Sandy Spring Bancorp Inc - SASR STOCK NEWS

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.

Sandy Spring Bancorp (Nasdaq: SASR), the parent company of Sandy Spring Bank, has declared a quarterly dividend of $0.34 per share. The dividend will be payable on August 21, 2024, to shareholders of record on August 14, 2024. This dividend announcement maintains consistency with both the previous linked quarter and the third quarter of 2023, demonstrating the company's commitment to providing regular returns to its shareholders. The stability in dividend payments may indicate Sandy Spring Bancorp's financial health and confidence in its ongoing performance.

Sandy Spring Bancorp (SASR) reported Q2 2024 net income of $22.8 million ($0.51 per diluted share), up from $20.4 million in Q1 2024 but down from $24.7 million in Q2 2023. Core earnings were $24.4 million ($0.54 per diluted share). The increase from Q1 was driven by higher non-interest income and net interest income, coupled with lower provision for credit losses.

Key highlights:

• Total assets increased 1% to $14.0 billion
• Total loans grew 1% to $11.5 billion
• Deposits increased 1% to $11.3 billion
• Net interest margin improved to 2.46%
• Non-performing loans to total loans ratio was 0.81%

The company reported strong growth in core deposits and commercial loans, while maintaining a stable capital position and improving profitability.

Sandy Spring Bancorp, Inc. (Nasdaq-SASR) celebrates Ronda McDowell's successful tenure as Chair of the Maryland Bankers Association (MBA) from June 4, 2023, to June 4, 2024. McDowell, Executive Vice President and Chief Operations Officer of Sandy Spring Bank, played a important role in reorganizing the MBA and creating the Mid-Atlantic Bankers Association, a holding company that consolidates MBA operations with the Virginia Bankers Association.

This merger aims to enhance resource sharing, improve member services, and strengthen advocacy efforts for the banking industry. McDowell will continue to serve as MBA Chair Emeritus for 2024-2025, chairing the Nominating Committee and serving on the Mid-Atlantic Bankers Association Board. Sandy Spring Bank's leadership praised McDowell's contributions to the MBA and the banking industry.

Sandy Spring Bancorp (Nasdaq: SASR) will release its second quarter earnings on July 23, 2024. The company will host a webcast conference call at 2:00 p.m. (ET) the same day to discuss the results and field questions. Interested participants can join the call by dialing 833-470-1428 using Access Code: 340278. The live webcast will be available on the Investor Relations page of the Sandy Spring Bank website. A replay of the conference call will be accessible online until August 6, 2024, and via telephone at 1-866-813-9403 with conference number 846010.

Sandy Spring Bancorp (Nasdaq: SASR) has appointed Charles S. Cullum as the new Chief Financial Officer (CFO), effective immediately. Cullum, who has been with the company since 2006 and served as Deputy CFO since January 2024, will replace the retiring Philip J. Mantua. Mantua will stay with the company until the end of the year to ensure a smooth transition. Sandy Spring Bank, which has expanded from a $3 billion to a $14 billion financial services firm over the last 18 years, is poised for continued growth under Cullum's leadership. CEO Daniel J. Schrider expressed confidence in Cullum's capabilities to enhance financial operations and shareholder value.