Sandy Spring Bancorp (SASR) has reported a 39.76 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $15.11 million, or $0.63 a share in the quarter, compared with $10.81 million, or $0.45 a share for the same period last year.
Revenue during the quarter grew 9.21 percent to $52.69 million from $48.25 million in the previous year period. Net interest income for the quarter rose 11.44 percent over the prior year period to $40.25 million. Non-interest income for the quarter fell 5.47 percent over the last year period to $12.63 million.
Sandy Spring Bancorp has made provision of $0.19 million for loan losses during the quarter, down 84.30 percent from $1.24 million in the same period last year.
Net interest margin improved 7 basis points to 3.51 percent in the quarter from 3.44 percent in the last year period. Efficiency ratio for the quarter improved to 56.69 percent from 65.31 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Higher net interest income driven primarily by strong loan growth over the preceding year was the main driver of our record first quarter earnings. Continued strong credit quality, the execution of efficient funding strategies and disciplined expense control were also contributing factors to our performance for the quarter," said Daniel J. Schrider, president and chief executive officer.
Liabilities outpace assets growth
Total assets stood at $5,201.16 million as on Mar. 31, 2017, up 10.27 percent compared with $4,716.61 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,656.90 million as on Mar. 31, 2017, up 11.03 percent from $4,194.22 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,949.14 million as on Mar. 31, 2017, up 12.23 percent compared with $3,518.92 million on Mar. 31, 2016. Deposits stood at $3,799.20 million as on Mar. 31, 2017, up 11.34 percent compared with $3,412.31 million on Mar. 31, 2016.
Loans to deposits ratio was 105.10 percent for the quarter, up from 104.35 percent for the previous year quarter.
Investments stood at $814.10 million as on Mar. 31, 2017, up 15.50 percent or $109.22 million from year-ago. Shareholders equity stood at $544.26 million as on Mar. 31, 2017, up 4.19 percent or $21.87 million from year-ago.
Return on average assets moved up 27 basis points to 1.20 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 316 basis points to 11.45 percent in the quarter from 8.29 percent in the last year period.
Nonperforming assets moved down 16.51 percent or $6.36 million to $32.15 million on Mar. 31, 2017 from $38.51 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.62 percent in the quarter, down from 0.82 percent in the last year period.
Tier-1 leverage ratio stood at 9.26 percent for the quarter, down from 10.23 percent for the previous year quarter. Average equity to average assets ratio was 10.47 percent for the quarter, down from 11.19 percent for the previous year quarter. Book value per share was $22.74 for the quarter, up 3.74 percent or $0.82 compared to $21.92 for the same period last year.
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