Sandy Spring Bancorp reported a net income of $20.4 million for Q1 2024, a decrease compared to both the previous quarter and the same quarter last year. The decline was attributed to an increase in the provision for credit losses, lower net interest income, and higher non-interest expense, partially offset by higher non-interest income. Deposits increased by $230.7 million, and total loans remained level.
Total assets decreased by 1% to $13.9 billion.
Total loans remained level at $11.4 billion.
Deposits increased by $230.7 million to $11.2 billion.
Net interest income declined by $2.4 million or 3% compared to the previous quarter.
The Company did not provide forward guidance in the earnings report.
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