Sandy Spring Bancorp (SASR) Tops Q1 EPS by 4c

Sandy Spring Bancorp (NASDAQ: SASR) reported Q1 EPS of $0.45, $0.04 better than the analyst estimate of $0.41.

First Quarter Highlights:

• Total loans increased 12% compared to the first quarter of 2014 and 1% compared to the fourth quarter of 2014. Growth over the prior year was 10% or better in each of the three major portfolio segments.
• Combined noninterest-bearing and interest-bearing transaction account balances increased 13% to $1.5 billion at March 31, 2015 as compared to $1.4 billion at March 31, 2014.
• The provision for loan and lease losses for the first quarter of 2015 was a charge of $0.6 million compared to a credit of $1.0 million for the first quarter of 2014 and a charge of $0.9 million for the fourth quarter of 2014.
• The net interest margin was 3.44% for the first quarter of 2015, compared to 3.47% for the first quarter of 2014 and 3.44% for the fourth quarter of 2014.
• Non-interest income increased 17% for the quarter compared to the prior year quarter primarily due to increases in income from wealth management and mortgage banking.
• During the first quarter of 2015, the Company repurchased 351,369 shares at an average price of $25.72 per share as part of its existing share repurchase program. Also, on January 29 the Board increased the Company's quarterly dividend to $0.22 per share, up from $0.20 per share in the fourth quarter of 2014.

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

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