Sandy Spring Bancorp Inc (SASR) Reports Q3 Earnings of $20. ...
Sandy Spring Bancorp Inc (NASDAQ:SASR) reported Q3 net income of $20.7 million, down from $24.7 million in Q2 2023 and $33.6 million in Q3 2022.
Core earnings for Q3 2023 were $27.8 million, up from $27.1 million in Q2 2023.
Total assets increased by 1% to $14.1 billion compared to $14.0 billion in Q2 2023.
The company added over 1,500 clients in Q3 2023, reflecting over 1% growth in its client base.
On October 24, 2023, Sandy Spring Bancorp Inc (NASDAQ:SASR) released its earnings report for the third quarter of 2023. The company reported a net income of $20.7 million, down from $24.7 million in the second quarter of 2023 and $33.6 million in the third quarter of 2022. The decline in net income was attributed to a one-time pension settlement expense and lower net interest income, partially offset by lower provision for credit losses and a decline in salaries and employee benefits expense.
Financial Performance
Despite the decline in net income, Sandy Spring Bancorp Inc (NASDAQ:SASR) reported an increase in core earnings from $27.1 million in Q2 2023 to $27.8 million in Q3 2023. This increase was attributed to lower provision for credit losses, lower salaries and employee benefits expense, and lower marketing expense, offset by reduced net interest income.
The company's total assets increased by 1% to $14.1 billion compared to $14.0 billion in Q2 2023. However, total loans declined by $69.3 million or 1% to $11.3 billion at the end of Q3 2023 compared to $11.4 billion at the end of Q2 2023. Deposits increased by $192.1 million or 2% to $11.2 billion compared to $11.0 billion in Q2 2023.
Client Base Growth
Despite the financial challenges, Sandy Spring Bancorp Inc (NASDAQ:SASR) demonstrated its ability to expand its reach in the Greater Washington region. The company added over 1,500 clients in Q3 2023, reflecting over 1% growth in its client base. The company also grew its Commercial & Industrial portfolio and maintained its credit quality.
Outlook
Going forward, Sandy Spring Bancorp Inc (NASDAQ:SASR) is focused on capitalizing on its momentum to deepen existing client relationships and welcome new clients. Despite the decline in net income, the company's resilience is evident in its increased core earnings and client base growth.
This article first appeared on GuruFocus.
