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Mar 31, 2022
Sandy Spring Q1 2022 Earnings Report
Reported strong deposit and loan growth.
Key Takeaways
Sandy Spring Bancorp reported a net income of $43.9 million for the quarter ended March 31, 2022. The company experienced solid deposit and loan growth during the quarter.
Core earnings for Q1 2022 were $45.1 million, compared to $83.5 million for the prior year quarter, mainly due to the provision for credit losses.
Total assets reached $13.0 billion, a 1% increase compared to March 31, 2021.
Total loans, excluding PPP loans, increased 10% to $10.1 billion compared to $9.1 billion at March 31, 2021.
Deposits grew 2% year-over-year, driven by 7% growth in noninterest-bearing deposits.
Forward Guidance
The company did not provide forward guidance in a structured format. However, they expressed confidence in their ability to manage challenges and focus on community needs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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