Sandy Spring Bancorp, Inc. has recently released its 10-Q report, providing an insight into its financial performance for the quarter ended June 30, 2024. The company operates as the bank holding company for Sandy Spring Bank, offering commercial and retail banking, mortgage, private banking, and trust services to individuals and businesses in the United States. As of June 30, 2024, the company reported total assets of $14.0 billion, with a focus on lending and other services in central Maryland, Virginia, and the greater Washington, D.C. market.
In the Management's Discussion and Analysis of Financial Condition and Results of Operations, Sandy Spring Bancorp, Inc. highlighted its financial performance for the quarter. The company reported net income of $22.8 million ($0.51 per diluted common share) for the quarter ended June 30, 2024, 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. 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.
The report also provided a detailed overview of the company's financial position. 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, with noninterest-bearing deposits increasing by $113.5 million. 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.
Additionally, the report outlined the company's net interest income, provision for credit losses, non-interest income, non-interest expense, return on average assets, return on average tangible common equity, net interest margin, and efficiency ratio for the quarter ended June 30, 2024. It also provided a comparative analysis of the company's balance sheet and credit quality, highlighting changes in total assets, total loans, total deposits, and non-performing loans compared to the previous year.
As a result of these announcements, the company's shares have moved -0.4% on the market, and are now trading at a price of $28.09. If you want to know more, read the company's complete 10-Q report here.
