Sandy Spring Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 18, 2018 at 05:30 pm IST
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Sandy Spring Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net income of $8,267,000 or $0.34 per basic and diluted share compared to net income of $13,316,000 or $0.55 per basic and diluted share in the same period last year. Net interest income was $43,492,000 compared to the $38,967,000 in the last year. Book value per share was $23.50 against $22.32 a year ago. Tangible book value per share was $20.18 against $18.98 a year ago. Income before income taxes was $20,200,000 against $20,195,000 a year ago. Return on average assets was 0.61% against 1.09% a year ago. Return on average common equity was 5.82% against 9.92% a year ago. Total interest income was $50,676,000 compared to the $44,243,000 in the last year.
For the full year, the company reported net income was $53,209,000 or $2.20 per basic and diluted share compared to net income of $48,250,000 or $2.00 per basic and diluted share for the prior year. Net interest income was $168,768,000 against $149,552,000 a year ago, increased 13% compared to 2016 due primarily to an increase in average loans and investments, which was funded primarily by an 11% increase in average deposits. Income before income taxes was $87,935,000 against $71,990,000 a year ago. Return on average assets was 1.02% against 1.02% a year ago. Return on average common equity was 9.66% against 9.15% a year ago. Total interest income was $194,799,000 compared to the $170,556,000 in the last year.
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.