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Sandy Spring Bancorp in Olney, Md., posted lower third-quarter earnings as expenses rose and net interest income declined.
October 16 -
Sandy Spring Bancorp (SASR) in Olney, Md., said its second-quarter earnings will be reduced after a Maryland jury awarded a $6.05 million verdict in a case involving a former employee.
May 16 -
Sandy Spring Bancorp's profits fell short of expectations in the second quarter as revenue from mortgage banking plummeted and litigation costs rose.
July 17
Sandy Spring Bancorp, in Olney, Md., reported an increase in quarterly profit on higher mortgage revenue.
The $4.4 billion-asset company's first-quarter earnings rose 3% from a year earlier, to $11.2 million. Earnings per share of 45 cents topped the average estimate of analysts polled by Bloomberg by 4 cents.
"We are off to a solid start to the year, as higher net interest income from a growing loan portfolio, together with growth in income from wealth management and mortgage banking drove first quarter operating results," Daniel Schrider, Sandy Spring's president and chief executive, said in a press release Thursday.
Sandy Spring's net interest income increased 6%, to $33.4 million, a 6% increase. Total loans rose 12%, to $3.2 billion. The net interest margin compressed by 3 basis point, to 3.44%.
Noninterest income increased 17%, to $13.2 million, up 17% year-over-year. Sandy Spring generated $1.2 million in income from mortgage banking, compared to $316,000 a year earlier.
Noninterest expenses increased 6%, to $29.2 million, due to higher salaries and benefits.
