Sandy Spring Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 23, 2014 at 07:00 pm IST
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Sandy Spring Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income of $32,350,000 against $30,920,000 a year ago. Income before income taxes was $14,118,000 against $14,780,000 a year ago. Net income was $9,613,000 against $9,881,000 a year ago. Return on average assets was 0.93% against 1.01% a year ago. Return on average common equity was 7.71% against 8.14% a year ago. Diluted net income per share was $0.38 against $0.40 a year ago. The resulting increase in net interest income was due to an increase in average interest-earning assets and lower funding costs, that somewhat offset the decline in asset yields.
For the year, the company reported net interest income of $129,914,000 against $121,219,000 a year ago. Income before income taxes was $66,985,000 against $54,599,000 a year ago. Net income was $44,422,000 against $36,554,000 a year ago. Return on average assets was 1.11% against $0.97% a year ago. Return on average common equity was 9.11% against 7.85% a year ago. Diluted net income per share was $1.77 against $1.48 a year ago. Book value per share as on December 31, 2013, was $19.98 against $15.43 a year ago. Tangible book value per share was $16.68 against $15.43 a year ago.
The company announced net charge-offs for the fourth quarter ended December 31, 2013. For the quarter, the company reported net charge-offs of $1,242,000 against $1,789,000 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.
Sandy Spring Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013