In This Story
Sandy Spring Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that Sandy Spring Bancorp's total assets increased to $14.4 billion as of September 30, 2024, compared to $14.0 billion at the end of 2023. This growth was driven by an increase in total loans and deposits.
Total loans were reported at $11.5 billion, reflecting a modest increase from $11.4 billion at the end of 2023. The commercial loan portfolio saw mixed performance, with a decrease in commercial investor real estate loans offset by increases in commercial AD&C and commercial business loans.
Total deposits rose to $11.7 billion from $11.0 billion at the end of 2023, driven by growth in interest-bearing deposits, particularly in savings and money market accounts.
Net income for the quarter was $16.2 million, a decrease from $20.7 million in the same quarter of the previous year. The decline was attributed to higher provision for credit losses and increased non-interest expenses.
Net interest income for the quarter was $81.4 million, down from $85.1 million in the previous year, as interest expense growth outpaced interest income growth.
Non-interest income increased by 13% to $19.7 million, driven by higher wealth management income and service charges on deposit accounts.
Non-interest expense was $72.9 million, slightly up from $72.5 million in the previous year, with increases in professional fees and amortization of intangible assets.
The company reported an allowance for credit losses of $131.4 million, representing 1.14% of total loans, up from $120.9 million at the end of 2023.
Sandy Spring Bancorp announced a pending merger with Atlantic Union Bankshares Corporation (AUB+0.36%), expected to close in the third quarter of 2025, subject to customary closing conditions.
The company's liquidity position remains strong, with available unused liquidity totaling $6.3 billion, or 146% of uninsured deposits, as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sandy Spring Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.