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Jun 30, 2020
Sandy Spring Q2 2020 Earnings Report
Reported a net loss due to merger and acquisition expenses, economic forecast impact on credit losses, and additional provision for credit losses from the Revere Bank acquisition, but operating earnings showed strong growth.
Key Takeaways
Sandy Spring Bancorp reported a net loss of $14.3 million for Q2 2020, primarily due to merger and acquisition expenses and increased provision for credit losses. However, operating earnings, excluding these factors and PPP program effects, were $42.0 million, showing strong growth compared to the previous year.
Net loss of $14.3 million ($0.31 per share) for the second quarter of 2020.
Operating earnings, excluding certain factors, were $42.0 million ($0.88 per diluted share).
Acquisition of Revere Bank was completed, contributing to balance sheet growth.
Company approved over 5,200 PPP loans totaling $1.1 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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