Welcome to our dedicated page for Sandy Spring Bancorp news (Ticker: SASR), a resource for investors and traders seeking the latest updates and insights on Sandy Spring Bancorp stock.
Sandy Spring Bancorp, Inc. (NASDAQ: SASR) is the holding company for Sandy Spring Bank, the largest locally-headquartered community bank in the Greater Washington, D.C. region. Established in 1868, Sandy Spring Bank has been serving its community for over 150 years, making it one of the oldest banking institutions in the area.
Sandy Spring Bank offers a comprehensive range of commercial banking, retail banking, mortgage, insurance, and wealth and trust services. It operates through two main segments: Community Banking and Investment Management. The Community Banking segment delivers a broad spectrum of financial products and services, including loans and deposit products tailored for both individuals and businesses. The Investment Management segment provides financial planning services, which include cash flow analysis, investment reviews, tax planning, retirement planning, insurance analysis, and estate planning.
With over 50 banking and financial centers across Central Maryland, Northern Virginia, and the Greater Washington, D.C. market, Sandy Spring Bank remains committed to its community-oriented values. It has been recognized by Forbes as one of the 50 most trustworthy financial companies in America for 12 consecutive years.
The bank also embraces modern banking technologies, offering sophisticated online and mobile banking products designed to meet the needs of individuals, as well as small and mid-sized businesses. Through an affiliation with the Allpoint ATM network, Sandy Spring Bank clients enjoy free nationwide access to ATMs, enhancing the convenience of their banking experience.
Recently, Sandy Spring Bancorp, Inc. announced the adoption of CME Term SOFR as the replacement reference rate for certain fixed-to-floating rate debt securities that previously used the three-month U.S. dollar LIBOR. This move is in accordance with the Adjustable Interest Rate (LIBOR) Act and the final regulations issued by the Federal Reserve System.
For further information, Sandy Spring Bancorp, Inc. can be contacted at:
- Daniel J. Schrider, Chair, President & Chief Executive Officer
- Philip J. Mantua, E.V.P. & Chief Financial Officer
Address: 17801 Georgia Avenue, Olney, Maryland 20832
Phone: 1-800-399-5919
Email: DSchrider@sandyspringbank.com, PMantua@sandyspringbank.com
Website: www.sandyspringbank.com
Sandy Spring Bancorp, Inc. (Nasdaq-SASR) reported a net income of $51.3 million ($1.14 per diluted share) for Q1 2023, up from $43.9 million ($0.96 per diluted share) in Q1 2022. Core earnings also increased to $52.3 million ($1.16 per diluted share), compared to $45.1 million in the same quarter last year. The growth was driven by a $21.5 million credit to the provision for credit losses, contrasting a $1.6 million charge in Q1 2022. Total assets rose by 2% to $14.1 billion, while loans remained stable at $11.4 billion. However, net interest income decreased by 4% to $98.3 million, largely due to rising interest expenses. The return on average assets was 1.49% and return on average tangible common equity was 19.10%.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its first quarter earnings on April 20, 2023, with a conference call at 2:00 p.m. (ET) to discuss the results. Interested parties can participate via phone or listen to a live webcast on the company's website.
The call will provide insights into the bank's performance, which includes a broad range of commercial, retail, mortgage, private banking, and trust services offered across over 50 locations in the Greater Washington, D.C. region. An internet replay will be accessible until May 4, 2023, along with a telephone voice replay available during the same period.
Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp (NASDAQ: SASR), appointed Noha Galal as Senior Vice President and Middle Market Team Leader. This move aims to enhance the bank's strategies in the middle market and corporate banking sectors, critical for regional economic growth. Galal has extensive experience in credit, underwriting, and M&A financing, joining from Truist, and previously working at Bank of America and Citibank. Her role focuses on developing tailored solutions for privately-owned firms contributing significantly to the region's GDP and employment, ensuring the bank's continued momentum in servicing these vital sectors.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) declared a quarterly common stock dividend of $0.34 per share, payable on February 15, 2023, to shareholders of record on February 8, 2023. This dividend maintains consistency with the previous quarter and the first quarter of 2022, reflecting the company's ongoing commitment to returning value to shareholders.
Sandy Spring Bancorp reported a net income of $34.0 million ($0.76 per diluted share) for Q4 2022, down from $45.4 million ($0.99 per diluted share) in Q4 2021. Core earnings were $35.3 million ($0.79 per share), reflecting provisioning for credit losses of $10.8 million, up from $1.6 million a year earlier. Total assets reached $13.8 billion, a 10% increase year-over-year. Total loans grew by 14% to $11.4 billion, with commercial loans increasing by 15%. Deposits grew by 3%, primarily driven by a 64% rise in brokered time deposits. However, non-interest income dropped by 37% due to reduced mortgage banking and wealth management income.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its fourth quarter earnings on January 26, 2023, followed by a conference call at 2:00 p.m. (ET). The call will be available via a live webcast on the Sandy Spring Bank website, with access for questions via phone. An internet replay will be accessible until February 9, 2023. The company, headquartered in Olney, Maryland, operates over 50 locations, providing services in commercial and retail banking, mortgage, private banking, and trust services in the Greater Washington, D.C. region.
Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp (NASDAQ: SASR), has eliminated non-sufficient funds (NSF) fees and revised overdraft policies to enhance consumer banking experiences. Key changes include lower overdraft fees, abolishment of extended overdraft fees, and no transfer fees for overdraft protection. This initiative reflects the bank's dedication to affordability and customer-centric services as part of a broader strategy to improve its fee structure and banking accessibility for clients.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) has announced that Daniel J. Schrider, the current President and CEO, will take on the role of Board Chair starting January 1, 2023. Robert L. Orndorff, who has been Board Chair since 2010, will transition to Lead Independent Director. This change is aimed at enhancing accountability and decision-making within the company. The Board has also updated its Corporate Governance Guidelines to clarify the responsibilities of the Lead Independent Director.
Sandy Spring Bancorp (Nasdaq – SASR) announced that Kenneth C. Cook, President of Commercial Banking, will retire on February 28, 2023, after 40 years in the industry. Post-retirement, he will join the company's Board of Directors. Cook has been instrumental in integrating Revere Bank into Sandy Spring Bank since its acquisition in April 2020, enhancing commercial presence amidst pandemic challenges. The search for a new leader for Commercial Banking is underway, as Chairman Robert L. Orndorff emphasizes Cook's value to the organization.
Sandy Spring Bancorp, Inc. (Nasdaq: SASR) announced a quarterly common stock dividend of $0.34 per share, payable on November 16, 2022, to shareholders recorded on November 9, 2022. This dividend remains consistent with the previous quarter and represents an increase of $0.02 compared to Q4 2021. The bank, headquartered in Olney, Maryland, operates in the Greater Washington, D.C. region, offering a range of banking and wealth management services.
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