At Sandy Spring Bank, we recognize that we all have a role to play in protecting the environment and combating climate change. Our focus is sustainable business practices that minimize our impact on the environment while also reducing the risks that climate change poses to our business.

As a financial services partner in the community, we contribute to environmental sustainability by financing clean energy and energy efficiency projects.

To decrease our own impact, we reduce paper use through digitalization and waste reduction, and as we modernize aging facilities, we also upgrade their energy and resource efficiency.

For more information on the risks posed by climate change to our business, see our Annual Report.

Supporting Clean Energy and Energy Efficiency

We continue to work with the Montgomery County Green Bank (Green Bank) to support clean energy investment in Montgomery County, Maryland. As of August 2022, we collaborated on six projects under the Green Bank's Commercial Loan for Energy Efficiency and Renewables (CLEER) program. These include two projects that combined the use of the established CLEER program with a participation loan made by Sandy Spring Bank and the Green Bank. This innovative financing structure was the first of its kind between the two banks.

The Green Bank and Sandy Spring Bank closed the first project under this new approach with 8101 Connecticut Avenue Condominiums to support a major energy efficiency and renewable energy project to replace aging infrastructure. The $3.2 million investment supports an overall $5.8 million energy retrofit project that is expected to result in $25,000 of annual energy savings and reduce 153 metric tons of greenhouse gas (GHG) emissions annually.

Together, we also partnered to provide $1.2 million to finance the Stewart Avenue Warehouses. They will use the loan to fund the installation of a 412kW solar system by New Columbia Solar. The Stewart Avenue Warehouses will sell the electricity output via community solar subscriptions from the warehouse tenants and subscribers within energy provider Pepco's territory. This solar-powered system is expected to produce 515,000 kWh in its first year and generate an average of 491,000 kWh per year over the next 20 years. The energy production is also expected to save subscribers more than $88,000 per year and reduce 348 metric tons of GHG emissions.

Embracing Digital Tools

We continue to upgrade our technology to reduce our paper use and reliance on paper-intensive processes. These initiatives reduce our carbon footprint while making it easier for clients to do business with us.

Key processes that are now digital include:

Mortgage Loan Disclosures.

In 2022, 86% of initial mortgage disclosures were delivered by e-disclosure rather than through paper.

Mortgage Loan Closings.

Our e-closing tool allows mortgage borrowers to sign the majority of their closing packages electronically, which significantly reduces the size of the physical closing package and the time borrowers need to spend at closing. In 2022, 87% of our closings were done through either a hybrid or full e-close process.

Commercial Loan Processing.

Our new commercial banking system enables us to process commercial loans with far fewer — and sometimes zero — paper documents.

We also encourage clients to use online and mobile banking and to opt-in for electronic statements. In 2022, 47% of eligible clients received electronic statements, while 50% of eligible clients used our digital banking tools.

Reducing Waste

A positive outcome of the Covid pandemic was the need for our processes to become less paper-driven in order to function efficiently with staff working from home. By increasing our use of document imaging, we have significantly reduced the amount of paper and ink we use in daily operations. In 2022, the amount of paper purchased was nearly 50% less than the amount purchased in 2019.

Our shredding and recycling efforts keep our clients' personal information safe while reducing waste. In 2022, we recycled an estimated 242,000 pounds of paper, an increase from an estimated 230,000 pounds in 2021. In addition to the recycling of paper, we provide recycling bins to collect glass, plastic and other recyclables at all of our properties.

We evaluate new and renovated locations for waste-reducing opportunities, such as the installation of wall-mounted hand dryers instead of paper towel dispensers. We work with our suppliers to procure products from renewable sources, including recycled paper products, whenever possible.

644
trees
6,140
gallons of oil
242K
pounds of paper recycled saved1:
471,500
kilowatt hours of energy
805,000
gallons of water

New for 2022

We began working with a new electricity provider with a greater ability to track our energy use. A working committee now meets regularly to review our monthly usage and identify reduction opportunities.

Reducing Energy and Resource Usage

We contribute to a sustainable environment through business practices that protect and conserve natural resources. Highlights of our efforts include:

Water Consumption Programs:

New and renovated locations include water dispensing machines, which reduce use of plastic water bottles; faucets with motion sensors; and water-saving toilets.

LED Upgrades:

We have installed energy-saving LED light bulbs and fixtures throughout our facilities.

Renewable Energy:

Under our electricity supplier agreement for our Maryland and Washington, D.C. locations, we purchase renewable energy credits equal to 10% of our total annual usage. Each credit represents the environmental benefits of 1,000 kilowatt-hours of renewable energy that can be paired with electricity.

Energy-Efficient Systems:

New and renovated locations include energy-saving, time-controlled HVAC systems and light fixtures with sensors that detect motion. We also evaluate HVAC systems in our new and renovated locations for energy-saving upgrades, and purchase ENERGY STAR appliances whenever possible.