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New words:
advantage, analyzed, constant, debtor, delay, domestic, employer, facility, finite, foreclosed, licensed, LIHTC, macroeconomic, October, parallel, payroll, phase, purely, reclassified, released, rental, retrospective, retrospectively, saving, slight, transparency
Removed:
agreed, application, applying, ATM, Beacon, BTF, burden, captive, CECL, claim, commence, communicate, confirmed, continued, created, deployment, discontinued, disposition, drove, ease, excluding, flat, forgiven, function, half, handling, imposed, increasing, insurer, Interbank, interchange, intermediary, introducing, LIBOR, London, magnitude, margining, mitigating, objective, occupied, offered, operated, operational, optional, outpaced, owner, placement, policyholder, PPP, producer, recessionary, recognizing, reconciled, refinancing, salary, segregation, shifted, substantial, taxable, temporary, transition, troubled, vintage
Financial report summary
?Competition
Financial ServicesRisks
- The geographic concentration of our operations makes us susceptible to downturns in local economic conditions.
- Changes in interest rates may adversely affect our earnings and financial condition.
- Inflation can have an adverse impact on our business and on our customers.
- Insufficient liquidity could impair our ability to fund operations and jeopardize our financial condition, growth and prospects.
- Our investment securities portfolio is subject to credit risk, market risk, and liquidity risk.
- Our allowance for credit losses may not be adequate to cover our actual credit losses, which could adversely affect our financial condition and results of operations.
- We may not be able to adequately measure and limit our credit risk, which could lead to unexpected losses.
- If non-performing assets increase, earnings will be adversely impacted.
- Appraisals may not accurately describe the value of our collateral.
- Our commercial real estate lending activities expose us to increased lending risks and related loan losses.
- Imposition of limits by the bank regulators on commercial real estate lending activities could curtail our growth and adversely affect our earnings.
- Our concentration of residential mortgage loans exposes us to increased lending risks.
- We may be subject to certain risks related to originating and selling mortgage loans.
- Any delays in our ability to foreclose on delinquent mortgage loans may negatively impact our business.
- Our trust and wealth management fees may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings.
- Our investment management contracts are terminable without cause and on relatively short notice by our clients, which makes us vulnerable to short-term declines in the performance of the securities under our management.
- The wealth management business is heavily regulated, and the regulators have the ability to limit or restrict our activities and impose fines or suspensions on the conduct of our business.
- Combining acquired businesses may be more difficult, costly or time-consuming than expected and the anticipated benefits and cost savings of acquisitions may not be realized.
- We depend on our executive officers and key personnel to continue the implementation of our long-term business strategy and could be harmed by the loss of their services.
- Restrictions on unfriendly acquisitions could prevent a takeover of the Company.
- Market competition may decrease our growth or profits.
- The high volume of transactions processed by us exposes us to significant operational risks.
- Failure to keep up with technological change in the financial services industry could have a material adverse effect on our competitive position or profitability.
- Our risk management framework may not be effective in mitigating risks and/or losses to us.
- Our information systems may experience an interruption or security breach.
- Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
- Our reliance on third-party vendors could expose us to additional cyber risk and liability.
- We outsource certain aspects of our data processing to certain third-party providers, which may expose us to additional risk.
- We are dependent on our information technology and telecommunications systems; third-party service providers and systems failures, interruptions or breaches of security could have an adverse effect on our financial condition and results of operations.
- The adoption of flexible work from home arrangements poses a number of operational risks that could adversely affect our business, financial condition and results of operations.
- Changes in accounting standards or interpretation of new or existing standards may affect how we report our financial condition and results of operations.
- The Current Expected Credit Loss accounting standard could require us to increase our allowance for credit losses and may have a material adverse effect on our financial condition and results of operations.
- Impairment in the carrying value of goodwill and other intangible assets could negatively impact our financial condition and results of operations.
- Our accounting estimates and risk management processes rely on analytical and forecasting models.
- We operate in a highly regulated industry, and compliance with, or changes to, the laws and regulations that govern our operations may adversely affect us.
- Our ability to pay dividends is limited by law.
- Federal banking agencies periodically conduct examinations of our business, including compliance with laws and regulations; the failure to comply with any supervisory actions to which we are or becomes subject as a result of such examinations could adversely affect us.
- We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act ("CRA") and fair lending laws, and the failure to comply with these laws could lead to a wide variety of sanctions.
- We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
- Changes in U.S. or regional economic conditions could have an adverse effect on our business, financial condition and results of operations.
- Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
- Climate change could have a material adverse impact on us and our clients.
- Future sales of our common stock or other securities may dilute the value and adversely affect the market price of our common stock.
- Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may negatively impact our financial performance.
- Negative public opinion regarding us or failure to maintain our reputation in the communities we serve could adversely affect our business and prevent us from growing our business.
Management Discussion
- Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- This report, as well as other periodic reports filed with the Securities and Exchange Commission, and written or oral communications made from time to time by or on behalf of Sandy Spring Bancorp, Inc. and its subsidiaries (the “Company”), may contain statements relating to future events or future results of the Company that are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits.
- Forward-looking statements reflect our expectation or prediction of future conditions, events or results based on information currently available. These forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These principal risks and uncertainties include, but are not limited to, the risks identified in Item 1A of the Company’s 2023 Annual Report on Form 10-K, Item 1A of Part II of this report and the following: