News Column

BRIEF: Sandy Spring Bancorp reports quarterly earnings

July 18, 2014

The Frederick News-Post, Md.

July 18--Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, reported net income for the second quarter of 2014 of $7 million, or 28 cents per diluted share, compared with net income of $12.2 million, or 49 cents per diluted share, for the second quarter of 2013.

The bank experienced a stable margin, controlled expense growth and continued strength in wealth management and card-based businesses, said Daniel J. Schrider, the bank's president and CEO, in a news release.

"Our underlying performance in the second quarter was also driven by the impact of balanced loan growth and the resulting increase in interest income," Schrider said. "This more than offset the decline in mortgage banking revenues as originations were lower than prior year levels."

-- From staff reports


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Source: Frederick News-Post (MD)

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