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 (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.
Sandy Spring Bancorp (SASR) reported a net income of $33.6 million for Q3 2022, down from $57.0 million in Q3 2021. Core earnings were $35.7 million, reflecting a decline due to an $18.9 million provision for credit losses, compared to a credit in the previous year. Total assets rose to $13.8 billion, a 6% increase year-over-year. Total loans, excluding PPP, surged 21% to $11.2 billion. Net interest income increased by 6%, boosted by commercial loan growth. However, non-interest income fell by 31%, driven by reduced mortgage banking and insurance commission revenues.
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.
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