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Sandy Spring Bancorp reports net income of $20.7 million for Q3 2023, compared to $24.7 million in Q2 2023 and $33.6 million in Q3 2022. The decline in net income is due to a one-time pension settlement expense and lower net interest income. However, core earnings increased to $27.8 million in Q3 2023. Total assets increased by 1% to $14.1 billion, while total loans declined by $69.3 million. Deposits increased by $192.1 million. Credit quality metrics remained low. Net interest income declined by $5.4 million. Provision for credit losses decreased to $3.2 million. Non-interest income increased by 1%. Non-interest expense increased by $3.3 million. ROA and ROTCE decreased compared to previous quarters. Total assets and loans declined slightly, while deposits increased. Credit quality remained strong. Net interest income and non-interest expense increased. ROA and ROTCE decreased.
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0.56%
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Sandy Spring Bancorp, Inc. will announce its Q3 earnings on October 24, 2023. Conference call and webcast will be held to discuss results and answer questions.
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-1.74%
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Sandy Spring Bank announces the appointment of Lynne Pulford as Executive Vice President of Consumer Banking. She will lead the newly formed group that includes Community Banking, Mortgage Banking, and Marketing. Pulford has a 36-year career at Sandy Spring Bank and has successfully grown the Mortgage Division to record levels. She aims to anticipate consumer needs and create innovative solutions to maintain the bank's success.
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Sandy Spring Bancorp, Inc. (Nasdaq: SASR) Declares $0.34 Quarterly Common Stock Dividend
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-2.27%
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Sandy Spring Bancorp reports net income of $24.7 million for Q2 2023, compared to $51.3 million in Q1 2023 and $54.8 million in Q2 2022. Core earnings decline to $27.1 million from $52.3 million in Q1 2023. Net interest income declines by $6.8 million. Provision for credit losses amounts to $5.1 million. Deposits decrease by 1% to $11.0 billion. Non-interest income increases by 8% compared to the previous quarter. Non-interest expense increases by $2.8 million. ROA is 0.70% and ROTCE is 8.93%. Total assets remain stable at $14.0 billion.
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-4.85%
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Sandy Spring Bank's subsidiary, West Financial Services, Inc., has announced the appointment of Brian Mackin as the new President. Mackin, who has 24 years of experience in the financial services industry, succeeds Glen Buco in the position after a year of preparation. Buco will continue to support West in various capacities. Mackin's extensive knowledge and experience are seen as vital for the continued success of the business and clients. He has held various roles at West Financial Services, including trader, technology specialist, portfolio manager, and relationship manager. Mackin is a CERTIFIED FINANCIAL PLANNER™ professional and has been recognized for his achievements in the industry.
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Sandy Spring Bancorp Inc
Nasdaq:SASR
SASR Rankings
SASR Stock Data
972.87M
43.41M
3.62%
68.22%
1.28%
Commercial Banking
Finance and Insurance
United States of America
OLNEY
About SASR
sandy spring bancorp, inc., (nasdaq: sasr) is the holding company for sandy spring bank, the largest locally-headquartered community bank in the greater washington, d.c. region, and has been recognized by forbes as one of the 50 most trustworthy financial companies in america for 12 consecutive years. sandy spring bank traces its origins to 1868 making it one of the oldest banking institutions in the region. 2018 marks the bank’s 150th anniversary of serving the region. independent and community-oriented, sandy spring bank offers a broad range of commercial banking, retail banking, mortgage, insurance, wealth and trust services throughout central maryland, northern virginia, and the greater washington, d.c. market through a network of over 50 banking and financial centers. sandy spring bank offers sophisticated online and mobile banking products for individuals as well as small and mid-sized businesses. through an affiliation with the allpoint atm network, clients have free nationwide