Sandy Spring Bancorp reported a net income of $16.2 million for the third quarter of 2024, a decrease compared to both the previous quarter and the same quarter last year. The decline was primarily due to higher provision for credit losses and increased non-interest expenses, partially offset by higher net interest income.
Total assets increased by 3% to $14.4 billion compared to the previous quarter.
Deposits increased by $397.5 million, reaching $11.7 billion.
Non-performing loans to total loans ratio increased to 1.09% due to a single AD&C loan.
Net interest income grew by $1.1 million or 1% compared to the previous quarter.
Sandy Spring Bancorp has entered into a merger agreement with Atlantic Union Bankshares Corporation, leading to the cancellation of their Q3 2024 conference call.
Analyze how earnings announcements historically affect stock price performance