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Sep 30, 2020
Sandy Spring Q3 2020 Earnings Report
Reported record quarterly earnings driven by the Revere Bank acquisition and growth in mortgage banking activities.
Key Takeaways
Sandy Spring Bancorp reported record net income of $44.6 million for the third quarter of 2020, compared to $29.4 million for the third quarter of 2019. The results reflect the value of the Revere Bank acquisition and growth in mortgage banking activities.
Net income reached a record $44.6 million, or $0.94 per diluted common share.
Operating earnings increased 49% year-over-year, excluding merger and acquisition expenses, provision for credit losses, and PPP program effects.
The Revere Bank acquisition was successfully integrated, providing clients access to all Sandy Spring Bank services and locations.
Total assets grew to $12.7 billion, driven by the Revere acquisition and participation in the PPP program.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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