Sandy Spring Bancorp (SASR) Tops Q1 EPS by 10c

Sandy Spring Bancorp (NASDAQ: SASR) reported Q1 EPS of $0.63, $0.10 better than the analyst estimate of $0.53. Revenue for the quarter came in at $40.06 million versus the consensus estimate of $40.91 million.

First Quarter Highlights:

• Total loans increased 12% compared to the first quarter of 2016 and 2% compared to the fourth quarter of 2016. These increases were driven primarily by year-over-year growth of 16% in the commercial loan portfolio.
• Total deposits grew 11% from the prior year period and 6% from the prior quarter.
• The net interest margin was 3.51% for the first quarter of 2017, compared to 3.44% for the first quarter of 2016 and 3.52% for the fourth quarter of 2016.
• Return on average equity increased 38% to 11.45% as compared to 8.29% from the prior year.
• The Non-GAAP efficiency ratio was 54.78% for the current quarter as compared to 61.84% for the first quarter of 2016 and 57.54% for the fourth quarter of 2016.
• Pre-tax, pre-provision income increased 33% compared with the first quarter of 2016.

For earnings history and earnings-related data on Sandy Spring Bancorp (SASR) click here.

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