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Jun 30, 2021
Sandy Spring Q2 2021 Earnings Report
Reported a net income of $57.3 million for the quarter ended June 30, 2021.
Key Takeaways
Sandy Spring Bancorp reported a net income of $57.3 million for the second quarter of 2021, a significant improvement compared to the net loss of $14.3 million in the same quarter of the previous year. Core operating earnings increased by 6% to $55.1 million. The results were driven by contributions from acquisitions and growth in wealth management and service charges on deposit accounts.
Core operating earnings increased 6% to $55.1 million compared to the prior year quarter.
Total assets declined 3% to $12.9 billion compared to June 30, 2020, primarily due to reductions in PPP loans and the residential mortgage loan portfolio.
Net interest margin was 3.63%, compared to 3.47% for the same quarter of 2020.
Non-interest income increased by 15% due to growth in wealth management income and service charges on deposit accounts.
Forward Guidance
No specific forward guidance was provided in the release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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