Sandy Spring Bancorp (NASDAQ: SASR) reported Q1 EPS of $0.85, $0.11 better than the analyst estimate of $0.74.

First Quarter Highlights:

• Total assets grew by 5% while loans and deposits grew by 8% and 11%, respectively, compared to the prior year.
• First quarter results reflected an annualized return on average assets of 1.49% and annualized return on average common equity of 11.46% as compared to 1.12% and 8.70% respectively for the first quarter of 2018. Exclusive of the prior year’s first quarter merger costs on an after-tax basis, the return on average assets and return on average common equity would have been 1.47% and 11.40%, respectively.
• The net interest margin was 3.60% for the first quarter of 2019, compared to 3.58% for the first quarter of 2018 and 3.57% for the fourth quarter of 2018. Excluding recovered interest income on acquired credit impaired loans during the quarter the net interest margin would have been 3.52%. No recovered interest was recorded in the first or fourth quarter of 2018.
• Non-interest income excluding insurance mortality proceeds and securities gains increased 6% from the prior year quarter.
• Tangible book value increased 10% to $21.05 per share at the end of the first quarter of the current year compared to $19.12 at March 31, 2018.
• The tangible common equity ratio increased to 9.39% at March 31, 2019 from 8.99% at March 31, 2018.
• The Non-GAAP efficiency ratio was 51.44% for the current quarter as compared to 49.54% for the first quarter of 2018 and 51.78% for the fourth quarter of 2018.

“In the first quarter we saw balanced results and meaningful contributions from all major business lines,” said Daniel J. Schrider, President and Chief Executive Officer. “Our strong performance reflects the coordinated approach we take to serving our clients. Our teams work across disciplines and geographic locations to address our clients’ complete financial picture. This approach distinguishes us in a highly competitive market, and it delivers results for our clients and the company.”

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