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Jun 30, 2022
Sandy Spring Q2 2022 Earnings Report
Reported a net income of $54.8 million for the quarter ended June 30, 2022.
Key Takeaways
Sandy Spring Bancorp reported a net income of $54.8 million for the second quarter of 2022, a decrease compared to $57.3 million for the same quarter in 2021. Total loans, excluding PPP loans, increased 17% year-over-year. The company generated new commercial gross loan production of $4.4 billion, of which $3.0 billion was funded.
Total assets were $13.3 billion, a 3% increase compared to $12.9 billion at June 30, 2021.
Total loans, excluding PPP loans, increased 17% to $10.8 billion at June 30, 2022 compared to $9.2 billion at June 30, 2021.
Net interest income for the second quarter of 2022 declined $2.1 million or 2% compared to the second quarter of 2021.
Non-interest income for the current quarter increased by 34% or $9.0 million compared to the prior year quarter as a result of the $16.7 million gain from the disposition of the Company's insurance business.
Forward Guidance
The company did not provide forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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