Sandy Spring Bancorp Reports $22.8M Net Income

By Bobby Samwell • Tuesday, July 23 15:25 • Permanent Link

Sandy Spring Bancorp, Inc. reported net income of $22.8 million ($0.51 per diluted common share) for the quarter ended June 30, 2024. This is compared to net income of $20.4 million ($0.45 per diluted common share) for the first quarter of 2024 and $24.7 million ($0.55 per diluted common share) for the second quarter of 2023.

The company's core earnings for the current quarter were $24.4 million ($0.54 per diluted common share), compared to $21.9 million ($0.49 per diluted common share) for the quarter ended March 31, 2024 and $27.1 million ($0.60 per diluted common share) for the quarter ended June 30, 2023.

Total assets at June 30, 2024, increased by 1% to $14.0 billion compared to $13.9 billion at March 31, 2024. Total loans increased by $119.6 million or 1% to $11.5 billion as of June 30, 2024 compared to $11.4 billion at March 31, 2024.

Deposits increased by $113.0 million or 1% to $11.3 billion at June 30, 2024 compared to $11.2 billion at March 31, 2024. Non-interest-bearing deposits, which increased by $113.5 million during the current quarter, were a significant driver of this increase.

The ratio of non-performing loans to total loans was 0.81% at June 30, 2024, compared to 0.74% at March 31, 2024 and 0.44% at June 30, 2023.

Net interest income for the second quarter of 2024 grew $0.9 million or 1% compared to the previous quarter and decreased by $10.2 million or 11% compared to the second quarter of 2023.

Non-interest income for the second quarter of 2024 increased by 7% or $1.2 million compared to the linked quarter and grew by 14% or $2.4 million compared to the prior year quarter.

Non-interest expense for the second quarter of 2024 increased by $0.1 million compared to the first quarter of 2024 and declined by $1.0 million or 1% compared to the prior year quarter.

The GAAP efficiency ratio was 68.19% for the second quarter of 2024, compared to 69.60% for the first quarter of 2024 and 64.22% for the second quarter of 2023. The market has reacted to these announcements by moving the company's shares 4.7% to a price of $31.29. For more information, read the company's full 8-K submission here.

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