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Jun 30, 2023
Sandy Spring Q2 2023 Earnings Report
Reported a net income of $24.7 million for the quarter ended June 30, 2023.
Key Takeaways
Sandy Spring Bancorp reported a net income of $24.7 million for the second quarter of 2023, a decrease compared to both the previous quarter and the same quarter of the prior year. The decline was attributed to lower net interest income, higher provision for credit losses, and increased non-interest expense. However, core deposits began to stabilize in the second half of the quarter.
Total assets remained stable at $14.0 billion.
Total loans remained at $11.4 billion.
Deposits decreased 1% to $11.0 billion.
Credit quality metrics remained at low levels with non-performing loans to total loans at 0.44%.
Forward Guidance
The company is focused on growing client relationships and core funding amidst a challenging banking environment. They remain committed to serving clients and communities in the Greater Washington region.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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