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Dec 31, 2022
Sandy Spring Q4 2022 Earnings Report
Sandy Spring Bancorp's financial performance declined due to increased provision for credit losses and decreased non-interest income.
Key Takeaways
Sandy Spring Bancorp reported a net income of $34.0 million for Q4 2022, a decrease compared to $45.4 million in Q4 2021. The decline was primarily due to an increase in the provision for credit losses and a decrease in non-interest income. Despite economic challenges, the company's year-over-year loan growth exceeded 14%.
Net income for the quarter ended December 31, 2022, was $34.0 million, or $0.76 per diluted common share.
Total assets increased by 10% year-over-year, reaching $13.8 billion.
Total loans, excluding PPP loans, increased by 16% year-over-year, totaling $11.4 billion.
Deposits increased by 3% year-over-year, reaching $11.0 billion.
Forward Guidance
The company is focused on growing client relationships with an emphasis on core funding, while navigating a challenging economic environment.
Positive Outlook
- Focus on growing client relationships.
- Emphasis on core funding.
- Commitment to long-term success for clients and shareholders.
- Maintaining strength despite economic challenges.
- Generating gross commercial loan production of $3.9 billion, of which $2.5 billion was funded.
Challenges Ahead
- Challenging economic environment with high inflation.
- Unprecedented interest rate environment.
- Greater expectation of recession.
- Increase in provisioning for credit losses.
- Decline in non-interest income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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