Sandy Spring Bancorp Inc - SASR STOCK NEWS

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its third quarter earnings on October 20, 2022. The earnings will be discussed in a conference call scheduled for 2:00 p.m. (ET) that same day. Investors can listen to the call via the Sandy Spring Bank website or by calling 1-844-200-6205, using Access Code: 142064. An internet replay will be available until November 3, 2022.

Sandy Spring Bancorp is a community bank serving Maryland, Virginia, and Washington, D.C., offering various banking and wealth management services.

On July 28, 2022, Sandy Spring Bancorp, Inc. (SASR) announced a quarterly common stock dividend of $0.34 per share, payable on August 17, 2022, to shareholders of record on August 10, 2022. This dividend remains consistent with the prior quarter and is an increase of $0.02 compared to Q3 2021.

Sandy Spring Bancorp (Nasdaq-SASR) reported a net income of $54.8 million ($1.21 per diluted share) for Q2 2022, down from $57.3 million ($1.19 per diluted share) in Q2 2021. Core earnings were $44.2 million ($0.98 per diluted share), impacted by provisioning for credit losses, declining mortgage banking income, and reduced net interest income. Total assets grew 3% to $13.3 billion, with a 17% rise in loans excluding PPP loans. Non-interest income increased 34% due to a $16.7 million gain from the sale of the insurance business. The net interest margin was 3.49%, a decline from 3.63% in the prior year.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) will announce its second quarter earnings on July 21, 2022, at 2:00 p.m. (ET). A conference call will be held to discuss the results, with participation available via phone and web. This event will be accessible at the Sandy Spring Bank website, and a playback will be available until August 4, 2022. Sandy Spring Bancorp operates numerous banking services in Maryland, Northern Virginia, and D.C., emphasizing community banking in the region.

Sandy Spring Bancorp (Nasdaq-SASR) has officially sold its insurance business to Hub International Limited, a top global insurance brokerage, effective June 1, 2022. The terms of the sale remain undisclosed. This strategic move allows Sandy Spring Bank's clients access to a broader range of insurance solutions via Hub. All employees from Sandy Spring Insurance Corporation have been offered positions at Hub, ensuring continuity in client service. Reagan Consulting advised Sandy Spring Bank on the transaction.

Sandy Spring Bank has promoted Aaron Kaslow to Chief Administrative Officer, expanding his responsibilities to include Human Resources, Operations, and Information Services. Kaslow, who joined the bank in September 2019, has been instrumental in successful acquisitions and has a strong background in M&A. CEO Daniel J. Schrider emphasized that Kaslow's leadership will add significant value as the organization grows. Sandy Spring Bank operates over 50 locations in the Greater Washington region, providing a range of banking services.

Sandy Spring Bank has promoted Sherman W. Moore to Division Executive of the Sandy Spring Private Client Group, overseeing a team of 40 and managing nearly $2 billion in investments. With over 25 years in financial services, Moore aims to enhance client offerings through a holistic approach, integrating trust services and private banking. His leadership is expected to bring fresh perspectives to the organization. Moore previously held senior roles at major institutions, including PNC Bank and Riggs Bank.

Sandy Spring Bancorp, Inc. (SASR) has declared a quarterly common stock dividend of $0.34 per share, payable on May 18, 2022, to shareholders of record on May 11, 2022. This dividend remains consistent with the previous quarter and reflects an increase of $0.02 over the same quarter last year. Sandy Spring Bancorp is the parent company of Sandy Spring Bank, serving the Greater Washington, D.C. region with over 50 locations and a diverse range of financial services, including commercial and retail banking, mortgage, and wealth management.

Sandy Spring Bancorp, Inc. (SASR) reported a net income of $43.9 million ($0.96 per diluted share) for Q1 2022, down from $75.5 million ($1.58 per diluted share) in Q1 2021. Core earnings decreased to $45.1 million from $83.5 million year-over-year, primarily due to a provision for credit losses of $1.6 million. Total assets grew 1% to $13.0 billion, with total loans (excluding PPP) up 10% to $10.1 billion. The net interest margin was 3.49%, and the company authorized a $50 million stock repurchase plan. The total risk-based capital ratio was 16.77%.