Sandy Spring Bancorp reports Q2 core EPS 60c, consensus 66c

Total assets at June 30, 2023 remained stable at $14.0 billion compared to $14.1 billion at March 31, 2023. Total loans remained at $11.4 billion at June 30, 2023 compared to March 31, 2023. At June 30, 2023, the Company had a total risk-based capital ratio of 14.66%, a common equity tier 1 risk-based capital ratio of 10.69%, a tier 1 risk-based capital ratio of 10.69%, and a tier 1 leverage ratio of 9.42%. All of these ratios remain well in excess of the mandated minimum regulatory requirements. “As we have stated all year, we are keenly focused on growing client relationships and core funding. Despite the challenging banking environment in the first half of the year, which resulted in quarterly deposit outflow that was mostly observed early in the second quarter, our core deposits began to stabilize in the second half of this quarter. The decrease in non-interest bearing accounts can be attributed to clients shifting balances to interest bearing alternatives,” said Daniel Schrider, Chairman, President and CEO of Sandy Spring Bank.