Sandy Spring Bancorp Inc - SASR STOCK NEWS

Sandy Spring Bancorp (Nasdaq: SASR) has authorized a stock repurchase program worth $50 million to buy back its common stock. This follows the completion of a previous buyback where 2,350,000 shares were repurchased at an average price of $45.65. The new program, which will allow shares to be repurchased through open market and privately negotiated transactions, has no set timeframe and is contingent on market conditions. Purchases will commence post the upcoming earnings release in mid-April.

Sandy Spring Bank has been recognized as the fifth top-performing bank in S&P Global Market Intelligence’s annual rankings for institutions with over $10 billion in assets. The bank, now valued at nearly $13 billion, reported record annual earnings of $235.1 million for 2021, with total loans of $10 billion and deposits of $10.6 billion. This accolade follows its inclusion in Forbes' 2022 America's Best Banks list, highlighting the bank's commitment to excellence and service in the Greater Washington, D.C. area.

On March 15, 2022, Sandy Spring Bancorp (SASR) announced a public offering of $200 million in fixed-to-floating rate subordinated notes due 2032, initially offering a 3.875% interest rate. The offering is set to close on March 18, 2022, pending customary conditions. Proceeds will be utilized for general corporate purposes, including regulatory capital support for growth and potential share repurchases. The sole bookrunning manager is Piper Sandler & Co., with Stephens Inc. as co-manager. The company filed a registration statement with the SEC for the offering.

Sandy Spring Bancorp (Nasdaq: SASR) has announced a quarterly common stock dividend of $0.34 per share, marking a $0.02 increase from the previous quarter and the first quarter of 2021. This dividend will be payable on February 28, 2022 to shareholders of record as of February 18, 2022. The increase highlights the company's commitment to returning value to its shareholders while continuing to capitalize on growth opportunities within its regional banking operations.

Sandy Spring Bancorp (SASR) reported record loan production, achieving $45.4 million in net income ($0.99 per diluted share) for Q4 2021. This marks a decline from $56.7 million in Q4 2020 and $57.0 million in Q3 2021. Core earnings also fell to $47.8 million, attributable to decreased non-interest income due to rising mortgage rates and increased expenses. Despite a 2% decrease in total assets to $12.6 billion, deposits increased 6%, driven by growth in non-interest-bearing deposits. The net interest margin improved to 3.51%.

Sandy Spring Bancorp, Inc. (SASR) will report its fourth quarter earnings on January 20, 2022. A conference call is scheduled for 2:00 p.m. ET, allowing investors to hear the results and ask questions. Participants can join the call by dialing 1-844-200-6205 and using Access Code 433045. The call will be available for live streaming on the Sandy Spring Bank website and a replay will be accessible until February 3, 2022. The company operates over 50 locations, providing a range of banking and wealth management services in the Greater Washington, D.C. area.

Sandy Spring Bancorp (Nasdaq: SASR) announced a quarterly dividend of $0.32 per share, payable on November 17, 2021, to shareholders of record on November 10, 2021. This dividend maintains consistency with the previous quarter and represents a $0.02 increase compared to the fourth quarter of 2020, reflecting the company's ongoing commitment to return value to its shareholders.

Sandy Spring Bancorp (Nasdaq-SASR) reported a strong net income of $57.0 million ($1.20 per diluted share) for Q3 2021, up from $44.6 million year-over-year. This increase was primarily driven by a decline in interest expenses and a credit to the provision for credit losses of $8.2 million. Core earnings stood at $52.0 million, slightly lower than last year’s $52.1 million. Total assets rose to $13.0 billion, with a 10% increase in deposits. However, non-interest income decreased 17%, mainly due to a 65% drop in mortgage banking activities.