Sandy Spring Bancorp, Inc. has reported a decline in net income for the quarter ended September 30, 2024, coming in at $16.2 million ($0.36 per diluted common share) compared to $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023. The current quarter's core earnings were $17.9 million ($0.40 per diluted common share), down from $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023.
The company reported that total assets at September 30, 2024, increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024. Total loans remained level at $11.5 billion as of September 30, 2024, compared to June 30, 2024. Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024, compared to $11.3 billion at June 30, 2024.
The ratio of non-performing loans to total loans was 1.09% at September 30, 2024, compared to 0.81% at June 30, 2024, and 0.46% at September 30, 2023. The company's net interest income for the third quarter of 2024 grew by $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023.
The non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the third quarter of 2023. The return on average assets ("ROA") for the quarter ended September 30, 2024, was 0.46% and return on average tangible common equity ("ROTCE") was 5.88%, down from 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023.
The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024, reflecting a decrease in efficiency compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter.
The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024. The company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59% at September 30, 2024, compared to 15.49%, 11.28%, 11.28%, and 9.70%, respectively, at June 30, 2024.
The allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans at September 30, 2024, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023.
Today the company's shares have moved -1.5% to a price of $32.11. For more information, read the company's full 8-K submission here.
