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Mar 31, 2020
Sandy Spring Q1 2020 Earnings Report
Reported a decrease in net income due to provision for credit losses and merger and acquisition expenses.
Key Takeaways
Sandy Spring Bancorp reported a net income of $10.0 million for Q1 2020, a decrease compared to $30.3 million in Q1 2019. The results were negatively impacted by a provision for credit losses of $24.5 million and $1.5 million in merger and acquisition expenses. The company acquired Rembert Pendleton Jackson on February 1, 2020, and Revere Bank on April 1, 2020.
Net income for Q1 2020 was $10.0 million, or $0.28 per diluted share.
The company adopted the current expected credit losses (CECL) accounting standard on January 1, 2020.
Total assets grew to $8.9 billion at March 31, 2020.
The company processed over 2,800 loans for a total of $923.5 million through the Paycheck Protection Program.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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