Sandy Spring ( (SASR) ) has released its Q4 earnings. Here is a breakdown of the information Sandy Spring presented to its investors.
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Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, operates as the parent company of Sandy Spring Bank, a community bank offering a wide range of banking and financial services in the Greater Washington, D.C. area. The bank provides commercial and retail banking, mortgage, private banking, and wealth management services through its subsidiaries.
In its latest earnings report for the fourth quarter of 2024, Sandy Spring Bancorp disclosed a net loss of $39.5 million, primarily due to a $54.4 million goodwill impairment charge related to its merger agreement with Atlantic Union Bankshares Corporation. Despite the net loss, the company reported core earnings of $21.0 million, showing an improvement over the previous quarter’s core earnings.
Key financial metrics in the report highlighted an increase in net interest income by 6% and non-interest income by 10% compared to the previous quarter. The bank also managed to reduce its provision for credit losses, although non-interest expenses rose significantly due to the goodwill impairment charge. The net interest margin improved slightly to 2.53% from 2.44% in the prior quarter.
Looking forward, Sandy Spring Bancorp remains committed to serving its clients and community in the Washington region. The company continues to focus on enhancing its financial performance and maintaining strong capital ratios, positioning itself for future growth despite the challenges faced in the recent quarter.