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Sep 30, 2021
Sandy Spring Q3 2021 Earnings Report
Reported net income of $57.0 million for the quarter ended September 30, 2021.
Key Takeaways
Sandy Spring Bancorp reported a strong earnings performance with a net income of $57.0 million for Q3 2021, compared to $44.6 million for Q3 2020. The results reflect a decline in interest expense and a credit to the provision for credit losses, offsetting a decline in non-interest income and an increase in non-interest expense.
Core earnings for Q3 2021 were $52.0 million, slightly lower than the $52.1 million in Q3 2020.
Total assets increased by 3% year-over-year, reaching $13.0 billion at the end of September 2021.
Deposits increased by 10% year-over-year, driven by growth in both noninterest-bearing and interest-bearing deposits.
Net interest margin was 3.52% for Q3 2021, compared to 3.24% for the same quarter in 2020.
Forward Guidance
No specific forward guidance was provided in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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