Welcome to our dedicated page for Sandy Spring Bancorp news (Ticker: SASR), a resource for investors and traders seeking the latest updates and insights on Sandy Spring Bancorp stock.
Sandy Spring Bancorp, Inc. (NASDAQ: SASR) is the holding company for Sandy Spring Bank, a premier community bank headquartered in Olney, Maryland. Company disclosures describe the bank as serving the Greater Washington, D.C. region through over 50 locations in Maryland, Virginia, and Washington, D.C. This news page brings together updates and announcements related to Sandy Spring’s commercial banking, retail banking, mortgage, private banking, trust, and wealth management activities.
Recent news has focused on Sandy Spring Bancorp’s pending merger with Atlantic Union Bankshares Corporation. Joint releases from the two companies report a definitive merger agreement under which Atlantic Union will acquire Sandy Spring in an all-stock transaction, followed by the merger of Sandy Spring Bank into Atlantic Union Bank. Later joint announcements state that shareholders and stockholders of both companies have approved the merger and that all required bank regulatory approvals have been received, with closing subject to customary conditions.
In addition to merger-related developments, Sandy Spring Bancorp regularly issues earnings releases and dividend announcements. These communications cover quarterly financial results, core earnings metrics, credit quality trends, and decisions by the board of directors regarding common stock dividends. The company also announces the timing and format of its earnings conference calls and webcasts.
Investors and observers using this page can review a stream of company-issued news, including merger milestones with Atlantic Union, quarterly performance updates, and dividend declarations related to SASR. This provides context on how Sandy Spring Bancorp presents its operations as a commercial banking and wealth management company in the Greater Washington, D.C. region and how corporate actions may affect the SASR ticker over time.
Sandy Spring Bancorp (Nasdaq: SASR), the parent company of Sandy Spring Bank, has declared a quarterly dividend of $0.34 per share. The dividend will be payable on August 21, 2024, to shareholders of record on August 14, 2024. This dividend announcement maintains consistency with both the previous linked quarter and the third quarter of 2023, demonstrating the company's commitment to providing regular returns to its shareholders. The stability in dividend payments may indicate Sandy Spring Bancorp's financial health and confidence in its ongoing performance.
Sandy Spring Bancorp (SASR) reported Q2 2024 net income of $22.8 million ($0.51 per diluted share), up from $20.4 million in Q1 2024 but down from $24.7 million in Q2 2023. Core earnings were $24.4 million ($0.54 per diluted share). The increase from Q1 was driven by higher non-interest income and net interest income, coupled with lower provision for credit losses.
Key highlights:
- Total assets increased 1% to $14.0 billion
- Total loans grew 1% to $11.5 billion
- Deposits increased 1% to $11.3 billion
- Net interest margin improved to 2.46%
- Non-performing loans to total loans ratio was 0.81%
The company reported strong growth in core deposits and commercial loans, while maintaining a stable capital position and improving profitability.
Sandy Spring Bancorp, Inc. (Nasdaq-SASR) celebrates Ronda McDowell's successful tenure as Chair of the Maryland Bankers Association (MBA) from June 4, 2023, to June 4, 2024. McDowell, Executive Vice President and Chief Operations Officer of Sandy Spring Bank, played a important role in reorganizing the MBA and creating the Mid-Atlantic Bankers Association, a holding company that consolidates MBA operations with the Virginia Bankers Association.
This merger aims to enhance resource sharing, improve member services, and strengthen advocacy efforts for the banking industry. McDowell will continue to serve as MBA Chair Emeritus for 2024-2025, chairing the Nominating Committee and serving on the Mid-Atlantic Bankers Association Board. Sandy Spring Bank's leadership praised McDowell's contributions to the MBA and the banking industry.
Sandy Spring Bancorp (Nasdaq: SASR) will release its second quarter earnings on July 23, 2024. The company will host a webcast conference call at 2:00 p.m. (ET) the same day to discuss the results and field questions. Interested participants can join the call by dialing 833-470-1428 using Access Code: 340278. The live webcast will be available on the Investor Relations page of the Sandy Spring Bank website. A replay of the conference call will be accessible online until August 6, 2024, and via telephone at 1-866-813-9403 with conference number 846010.
Sandy Spring Bancorp (Nasdaq: SASR) has appointed Charles S. Cullum as the new Chief Financial Officer (CFO), effective immediately. Cullum, who has been with the company since 2006 and served as Deputy CFO since January 2024, will replace the retiring Philip J. Mantua. Mantua will stay with the company until the end of the year to ensure a smooth transition. Sandy Spring Bank, which has expanded from a $3 billion to a $14 billion financial services firm over the last 18 years, is poised for continued growth under Cullum's leadership. CEO Daniel J. Schrider expressed confidence in Cullum's capabilities to enhance financial operations and shareholder value.
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