The following is a summary of the Sandy Spring Bancorp, Inc. (SASR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sandy Spring Bancorp reported a Q1 net income of $20.4 million or $0.45 per diluted common share, a decrease majorly due to a hike in the provision for credit losses, lower net interest income, and higher non-interest cost.

• Non-interest income saw an 11% surge to $18.3 million, indicating a 15% year-over-year increase.

• Net interest margin was reported at 2.41% compared to 2.45% for Q4 2023, expecting to expand in 2024.

• Despite a 1% decrease in total assets, deposit growth was reported at $230.7 million or 2%.

Business Progress:

• Sandy Spring Bancorp expressed a commitment to bolster core funding, manage expenses, and diversify growth in various loan categories while reducing commercial real estate exposure.

• The bank is focusing on its shift towards C&I lending, aiming to cover a wider spectrum of small businesses and commercial activities.

• The inclusion of SBA lenders to the team is expected to facilitate their business model transition and loan generation.

• They are keen on tracking interest rate movements given their potential impact on deposit balances.

More details: Sandy Spring Bancorp IR

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