease losses													5,049,250	-8,048,000
noninterest income:
total noninterest income													11,575,000	10,662,000	11,030,000	11,974,000	10,973,000	10,879,000	11,695,000	12,696,000	11,380,000	11,130,000	10,873,000	10,906,000		9,846,000
noninterest expenses:
goodwill impairment loss
total noninterest expenses													19,418,750	26,567,000	26,858,000	24,250,000	27,233,000	25,267,000	24,886,000	24,703,000	25,316,000	25,899,000	24,959,000	23,614,000		20,356,000
net income available to common shareholders													-3,811,000	-14,779,000	-1,482,000	1,017,000
goodwill impairment charge																	562,500	2,250,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2020-12-31	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31

results of operations:
tax-equivalent interest income	676,731,000				641,681,000				499,508,000				453,987,000						352,615,000							202,258,000																													186,481,000
interest expense	345,146,000				282,974,000				68,663,000	30,038,000	12,550,000		25,766,000						82,561,000							26,031,000																													76,149,000
tax-equivalent net interest income	331,585,000				358,707,000				430,845,000				428,221,000						270,054,000							176,227,000																													110,332,000
tax-equivalent adjustment	4,459,000				4,157,000				3,841,000				3,703,000						4,746,000							7,459,000																													5,506,000
provision/ (credit) for credit losses	14,192,000				-17,561,000				34,372,000	-47,141,000	-38,912,000		-45,556,000
net interest income after provision for credit losses	312,934,000				372,111,000				392,632,000				470,074,000
non-interest income	79,315,000				67,078,000				87,019,000	51,669,000	39,713,000		102,055,000						71,322,000							51,243,000
non-interest expense	343,288,000				275,054,000				257,293,000	177,637,000	116,502,000		260,470,000						179,085,000
income before taxes	48,961,000				164,135,000				222,358,000				311,659,000						152,861,000							87,935,000																													45,233,000
income tax expense	29,026,000				41,291,000				56,059,000	38,471,000	27,190,000		76,552,000						36,428,000							34,726,000
net income	19,935,000				122,844,000				166,299,000	132,319,000	98,735,000		235,107,000						116,433,000							53,209,000																													32,262,000
net income attributable to common shareholders	19,902,000				122,621,000				165,618,000				233,599,000
per share data:
net income - basic per common share	440				2,740				3,690				5,000
net income - diluted per common share	440				2,730				3,680				4,980
dividends declared per share	1,360				1,360				1,360				1,280
book value per common share	34,510				35,360				33,230				33,680						32,400							23,500
tangible book value per common share - non-gaap	26,990				26,640				24,640				24,900
dividends declared to diluted net income per common share	309,090				49,820				36,960				25,700						36,310							47,270
period end balances:
assets	14,127,480,000				14,028,172,000				13,833,119,000	13,783,402,000	13,323,298,000		12,590,726,000						8,629,002,000							5,446,675,000																													3,043,953,000
investment securities	1,418,244,000				1,414,453,000				1,543,208,000				1,507,062,000						1,125,136,000							775,025,000
loans	11,537,966,000				11,366,989,000				11,396,706,000				9,967,091,000						6,705,232,000							4,314,248,000
deposits	11,745,665,000				10,996,538,000				10,953,421,000				10,624,731,000						6,440,319,000							3,963,662,000																													2,273,868,000
borrowings	690,311,000				1,295,835,000				1,242,172,000				313,798,000						936,788,000							885,192,000																													426,525,000
stockholders’ equity	1,558,011,000				1,588,142,000				1,483,768,000				1,519,679,000						1,132,974,000							563,816,000																										324,995,000			315,640,000						197,556,000	185,418,000	162,488,000
average balances:
performance ratios:
return on average assets	140				870				1,260				1,830						1,390							1,020																													1,100
return on average common equity	1,250				8,040				11,230				15,480						10,510							9,660
return on average tangible common equity - non-gaap	6,730				11,060				15,240				21,010
yield on average interest-earning assets	5,020				4,780				3,990				3,770						4,580							4,080																													6,980
rate on average interest-bearing liabilities	3,590				3,070				890				350						1,560							770																													3,500
net interest spread	1,430				1,710				3,100				3,420						3,020							3,310																													3,480
net interest margin	2,460				2,670				3,440	3,500	3,490		3,560						3,510							3,550																						3,290				3,920			4,130						3,690
efficiency ratio – gaap	84,460				65,240				50,050				49,470						53,200							58,680
efficiency ratio – non-gaap	67,070				60,990				49,660				46,170						51,520							54,590
capital ratios:
tier 1 leverage	9,390				9,510				9,330				9,260						9,700							9,240
common equity tier 1 capital to risk-weighted assets	11,360				10,900				10,230				11,910						11,060							10,840
tier 1 capital to risk-weighted assets	11,360				10,900				10,230				11,910						11,210							10,840
total regulatory capital to risk-weighted assets	15,380				14,920				14,200				14,590						14,850							11,850
tangible common equity to tangible assets - non-gaap	8,840				8,770				8,180				9,210						9,460							9,040
average equity to average assets	11,310				10,870				11,200				11,850						13,250							10,510																													9,890
credit quality ratios:
allowance for credit losses to total loans	1,160				1,060				1,200				1,100
non-performing loans to total loans	1,030				810				350				490						620							680
non-performing assets to total assets	870				650				290				400						500							580																													1,150
net charge-offs to average loans	30				10								110						30							40
assets:
cash and due from banks		109,583,000	84,464,000	79,305,000		80,314,000	96,482,000	92,771,000		81,673,000	75,750,000	96,074,000		105,937,000	109,147,000	93,651,000	224,037,000	79,185,000		89,377,000	75,781,000	67,282,000	63,380,000	69,451,000	64,064,000		50,076,000	48,637,000		48,666,000	53,334,000	43,228,000		42,322,000	53,569,000	46,771,000		48,665,000	65,674,000	58,448,000	58,746,000	43,132,000	76,552,000	43,738,000	40,511,000	43,208,000	39,405,000	45,038,000	42,079,000	43,360,000	46,380,000	49,981,000	55,321,000	66,536,000		58,698,000	60,816,000	61,145,000	54,945,000	47,294,000	42,133,000	34,929,000	34,993,000
federal funds sold				243,000		251,000	240,000	240,000		581,000	650,000	370,000		352,000	358,000	291,000	401,000	131,000		253,000	583,000	481,000	2,055,000	1,434,000	1,407,000		2,838,000	2,831,000	5,000	1,106,000	832,000	559,000	1,000	472,000	472,000	473,000	1,000	474,000	474,000	474,000	475,000	1,146,000	1,231,000	1,564,000	1,522,000	1,602,000	1,543,000	2,045,000	1,271,000	2,034,000	392,000	22,619,000	19,712,000	48,032,000		13,375,000	57,083,000	48,138,000	48,978,000	6,149,000	39,456,000	27,565,000	33,872,000
interest-bearing deposits with banks		640,763,000	322,246,000	330,842,000		637,026,000	333,405,000	402,704,000		202,882,000	229,257,000	456,382,000		1,008,344,000	520,989,000	203,061,000	610,285,000	181,792,000		120,306,000	155,312,000	65,886,000	13,142,000	223,883,000	153,948,000		49,267,000	25,468,000	213,000	48,425,000	39,406,000	115,609,000	98,000	53,637,000	35,601,000	33,906,000	85,000	42,820,000	44,653,000	57,273,000	20,847,000	26,535,000	42,927,000	33,694,000	37,692,000	139,358,000	148,059,000	56,980,000	45,660,000	77,090,000	126,286,000	11,305,000	483,000	11,112,000		483,000	74,050,000	28,192,000	2,974,000	751,000	1,817,000	1,538,000	1,546,000
cash and cash equivalents		750,346,000	406,710,000	410,390,000		717,591,000	430,127,000	495,715,000				552,826,000		1,114,633,000	630,494,000	297,003,000																						91,959,000	110,801,000	116,195,000	80,068,000	70,813,000	120,710,000	78,996,000	79,725,000	184,168,000	189,007,000		89,010,000	122,484,000	173,058,000		75,516,000	125,680,000		72,073,000	117,899,000	109,283,000	103,923,000	53,443,000
residential mortgage loans held for sale		21,489,000	18,961,000	16,627,000		19,235,000	21,476,000	16,262,000				17,537,000		44,678,000	71,082,000	78,294,000	68,765,000	67,114,000		78,821,000	50,511,000	24,998,000	31,581,000	40,000,000	28,486,000		7,084,000	5,743,000		15,822,000	13,490,000	27,806,000		10,418,000	19,445,000	13,899,000		6,656,000	9,042,000	3,079,000	10,542,000	23,096,000	11,650,000	10,892,000	19,234,000	15,398,000	8,937,000		10,926,000	14,494,000	14,515,000		4,541,000	9,876,000		6,099,000	17,874,000	9,660,000	10,595,000	10,439,000
sba loans held for sale		425,000
investments held-to-maturity, at cost		220,296,000	226,233,000	231,354,000		241,464,000	247,814,000	254,219,000				285,339,000
investments available-for-sale		1,149,056,000	1,101,846,000	1,100,741,000		1,075,089,000	1,143,688,000	1,195,728,000				1,259,945,000		1,429,555,000	1,441,026,000	1,348,021,000	1,355,799,000	1,187,607,000		894,272,000	901,025,000	926,530,000	926,723,000	942,832,000	977,224,000		756,069,000	780,078,000		655,642,000	700,486,000	704,872,000		607,619,000	625,819,000	657,709,000		692,107,000	720,885,000	736,270,000	815,545,000	952,074,000	995,496,000	964,692,000	960,313,000	915,719,000	832,259,000		807,145,000	697,314,000	472,161,000		206,898,000	206,840,000		196,138,000	222,123,000	282,023,000
other investments, at cost		71,136,000	73,432,000	73,395,000		75,525,000	72,052,000	78,389,000
total loans		11,491,921,000	11,483,921,000	11,364,284,000		11,300,292,000	11,369,639,000	11,395,241,000		10,431,024,000	10,175,840,000	10,144,328,000		9,721,348,000	10,092,515,000	10,400,509,000	10,343,043,000	6,722,992,000		6,596,548,000	6,551,243,000	6,569,990,000	6,388,959,000	6,250,073,000	6,061,551,000		4,194,118,000	4,133,171,000	152,992,000	3,780,507,000
less: allowance for credit losses - loans		-131,428,000	-125,863,000	-123,096,000		-123,360,000	-120,287,000	-117,613,000		-112,384,000
net loans		11,360,493,000	11,358,058,000	11,241,188,000		11,176,932,000	11,249,352,000	11,277,628,000				10,033,740,000		9,613,428,000	9,968,554,000	10,235,142,000	10,179,562,000	6,637,192,000		6,541,556,000	6,497,219,000	6,516,901,000	6,338,550,000	6,201,580,000	6,014,620,000		4,149,194,000	4,088,092,000		3,736,565,000
premises and equipment		57,249,000	58,212,000	59,843,000		72,312,000	71,203,000	69,227,000		62,510,000	61,733,000	61,434,000		58,362,000	55,592,000	57,720,000	59,391,000	57,617,000		59,487,000	60,372,000	61,003,000	62,098,000	62,275,000	60,352,000		54,108,000	53,235,000		53,356,000	53,055,000	53,307,000		52,573,000	51,609,000	51,299,000		45,841,000	45,296,000	45,644,000	46,655,000	48,750,000	48,921,000	48,873,000	48,175,000	48,592,000	48,780,000	50,649,000	49,827,000	50,460,000	50,981,000	53,207,000	52,441,000	53,780,000		55,016,000	54,318,000	50,834,000	47,756,000	45,385,000	40,407,000	37,207,000	34,347,000
other real estate owned		3,265,000	2,700,000	2,700,000		261,000	611,000	645,000				1,034,000		1,105,000	1,234,000	1,455,000	1,389,000	1,416,000		1,482,000	1,486,000	1,410,000	2,118,000	2,361,000	2,761,000		1,448,000	1,460,000		1,274,000	1,311,000	2,414,000		2,619,000	4,514,000	3,227,000		1,762,000	1,967,000	1,619,000	1,662,000	7,938,000	6,951,000	7,960,000	10,011,000	8,730,000	6,796,000		6,873,000	6,829,000	5,093,000		1,698,000
accrued interest receivable		45,162,000	46,668,000	47,152,000		45,100,000	42,388,000	42,232,000				33,528,000		36,219,000	40,630,000	46,431,000	48,109,000	23,870,000		23,438,000	26,148,000	26,182,000	24,058,000	23,197,000	22,383,000		16,045,000	14,910,000		13,123,000	13,399,000	13,660,000		13,102,000	13,144,000	12,505,000		12,277,000	12,271,000	12,288,000	12,464,000	12,382,000	13,088,000	12,893,000	13,083,000	13,521,000	13,220,000		13,325,000	13,007,000	11,937,000		12,491,000	13,201,000		16,008,000	16,850,000	16,485,000	15,200,000	13,144,000
goodwill		363,436,000	363,436,000	363,436,000		363,436,000	363,436,000	363,436,000				370,223,000		370,223,000	370,223,000	370,223,000	370,547,000	369,708,000		347,149,000	347,149,000	347,149,000	345,422,000	346,312,000	342,907,000		85,768,000	85,768,000		85,768,000	84,171,000	84,171,000		84,171,000	84,171,000	84,171,000		84,171,000	84,171,000	84,171,000	84,171,000	76,816,000	76,816,000	76,816,000	76,816,000	76,816,000	76,816,000		76,816,000	76,816,000	76,816,000		75,701,000	78,111,000		76,625,000	77,457,000	53,913,000	12,494,000	10,272,000
other intangible assets		30,514,000	30,087,000	29,864,000		16,035,000	17,280,000	18,549,000				24,412,000		27,531,000	29,165,000	32,521,000	36,143,000	19,781,000		8,322,000	8,813,000	9,297,000	10,327,000	10,868,000	11,408,000		604,000	629,000		716,000	77,000	105,000		190,000	296,000	403,000		622,000	737,000	960,000	1,792,000	5,195,000	5,656,000	6,118,000	7,050,000	7,546,000	8,042,000		9,033,000	10,080,000	11,128,000		13,286,000	15,507,000		17,754,000	18,878,000	15,244,000	10,653,000	12,218,000
other assets		310,206,000	322,000,000	311,443,000		332,105,000	335,118,000	316,977,000		672,093,000	685,870,000	286,241,000		280,633,000	276,480,000	265,859,000	267,166,000	241,236,000		221,137,000	219,430,000	220,012,000	149,037,000	153,965,000	152,243,000		122,434,000	122,257,000		114,319,000	116,306,000	114,426,000		116,343,000	116,110,000	114,930,000		116,236,000	116,542,000	112,671,000	115,076,000	111,190,000	116,961,000	128,234,000	135,080,000	136,383,000	148,600,000	221,211,000	124,790,000	116,881,000	112,688,000	199,584,000	97,356,000	93,618,000		91,207,000	92,365,000	86,930,000	79,867,000	79,039,000	98,218,000	95,662,000	82,248,000
total assets		14,383,073,000	14,008,343,000	13,888,133,000		14,135,085,000	13,994,545,000	14,129,007,000		13,033,256,000	12,785,040,000	12,967,416,000		13,017,464,000	12,925,577,000	12,798,429,000	13,290,447,000	8,929,602,000		8,437,538,000	8,398,519,000	8,327,900,000	8,034,565,000	8,152,600,000	7,894,918,000		5,334,788,000	5,270,521,000		4,810,611,000	4,739,449,000	4,716,608,000		4,611,034,000	4,507,367,000	4,401,380,000		4,248,731,000	4,234,342,000	4,168,998,000	4,052,969,000	3,626,043,000	3,612,016,000	3,549,533,000	3,606,617,000	3,701,150,000	3,673,246,000	3,557,234,000	3,632,391,000	3,617,497,000	3,519,432,000	3,152,586,000	3,195,117,000	3,160,896,000		2,965,492,000	3,101,409,000	2,945,477,000	2,610,457,000	2,459,616,000	2,406,318,000	2,344,743,000
liabilities:
noninterest-bearing deposits		2,903,063,000	2,931,405,000	2,817,928,000		3,013,905,000	3,079,896,000	3,228,678,000				4,039,797,000		3,987,411,000	4,000,636,000	3,325,547,000	3,434,038,000	1,939,937,000		2,081,435,000	2,023,614,000	1,813,708,000	1,902,537,000	1,910,690,000	1,767,523,000		1,312,710,000	1,302,536,000		1,154,227,000	1,176,135,000	1,084,746,000		1,068,299,000	1,092,413,000	1,017,566,000		986,549,000	984,700,000	882,169,000	890,319,000	643,169,000	648,605,000	619,905,000	580,309,000	593,007,000	560,027,000		573,601,000	553,604,000	545,540,000		468,101,000	445,088,000		453,536,000	490,545,000	449,604,000	394,662,000	439,277,000
interest-bearing deposits		8,834,631,000	8,408,823,000	8,409,272,000		8,137,107,000	7,879,026,000	7,847,313,000				6,812,997,000		6,999,989,000	6,865,830,000	6,707,522,000	6,642,796,000	4,653,937,000		4,412,464,000	4,366,135,000	4,410,815,000	3,995,857,000	3,927,136,000	3,859,683,000		2,643,082,000	2,582,909,000		2,382,930,000	2,334,006,000	2,327,562,000		2,207,369,000	2,154,933,000	2,092,326,000		2,042,239,000	2,053,970,000	2,077,026,000	2,026,147,000	1,997,155,000	2,009,256,000	1,979,729,000	2,005,187,000	2,066,949,000	2,093,421,000		2,109,886,000	2,096,881,000	2,008,372,000		1,780,711,000	1,895,480,000		1,826,566,000	1,895,681,000	1,824,718,000	1,599,561,000	1,363,933,000
total deposits		11,737,694,000	11,340,228,000	11,227,200,000		11,151,012,000	10,958,922,000	11,075,991,000				10,852,794,000		10,987,400,000	10,866,466,000	10,033,069,000																						3,028,788,000	3,038,670,000	2,959,195,000	2,916,466,000	2,640,324,000	2,657,861,000	2,599,634,000	2,585,496,000	2,659,956,000	2,653,448,000		2,683,487,000	2,650,485,000	2,553,912,000		2,248,812,000	2,340,568,000		2,280,102,000	2,386,226,000	2,274,322,000	1,994,223,000	1,803,210,000
securities sold under retail repurchase agreements		70,767,000	75,038,000	71,529,000		66,581,000	74,510,000
federal reserve bank borrowings						300,000,000	300,000,000
advances from fhlb		450,000,000	500,000,000	500,000,000		550,000,000	600,000,000	750,000,000		174,493,000	1,915,000					379,075,000	451,844,000	754,061,000		517,477,000	582,768,000	726,278,000	866,445,000	1,063,777,000	1,011,109,000		632,917,000	670,000,000	11,610,000	550,000,000	515,000,000	590,000,000	13,081,000	610,000,000	550,000,000	590,000,000	12,982,000	558,000,000	537,000,000	569,000,000	520,000,000	405,496,000	405,583,000	405,671,000	409,263,000	409,434,000	411,341,000	412,074,000
subordinated debt		371,251,000	371,101,000	370,952,000		370,653,000	370,504,000	370,354,000				370,002,000		172,639,000	226,998,000	227,088,000	230,301,000
total borrowings		892,018,000	946,139,000	942,481,000		1,287,234,000	1,345,014,000	1,372,981,000		695,095,000	465,433,000	500,786,000		320,143,000	367,706,000	1,149,320,000
accrued interest payable and other liabilities		124,524,000	122,972,000	129,088,000		158,925,000	151,577,000	143,170,000				124,926,000		163,861,000	129,125,000	146,085,000	152,770,000	140,982,000		122,797,000	118,600,000	121,236,000	46,881,000	47,506,000	55,142,000		35,030,000	33,081,000		32,594,000	36,942,000	35,865,000		45,394,000	44,331,000	43,080,000		33,155,000	33,486,000	28,379,000	34,444,000	24,903,000	24,674,000	24,636,000	27,257,000	27,017,000	23,184,000		37,368,000	29,853,000	33,758,000		30,182,000	26,424,000		33,890,000	31,324,000	26,905,000	26,917,000	21,145,000
total liabilities		12,754,236,000	12,409,339,000	12,298,769,000		12,597,171,000	12,455,513,000	12,592,142,000				11,478,506,000		11,471,404,000	11,363,297,000	11,328,474,000																						3,726,327,000	3,717,073,000	3,658,612,000	3,559,087,000	3,185,252,000	3,188,332,000	3,140,457,000	3,154,900,000	3,217,469,000	3,201,389,000		3,251,820,000	3,226,235,000	3,126,910,000		2,875,417,000	2,841,929,000		2,654,868,000	2,795,154,000		2,372,680,000	2,241,733,000
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		45,125,000
additional paid in capital		748,202,000	745,336,000	743,850,000		740,999,000	737,740,000	735,509,000				752,671,000		799,766,000	850,555,000		843,876,000	562,891,000		609,103,000	608,006,000	607,479,000	605,623,000	604,631,000	604,399,000		167,455,000	166,705,000		164,937,000	164,040,000	163,522,000		178,429,000	181,504,000	186,342,000		194,899,000	194,252,000	193,708,000	192,964,000	177,451,000	177,303,000	176,799,000	176,582,000	176,167,000	175,684,000		87,572,000	86,883,000	85,820,000		85,065,000	84,281,000		85,982,000	86,669,000	60,520,000	27,869,000	26,599,000
retained earnings		911,411,000	910,552,000	903,377,000		887,512,000	882,055,000	872,635,000				760,347,000		701,301,000	659,578,000	557,271,000	484,392,000	512,934,000		498,020,000	479,389,000	461,862,000	425,991,000	406,762,000	392,364,000		376,512,000	367,706,000		343,366,000	335,678,000	330,810,000		318,939,000	313,399,000	308,546,000		298,796,000	292,714,000	290,285,000	278,825,000	226,114,000	216,802,000	210,452,000	198,737,000	192,571,000	187,755,000		193,210,000	209,980,000	213,453,000		222,126,000	219,019,000		211,787,000	207,430,000	203,044,000	199,102,000	177,084,000
accumulated other comprehensive loss		-75,901,000	-101,994,000	-102,803,000		-135,492,000	-125,625,000	-115,991,000				-69,271,000								-2,708,000	-3,565,000	-9,050,000	-24,420,000	-20,556,000	-17,618,000		-3,477,000	-3,712,000							-592,000									-2,260,000					-310,000	-5,526,000	-6,466,000		-3,875,000	-694,000		-3,566,000	-4,296,000	-3,970,000
total stockholders' equity		1,628,837,000	1,599,004,000	1,589,364,000		1,537,914,000	1,539,032,000	1,536,865,000				1,488,910,000		1,546,060,000	1,562,280,000	1,469,955,000																						522,404,000	517,269,000	510,386,000	493,882,000	440,791,000	423,684,000	409,076,000	451,717,000	483,681,000	471,857,000		380,571,000	391,262,000	392,522,000		319,700,000	318,967,000		310,624,000	306,255,000
total liabilities and stockholders' equity		14,383,073,000	14,008,343,000	13,888,133,000		14,135,085,000	13,994,545,000	14,129,007,000		13,033,256,000	12,785,040,000	12,967,416,000		13,017,464,000	12,925,577,000	12,798,429,000	13,290,447,000	8,929,602,000		8,437,538,000	8,398,519,000	8,327,900,000	8,034,565,000	8,152,600,000	7,894,918,000		5,334,788,000	5,270,521,000		4,810,611,000	4,739,449,000	4,716,608,000		4,611,034,000	4,507,367,000	4,401,380,000		4,248,731,000	4,234,342,000	4,168,998,000	4,052,969,000	3,626,043,000	3,612,016,000	3,549,533,000	3,606,617,000	3,701,150,000	3,673,246,000	3,557,234,000	3,632,391,000	3,617,497,000	3,519,432,000		3,195,117,000	3,160,896,000		2,965,492,000	3,101,409,000
45,109,671 and 44,913,561 at june 30, 2024 and december 31, 2023, respectively			45,110,000
44,940,147 and 44,913,561 at march 31, 2024 and december 31, 2023, respectively				44,940,000
federal funds purchased										85,983,000	49,271,000
44,895,158 and 44,657,054 at september 30, 2023 and december 31, 2022, respectively						44,895,000
44,862,369 and 44,657,054 at june 30, 2023 and december 31, 2022, respectively							44,862,000
securities sold under retail repurchase agreements and federal funds purchased								252,627,000				130,784,000		147,504,000	140,708,000	543,157,000	988,605,000	125,305,000		126,008,000	150,604,000	122,626,000	142,669,000	139,647,000	149,323,000		146,569,000	127,312,000		124,205,000	117,887,000	121,043,000		121,378,000	111,817,000	101,640,000		71,384,000	72,917,000	67,038,000	53,177,000	79,529,000
44,712,497 and 44,657,054 at march 31, 2023 and december 31, 2022, respectively								44,712,000
interest income										350,367,000	219,945,000
provision for credit losses										23,571,000	4,681,000
income before income taxes										170,790,000	125,925,000
commercial investor real estate loans										4,546,440,000	4,367,400,000																		37,110,000				32,073,000				28,201,000
commercial owner-occupied real estate loans										1,722,522,000	1,705,562,000
commercial ad&c loans										1,104,901,000	1,099,498,000																		13,199,000
commercial business loans										1,344,608,000	1,353,446,000																		19,750,000				17,926,000				16,400,000
total commercial loans										8,718,471,000	8,525,906,000																		103,896,000
residential mortgage loans										1,071,634,000	1,017,741,000																		28,331,000				25,251,000				23,171,000											471,221,000
residential construction loans										217,978,000	209,264,000																		5,169,000				4,970,000				5,316,000											139,197,000
consumer loans										422,941,000	422,929,000																		15,596,000				14,624,000				13,176,000											405,005,000
total residential and consumer loans										1,712,553,000	1,649,934,000
loans held for sale										15,174,000	15,155,000																		387,000				544,000
taxable securities										1,204,240,000	1,180,168,000																		11,923,000				15,016,000				16,817,000											662,853,000
tax-advantaged securities										475,463,000	471,919,000																																					161,949,000
total investment securities										1,679,703,000	1,652,087,000																		23,670,000
total interest-earning assets										12,329,364,000	12,072,989,000																		177,267,000				164,790,000				153,558,000
liabilities and stockholders' equity:
interest-bearing demand deposits										1,477,956,000	1,494,809,000																		446,000				418,000				425,000											254,047,000				242,848,000									232,652,000	200,855,000	173,935,000
regular savings deposits										553,982,000	553,435,000																		182,000				146,000				165,000											152,383,000				153,123,000									216,257,000	173,078,000	143,357,000
money market savings deposits										3,334,534,000	3,401,641,000																		1,951,000				1,364,000				1,116,000											841,336,000				669,239,000									369,046,000	401,716,000	386,571,000
time deposits										1,418,740,000	1,355,615,000																		5,582,000				3,950,000				3,085,000											829,817,000				777,979,000									439,729,000	433,244,000	427,943,000
total interest-bearing deposits										6,785,212,000	6,805,500,000																		8,161,000				5,878,000				4,791,000											2,077,583,000				1,843,189,000									1,257,684,000	1,208,893,000
repurchase agreements										119,554,000	127,083,000
subordinated debentures										315,065,000	287,164,000							199,046,000		37,316,000	37,353,000	37,389,000	37,460,000	37,495,000	37,530,000				943,000	30,000,000	30,000,000	35,000,000	899,000	35,000,000	35,000,000	35,000,000	881,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000		35,000,000	35,000,000		35,000,000	35,000,000	35,000,000	35,000,000	35,000,000
total interest-bearing liabilities										7,480,307,000	7,270,933,000																		21,004,000				20,113,000				18,818,000											2,612,855,000				2,356,426,000									1,794,442,000	1,802,577,000	1,702,827,000
noninterest-bearing demand deposits										3,919,600,000	3,880,919,000																																					521,701,000				441,459,000									394,622,000		280,839,000
other liabilities										146,429,000	146,018,000																																					33,457,000				29,706,000									19,698,000	24,305,000	14,453,000
stockholders' equity										1,486,920,000	1,487,170,000																																					389,221,000
tax-equivalent net interest income and spread										323,170,000	209,259,000
less: tax-equivalent adjustment										2,809,000	1,858,000																		6,711,000				6,478,000				5,192,000
net interest income										320,361,000	207,401,000																		149,552,000				138,199,000				129,548,000											103,708,000
interest income/earning assets										3,830	3,700																																					4,850													5,240	5,510	6,410
interest expense/earning assets										330	210																																					1,560													1,550	1,710	2,170
less: allowance for credit losses											-111,302,000	-110,588,000		-107,920,000	-123,961,000	-165,367,000
equity securities												41,157,000		41,097,000	41,097,000	65,760,000
45,162,908 and 45,118,930 at march 31, 2022 and december 31, 2021, respectively												45,163,000
common stock -- par value 1.00 ; shares authorized 100,000,000; shares issued and outstanding
46,119,074 and 47,056,777 at september 30, 2021 and december 31, 2020, respectively														46,119,000
accumulated other comprehensive income/														-1,126,000		18,705,000	14,824,000
47,312,982 and 47,056,777 at june 30, 2021 and december 31, 2020, respectively															47,313,000
accumulated other comprehensive income															4,834,000			6,344,000												4,465,000	5,886,000	4,233,000		1,801,000		2,146,000		3,632,000	5,233,000	1,350,000	-2,892,000	13,147,000	5,484,000		8,384,000	6,825,000	477,000												-4,021,000	-594,000
liabilities
47,056,777 and 34,970,370 at december 31, 2020 and 2019, respectively																47,057,000
additional paid-in capital																846,922,000
other equity securities																	68,853,000	62,953,000		51,938,000	54,690,000	60,769,000	66,074,000	74,442,000	63,115,000		39,853,000	41,413,000		35,829,000	34,342,000	37,529,000		38,148,000	35,599,000	37,299,000		37,072,000	36,127,000	37,567,000	36,412,000	32,586,000	33,063,000	34,070,000	32,652,000	34,331,000	34,331,000		32,773,000	32,123,000	32,131,000		32,347,000	25,803,000		18,826,000	19,785,000	17,709,000	16,719,000	15,213,000
the accompanying notes are an integral part of these statements
common stock -- par value 1.00 ; shares authorized 100,000,000; shares issued and outstanding 34,164,672
provision for loan losses																			4,684,000
net interest income after provision for loan losses																			260,624,000
net income - basic per share																			3,250							2,200
net income - diluted per share																			3,250							2,200
dividends declared per common share																			1,180							1,040
allowance for loan losses to loans																			840							1,050
common stock -- par value 1.00 ; shares authorized 100,000,000; shares issued and outstanding 35,625,822
common stock -- par value 1.00 ; shares authorized 100,000,000; shares issued and outstanding 35,614,953
common stock -- par value 1.00; shares authorized 100,000,000; shares issued and outstanding 35,557,110
common stock -- par value 1.00; shares authorized 100,000,000; shares issued and outstanding 35,521,541
common stock -- par value 1.00; shares authorized 100,000,000; shares issued and outstanding 35,511,943
common stock -- par value 1.00; shares authorized 50,000,000; shares
provision (credit) for loan losses																										2,977,000
net interest income after provision (credit) for loan losses																										165,791,000
non-interest expenses																										129,099,000
total mortgage loans																													33,500,000
commercial owner occupied real estate loans																													33,837,000				31,508,000				28,586,000
leasing																																	1,000				17,000
tax-exempt securities																													11,747,000				12,479,000				12,974,000
less: allowance for loan losses
liabilities and stockholders' equity
other borrowings																													290,000				255,000				164,000											88,198,000
net interest income and spread																													156,263,000				144,677,000				134,740,000											108,547,000				113,003,000									82,778,000	83,272,000	85,742,000
tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2016, 2015 and 2014. the annualized taxable-equivalent adjustments utilized in
the above table to compute yields aggregated to 6.7 million, 6.5 million and 5.2 million in 2016, 2015 and 2014, respectively.
non-accrual loans are included in the average balances.
includes only investments that are exempt from federal taxes.
total loans and leases																															3,672,624,000	3,560,688,000	136,652,000	3,412,439,000	3,288,865,000	3,164,706,000	123,681,000	2,975,912,000	2,910,944,000	2,832,813,000	2,662,010,000	2,145,403,000	2,137,920,000	2,150,049,000	2,185,207,000	2,218,832,000	2,256,657,000	2,416,470,000	2,334,282,000	2,389,389,000	2,461,845,000	2,420,040,000	2,482,418,000	2,364,023,000		2,201,599,000	2,165,008,000	2,036,182,000	1,805,579,000	1,684,379,000	1,292,209,000	1,103,279,000
net loans and leases																															3,629,240,000	3,518,922,000		3,372,778,000	3,250,152,000	3,127,231,000		2,938,338,000	2,872,985,000	2,794,787,000	2,622,588,000	2,095,683,000	2,082,674,000	2,091,131,000	2,117,925,000	2,147,455,000	2,187,082,000		2,271,345,000	2,331,072,000	2,402,047,000		2,444,152,000	2,336,136,000		2,178,032,000	2,141,347,000	2,013,996,000	1,786,087,000	1,667,493,000
commercial adc loans																																	10,299,000				8,814,000
less: allowance for loan and lease losses																																						-37,574,000	-37,959,000	-38,026,000	-39,422,000	-49,720,000	-55,246,000	-58,918,000	-67,282,000	-71,377,000	-69,575,000	-59,961,000	-62,937,000	-58,317,000	-59,798,000		-38,266,000	-27,887,000		-23,567,000	-23,661,000	-22,186,000	-19,492,000	-16,886,000
tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2015, 2014 and 2013. the annualized taxable-equivalent adjustments utilized in
the above table to compute yields aggregated to 6.5 million, 5.2 million and 5.3 million in 2015, 2014 and 2013, respectively.
includes residential mortgage loans held for sale. home equity loans and lines are classified as consumer loans.
tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2014, 2013 and 2012. the annualized taxable-equivalent adjustments utilized in
the above table to compute yields aggregated to 5.2 million, 5.3 million and 5.4 million in 2014, 2013 and 2012, respectively.
investments held-to-maturity -- fair value of 223,130 and 216,007 at september 30, 2014 and december 31, 2013, respectively																																						221,690,000
common stock -- par value 1.00; shares authorized 50,000,000; shares issued and outstanding 25,076,794 and 24,990,021 at september 30, 2014 and december 31, 2013, respectively																																						25,077,000
investments held-to-maturity — fair value of 224,313 and 216,007 at june 30, 2014 and december 31, 2013, respectively																																							223,518,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 25,069,700 and 24,990,021 at june 30, 2014 and december 31, 2013, respectively																																							25,070,000
investments held-to-maturity — fair value of 220,693 and 216,007 at march 31, 2014 and december 31, 2013, respectively																																								223,747,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 25,043,482 and 24,990,021 at march 31, 2014 and december 31, 2013, respectively																																								25,043,000
investments held-to-maturity — fair value of 220,054 and 222,024 at september 30, 2013 and december 31, 2012, respectively																																									225,994,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 24,985,146 and 24,905,392 at september 30, 2013 and december 31, 2012, respectively																																									24,985,000
investments held-to-maturity — fair value of 193,432 and 104,124 at september 30, 2011 and december 31, 2010, respectively																																										189,520,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 24,079,204 and 24,046,627 at september 30, 2011 and december 31, 2010, respectively																																										24,079,000
warrants																																													3,699,000	3,699,000	3,699,000		3,699,000	3,699,000	3,699,000
investments held-to-maturity — fair value of 103,054 and 104,124 at june 30, 2011 and december 31, 2010, respectively																																											100,030,000
securites sold under retail repurchase agreements and federal funds purchased																																											65,214,000	75,516,000	97,884,000	86,062,000	78,416,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and
outstanding 24,095,123and 24,046,627 at june 30, 2011 and december 31, 2010, respectively																																											24,095,000
investments held-to-maturity — fair value of 91,084 and 104,124 at march 31, 2011 and december 31, 2010, respectively																																												88,858,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 24,084,423 and 24,046,627 at march 31, 2011 and december 31, 2010, respectively																																												24,085,000
investments held-to-maturity — fair value of 111,298 and 137,787 at september 30, 2010 and december 31, 2009, respectively																																													106,553,000
preferred stock—par value 1.00 (liquidation preference of 1,000 per share) shares authorized 83,094, shares issued and outstanding 41,547 and 83,094, net of discount of 1,239 and 2,999 at september 30, 2010 and december 31, 2009, respectively																																													40,308,000
common stock — par value 1.00; shares authorized 49,916,906; shares issued and outstanding 24,006,748 and 16,487,852 at september 30, 2010 and december 31, 2009, respectively																																													24,007,000
investments held-to-maturity — fair value of 117,342 and 137,787 at june 30, 2010 and december 31, 2009, respectively																																														112,491,000
preferred stock—par value 1.00 (liquidation preference of 1,000 per share) shares authorized, issued and outstanding 83,094, net of discount of 2,674 and 2,999 at june 30, 2010 and december 31, 2009, respectively																																														80,420,000
common stock — par value 1.00; shares authorized 49,916,906; shares issued and outstanding 23,998,950 and 16,487,852 at june 30, 2010 and december 31, 2009, respectively																																														23,999,000
investments held-to-maturity -- fair value of 124,265 and 137,787 at march 31, 2010
and december 31, 2009, respectively																																															119,376,000
preferred stock—par value 1.00 (liquidation preference of 1,000 per share) shares
authorized, issued and outstanding 83,094, net of discount of 2,837 and 2,999
at march 31, 2010 and december 31, 2009, respectively																																															80,257,000
common stock -- par value 1.00; shares authorized 49,916,906; shares issues and outstanding
23,985,149 and 16,487,852 at march 31, 2010 and december 31, 2009, respectively																																															23,985,000
commercial mortgage loans																																																866,655,000
commercial construction loans																																																199,299,000
commercial loans and leases																																																335,093,000				1,371,278,000									537,773,000	475,453,000	458,535,000
total earning assets																																																3,300,297,000				2,882,443,000									2,240,383,000	2,191,965,000	2,023,448,000
less: tax equivalent adjustment																																																4,839,000
investments held-to-maturity — fair value of 146,800																																																	140,528,000
short-term borrowings																																																	491,702,000	496,463,000	487,900,000	409,933,000	484,595,000	372,625,000		298,083,000	334,566,000	325,657,000	314,732,000	380,220,000	392,579,000		453,769,000
other long-term borrowings																																																	4,263,000	14,434,000	16,340,000			67,312,000		7,793,000	8,038,000	8,274,000	1,808,000	2,158,000
preferred stock—par value 1.00																																																	79,930,000	79,765,000
common stock — par value 1.00; shares authorized 49,916,906; shares issued and outstanding 16,470,078																																																	16,470,000
investments held-to-maturity — fair value of 150,109																																																		145,937,000
commitments and contingencies																																																										2,670,158,000
common stock — par value 1.00; shares authorized 49,916,906; shares issued and outstanding 16,460,921																																																		16,461,000
investments held-to-maturity – fair value 163,009																																																			156,877,000
preferred stock – par value 1.00																																																			79,601,000
common stock — par value 1.00; shares authorized 49,916,906; shares issued and outstanding 16,414,523																																																			16,415,000
loans and leases																																																							2,277,031,000
residential real estate																																																				660,779,000									475,098,000	395,004,000	366,472,000
consumer																																																				387,983,000									279,338,000	232,822,000	231,831,000
securities:
taxable																																																				242,422,000									588,436,000	752,234,000	698,351,000
nontaxable																																																				186,057,000									318,465,000	307,349,000	232,841,000
total securities																																																				428,479,000									906,901,000
less: allowances for loan and lease losses																																																				-32,629,000									-14,823,000
liabilities and stockholders’ equity:
long-term borrowings																																																				103,304,000	76,828,000								144,179,000		117,252,000
total liabilities and stockholders’ equity																																																				3,152,586,000						2,945,477,000	2,610,457,000	2,459,616,000	2,406,318,000	2,344,743,000
interest income/ earning assets																																																				6,020
interest expense/ earning assets																																																				2,100
investments held-to-maturity — fair value of 181,734																																																					178,690,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 16,383,671																																																					16,384,000
investments held-to-maturity — fair value of 209,937																																																						202,344,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 16,361,444																																																						16,361,000
benefit from loan and lease losses																																																							4,094,000
net interest income after benefit from loan and lease losses																																																							100,732,000
noninterest income																																																							44,289,000
noninterest expenses																																																							99,788,000
income tax benefit																																																							12,971,000
cash dividends																																																							14,988,000
net income – basic																																																							2,010
net income – diluted																																																							2,010
dividends declared																																																							920
book value																																																							19,310
tangible book value																																																							13,600
financial condition
securities																																																							445,273,000
performance ratios
return on average equity																																																							11,120
efficiency ratio – gaap based																																																							66,920
efficiency ratio – traditional																																																							61,920
dividends declared per share to diluted net income per share																																																							45,770
capital and credit quality ratios:
total risk-based capital ratio																																																							11,280
allowance for loan losses to loans and leases																																																							1,100
net charge-offs to average loans and leases																																																							60
investments held-to-maturity — fair value of 241,984																																																								237,231,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 16,420,911																																																								16,421,000
investments held-to-maturity — fair value of 251,553																																																									248,463,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 16,451,621																																																									16,452,000
investments held-to-maturity — fair value of 266,937																																																										261,208,000
common stock — par value 1.00; shares authorized 50,000,000; shares issued and outstanding 15,724,895																																																										15,725,000
total stockholders’ equity																																																										275,319,000	237,777,000	217,883,000
investments available for sale																																																											256,845,000	256,571,000
investments held to maturity — fair value of 273,206																																																											267,344,000
common stock-par value 1.00; shares authorized 50,000,000; shares issued and outstanding 14,826,805																																																											14,827,000
investments held to maturity – fair value of 302,967																																																												295,648,000
common stock-par value 1.00; shares authorized 50,000,000; shares issued and outstanding 14,793,987																																																												14,794,000
less: allowances for credit losses																																																														-15,020,000	-14,429,000
short term borrowings																																																														465,382,000
long term borrowings																																																														128,302,000
noninterest bearing demand deposits																																																														332,443,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-03-31

operating activities:
net income	-39,453,000	16,209,000	22,807,000	20,372,000	26,100,000	20,746,000	24,745,000	51,253,000	33,980,000	33,584,000	54,800,000	43,935,000	45,404,000	56,976,000	57,263,000	75,464,000	56,662,000			9,987,000	28,457,000	29,383,000	28,276,000	30,317,000	25,566,000	29,234,000	24,399,000	21,665,000	8,267,000	15,089,000	13,316,000	13,474,000	10,647,000	10,813,000	12,802,000	10,995,000	10,333,000	11,225,000	9,148,000	11,142,000	6,982,000	10,928,000	11,257,000	8,296,000	7,291,000	8,484,000	6,259,000	501,000	-3,218,000	-13,574,000	-280,000	2,217,000	-3,436,000	5,359,000	5,651,000	8,205,000	8,367,000	8,181,000	8,169,000	7,545,000	8,340,000
adjustments to reconcile net income to net cash from operating activities
depreciation and amortization	7,090,000	6,521,000	6,332,000	6,343,000	5,690,000	5,368,000	5,259,000	5,689,000	2,980,000	2,919,000	2,982,000	3,025,000	3,745,000	3,859,000	3,456,000	3,462,000	4,958,000	5,606,000	5,882,000	3,427,000		3,282,000	3,398,000	3,326,000		3,166,000	3,109,000	2,990,000		1,972,000										1,742,000	1,758,000	1,915,000	1,882,000	1,844,000	1,840,000	1,887,000	1,965,000	1,964,000	1,978,000	2,728,000	2,504,000	2,617,000	417,000	4,940,000	2,765,000	2,715,000	2,843,000	2,781,000	2,631,000	2,393,000	2,066,000
provision/ (credit) for credit losses	4,468,000	6,316,000	1,020,000	2,388,000	-3,445,000	2,365,000	5,055,000	-21,536,000	10,801,000	18,890,000	3,046,000	1,635,000	1,585,000	-8,229,000	-4,204,000	-34,708,000
share based compensation expense	2,603,000	2,580,000	2,631,000	1,230,000	897,000	2,762,000	2,731,000	1,241,000	1,676,000	1,561,000	3,178,000	1,472,000	1,659,000	1,331,000	1,362,000	947,000	1,026,000	1,032,000												559,000										248,000	458,000	395,000	352,000	341,000	249,000	308,000	317,000	166,000
goodwill impairment loss
gain on disposal of assets									0	183,000
deferred income tax /
origination of mortgage loans held for sale
proceeds from sales of mortgage loans held for sale
gains on sales of mortgage loans held for sale
origination of sba loans held for sale
proceeds from sales of sba loans held for sale
gains on sales of sba loans held for sale
losses on sale of other real estate owned					30,000				62,000	0			4,000	88,000
investment securities losses
tax benefit associated with share based compensation								-78,000	-14,000	-40,000	-347,000	-245,000		307,000	583,000	426,000	29,000
net decrease in accrued interest receivable	-465,000						-156,000	-1,060,000	-4,098,000	-3,615,000	69,000	821,000	1,870,000	4,411,000	3,929,000	1,872,000	1,744,000																																					167,000
net increase in other assets	-2,648,000	4,564,000			3,572,000	362,000				-232,000					-20,214,000	-9,461,000																									1,414,000	-5,994,000			857,000			-4,075,000	-17,831,000	-9,687,000	-2,999,000	-397,000	-8,303,000	4,627,000	-1,983,000	-2,988,000	-1,396,000			-4,417,000
net increase accrued expenses and other liabilities	7,318,000								7,309,000				1,631,000	1,261,000	-10,877,000	-12,786,000
other	-567,000	147,000	45,000	-138,000	1,564,000	257,000	-271,000	80,000	-409,000	-814,000	-286,000	-2,201,000	868,000	116,000	540,000	370,000
net cash from operating activities	30,504,000	32,580,000	13,549,000	7,078,000	30,667,000	52,857,000	22,869,000	31,422,000	45,890,000	68,912,000	36,416,000	65,104,000	62,768,000	78,095,000	47,518,000	28,017,000	59,683,000																							16,867,000	2,786,000	21,756,000	2,160,000	18,844,000	37,620,000	12,098,000	20,372,000	15,714,000				6,724,000	267,000	25,746,000	11,085,000	4,955,000	8,088,000	26,940,000	5,286,000	3,526,000	10,800,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0																							0	0	0	0	0	0	0	0	0				0	0	0	0	0	0	0	0	0	0
free cash flows	30,504,000	32,580,000	13,549,000	7,078,000	30,667,000	52,857,000	22,869,000	31,422,000	45,890,000	68,912,000	36,416,000	65,104,000	62,768,000	78,095,000	47,518,000	28,017,000	59,683,000																							16,867,000	2,786,000	21,756,000	2,160,000	18,844,000	37,620,000	12,098,000	20,372,000	15,714,000				6,724,000	267,000	25,746,000	11,085,000	4,955,000	8,088,000	26,940,000	5,286,000	3,526,000	10,800,000
investing activities:
sales/ (purchases) of other investments	9,422,000	2,296,000	-36,000	2,211,000				-9,171,000	8,079,000	-25,033,000
purchases of investments available-for-sale	-95,556,000	-66,415,000	-51,078,000	-46,375,000					-22,722,000	-91,037,000	-123,738,000	-232,295,000	-224,764,000	-305,050,000	-122,735,000	-280,942,000	-104,219,000	-136,236,000	-151,604,000	-241,682,000	-242,769,000	-67,916,000	0	-15,919,000	-106,098,000	-54,754,000	0	-497,000	0	-10,000,000	-166,938,000	-7,000,000											-100,389,000	-82,347,000	-117,891,000	-250,573,000	-213,803,000	-135,919,000	-192,075,000	-205,859,000	-284,853,000	-228,490,000		-1,352,000	-45,183,000	-129,792,000		-12,304,000	-1,774,000	-4,967,000
proceeds from sales of investment available-for-sale									16,826,000	0	0	1,261,000	39,622,000	260,123,000	0	100,822,000			99,197,000	13,104,000					82,663,000	33,697,000	0	994,000	0	0	0	0	0	40,863,000
proceeds from maturities, calls and principal payments of investments available-for-sale	80,845,000	53,270,000	50,237,000	40,026,000	40,117,000	44,108,000	37,652,000	38,760,000	44,096,000	57,648,000	69,655,000	68,818,000	105,217,000	77,120,000	87,673,000	99,668,000	112,475,000	127,526,000	74,560,000	127,111,000	57,772,000	74,993,000	32,058,000	34,829,000	22,325,000	30,991,000	28,823,000	23,975,000	19,987,000	33,414,000	71,384,000	48,381,000	119,477,000	59,561,000	55,267,000	21,478,000	26,621,000	18,628,000	21,376,000	25,472,000	21,110,000	21,118,000	154,850,000	62,795,000	59,390,000	206,684,000	139,647,000	166,172,000	134,449,000	103,566,000	60,472,000	49,369,000		10,324,000	32,019,000	110,405,000		39,632,000	81,967,000	12,382,000	30,531,000
proceeds from maturities, calls and principal payments of investments held-to-maturity	4,851,000	6,264,000	5,405,000	5,107,000	5,623,000	6,715,000	6,779,000	5,558,000	6,610,000	9,188,000	11,643,000	4,318,000																			0	0	0	5,004,000	8,152,000	5,000	2,591,000	2,195,000	1,493,000	1,613,000	9,000	671,000	3,348,000	9,055,000	21,639,000	6,049,000	6,993,000	13,240,000	7,955,000	5,410,000	10,955,000	14,864,000		1,847,000	21,856,000	32,362,000		11,225,000	12,709,000	9,613,000	4,840,000
net decrease in loans	-47,036,000	-8,057,000	-119,271,000	-270,000	-65,793,000	69,689,000	24,745,000	2,330,000	-176,581,000	-430,304,000			-238,675,000	371,673,000
proceeds from the sales of other real estate owned					231,000	446,000			64,000	0			60,000	121,000			0	0	33,000	27,000	0	0			392,000	83,000	384,000	292,000	47,000	469,000	0	41,000	1,189,000	163,000	257,000				23,000	433,000			1,281,000	2,061,000	1,996,000	2,556,000	404,000	2,334,000	179,000	684,000				206,000						192,000
proceeds from sale of business activity									1,000	-115,000
expenditures for premises and equipment	-3,353,000	-4,513,000	-2,561,000	-5,727,000	-4,068,000	-2,580,000	-3,501,000	-3,833,000	-4,023,000	-2,954,000			-4,377,000				-1,642,000	-1,704,000	-999,000	-696,000	-879,000	-1,813,000	-1,390,000	-1,066,000	-1,856,000	-1,757,000	-3,946,000	-2,842,000	-2,852,000	-2,194,000	-1,548,000	-1,656,000	-1,143,000	-1,451,000	-1,833,000	-2,180,000	-1,514,000	-3,045,000			-939,000	-856,000	-977,000	-1,137,000	-973,000	-631,000	-837,000	-289,000	-910,000	-697,000	-701,000	-802,000	-429,000	-720,000	-437,000	-664,000	-1,023,000	-1,960,000	-1,137,000	-660,000
net cash from investing activities	-50,827,000	-17,155,000	-117,304,000	-5,028,000	-41,660,000	114,906,000	72,048,000	33,644,000	-127,650,000	-482,607,000	-673,564,000	-335,375,000	-322,986,000	398,961,000	328,652,000	-96,366,000	-57,285,000																										-46,583,000	-23,194,000	-44,296,000			73,305,000	-77,586,000
financing activities:
net increase in deposits	8,024,000	397,531,000	113,173,000	230,853,000	-154,221,000	192,389,000	-116,713,000	122,956,000	204,373,000	-219,484,000	117,178,000	228,654,000	-361,946,000	121,854,000	189,838,000	646,196,000	68,100,000	-111,865,000	1,160,538,000	153,555,000	-53,580,000	104,150,000	165,226,000	309,643,000	16,486,000	60,568,000	210,620,000	52,702,000	7,870,000	70,347,000	40,387,000	27,016,000	97,833,000	148,578,000	-11,938,000	28,322,000	137,454,000	43,383,000	37,721,000	-9,882,000	79,475,000	81,970,000	-17,537,000	58,227,000	49,762,000	-74,460,000	6,508,000	-43,394,000	13,355,000	33,001,000	96,574,000	188,655,000			-45,777,000	66,700,000		-106,124,000	-27,807,000	83,134,000	36,145,000
net increase in retail repurchase agreements, federal funds purchased and federal reserve bank borrowings	-1,856,000	-4,271,000			8,451,000	-7,929,000
proceeds from fhlb advances					0	0	550,000,000	1,480,000,000	810,000,000	1,370,000,000
repayment of fhlb advances	-200,000,000	-50,000,000	0	-50,000,000	0	-50,000,000	-700,000,000	-1,280,000,000	-1,100,000,000	-705,000,000				0	-100,000,000	-279,075,000
proceeds from issuance of subordinated debt									0	0	0	200,000,000
proceeds from issuance of common stock	111,000	301,000	487,000	460,000	366,000	530,000	801,000	720,000	409,000	444,000	539,000	800,000	1,594,000	1,046,000	1,046,000	2,072,000	523,000	542,000	520,000	412,000	365,000	322,000	403,000	343,000	255,000	311,000	373,000	456,000	185,000	198,000	312,000	540,000	-139,000	184,000	-94,000	568,000	159,000	-146,000	-46,000	406,000	113,000	-79,000	38,000	173,000	-6,000	100,000	180,000	95,681,000	97,000	120,000	176,000	128,000		157,000	256,000	166,000	386,000	489,000	602,000	346,000	245,000
stock tendered for payment of withholding taxes	-1,994,000	0	-1,462,000	-57,000	0	0	-1,151,000	-670,000	-38,000	-37,000	-1,649,000	-629,000	0	-39,000	-1,333,000	-205,000	5,000	-26,000				0	-601,000	-101,000		0				-1,000
repurchase of common stock									0	0			-52,947,000				0	0	0	-25,702,000											0	0	0	-13,273,000	-3,755,000	-3,954,000	-5,877,000	-9,038,000
dividends paid												-15,446,000	-14,678,000	-15,253,000	-15,238,000	-15,182,000	-14,222,000	-14,205,000	-14,204,000	-10,544,000	-10,763,000	-10,752,000	-10,749,000	-10,008,000	-10,004,000	-10,005,000	-10,001,000	-9,267,000	-6,290,000	-6,283,000	-6,268,000	-5,786,000	-5,779,000	-5,843,000	-5,901,000	-5,455,000	-5,480,000	-5,561,000			-4,553,000	-4,541,000	-1,945,000	-1,946,000	-1,938,000	-1,142,000	-1,280,000	-1,206,000	-1,205,000	-3,030,000	-3,030,000	-2,782,000	-3,946,000	-3,945,000	-3,958,000	-3,915,000	-3,778,000	-3,824,000	-3,783,000	-3,603,000
net cash from financing activities	-211,060,000	328,211,000	100,075,000	-137,558,000	-160,700,000	119,701,000	-160,505,000	238,417,000	15,184,000	451,224,000	305,601,000	403,077,000	-434,395,000	7,083,000	25,703,000	-33,000	69,722,000																							4,931,000			-5,474,000	46,064,000	22,555,000		11,147,000	40,192,000		15,159,000	100,377,000	202,583,000			-465,000	111,363,000			-23,464,000	73,300,000	36,698,000
net increase in cash and cash equivalents	-231,383,000	343,636,000	-3,680,000	-135,508,000	-171,693,000	287,464,000	-65,588,000	303,483,000	-66,576,000	37,529,000	-331,547,000	132,806,000	-694,613,000	484,139,000	401,873,000	-68,382,000	72,120,000	-609,840,000	573,615,000	115,005,000	-63,833,000	-21,740,000	98,027,000	32,168,000			75,349,000	106,919,000	10,319,000	25,245,000	35,928,000	4,625,000	-65,824,000	86,514,000	-23,549,000	6,789,000	8,492,000	-15,067,000	4,258,000	-18,842,000	-5,394,000	41,768,000	-49,897,000	41,714,000	15,879,000	-104,443,000	-4,839,000	129,211,000			-50,574,000	67,829,000			-50,910,000	39,828,000	13,414,000	-45,826,000	8,616,000	5,360,000	10,973,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
supplemental disclosures:
interest payments	86,874,000	83,980,000	93,130,000	94,959,000	93,137,000	49,845,000	67,572,000	52,919,000	34,609,000	13,772,000	8,075,000	5,784,000	6,674,000	8,934,000	10,706,000	11,533,000	15,532,000	14,633,000	15,417,000	17,055,000	18,967,000	22,133,000	21,893,000	21,455,000	18,225,000	15,692,000	14,907,000	11,680,000	7,133,000	6,853,000	5,184,000	5,079,000	5,319,000	5,795,000	5,261,000	5,160,000	4,873,000	4,746,000	4,767,000	4,708,000	4,646,000	4,712,000	6,659,000	6,845,000	6,784,000	7,929,000	8,860,000	9,142,000	11,038,000
income tax payments, net of refunds of 2, 0 and 966 in 2024, 2023 and 2022
transfers from loans to other real estate owned	0	565,000	0	2,700,000									-38,000																						423,000	184,000	1,308,000	32,000	1,475,000	300,000	390,000	281,000	2,893,000	1,779,000	1,089,000	3,999,000	2,282,000	2,019,000	728,000
adjustments to reconcile net income to net cash from operating activities:
deferred income tax expense		-2,085,000	101,000	2,189,000			-692,000	8,498,000			-3,205,000	4,177,000								-5,205,000		-1,340,000	726,000	1,069,000		4,601,000	4,031,000	-1,673,000												90,000	289,000	740,000	2,925,000	1,158,000	1,286,000
originations of loans held for sale		-107,504,000	-109,922,000	-67,801,000		-102,593,000	-126,483,000	-67,837,000
proceeds from sales of loans held for sale		106,251,000	109,269,000	62,871,000	80,718,000	106,755,000	122,970,000	64,025,000	68,045,000	109,151,000	92,103,000	129,389,000	183,962,000	304,140,000	427,272,000	540,736,000	560,080,000	486,451,000	330,750,000	208,409,000		312,707,000	180,834,000	97,456,000		145,001,000	128,090,000	58,121,000		34,985,000										33,850,000	30,642,000	29,062,000	51,931,000	49,358,000	56,485,000		45,406,000	40,878,000	53,545,000	62,160,000	120,249,000	105,844,000	46,109,000	44,124,000	53,137,000	43,353,000	45,454,000	77,414,000	88,174,000	75,356,000	58,585,000
gains on sales of loans held for sale		-1,700,000	-1,681,000	-861,000	-1,322,000	-1,921,000	-1,701,000	-744,000	-1,542,000	-1,532,000	-2,013,000	-2,694,000	-4,450,000	-6,356,000	-10,130,000	-10,625,000	-15,568,000	-10,223,000	-3,365,000	-4,262,000		-1,598,000	-4,232,000	-2,395,000		-2,135,000				-1,210,000											-418,000	-397,000	-714,000	-650,000	-824,000		-574,000	-561,000	-680,000	-673,000	-1,140,000	-859,000		-534,000	-516,000	-722,000		-738,000	-773,000	-638,000
gains on sale of other real estate owned
tax (benefit)/ deficiency associated with share based compensation		-3,000	386,000	130,000		-9,000
cash dividends paid		-15,350,000	-15,632,000	-15,311,000		-15,289,000	-15,325,000	-15,249,000		-15,242,000
cash and cash equivalents at beginning of period		0	0	545,898,000		0	0	192,232,000		0	0	420,020,000		0	0	297,003,000		0	0	146,103,000		0	0	101,481,000		0	0	112,500,000		0	0	0	0	72,882,000	0	0	0	96,217,000	0	0	0	74,427,000	0	0	63,117,000	0	0	59,796,000	0	0	0	105,229,000		0	0	85,852,000		0	0	103,923,000	53,443,000
cash and cash equivalents at end of period		343,636,000	-3,680,000	410,390,000		287,464,000	-65,588,000	495,715,000		37,529,000	-331,547,000	552,826,000		484,139,000	401,873,000	228,621,000		-609,840,000	573,615,000	261,108,000		-21,740,000	98,027,000	133,649,000		-216,191,000	75,349,000	219,419,000		25,245,000	35,928,000	4,625,000	-65,824,000	159,396,000	-23,549,000	6,789,000	8,492,000	81,150,000	4,258,000	-18,842,000	-5,394,000	116,195,000	-49,897,000	41,714,000	78,996,000	-104,443,000	-4,839,000	189,007,000	-29,214,000	-33,474,000	-50,574,000	173,058,000		746,000	-50,910,000	125,680,000		-45,826,000	8,616,000	109,283,000	64,416,000
income tax payments		7,099,000																			10,378,000	4,788,000			6,572,000	7,494,000	11,583,000	15,000	8,811,000	6,640,000	5,506,000	3,841,000	6,588,000	6,396,000	6,235,000	4,949,000	5,516,000	4,360,000	3,246,000	1,757,000	10,141,000	10,000	2,540,000	1,390,000	2,210,000	0	150,000	31,000	0
investment securities gains										-2,000	-38,000	-8,000	-34,000	-49,000	-71,000	-58,000	-35,000	-51,000	-212,000	-169,000						-82,000	0	-63,000		0													-231,000
net increase in accrued interest receivable			484,000	-569,000															-16,588,000	-588,000			33,000	-1,573,000		-861,000																							-328,000	-318,000	-1,070,000	-127,000									293,000
net decrease in accrued expenses and other liabilities			-6,119,000	-19,643,000			7,689,000	-14,345,000			7,008,000	-16,433,000																																				-1,217,000				-332,000		1,042,000	2,574,000	-1,354,000				-2,272,000
net decrease in other assets				567,000				6,236,000																																			-2,403,000																		702,000
net decrease in retail repurchase agreements, federal funds purchased and federal reserve bank borrowings				-303,503,000
origination of loans held for sale									-66,740,000	-95,478,000	-96,163,000	-104,823,000	-174,243,000	-271,380,000	-403,294,000	-536,747,000	-534,078,000	-496,191,000	-329,036,000	-217,560,000		-339,419,000	-202,115,000	-97,286,000		-134,447,000	-138,802,000	-47,975,000		-35,234,000											-36,187,000	-23,379,000	-62,663,000	-49,466,000	-43,836,000	-73,765,000	-51,293,000	-36,756,000	-54,437,000	-57,919,000	-119,088,000	-108,109,000	-52,569,000	-36,080,000	-54,832,000	-45,418,000	-45,854,000	-64,900,000	-95,616,000	-73,782,000
retirement of subordinated debt													0				0	0	0	-10,310,000									0	0	0	0
income tax payments, net of refunds of 0, 966 and 2,673 in 2023, 2022 and 2021
deferred income tax/														1,401,000	1,754,000	9,125,000
net increase in accrued expenses and other liabilities																				7,976,000								-403,000		4,088,000										3,211,000	-3,434,000	7,906,000	34,000	-6,968,000	10,798,000	501,000			-12,966,000	7,516,000
purchases of other investments						-3,472,000
income tax payments, net of refunds of 0 and 966 in 2023 and 2022, respectively						4,595,000
net decrease in in retail repurchase agreements and federal funds purchased								-69,340,000				-10,302,000				-353,839,000
net decrease other assets												7,054,000	3,958,000
cash paid for the acquisition of business activity of rpj, net of cash acquired																	0	0
cash acquired in the acquisition of business activity of revere bank, net of cash paid																	-24,000	0
net increase in retail repurchase agreements and federal funds purchased																					87,597,000			-204,803,000		3,022,000	-9,676,000	23,078,000	-27,210,000	19,257,000	914,000	6,318,000	-3,156,000	11,898,000	-12,233,000	9,561,000	10,177,000	27,208,000	3,048,000	-1,533,000	5,879,000	13,196,000				11,822,000	7,646,000	-10,646,000
income tax payments, net of refunds of 966, 2,673 and 1,924 in 2022, 2021 and 2020
net increase in in retail repurchase agreements and federal funds purchased										20,543,000			-6,418,000	6,796,000
income tax payments, net of refunds of 966 and 2,673 in 2022 and 2021, respectively
income tax payments, net of refunds of 966 and 1,834 in 2022 and 2021, respectively
sales of equity securities												9,000
net increase in loans												-174,046,000				-37,247,000	-66,643,000				-108,685,000				-186,761,000	-138,888,000	-191,927,000	-123,945,000	-121,018,000	-83,050,000	-166,233,000
sales of/ (expenditures for) premises and equipment												-3,440,000			-2,508,000	420,000
loss on sales of premises and equipment
tax (benefit)/ expense associated with share based compensation
sales/ (purchases) of equity securities													-69,000	0	3,750,000	20,913,000
proceeds from advances from borrowings
repayment of advances from borrowings
income tax payments, net of refunds of 2,673 in 2021													13,560,000
income tax payments, net of refunds of 1,834 in 2021															15,950,000	22,276,000
provision for credit losses																	-4,489,000
proceeds from sale of loans held for investment
cash acquired in the acquisition of business activity of washingtonfirst, net of cash paid
income tax payments, net of refunds of 3,755 in 2020
transfers from loans to residential mortgage loans held for sale
losses on sales of other real estate owned																		0	23,000	9,000		0					16,000	90,000
other – net																		1,903,000	-4,036,000	5,055,000		1,179,000	170,000	992,000		1,276,000	1,958,000	754,000		-84,000										829,000	1,109,000	1,318,000	1,742,000	1,639,000	2,275,000	1,597,000	1,102,000	1,796,000	2,927,000	1,261,000	2,175,000	-761,000		-2,808,000	-395,000	-1,363,000				-654,000	244,000
(purchases of)/ proceeds from other equity securities																		325,000
proceeds from sales of investments available-for-sale
proceeds from advances from fhlb																		0	150,000,000	250,000,000		0	1,044,000,000	1,079,000,000	547,000,000	1,010,000,000	1,930,000,000	1,990,000,000	885,000,000	860,000,000	860,000,000	515,000,000	530,000,000	760,000,000	625,000,000	475,000,000	605,000,000	569,000,000	475,000,000	350,000,000	450,000,000	530,000,000
repayment of advances from fhlb																		-7,634,000	-620,632,000	-9,716,000		-65,291,000	-1,187,510,000	-1,201,333,000	-564,834,000	-1,207,332,000	-1,877,332,000	-1,984,081,000	-752,084,000	-897,083,000	-620,000,000	-480,000,000	-605,000,000	-855,000,000	-550,000,000	-415,000,000	-645,000,000	-634,000,000			-482,000,000	-576,000,000	-87,000	-88,000	-87,000	-171,000	-1,907,000	-243,000
income tax payments, net of refunds of 1,924 in 2020
transfer from loans to other real estate owned																						0				0	0	289,000		412,000
net income/
adjustments to reconcile net income/ (loss) to net cash from operating activities:
benefit from credit losses
tax benefits associated with share based compensation																			112,000	28,000		18,000	16,000	41,000		-2,000	218,000	34,000		8,000		20,000	190,000	77,000			189,000	146,000
deferred income tax expense/
the accompanying notes are an integral part of these statements
provision (credit) for credit losses																				24,469,000
stock based compensation expense																				754,000		786,000	783,000	690,000		691,000	668,000	582,000
(purchases of)/proceeds from other equity securities																				-10,582,000		2,752,000	6,079,000	12,620,000
acquisition of business activity, net of cash paid																				-26,925,000					-65,000	0	0	32,552,000
transfer of investments held-to-maturity to available-for-sale																																0	0	203,118,000
transfer from loans to residential mortgage loans held for sale																										0	0	60,043,000		21,691,000		0	-180,000	18,752,000
proceeds (purchases) of other equity securities
stock rendered for payment of withholding taxes
the accompanying notes are an integral part of these financial statements
provision for loan losses																											1,733,000	1,997,000
proceeds from sales of loans previously held for investment																										0	0	59,945,000		21,809,000
acquisition of business activity, net of cash acquired																															0
benefit from loan losses
provision (credit) for loan losses																								-128,000
transfers of investments from held-to-maturity to available-for-sale
(gains)/losses on sales of other real estate owned
net decrease in cash and cash equivalents
(purchases)/proceeds of other equity securities																											-11,327,000	-700,000
losses on sales of loans held for sale																												-2,872,000
purchases of investments held-to-maturity																																			0	0							-92,793,000	-20,155,000	-8,819,000
proceeds of other equity securities																														1,560,000		-1,487,000	3,187,000	3,807,000
(gains) losses on sales of other real estate owned
tax benefits associated with shared based compensation
loss on sales of other real estate owned
net increase in loans and leases																																	-111,936,000	-83,890,000	-83,970,000	-124,516,000	-125,447,000	-38,270,000			-78,746,000	-48,587,000												-54,016,000	-65,649,000	-87,193,000		-36,681,000	-30,116,000	-34,651,000
redemption of other equity securities
net proceeds from other equity securities
purchases of other equity securities																																						4,138,000				3,120,000				1,679,000	0	-1,558,000	1,000	-650,000	8,000	-2,986,000			-2,550,000	-2,037,000			-449,000	-118,000
net proceeds from redemption of federal home loan bank of atlanta stock
credit for loan and lease losses
net decrease (increase) in accrued interest receivable																																								-6,000	17,000	244,000			-323,000	438,000	-301,000	433,000								1,754,000	1,053,000	842,000
proceeds from other equity securities																																								-945,000
loss (gains) on sales of other real estate owned
provision (credit) for loan and lease losses																																										-982,000
net cash provided (used) in investing activities																																										-24,534,000				-11,158,000
net cash provided (used) by financing activities																																										44,546,000
net otti recognized in earnings																																											76,000	43,000	41,000	380,000
gains on sales of premises and equipment																																													-14,000	-23,000								0	-64,000	-2,000
proceeds from maturities, calls and principal payments of investments held-to- maturity
proceeds from maturities, calls and principal payments of investments available- for-sale
net decrease in retail repurchase agreements and federal funds purchased																																												-10,302,000	-20,727,000
remittances due to vesting of restricted stock
adjustments to reconcile net income to net cash (used in ) provided by operating activities:
loss (gains) on sales of premises and equipment																																											0
proceeds from redemption of fhlb stock																																											478,000
redemption of stock warrant																																											0
redemption of preferred stock
benefit from loan and lease losses																																												1,151,000	1,515,000	2,453,000	6,107,000	15,025,000	21,084,000	34,450,000	10,615,000	10,613,000	17,791,000	6,545,000	6,189,000	2,667,000	1,725,000	750,000	780,000	839,000	950,000
net decrease in loans and leases																																												5,527,000	362,000	23,078,000	31,238,000	29,325,000
securities gains																																													-20,000	-25,000	-95,000	-203,000	-211,000	-15,000	-30,000	-162,000	-1,000	-9,000	-79,000	-574,000	-15,000	-22,000	-4,000	-2,000
redemeption of stock warrant																																													-4,449,000
deferred income tax benefit																																														1,277,000	-951,000	-2,237,000	-1,369,000
net decrease (increase) in other assets																																														-1,343,000
contingent consideration payout																																																	0	0			-2,295,000	0
common stock issued pursuant to west financial services acquisition																																																	0	0
net decrease in interest-bearing deposits with banks
proceeds from redemption of visa stock																																																					0	0
net decrease (increase) in loans and leases																																																	-27,185,000	54,271,000	70,637,000	26,567,000
acquisition of business activity																																																									40,000	818,000	11,452,000	-28,039,000
proceeds from the sales of premises and equipment
common stock purchased and retired																																																									-2,860,000
proceeds from issuance of preferred stock
details of acquisition:
fair value of assets ascuired
fair value of liabilites assumed
stock issued for acquisition
purchase price in excess of net assets acquired
cash paid for acquisitions
cash and cash equivalents acquired with acquisitions
cash flows from operating activities:
charge-offs on loans and leases																																																		-29,830,000
stock compensation expense																																																		578,000	305,000	222,000		159,000	235,000	157,000		287,000	335,000	226,000	142,000
net cash (used) provided by operating activities																																																		-5,358,000
cash flows from investing activities:
cash flows from financing activities:
net increase in short-term borrowings																																																		-14,932,000	6,657,000	16,582,000	-73,765,000	62,472,000					7,524,000	-6,513,000	3,563,000
proceeds from issuance of long-term borrowings																																																					0	10,000,000
reclassification of borrowings from long-term to short-term
deferred income taxes																																																			209,000	-4,042,000			-2,140,000	-1,475,000	-157,000	-655,000	-949,000	-960,000
net cash (used) provided in investing activities																																																						-47,705,000
redemption of visa stock																																																								429,000
net cash (used in) investing activities																																																				-141,478,000				-76,490,000				-71,466,000
net increase in long-term borrowings																																																								50,000,000
adjustments to reconcile net income to net cash provided by
stock option expense
deferred income taxes benefits
gains on sales of loans
losses (gains) on sales of premises and equipment
net increase in accrued interest payable and other liabilities
other-net
net decrease (increase) in interest-bearing deposits with banks
purchases of investments available for sale
proceeds from maturities, calls and principal payments of investments held to maturity
proceeds from maturities, calls and principal payments of investments available for sale
proceeds from sales of other real estate owned																																																									-30,000	-341,000
proceeds from sales of premises and equipment
net increase in loans and leases receivable
purchase of loans and leases
proceeds from sale of loans and leases
repayment of long-term borrowings
proceeds from issuance of preferred stock and warrants
proceeds from issuance of common stock under share-based plans
excess tax benefit from stock options exercised
net cash from by financing activities
non-cash investing and financing activities:
fair value of assets acquired
fair value of liabilities assumed
deferred income tax benefits
net decrease in deposits
retirement of long-term borrowings																																																										0	0	-64,000
net cash (used) provided by financing activities
net decrease in short-term borrowings																																																								-1,588,000
proceeds from sales of investments available for sale
net increase n deposits
tax benefit from stock options exercised
other - net																																																										-960,000
net (increase) in other assets
net (decrease) in accrued expenses and other liabilities
net increase in interest-bearing deposits with banks																																																											-45,858,000	-25,218,000	67,000
net (increase) in accrued interest receivable																																																												-108,000
purchases of investments held to maturity
proceeds from redemptions of other equity securities
purchases of bank owned life insurance
repayments of long-term borrowings
net cash paid for acquisition
non-cash investing activities:
net increase in accrued expenses
net increase from long-term borrowings
cash to be paid for acquisition
acquisitions, net of cash acquired
proceeds from long-term borrowings
details of acquisitions:
less cash acquired
proceeds from sales of other equity securities
proceeds from sale of premises

Sandy Spring Bancorp, Inc(NASDAQ:SASR)

Sandy Spring Bancorp, Inc
(NASDAQ:SASR)