Loading...
•
Dec 31, 2020
Sandy Spring Q4 2020 Earnings Report
Reported record quarterly earnings, driven by the acquisition of Revere Bank and increased mortgage banking activities.
Key Takeaways
Sandy Spring Bancorp reported a record net income of $56.7 million for Q4 2020, a significant increase compared to the previous quarter and the same quarter of the prior year. The growth was driven by the Revere Bank acquisition and increased mortgage banking activities.
Net income for the fourth quarter of 2020 was $56.7 million ($1.19 per diluted common share), compared to $28.5 million ($0.80 per diluted common share) for the fourth quarter of 2019.
Total assets grew 48% to $12.8 billion compared to December 31, 2019, primarily due to the Revere Bank acquisition and PPP participation.
Net interest margin was 3.38% for the fourth quarter of 2020, unchanged from the same quarter of 2019.
Non-interest income increased by 68% due to a 248% increase in income from mortgage banking activities and 28% growth in wealth management income.
Forward Guidance
Sandy Spring Bancorp announced its intention to close three branch locations in 2021 as part of a continuing analysis of its branch network.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...