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style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Nature of Operations</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Sandy Spring Bancorp (the &#8220;Company&#8221;), a Maryland corporation, is the </font><font style='font-family:Times New Roman;font-size:10pt;' >bank holding company for</font><font style='font-family:Times New Roman;font-size:10pt;' > Sandy Spring Bank (the &#8220;Bank&#8221;). The Bank offers a broad range of commercial banking, retail</font><font style='font-family:Times New Roman;font-size:10pt;' > banking</font><font style='font-family:Times New Roman;font-size:10pt;' >, mortgage and trust services throughout central Maryland, Northern Virginia and the greater Washington D.C</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > market through its oper</font><font style='font-family:Times New Roman;font-size:10pt;' >ation of 44 community offices and six financial centers across the region. The Bank also offers a comprehensive menu of insurance and wealth management services through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Basis of Presentation</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and prevailing practices within the financial services industry for interim financial</font><font style='font-family:Times New Roman;font-size:10pt;' > information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. The following summary of significant account</font><font style='font-family:Times New Roman;font-size:10pt;' >ing policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the </font><font style='font-family:Times New Roman;font-size:10pt;' >three and six</font><font style='font-family:Times New Roman;font-size:10pt;' > months ended </font><font style='font-family:Times New Roman;font-size:10pt;' >June 30, 2017</font><font style='font-family:Times New Roman;font-size:10pt;' > are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, </font><font style='font-family:Times New Roman;font-size:10pt;' >2017</font><font style='font-family:Times New Roman;font-size:10pt;' >. In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentat</font><font style='font-family:Times New Roman;font-size:10pt;' >ion of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of th</font><font style='font-family:Times New Roman;font-size:10pt;' >e issuance of its financial statements.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >These statements should be read in conjunction with the financial statements and accompanying notes included in the Company&#8217;s </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' > Annual Report on Form 10-K as filed with the Securities and Exchange Commission (</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8220;SEC&#8221;) on </font><font style='font-family:Times New Roman;font-size:10pt;' >March 3, 2017</font><font style='font-family:Times New Roman;font-size:10pt;' >. There have been no significant changes to the Company&#8217;s accounting p</font><font style='font-family:Times New Roman;font-size:10pt;' >olicies as disclosed in the 2016 Annual Report on Form 10-K. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Principles of Consolidation</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The unaudited condensed consolidated financial statements include the a</font><font style='font-family:Times New Roman;font-size:10pt;' >ccounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Use of Estimates</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The preparation of</font><font style='font-family:Times New Roman;font-size:10pt;' > financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported a</font><font style='font-family:Times New Roman;font-size:10pt;' >mounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to </font><font style='font-family:Times New Roman;font-size:10pt;' >the provision for loan</font><font style='font-family:Times New Roman;font-size:10pt;' > losses and the related allowance, determination of imp</font><font style='font-family:Times New Roman;font-size:10pt;' >aired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of ot</font><font style='font-family:Times New Roman;font-size:10pt;' >her real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projec</font><font style='font-family:Times New Roman;font-size:10pt;' >tions related to pension expense and the related liability.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Cash Flows</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original</font><font style='font-family:Times New Roman;font-size:10pt;' > maturity of three months or less).</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 7</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > &#8211; Stockholders&#8217; Equity</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company re-approved a stock repurchase program in August 2015 that permits the repurchase of up to 5% of the Company&#8217;s outstanding shares of common stock or approximately 1.2 million</font><font style='font-family:Times New Roman;font-size:10pt;' > shares. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made depending on market </font><font style='font-family:Times New Roman;font-size:10pt;' >conditions and other factors. The Company did not repurchase any shares d</font><font style='font-family:Times New Roman;font-size:10pt;' >uring the first </font><font style='font-family:Times New Roman;font-size:10pt;' >six</font><font style='font-family:Times New Roman;font-size:10pt;' > mont</font><font style='font-family:Times New Roman;font-size:10pt;' >hs of 2017</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 12 </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >&#8211; Financial Instruments with Off-balance Sheet Risk and Derivatives</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company has entered into interest rate swaps (&#8220;swaps&#8221;) to facilitate customer transactions and meet their financing needs. These swaps qualify as derivatives, but are </font><font style='font-family:Times New Roman;font-size:10pt;' >not designated as hedging instruments. Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates t</font><font style='font-family:Times New Roman;font-size:10pt;' >hat the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument contract is negative, the Company owes the customer or counterparty and therefore, has no credit risk. The notiona</font><font style='font-family:Times New Roman;font-size:10pt;' >l value of commercial </font><font style='font-family:Times New Roman;font-size:10pt;' >loan swaps </font><font style='font-family:Times New Roman;font-size:10pt;' >outstanding </font><font style='font-family:Times New Roman;font-size:10pt;' >was $18.</font><font style='font-family:Times New Roman;font-size:10pt;' >3</font><font style='font-family:Times New Roman;font-size:10pt;' > million with a fair value of $0.9 </font><font style='font-family:Times New Roman;font-size:10pt;' >million</font><font style='font-family:Times New Roman;font-size:10pt;' > a</font><font style='font-family:Times New Roman;font-size:10pt;' >s of </font><font style='font-family:Times New Roman;font-size:10pt;' >June 30, 2017</font><font style='font-family:Times New Roman;font-size:10pt;' > compared to $18</font><font style='font-family:Times New Roman;font-size:10pt;' >.9 m</font><font style='font-family:Times New Roman;font-size:10pt;' >illion with a fair value of $1.0</font><font style='font-family:Times New Roman;font-size:10pt;' > million as of December 31, </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >The swap positions are offset to minimize the potent</font><font style='font-family:Times New Roman;font-size:10pt;' >ial impact on the Company&#8217;s financial statements</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >Fair values of the swaps are carried as both gross assets and gross liabilities in the condensed consolidated statements of condition. 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23865000 65000 244000 24263000 24109000 5000 7000 1273000 150000 508000 60000 767000 1154000 -590000 -575000 235000 228000 -355000 -347000 1642000 -8256000 3314000 0 767000 -355000 2547000 355000 4189000 -7901000 3314000 412000 6566000 -7863000 7990000 0 1154000 -347000 6836000 347000 13402000 -7516000 -1297000 7990000 807000 5886000 18800000 19300000 5800000 4800000 0 0 8395000 0 0 1460000 0 0 9855000 8395000 1460000 9855000 0 0 8981000 0 0 1911000 0 0 10892000 8981000 1911000 10892000 -10600000 -107000 -10707000 -10879000 -116000 -10995000 41413000 41413000 4088092000 4139371000 94526000 94526000 656265000 654677000 127312000 127312000 670000000 677244000 46094000 46094000 3883741000 3933700000 93328000 93328000 586039000 584868000 125119000 125119000 790000000 800756000 30000000 29985000 0 41413000 0 0 0 4139371000 0 94526000 0 0 654677000 0 0 127312000 0 0 677244000 0 0 46094000 0 0 0 3933700000 0 93328000 0 0 584868000 0 0 125119000 0 0 800756000 0 0 0 29985000 76936000 134125000 122257000 124137000 33081000 35148000 4715838000 4557811000 23984000 23901000 166705000 165871000 367706000 350414000 0 428200000 453000000 900000 900000 5270521000 5091383000 451570000 467286000 23987383 512459 1877000 464000 1563000 112000 5546000 -31000 2563000 -104000 -630000 150000 -1204000 725000 134000 1406000 37000 0 0 1071000 141000 4000 1216000 4980000 191000 0 5171000 808000 1104000 0 663000 672000 0 1912000 1335000 896000 850000 1479000 0 1206000 744000 0 0 0 896000 2056000 2223000 0 219000 580000 0 181000 304000 0 0 424000 0 400000 1308000 8645000 0 2623000 0 0 0 11268000 0 3969000 0 2139000 0 232000 0 6340000 0 439592000 3111000 453731000 460118000 2859000 451886000 307246000 917950000 768506000 314122000 1062654000 791395000 853397000 169714000 828095000 150034000 0 5743000 0 5743000 0 13222000 0 13222000 0 112361000 0 0 324933000 0 0 332275000 0 0 0 9389000 0 0 908000 0 212000 0 112361000 324933000 332275000 9389000 908000 212000 0 121790000 0 0 287684000 0 0 312711000 0 0 0 1012000 0 1223000 0 121790000 287684000 312711000 1012000 1223000 0 886000 0 886000 0 886000 0 886000 0 1010000 0 1010000 0 1010000 0 1010000 48576000 0 2000 6252000 0 0 1322000 0 0 10544000 1223000 2014000 30602000 1324000 1152000 20944000 -101000 864000 6669000 -40000 337000 14275000 -61000 527000 -2000 -2000 0 -210000 -210000 0 0 0 -25024000 5273823000 8046000 13676000 41804000 0 1000 5073000 0 0 2957000 0 0 10136000 950000 1843000 28999000 1030000 1020000 14911000 -80000 824000 4718000 -31000 321000 10193000 -49000 503000 -2000 -2000 0 -178000 -178000 0 0 0 -20274000 4742368000 5754000 11601000 4739449000 1 114200000 218100000 1500000 1339989 P10Y 500000 500000 600000 400000 300000 P2Y2M12D 12941 5300000 P3Y4M24D 55211 1300000000 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 13 &#8211; Litigation</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company and its subsidiaries are subject in the ordinary course of business to various pending or threatened&#160;legal proceedings in which claims for monetary damages are asserted. After consultation with legal counsel, </font><font style='font-family:Times New Roman;font-size:10pt;' >management does not anticipate that the ultimate liability, if any, arising out of these legal matters will have a material adverse effect on the Company&#39;s financial condition, operating results or liquidity.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;line-height:12pt;' ></p></div> 0 0 21460000 0 0 0 0 7183000 0 0 11622000 0 0 992000 0 0 29000 393000 0 0 49000 -466000 0 0 11622000 992000 422000 -417000 13273000 512000 12761000 0 0 42747000 36928000 72000 64000 91000 54000 3554000 2840000 2106000 1916000 6000 1000 41803000 3023000 2041000 79000 72000 3148000 2739000 0 219000 5071000 42326000 36732000 2957000 41004000 33775000 1273000 150000 2017000 1956000 840000 1106000 4744000 4448000 1222000 949000 605000 615000 1253000 1220000 1617000 2307000 12751000 18282000 17221000 3211000 3162000 1767000 1693000 776000 662000 1367000 1355000 823000 649000 25000 28000 5630000 6101000 30871000 15655000 5008000 0.26 0.24 4003000 2598000 1593000 1031000 1645000 1477000 118000 115000 177000 176000 16563000 12300000 410000 415000 496000 375000 209000 331000 18300000 18900000 900000 1000000 12760000 38000 40000 78000 186396000 2900000 165000 3065000 292426000 4946000 205000 5151000 15 36 63 96788000 2556000 0 2556000 212844000 3971000 198000 4169000 1012000 0 77000 77000 358654000 7043000 345000 7388000 12 37 1 103 864111000 169714000 833643000 150034000 453798000 454943000 0 2859000 4000 3111000 0 0 7101000 187000 232000 0 7257000 195000 0 0 560000 0 554000 0 456657000 458058000 871766000 169901000 841692000 150229000 P7Y P10Y 6479 P3Y 41859 P5Y 6873 P3Y 336000 10146000 309000 10297000 442725000 308142000 917255000 758651000 10010000 0 2395000 9255000 14551000 137000 8463000 7646000 0 0 0 0 467286000 308279000 928113000 775552000 314259000 1069988000 797629000 0 1.5 4133171000 3927808000 44067000 40895000 2272000 568000 1704000 45079000 43384000 3134000 760000 2374000 24603000 5772000 4108568000 39307000 24092000 4825000 3903716000 39242000 0.0112 0.2003 0.0101 0.0109 0.2346 0.0096 14193000 13563000 10410000 10529000 24603000 24092000 1281000 415000 134000 26382000 2082000 511000 186000 11720000 1140000 703000 4825000 5772000 3930000 3207000 1349000 5973000 1577000 4903000 14927000 2489000 6676000 39016000 38370000 29203000 428000 2569000 32200000 33660000 29211000 232000 2489000 31932000 33843000 15495000 3440000 428000 8665000 5865000 232000 14762000 3883835000 19363000 4084605000 2426773000 21660000 30797000 0 2479230000 1488768000 1437475000 232000 10311000 4000 10399000 554000 560000 1448578000 1499725000 244000 0 244000 0 0 550000 0 550000 39000 479000 3967000 3897000 1052000 992000 -692000 -267000 -540000 60000 70736000 72226000 79489000 94282000 1443000 1517000 17000 -52000 321000 -44000 1506000 2526000 -4069000 -3880000 -3605000 -650000 40267000 43829000 4681000 6994000 115028000 113273000 2251000 40863000 0 5004000 70361000 179038000 223705000 195826000 759000 1352000 2395000 2594000 -244854000 -78442000 307901000 246411000 2193000 8742000 2220000000 1290000000 2340000000 1460000000 30000000 5000000 817000 728000 0 13273000 12561000 11622000 147398000 55303000 -57189000 20690000 134125000 72882000 76936000 93572000 12391000 11114000 16287000 12984000 0 203118000 18053000 18752000 288000 0 11 92362000 1985000 0 1985000 53 48010000 516000 70000 586000 896000 0 4405000 0 992000 8000 0 0 6301000 0 0 0 0 0 6029000 1224000 0 0 0 0 0 639000 0 6029000 1863000 896000 11658000 992000 647000 896000 6002000 0 0 1274000 805000 554000 2334000 8977000 2888000 0 0 0 0 6455000 3131000 0 0 741000 137000 479000 1795000 137000 6934000 5667000 896000 15588000 2569000 5550000 295000 291000 0 0 9134000 9134000 1 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >1</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > &#8211; Significant Accounting Policies</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Nature of Operations</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Sandy Spring Bancorp (the &#8220;Company&#8221;), a Maryland corporation, is the </font><font style='font-family:Times New Roman;font-size:10pt;' >bank holding company for</font><font style='font-family:Times New Roman;font-size:10pt;' > Sandy Spring Bank (the &#8220;Bank&#8221;). The Bank offers a broad range of commercial banking, retail</font><font style='font-family:Times New Roman;font-size:10pt;' > banking</font><font style='font-family:Times New Roman;font-size:10pt;' >, mortgage and trust services throughout central Maryland, Northern Virginia and the greater Washington D.C</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > market through its oper</font><font style='font-family:Times New Roman;font-size:10pt;' >ation of 44 community offices and six financial centers across the region. The Bank also offers a comprehensive menu of insurance and wealth management services through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Basis of Presentation</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and prevailing practices within the financial services industry for interim financial</font><font style='font-family:Times New Roman;font-size:10pt;' > information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. The following summary of significant account</font><font style='font-family:Times New Roman;font-size:10pt;' >ing policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the </font><font style='font-family:Times New Roman;font-size:10pt;' >three and six</font><font style='font-family:Times New Roman;font-size:10pt;' > months ended </font><font style='font-family:Times New Roman;font-size:10pt;' >June 30, 2017</font><font style='font-family:Times New Roman;font-size:10pt;' > are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, </font><font style='font-family:Times New Roman;font-size:10pt;' >2017</font><font style='font-family:Times New Roman;font-size:10pt;' >. In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentat</font><font style='font-family:Times New Roman;font-size:10pt;' >ion of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of th</font><font style='font-family:Times New Roman;font-size:10pt;' >e issuance of its financial statements.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >These statements should be read in conjunction with the financial statements and accompanying notes included in the Company&#8217;s </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' > Annual Report on Form 10-K as filed with the Securities and Exchange Commission (</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8220;SEC&#8221;) on </font><font style='font-family:Times New Roman;font-size:10pt;' >March 3, 2017</font><font style='font-family:Times New Roman;font-size:10pt;' >. There have been no significant changes to the Company&#8217;s accounting p</font><font style='font-family:Times New Roman;font-size:10pt;' >olicies as disclosed in the 2016 Annual Report on Form 10-K. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Principles of Consolidation</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The unaudited condensed consolidated financial statements include the a</font><font style='font-family:Times New Roman;font-size:10pt;' >ccounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Use of Estimates</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The preparation of</font><font style='font-family:Times New Roman;font-size:10pt;' > financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported a</font><font style='font-family:Times New Roman;font-size:10pt;' >mounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to </font><font style='font-family:Times New Roman;font-size:10pt;' >the provision for loan</font><font style='font-family:Times New Roman;font-size:10pt;' > losses and the related allowance, determination of imp</font><font style='font-family:Times New Roman;font-size:10pt;' >aired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of ot</font><font style='font-family:Times New Roman;font-size:10pt;' >her real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projec</font><font style='font-family:Times New Roman;font-size:10pt;' >tions related to pension expense and the related liability.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Cash Flows</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original</font><font style='font-family:Times New Roman;font-size:10pt;' > maturity of three months or less).</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Pending Accounting Pronouncements</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2017-08, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities</font><font style='font-family:Times New Roman;font-size:10pt;' >, in March 2017. This </font><font style='font-family:Times New Roman;font-size:10pt;' >guidance is intended to eliminate the current diversity in practice with respect to the amortization period for certain purchased callable debt securities held at a premium. Under current generally accepted accounting principles (GAAP), entities generally </font><font style='font-family:Times New Roman;font-size:10pt;' >amortize the premium as an adjustment of yield over the contractual life. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The amendments in this update short</font><font style='font-family:Times New Roman;font-size:10pt;' >en the amortization period for such callable debt securities held at a premium requiring the premium to be amortized to the earliest call date. </font><font style='font-family:Times New Roman;font-size:10pt;' >This guidance is effective for a public business entity that is a U.S. Securities and Exchange Commission (SEC) </font><font style='font-family:Times New Roman;font-size:10pt;' >filer for its fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial position, results of operations or cash flows.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2017-04, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</font><font style='font-family:Times New Roman;font-size:10pt;' >, in January 2017. The objective of this guidance is to simplify an entity&#8217;s required test for impairment of goodwill by eliminatin</font><font style='font-family:Times New Roman;font-size:10pt;' >g Step 2 from the goodwill impairment test. In Step 2 an entity measured a goodwill impairment loss by comparing the implied fair value of a reporting unit&#8217;s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwil</font><font style='font-family:Times New Roman;font-size:10pt;' >l, an entity had to determine the fair value at the impairment date of its assets and liabilities, including any unrecognized assets and liabilities, following a procedure that would be required in determining the fair value of assets acquired and liabilit</font><font style='font-family:Times New Roman;font-size:10pt;' >ies assumed in a business combination. Under this Update, an entity should perform its annual or quarterly goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount and record an impairment charge for the excess of</font><font style='font-family:Times New Roman;font-size:10pt;' > the carrying amount over the reporting unit&#8217;s fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit and the entity must consider the income tax effects from any tax deductible goodwill on the carry</font><font style='font-family:Times New Roman;font-size:10pt;' >ing amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This guidance is effective for a public business entity that is an SEC filer for its annual or any interim goodwill impairment tests in fiscal years beginning afte</font><font style='font-family:Times New Roman;font-size:10pt;' >r December 15, 2019.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial position, results of operations or cash flows.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update 2017-1, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Business Combinations (Topic 805): Clarifying the Definit</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >ion of a Business</font><font style='font-family:Times New Roman;font-size:10pt;' >, in January 2017. The objective of this guidance is to clarify the definition of a business to provide entities with assistance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or busines</font><font style='font-family:Times New Roman;font-size:10pt;' >ses. The update provides a screen to determine when an integrated set of assets and activities (a &#8220;set&#8221;) is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a</font><font style='font-family:Times New Roman;font-size:10pt;' > single identifiable assets or a group of similar identifiable assets, the set is not a business. The screen thus reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this Update (1) require that</font><font style='font-family:Times New Roman;font-size:10pt;' > to be considered a business, as set must include, at a minimum, an input and substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing ele</font><font style='font-family:Times New Roman;font-size:10pt;' >ments. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are n</font><font style='font-family:Times New Roman;font-size:10pt;' >ot required for an asset to be a business, outputs generally are a key element of a business; therefore, the Board has developed more stringent criteria for sets without outputs. This guidance is effective for public business entities for annual periods be</font><font style='font-family:Times New Roman;font-size:10pt;' >ginning after December 15, 2017, including interim periods within those periods.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial position, results of operations or cash flows.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 20</font><font style='font-family:Times New Roman;font-size:10pt;' >16-15</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Statement of Cash Flow (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > in August 2016. This guidance is intended to reduce the div</font><font style='font-family:Times New Roman;font-size:10pt;' >ersity in practice with respect to the presentation</font><font style='font-family:Times New Roman;font-size:10pt;' > an</font><font style='font-family:Times New Roman;font-size:10pt;' >d classification of items</font><font style='font-family:Times New Roman;font-size:10pt;' > in the statement of</font><font style='font-family:Times New Roman;font-size:10pt;' > cash flows.</font><font style='font-family:Times New Roman;font-size:10pt;' > This guidance is effective for public business entities for the first interim or annual period beginning after December 15, 2017. The standard&#8217;s provisions will be applied using a retrospective transition method </font><font style='font-family:Times New Roman;font-size:10pt;' >to each per</font><font style='font-family:Times New Roman;font-size:10pt;' >iod presented. An entity may elect</font><font style='font-family:Times New Roman;font-size:10pt;' > early adoption</font><font style='font-family:Times New Roman;font-size:10pt;' > but</font><font style='font-family:Times New Roman;font-size:10pt;' > must adopt all of the amendments in the same period. The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial position, results of operations or cash flows.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Th</font><font style='font-family:Times New Roman;font-size:10pt;' >e FASB issued Update No. 2016-13, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Current Expected Credit Losses (CECL)</font><font style='font-family:Times New Roman;font-size:10pt;' >, in June 2016. This guidance changes the impairment model for most financial assets measured at amortized cost and certain other instruments. Entities will be required to use an expect</font><font style='font-family:Times New Roman;font-size:10pt;' >ed loss model, replacing the incurred loss model that is currently in use. Under the new guidance, an entity will measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current condition and </font><font style='font-family:Times New Roman;font-size:10pt;' >reasonable and supportable forecasts. This will result in earlier recognition of loss </font><font style='font-family:Times New Roman;font-size:10pt;' >allowances in most instances. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary)</font><font style='font-family:Times New Roman;font-size:10pt;' > will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. With respect to trade and other receivables, loans, held-to-maturity deb</font><font style='font-family:Times New Roman;font-size:10pt;' >t securities, net investments in leases and off-balance-sheet credit exposures, the guidance requires that an entity estimate its lifetime expected credit loss and record an allowance resulting in the net amount expected to be collected to be reflected as </font><font style='font-family:Times New Roman;font-size:10pt;' >the financial asset. Entities are also required to provide significantly more disclosures, including information used to track credit quality by year of origination for most financing receivables. This guidance is effective for public business entities fo</font><font style='font-family:Times New Roman;font-size:10pt;' >r the first interim or annual period beginning after December 15, 2019. The standard&#8217;s provisions will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. E</font><font style='font-family:Times New Roman;font-size:10pt;' >arly adoption by public business entities is permitted for the first interim or annual period beginning after December 15, 2018. The Company is assessing this guidance to determine its impact on the Company&#8217;s financial position, results of operations and c</font><font style='font-family:Times New Roman;font-size:10pt;' >ash flows.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2016-08</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > in March 2016. This guidance is intended to clarify a potential implementation iss</font><font style='font-family:Times New Roman;font-size:10pt;' >ue with respect to determining whether an entity is a principal or an agent in an arrangement. The guidance provides indicators to assist in this evaluation when another party is involved in the arrangement to identify which party is the principal and whic</font><font style='font-family:Times New Roman;font-size:10pt;' >h party is the agent. The effective date for this guidance is the same as the effective date of Update 2014-09, Revenue from Contracts with Customers. The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial positi</font><font style='font-family:Times New Roman;font-size:10pt;' >on, results of operations or cash flows.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2016-02</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Leases</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > in February 2016.</font><font style='font-family:Times New Roman;font-size:10pt;' > From the lessee&#8217;s perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability</font><font style='font-family:Times New Roman;font-size:10pt;' > on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees.</font><font style='font-family:Times New Roman;font-size:10pt;' > The guidance also elimina</font><font style='font-family:Times New Roman;font-size:10pt;' >tes the current real estate-specific provision and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs. With respect to lessors, the guidance modifies the classification criteria and the accounting for sales-</font><font style='font-family:Times New Roman;font-size:10pt;' >type and direct financing leases. All entities will classify leases to determine how to recognize lease-related revenue and expense. In applying this guidance entities will also need to determine whether an arrangement contains a lease or service agreement</font><font style='font-family:Times New Roman;font-size:10pt;' >. Disclosures are required by lessees and lessors to meet the objective of enabling users of financials statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For public entities, this guidance is effective for the firs</font><font style='font-family:Times New Roman;font-size:10pt;' >t interim or annual period beginning after December 15, 2018. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in th</font><font style='font-family:Times New Roman;font-size:10pt;' >e financial statements. The Company is assessing this guidance to determine its impact on the Company&#8217;s financial position, results of operations and cash flows.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:10pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2016-01</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Financial Instruments - Overall</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >in January 2016. This gu</font><font style='font-family:Times New Roman;font-size:10pt;' >idance requires entities to measure equity investments at fair value and recognize changes on fair value in net income. The guidance also provides a new measurement alternative for equit</font><font style='font-family:Times New Roman;font-size:10pt;' >y investments that do not</font><font style='font-family:Times New Roman;font-size:10pt;' > have readily determinable fair values and do</font><font style='font-family:Times New Roman;font-size:10pt;' >n&#8217;t qualify for the net asset value practical expedient. Entities will have to record changes in instrument &#8211;specific credit risk for financial liabilities measured under the fair value option in other comprehensive income, except for certain financial lia</font><font style='font-family:Times New Roman;font-size:10pt;' >bilities of consolidated collateralized financing entities. Entities will also have to reassess the realizability of a deferred tax asset related to an available-for-sale debt security in combination with their other deferred tax assets.</font><font style='font-family:Times New Roman;font-size:10pt;' > This simplifies th</font><font style='font-family:Times New Roman;font-size:10pt;' >e impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment.</font><font style='font-family:Times New Roman;font-size:10pt;' > For public entities, the guidance in this update is effective for the first interim or annual period beginn</font><font style='font-family:Times New Roman;font-size:10pt;' >ing after December 15, 2017. Early adoption by public entities is permitted as of the beginning of the year of adoption for selected amendments by a cumulative effect adjustment to the balance sheet. The adoption of this standard is not expected to have a </font><font style='font-family:Times New Roman;font-size:10pt;' >material impact on the Company&#8217;s financial position, results of operations or cash flows.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The FASB issued Update No. 2014-09, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Revenue from Contr</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >acts with Customers (Topic 606</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >)</font><font style='font-family:Times New Roman;font-size:10pt;' >, in May 2014 that provides accounting guidance for all</font><font style='font-family:Times New Roman;font-size:10pt;' > revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to customers. The guidance also provides for a model for the measurement and recognition of gains and losses on the sale of certa</font><font style='font-family:Times New Roman;font-size:10pt;' >in nonfinancial assets, such as property and equipment, including real estate. This standard may affect an entity&#8217;s financial statements, business processes and internal control over financial reporting. The guidance is effective for the first interim or a</font><font style='font-family:Times New Roman;font-size:10pt;' >nnual period beginning after December 15, 2017. The guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company&#8217;s revenue is comprised of net inte</font><font style='font-family:Times New Roman;font-size:10pt;' >rest income and noninterest income. As ASU 2014-09 does not apply to revenue associated with financial instruments, net interest income, mortgage origination and servicing activities, and gains and losses from securities are not impacted by the standard. F</font><font style='font-family:Times New Roman;font-size:10pt;' >or other revenue streams such as: 1) wealth management income; 2) insurance agency commissions; 3) bank card fees; and 4) service charges on deposit accounts, the Company does not expect this standard to have a material impact on the timing of revenue reco</font><font style='font-family:Times New Roman;font-size:10pt;' >gnition. The Company is currently evaluating the disclosure requirements of the standard. The adoption of this standard is not expected to have a material impact on the Company&#8217;s financial position, results of operations and cash flows.</font></p></div> 29853000 2902000 5505000 2191000 1275000 508000 2547000 590000 235000 355000 32755000 21460000 7183000 13253000 5263000 1919000 765000 6836000 575000 228000 347000 28643000 4193000 1919000 1516000 1275000 82970000 154000 181000 7162000 4057000 10000 94534000 5511000 155000 6277000 12000 11955000 82579000 81063000 3981000 1448000 9228000 2974000 1199000 2398000 3700000 26203000 36083000 6613000 3491000 1439000 2759000 1628000 51000 9798000 62849000 44417000 14564000 1.24 1.23 0.52 73134000 198000 107000 6126000 3889000 2000 83456000 3878000 138000 6113000 473000 10602000 72854000 68661000 3859000 1641000 8853000 2394000 1230000 2309000 3909000 26114000 35451000 6635000 3357000 1343000 2718000