Sandy Spring Bancorp Inc Stock Price, News & Analysis

Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp (NASDAQ: SASR), has eliminated non-sufficient funds (NSF) fees and revised overdraft policies to enhance consumer banking experiences. Key changes include lower overdraft fees, abolishment of extended overdraft fees, and no transfer fees for overdraft protection. This initiative reflects the bank's dedication to affordability and customer-centric services as part of a broader strategy to improve its fee structure and banking accessibility for clients.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) has announced that Daniel J. Schrider, the current President and CEO, will take on the role of Board Chair starting January 1, 2023. Robert L. Orndorff, who has been Board Chair since 2010, will transition to Lead Independent Director. This change is aimed at enhancing accountability and decision-making within the company. The Board has also updated its Corporate Governance Guidelines to clarify the responsibilities of the Lead Independent Director.

Sandy Spring Bancorp (Nasdaq – SASR) announced that Kenneth C. Cook, President of Commercial Banking, will retire on February 28, 2023, after 40 years in the industry. Post-retirement, he will join the company's Board of Directors. Cook has been instrumental in integrating Revere Bank into Sandy Spring Bank since its acquisition in April 2020, enhancing commercial presence amidst pandemic challenges. The search for a new leader for Commercial Banking is underway, as Chairman Robert L. Orndorff emphasizes Cook's value to the organization.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) announced a quarterly common stock dividend of $0.34 per share, payable on November 16, 2022, to shareholders recorded on November 9, 2022. This dividend remains consistent with the previous quarter and represents an increase of $0.02 compared to Q4 2021. The bank, headquartered in Olney, Maryland, operates in the Greater Washington, D.C. region, offering a range of banking and wealth management services.

Sandy Spring Bancorp (SASR) reported a net income of $33.6 million for Q3 2022, down from $57.0 million in Q3 2021. Core earnings were $35.7 million, reflecting a decline due to an $18.9 million provision for credit losses, compared to a credit in the previous year. Total assets rose to $13.8 billion, a 6% increase year-over-year. Total loans, excluding PPP, surged 21% to $11.2 billion. Net interest income increased by 6%, boosted by commercial loan growth. However, non-interest income fell by 31%, driven by reduced mortgage banking and insurance commission revenues.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its third quarter earnings on October 20, 2022. The earnings will be discussed in a conference call scheduled for 2:00 p.m. (ET) that same day. Investors can listen to the call via the Sandy Spring Bank website or by calling 1-844-200-6205, using Access Code: 142064. An internet replay will be available until November 3, 2022.

Sandy Spring Bancorp is a community bank serving Maryland, Virginia, and Washington, D.C., offering various banking and wealth management services.

On July 28, 2022, Sandy Spring Bancorp, Inc. (SASR) announced a quarterly common stock dividend of $0.34 per share, payable on August 17, 2022, to shareholders of record on August 10, 2022. This dividend remains consistent with the prior quarter and is an increase of $0.02 compared to Q3 2021.

Sandy Spring Bancorp (Nasdaq-SASR) reported a net income of $54.8 million ($1.21 per diluted share) for Q2 2022, down from $57.3 million ($1.19 per diluted share) in Q2 2021. Core earnings were $44.2 million ($0.98 per diluted share), impacted by provisioning for credit losses, declining mortgage banking income, and reduced net interest income. Total assets grew 3% to $13.3 billion, with a 17% rise in loans excluding PPP loans. Non-interest income increased 34% due to a $16.7 million gain from the sale of the insurance business. The net interest margin was 3.49%, a decline from 3.63% in the prior year.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) will announce its second quarter earnings on July 21, 2022, at 2:00 p.m. (ET). A conference call will be held to discuss the results, with participation available via phone and web. This event will be accessible at the Sandy Spring Bank website, and a playback will be available until August 4, 2022. Sandy Spring Bancorp operates numerous banking services in Maryland, Northern Virginia, and D.C., emphasizing community banking in the region.