Sandy Spring Bancorp (SASR) Misses Q1 EPS by 8c

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Go back to Sandy Spring Bancorp (SASR) Misses Q1 EPS by 8c

Sandy Spring Bancorp Reports Earnings For The First Quarter Of 2020

April 23, 2020 7:00 AM EDT

OLNEY, Md., April 23, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq-SASR), the parent company of Sandy Spring Bank, today reported net income for the first quarter of 2020 of $10.0 million ($0.28 per diluted share) compared to net income of $30.3 million ($0.85 per diluted share) for the first quarter of 2019 and net income of $28.5 million ($0.80 per diluted share) for the fourth quarter of 2019. Earnings for the current quarter were negatively impacted by a provision for credit losses of $24.5 million. Although the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) would permit the Company to delay the adoption of the accounting... More