Sandy Spring Bancorp Reports Second Quarter Results

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Go back to Sandy Spring Bancorp Reports Second Quarter Results

Sandy Spring Bancorp (SASR) Misses Q2 EPS by 37c

July 23, 2020 7:02 AM EDT

Sandy Spring Bancorp (NASDAQ: SASR) reported Q2 EPS of ($0.31), $0.37 worse than the analyst estimate of $0.06.

Second Quarter Highlights:

Total assets at June 30, 2020, grew 58% to $13.3 billion compared to June 30, 2019, as a result of the Revere acquisition and participation in the PPP. Loans and deposits also each grew by 58%. Reveres loans and deposits on the date of acquisition were $2.5 billion and $2.3 billion, respectively. Additionally, the Companys participation in the PPP resulted in the addition of $1.1 billion in commercial business loans during the second quarter of 2020. The net interest margin was 3.47%... More