Sandy Spring Bancorp Announces Stock Repurchase Program

Rhea-AI Summary

Sandy Spring Bancorp (Nasdaq: SASR) has authorized a stock repurchase program worth $50 million to buy back its common stock. This follows the completion of a previous buyback where 2,350,000 shares were repurchased at an average price of $45.65. The new program, which will allow shares to be repurchased through open market and privately negotiated transactions, has no set timeframe and is contingent on market conditions. Purchases will commence post the upcoming earnings release in mid-April.

Positive

• Authorization of a $50 million stock repurchase program, signaling confidence in the company's value.
• Previous buyback of 2,350,000 shares at an average price of $45.65 indicates effective capital management.

Negative

• None.

OLNEY, Md., March 31, 2022 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq- SASR), the parent company of Sandy Spring Bank, today announced that the Company’s board of directors has authorized the repurchase of up to $50 million of the Company's common stock. The Company completed its previously authorized stock repurchase plan with the purchase of 2,350,000 shares at an average price of $45.65. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made from time to time depending on market conditions, the market price of the Company’s common stock and other factors. This stock repurchase program has no time limit and may be modified, suspended or discontinued at any time. In light of trading black-out restrictions, no purchases will be made until following the first quarter earnings release in mid-April.

About Sandy Spring Bancorp, Inc. / Sandy Spring Bank

Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.

SASR-C

For additional information or questions, please contact:

Daniel J. Schrider, President & Chief Executive Officer, or

Philip J. Mantua, Executive Vice President & Chief Financial Officer

Sandy Spring Bancorp

17801 Georgia Avenue

Olney, Maryland 20832

1-800-399-5919

E-mail:        DSchrider@sandyspringbank.com

PMantua@sandyspringbank.com

Website: www.sandyspringbank.com

Media Contact:

Jen Schell

Sandy Spring Bank

301-570-8331

JSchell@sandyspringbank.com

Forward-Looking Statements
Sandy Spring Bancorp makes forward-looking statements in this press release. Sandy Spring Bancorp’s forward-looking statements are subject to the following principal risks and uncertainties: risks, uncertainties and other factors relating to the COVID-19 pandemic, including the effect of the pandemic on our borrowers and their ability to make payments on their obligations, the effectiveness of vaccination programs, and the effect of remedial actions and stimulus measures adopted by federal, state and local governments; general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of the Company’s loan or investment portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the Company’s ability to retain key members of management; changes in legislation, regulations, and policies; the possibility that any of the anticipated benefits of acquisitions will not be realized or will not be realized within the expected time period; and a variety of other matters which, by their nature, are subject to significant uncertainties. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2021, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at www.sec.gov.

FAQ

What is the purpose of Sandy Spring Bancorp's stock buyback program?

The stock buyback program aims to enhance shareholder value by reducing the number of shares outstanding and demonstrating confidence in the company's financial health.

When will Sandy Spring Bancorp start its buyback program?

Sandy Spring Bancorp will commence its buyback activities following the release of its first-quarter earnings in mid-April.

What is the maximum amount allocated for the stock buyback by Sandy Spring Bancorp?

The board has authorized up to $50 million for the stock buyback program.

How many shares did Sandy Spring Bancorp previously repurchase?

Sandy Spring Bancorp previously repurchased 2,350,000 shares at an average price of $45.65.