Sandy Spring Bancorp Inc - SASR STOCK NEWS

Sandy Spring Bancorp reported a record net income of $56.7 million ($1.19 per share) for Q4 2020, up 27% from Q3 and 99% year-over-year. Total assets increased 48% to $12.8 billion, driven by acquisitions and participation in the PPP.

Non-interest income rose 68% due to mortgage banking activity, while non-interest expenses climbed 34%. The provision for credit losses was a $4.5 million credit, indicating improved economic conditions. Despite a 17% decrease in annual net income to $97.0 million, the outlook remains positive.

Sandy Spring Bancorp, Inc. (Nasdaq: SASR) is set to announce its fourth quarter earnings on January 21, 2021. A conference call will take place at 2:00 p.m. (ET) on the same day, where the company will discuss earnings results and engage with participants. Interested parties can listen to the live webcast through the Sandy Spring Bank website. An internet replay will be available until February 4, 2021, providing stakeholders with access to the discussion.

Sandy Spring Bancorp (SASR) announced a board-approved repurchase plan for up to 2,350,000 shares, approximating 5% of its outstanding shares. The repurchases aim to enhance shareholder value and will occur through open market purchases or private transactions based on market conditions. This strategy reflects confidence in the company’s financial health and future growth potential.

Sandy Spring Bancorp (Nasdaq: SASR) has declared a quarterly dividend of $0.30 per share, payable on November 18, 2020, to shareholders of record on November 11, 2020. This dividend maintains the same amount as the previous quarters, reflecting stability in the company’s dividend policy. Sandy Spring Bancorp is a prominent community bank serving the Greater Washington, D.C. area with a variety of financial services, reinforcing its confidence in ongoing shareholder returns amidst market fluctuations.

Sandy Spring Bancorp (SASR) reported a record net income of $44.6 million ($0.94 per diluted share) for Q3 2020, up from $29.4 million in Q3 2019. Operating earnings rose 49% year-over-year to $45.9 million. Total assets surged 50% to $12.7 billion, driven by the acquisition of Revere Bank. Non-interest income also increased 58% to $29.4 million. The company reduced its provision for credit losses to $7.0 million from $58.7 million in Q2 2020, indicating improved loan portfolio resilience amidst the ongoing pandemic.

Sandy Spring Bank has appointed Carol Richardson as Division Executive of Personal and Business Banking. Richardson will lead the bank's branch network and small business banking across the Washington DC, Maryland, and Virginia region, focusing on strategic initiatives for digital and traditional banking channels. With over 25 years of experience in the banking sector, including prior roles at EagleBank and HSBC, Richardson aims to enhance client engagement. The bank recently solidified its position as the largest locally-headquartered community bank in the area following the acquisition of Revere Bank.

OLNEY, Md., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp (Nasdaq: SASR) will announce its third quarter earnings on October 22, 2020, at 2:00 p.m. (ET). A live conference call will follow, where results will be discussed, and questions answered. The call can be accessed via the company’s Investor Relations page. A replay of the call will be available until November 5, 2020 via the website and phone. Sandy Spring Bancorp operates Sandy Spring Bank, serving the Greater Washington, D.C. region with over 60 locations offering diverse financial services.

Sandy Spring Bancorp, Inc. (NASDAQ: SASR) has completed the integration of Revere Bank, marking a significant milestone as all clients now have access to Sandy Spring Bank’s services. Effective April 1, 2020, the acquisition enhances Sandy Spring's footprint in the Greater Washington D.C. region, boosting total assets to $13.3 billion. President and CEO Daniel J. Schrider emphasized the dedication of both teams during this transition and expressed optimism for future growth. The bank aims to deliver exceptional client experiences while investing in local communities.

Sandy Spring Bancorp, Inc. (NASDAQ: SASR) announced a quarterly dividend of $0.30 per share, payable on August 19, 2020, for shareholders on record by August 12, 2020. This dividend remains consistent with both the previous quarter and the same quarter in 2019. The company operates in the Greater Washington, D.C. region with 65 locations, offering a range of banking services including commercial, retail, mortgage, and wealth management.