Sandy Spring Bancorp Inc - SASR STOCK NEWS

Sandy Spring Bancorp (Nasdaq: SASR) has announced its quarterly dividend declaration. The company will pay a dividend of $0.34 per share to shareholders on February 19, 2025. To be eligible, investors must be shareholders of record by February 12, 2025. The dividend amount remains unchanged from both the previous quarter and the first quarter of 2024, demonstrating consistency in the company's dividend policy.

Sandy Spring Bancorp (SASR) reported a net loss of $39.5 million (-$0.87 per share) for Q4 2024, compared to net income of $16.2 million in Q3 2024. The loss was primarily due to a $54.4 million goodwill impairment charge related to the merger agreement with Atlantic Union Bankshares.

Core earnings were $21.0 million ($0.47 per share), up from $17.9 million in Q3. Total assets decreased 2% to $14.1 billion, while total loans remained stable at $11.5 billion. The net interest margin improved to 2.53%, up from 2.44% in Q3.

Key metrics include: deposits stayed flat at $11.7 billion, non-performing loans ratio improved to 1.03% from 1.09%, and the allowance for credit losses was $134.4 million (1.16% of outstanding loans). The company maintained strong capital ratios with a total risk-based capital ratio of 15.38%.

Sandy Spring Bancorp (Nasdaq: SASR) has announced it will release its fourth quarter 2024 earnings on Tuesday, January 28, 2025. The earnings report will provide insights into the company's financial performance for the last quarter of 2024.

Atlantic Union Bankshares (NYSE: AUB) and Sandy Spring Bancorp (NASDAQ: SASR) have received regulatory approvals from the Federal Reserve Bank of Richmond for their previously announced all-stock merger. The merger plan involves Sandy Spring merging into Atlantic Union, followed by Sandy Spring Bank merging into Atlantic Union Bank.

The transaction still requires approvals from the Virginia Bureau of Financial Institutions, Maryland Office of Financial Regulation, and shareholders of both companies. Special shareholder meetings are scheduled for February 5, 2025.

Sandy Spring Bancorp (Nasdaq: SASR) announced a quarterly common stock dividend of $0.34 per share. The dividend will be paid on November 21, 2024, to shareholders of record on November 14, 2024. This dividend payment maintains consistency with both the previous quarter and the fourth quarter of 2023.

Atlantic Union Bankshares (NYSE: AUB) and Sandy Spring Bancorp (Nasdaq: SASR) have announced a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion. This merger will create the largest regional bank headquartered in the lower Mid-Atlantic, significantly enhancing the combined company's presence in Northern Virginia and Maryland.

The combined entity will have pro forma total assets of $39.2 billion, total deposits of $32.0 billion, and gross loans of $29.8 billion, based on financial data as of September 30, 2024. The transaction will add 53 branch locations and approximately double Atlantic Union's wealth business by increasing assets under management by more than $6.5 billion.

Under the agreement terms, each Sandy Spring common stock share will be converted into 0.900 shares of Atlantic Union common stock. The transaction is expected to close by the end of the third quarter of 2025, subject to regulatory approvals and shareholder approval from both companies.

Sandy Spring Bancorp reported net income of $16.2 million ($0.36 per diluted share) for Q3 2024, down from $22.8 million in Q2 2024 and $20.7 million in Q3 2023. Core earnings were $17.9 million ($0.40 per diluted share). The decline was due to higher provision for credit losses and non-interest expenses.

Key highlights:

• Total assets increased 3% to $14.4 billion
• Deposits grew 4% to $11.7 billion
• Net interest margin was 2.44%, down from 2.46% in Q2
• Non-performing loans ratio increased to 1.09% from 0.81% in Q2
• Allowance for credit losses was $131.4 million (1.14% of loans)

The company maintained a solid capital position with a total risk-based capital ratio of 15.53%. Despite challenges, Sandy Spring Bank saw success in core deposit strategies and wealth management business.

Sandy Spring Bank has been certified as a Great Place To Work for the fourth consecutive year. This recognition is based on employee feedback about the company's culture, values, and experience. 78% of Sandy Spring Bank employees consider it a Great Place To Work, compared to 57% at typical U.S. companies.

Key highlights from the survey include:

• 90% felt good about the bank's community contributions
• 91% felt welcomed when joining the company
• 91% felt able to take time off when necessary
• 86% believe management is honest and ethical
• 86% feel pride in the company's accomplishments

Gary Fernandes, Executive VP and Chief HR Officer, emphasized the bank's commitment to fostering a positive and inclusive workplace culture. This recognition underscores Sandy Spring Bank's dedication to employee well-being and maintaining a culture of trust and integrity.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) has announced its upcoming third quarter earnings release and conference call scheduled for October 21, 2024. The company will host a conference call at 2:00 p.m. (ET) to discuss the results and answer questions from participants. The event will be accessible via a live webcast on the Sandy Spring Bank website.

Interested parties can join the Q&A session by calling 1-833-470-1428 with Access Code: 998837. For those who prefer to listen, the Investor Relations page of www.sandyspringbank.com will provide access 10 minutes before the call starts. An internet-based replay will be available on the website until November 5, 2024, and a telephone voice replay can be accessed at 1-866-813-9403 using conference number: 182326.