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Mar 31, 2023
Sandy Spring Q1 2023 Earnings Report
Reported net income of $51.3 million, driven by credit to the provision for credit losses.
Key Takeaways
Sandy Spring Bancorp reported a net income of $51.3 million for Q1 2023, an increase compared to Q1 2022. The growth was primarily driven by a credit to the provision for credit losses, which offset declines in net interest income and non-interest income, as well as an increase in non-interest expense.
Total assets increased by 2% to $14.1 billion compared to the previous quarter.
Deposits increased by 1% to $11.1 billion, although noninterest-bearing deposits saw a 12% attrition.
Net interest income declined by 4% compared to the first quarter of 2022 due to rising interest expenses.
The company's credit quality remained stable, with non-performing loans at 0.41% of total loans.
Forward Guidance
Given the challenging interest rate environment, recessionary pressures and the industry-wide disruption, Sandy Spring Bancorp's priorities for the balance of the year remain growing core funding, managing expenses and taking care of our clients.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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