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Sep 30, 2022
Sandy Spring Q3 2022 Earnings Report
Reported quarterly earnings with a net income of $33.6 million, despite challenges from provisioning for credit losses and declines in mortgage banking, insurance commission, and bankcard income.
Key Takeaways
Sandy Spring Bancorp reported a net income of $33.6 million for the quarter ended September 30, 2022. The company experienced 10% year-over-year organic growth, excluding PPP loans. Despite a challenging economic environment, the company focused on generating core client funding from retail and commercial lines of business.
Total assets increased by 6% year-over-year to $13.8 billion, with a 10% increase excluding PPP loans.
Total loans, excluding PPP loans, grew by 21% to $11.2 billion compared to the previous year.
Net interest income increased by 6% year-over-year, with an 18% increase excluding PPP interest and fees.
Credit quality remained stable with non-performing loans to total loans declining to 0.40%.
Forward Guidance
No specific forward guidance was provided in the press release.
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