Sandy Spring Bancorp (SASR) Misses Q2 EPS by 37c

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Go back to Sandy Spring Bancorp (SASR) Misses Q2 EPS by 37c

Sandy Spring Bancorp Reports Second Quarter Results

July 23, 2020 7:00 AM EDT

OLNEY, Md., July 23, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq-SASR), the parent company of Sandy Spring Bank, today reported a $14.3 million net loss ($0.31 per share) for the second quarter of 2020.  The loss was the result of the combination of merger and acquisition expense, the impact of the current economic forecast in the determination of the allowance for credit losses and the additional provision for credit losses associated with the acquisition of Revere Bank (Revere), which closed on April 1, 2020.   The 2020 second quarters result compares to net income of $28.3 million ($0.79 per diluted share) for the second quarter of 2019 and $10.0 million... More