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Dec 31, 2023
Sandy Spring Q4 2023 Earnings Report
Sandy Spring Bancorp reported Q4 2023 earnings with a net income of $26.1 million, driven by a lower provision for credit losses and decreased non-interest expenses, despite declines in net interest and non-interest income.
Key Takeaways
Sandy Spring Bancorp reported a net income of $26.1 million for Q4 2023, an increase from the previous quarter but a decrease compared to the same quarter last year. The results were influenced by a lower provision for credit losses, offset by lower revenues and increased non-interest expenses.
Total assets decreased by 1% to $14.0 billion.
Total loans increased by $66.7 million, reaching $11.4 billion.
Deposits decreased by $154.5 million to $11.0 billion.
Net interest income decreased by $3.4 million, or 4%, compared to the previous quarter.
Forward Guidance
While no explicit forward guidance was provided, the CEO indicated a focus on building on positive momentum in 2024 and staying close to clients amidst a challenging rate environment and economic uncertainty.
Positive Outlook
- Successfully grew core funding
- Improved liquidity
- Expanded client base
- Launched improved digital banking
- Launched online account opening platforms
Challenges Ahead
- Challenging year given the rate environment
- Economic uncertainty
- Decline in net interest income
- Competition for deposits
- Increase in non-performing loans
Historical Earnings Impact
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Avg. Return Before/After Earnings
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