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.
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On April 27, 2023, Sandy Spring Bancorp, Inc. (Nasdaq: SASR) announced a quarterly common stock dividend of $0.34 per share. This dividend is payable on May 17, 2023, to shareholders of record as of May 10, 2023. The dividend remains consistent with the previous quarter and the same quarter of the prior year. Sandy Spring Bancorp operates as the parent company of Sandy Spring Bank, a prominent community bank in the Greater Washington, D.C. region, offering extensive banking services across Maryland, Virginia, and Washington, D.C.
Sandy Spring Bancorp, Inc. (Nasdaq-SASR) reported a net income of $51.3 million ($1.14 per diluted share) for Q1 2023, up from $43.9 million ($0.96 per diluted share) in Q1 2022. Core earnings also increased to $52.3 million ($1.16 per diluted share), compared to $45.1 million in the same quarter last year. The growth was driven by a $21.5 million credit to the provision for credit losses, contrasting a $1.6 million charge in Q1 2022. Total assets rose by 2% to $14.1 billion, while loans remained stable at $11.4 billion. However, net interest income decreased by 4% to $98.3 million, largely due to rising interest expenses. The return on average assets was 1.49% and return on average tangible common equity was 19.10%.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its first quarter earnings on April 20, 2023, with a conference call at 2:00 p.m. (ET) to discuss the results. Interested parties can participate via phone or listen to a live webcast on the company's website.
The call will provide insights into the bank's performance, which includes a broad range of commercial, retail, mortgage, private banking, and trust services offered across over 50 locations in the Greater Washington, D.C. region. An internet replay will be accessible until May 4, 2023, along with a telephone voice replay available during the same period.
Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp (NASDAQ: SASR), appointed Noha Galal as Senior Vice President and Middle Market Team Leader. This move aims to enhance the bank's strategies in the middle market and corporate banking sectors, critical for regional economic growth. Galal has extensive experience in credit, underwriting, and M&A financing, joining from Truist, and previously working at Bank of America and Citibank. Her role focuses on developing tailored solutions for privately-owned firms contributing significantly to the region's GDP and employment, ensuring the bank's continued momentum in servicing these vital sectors.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) declared a quarterly common stock dividend of $0.34 per share, payable on February 15, 2023, to shareholders of record on February 8, 2023. This dividend maintains consistency with the previous quarter and the first quarter of 2022, reflecting the company's ongoing commitment to returning value to shareholders.
Sandy Spring Bancorp reported a net income of $34.0 million ($0.76 per diluted share) for Q4 2022, down from $45.4 million ($0.99 per diluted share) in Q4 2021. Core earnings were $35.3 million ($0.79 per share), reflecting provisioning for credit losses of $10.8 million, up from $1.6 million a year earlier. Total assets reached $13.8 billion, a 10% increase year-over-year. Total loans grew by 14% to $11.4 billion, with commercial loans increasing by 15%. Deposits grew by 3%, primarily driven by a 64% rise in brokered time deposits. However, non-interest income dropped by 37% due to reduced mortgage banking and wealth management income.
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