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Mar 31, 2021
Sandy Spring Q1 2021 Earnings Report
Reported net income of $75.5 million, driven by an improved economic forecast and a $35 million provision credit.
Key Takeaways
Sandy Spring Bancorp reported a strong first quarter with net income of $75.5 million, a significant increase compared to the previous year. This performance was driven by an improved economic forecast, leading to a substantial provision credit, and contributions from fee-based business lines.
Total assets grew by 44% year-over-year to $12.9 billion, primarily due to the Revere Bank acquisition and participation in the Paycheck Protection Program.
Net interest margin increased to 3.56% for the quarter, compared to 3.29% in the same quarter of the previous year.
The provision for credit losses was a credit of $34.7 million, driven by improvements in the forecasted unemployment rate.
Non-interest income increased by 59% due to growth in mortgage banking activities and wealth management income.
Forward Guidance
Sandy Spring Bancorp did not provide specific forward guidance in this earnings report. The report focuses on the results of the first quarter of 2021 and the factors contributing to the company's performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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