Sandy Spring Bancorp, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 19, 2017 at 07:00 am
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Sandy Spring Bancorp, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. The company reported net income for the fourth quarter of 2016 of $13.3 million or $0.55 per diluted share compared to net income of $12.8 million or $0.52 per diluted share for the fourth quarter of 2015. Net interest income for the fourth quarter of 2016 increased 9% compared to the fourth quarter of 2015. Total interest income was $44.243 million against $41.074 million a year ago. Income before income taxes was $20.195 million against $19.174 million a year ago. Return on average assets was 1.09% against 1.11% a year ago. Return on average common equity was 9.92% against 9.73% a year ago.
Net income for the year ended December 31, 2016, was $48.3 million or $2.00 per diluted share compared to net income of $45.4 million or $1.84 per diluted share for the prior year. Net interest income for the year ended December 31, 2016 increased 8% compared to 2015 due primarily to an increase in average loans, which was funded, in part, by a decrease in lower-yielding investment securities. Total interest income was $170.556 million against $158.312 million a year ago. Income before income taxes was $71.990 million against $67.382 million a year ago. Return on average assets was 1.02% against 1.01% a year ago. Return on average common equity was 9.15% against 8.73% a year ago. Book value per share was $22.32 against $21.58 a year ago. Tangible book value per share was $18.98 against $18.17 a year ago.
Sandy Spring Bancorp, Inc. is the bank holding company for Sandy Spring Bank (the Bank). The Company offers a range of commercial and retail banking, mortgage, private banking and trust services at approximately 50 locations throughout central Maryland, northern Virginia, and Washington D.C. It offers a menu of loan products, which include commercial loans, residential real estate loans, and consumer loans. Its commercial loans consist of commercial real estate loans, commercial construction loans and commercial business loans. Its consumer loans include primarily home equity loans and lines, installment loans and personal lines of credit. Its consumer loans include installment loans used by customers to purchase automobiles, boats and recreational vehicles. Through its subsidiaries, SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson) and West Financial Services, Inc., Sandy Spring Bank, offers a comprehensive menu of wealth management services.