Sandy Spring Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 26, 2023 at 08:29 am EST
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Sandy Spring Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 106.64 million compared to USD 105.27 million a year ago. Net income was USD 33.98 million compared to USD 45.4 million a year ago. Basic earnings per share from continuing operations was USD 0.76 compared to USD 0.99 a year ago. Diluted earnings per share from continuing operations was USD 0.76 compared to USD 0.99 a year ago.
For the full year, net interest income was USD 427 million compared to USD 424.52 million a year ago. Net income was USD 166.3 million compared to USD 235.11 million a year ago. Basic earnings per share from continuing operations was USD 3.69 compared to USD 5 a year ago. Diluted earnings per share from continuing operations was USD 3.68 compared to USD 4.98 a year ago.
Sandy Spring Bancorp, Inc. is the bank holding company for Sandy Spring Bank (the Bank). The Company offers a range of commercial and retail banking, mortgage, private banking and trust services at approximately 50 locations throughout central Maryland, northern Virginia, and Washington D.C. It offers a menu of loan products, which include commercial loans, residential real estate loans, and consumer loans. Its commercial loans consist of commercial real estate loans, commercial construction loans and commercial business loans. Its consumer loans include primarily home equity loans and lines, installment loans and personal lines of credit. Its consumer loans include installment loans used by customers to purchase automobiles, boats and recreational vehicles. Through its subsidiaries, SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson) and West Financial Services, Inc., Sandy Spring Bank, offers a comprehensive menu of wealth management services.