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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