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 reports developments tied to its role as the holding company for Sandy Spring Bank, a community bank serving the Greater Washington, D.C. region. Company news commonly covers quarterly earnings, net interest income, provision for credit losses, commercial and residential loan trends, and the performance of banking services across Maryland, Virginia, and Washington, D.C.
Updates also include common stock dividends, capital-structure disclosures, shareholder voting matters, governance items, and material agreements. Sandy Spring Bank's recurring business categories include commercial and retail banking, mortgage banking, private banking, trust services, and wealth management services offered through Rembert Pendleton Jackson and West Financial Services.
Sandy Spring Bancorp (Nasdaq-SASR) has officially sold its insurance business to Hub International Limited, a top global insurance brokerage, effective June 1, 2022. The terms of the sale remain undisclosed. This strategic move allows Sandy Spring Bank's clients access to a broader range of insurance solutions via Hub. All employees from Sandy Spring Insurance Corporation have been offered positions at Hub, ensuring continuity in client service. Reagan Consulting advised Sandy Spring Bank on the transaction.
Sandy Spring Bank has promoted Aaron Kaslow to Chief Administrative Officer, expanding his responsibilities to include Human Resources, Operations, and Information Services. Kaslow, who joined the bank in September 2019, has been instrumental in successful acquisitions and has a strong background in M&A. CEO Daniel J. Schrider emphasized that Kaslow's leadership will add significant value as the organization grows. Sandy Spring Bank operates over 50 locations in the Greater Washington region, providing a range of banking services.
Sandy Spring Bank has promoted Sherman W. Moore to Division Executive of the Sandy Spring Private Client Group, overseeing a team of 40 and managing nearly $2 billion in investments. With over 25 years in financial services, Moore aims to enhance client offerings through a holistic approach, integrating trust services and private banking. His leadership is expected to bring fresh perspectives to the organization. Moore previously held senior roles at major institutions, including PNC Bank and Riggs Bank.
Sandy Spring Bancorp, Inc. (SASR) has declared a quarterly common stock dividend of $0.34 per share, payable on May 18, 2022, to shareholders of record on May 11, 2022. This dividend remains consistent with the previous quarter and reflects an increase of $0.02 over the same quarter last year. Sandy Spring Bancorp is the parent company of Sandy Spring Bank, serving the Greater Washington, D.C. region with over 50 locations and a diverse range of financial services, including commercial and retail banking, mortgage, and wealth management.
Sandy Spring Bancorp, Inc. (SASR) reported a net income of $43.9 million ($0.96 per diluted share) for Q1 2022, down from $75.5 million ($1.58 per diluted share) in Q1 2021. Core earnings decreased to $45.1 million from $83.5 million year-over-year, primarily due to a provision for credit losses of $1.6 million. Total assets grew 1% to $13.0 billion, with total loans (excluding PPP) up 10% to $10.1 billion. The net interest margin was 3.49%, and the company authorized a $50 million stock repurchase plan. The total risk-based capital ratio was 16.77%.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) will announce its first quarter earnings on April 21, 2022, at 2:00 p.m. ET. A conference call will follow to discuss the results and answer questions, accessible by calling 1-844-200-6205 with Access Code: 263081. The call will be webcast live on the company's website. An internet replay will be available until May 5, 2022. Sandy Spring Bancorp serves the Greater Washington, D.C. region with over 50 locations, offering comprehensive banking, mortgage, insurance, and wealth management services.
Sandy Spring Bancorp (Nasdaq: SASR) has authorized a stock repurchase program worth $50 million to buy back its common stock. This follows the completion of a previous buyback where 2,350,000 shares were repurchased at an average price of $45.65. The new program, which will allow shares to be repurchased through open market and privately negotiated transactions, has no set timeframe and is contingent on market conditions. Purchases will commence post the upcoming earnings release in mid-April.
Sandy Spring Bank has been recognized as the fifth top-performing bank in S&P Global Market Intelligence’s annual rankings for institutions with over $10 billion in assets. The bank, now valued at nearly $13 billion, reported record annual earnings of $235.1 million for 2021, with total loans of $10 billion and deposits of $10.6 billion. This accolade follows its inclusion in Forbes' 2022 America's Best Banks list, highlighting the bank's commitment to excellence and service in the Greater Washington, D.C. area.
On March 15, 2022, Sandy Spring Bancorp (SASR) announced a public offering of $200 million in fixed-to-floating rate subordinated notes due 2032, initially offering a 3.875% interest rate. The offering is set to close on March 18, 2022, pending customary conditions. Proceeds will be utilized for general corporate purposes, including regulatory capital support for growth and potential share repurchases. The sole bookrunning manager is Piper Sandler & Co., with Stephens Inc. as co-manager. The company filed a registration statement with the SEC for the offering.
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