Sandy Spring Bancorp Reports $20.4M Net Income in Q1

By Bobby Samwell • Tuesday, April 23 15:29 • Permanent Link

Sandy Spring Bancorp, the parent company of Sandy Spring Bank, has reported a net income of $20.4 million for the first quarter ended March 31, 2024. This represents a decrease from the fourth quarter of 2023, where net income stood at $26.1 million, and a significant drop from the first quarter of 2023, when it was $51.3 million.

The company's core earnings for the current quarter were $21.9 million, a decrease from $27.1 million for the quarter ended December 31, 2023, and $52.3 million for the quarter ended March 31, 2023. The decline in net income and core earnings compared to the previous quarter was primarily driven by an increase in the provision for credit losses, coupled with lower net interest income and higher non-interest expenses, partially offset by higher non-interest income.

Total assets at March 31, 2024, decreased by 1% to $13.9 billion compared to $14.0 billion at December 31, 2023. However, deposits increased by $230.7 million or 2% to $11.2 billion at March 31, 2024, compared to $11.0 billion at December 31, 2023.

The ratio of non-performing loans to total loans was 0.74% at March 31, 2024, compared to 0.81% at December 31, 2023, and 0.41% at March 31, 2023. The company also reported a decline in non-performing loans, mainly due to full payoffs of several non-accrual loans and movement of one investment commercial real estate loan from a non-accrual category to other real estate owned.

The net interest margin was 2.41% for the first quarter of 2024, compared to 2.45% for the fourth quarter of 2023 and 2.99% for the first quarter of 2023. The total provision for credit losses was $2.4 million for the first quarter of 2024, compared to a credit of $3.4 million for the previous quarter and a credit of $21.5 million for the first quarter of 2023.

Non-interest income for the first quarter of 2024 increased by 11% compared to the linked quarter and grew by 15% compared to the prior year quarter.

Today the company's shares have moved 4.8% to a price of $21.85. If you want to know more, read the company's complete 8-K report here.

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