Sandy Spring Bancorp(US:SASR)2022-07-21 17:52Financial Performance - Net income was $54.8 million ($1.21 per diluted common share) compared to net income of $57.3 million ($1.19 per diluted common share) for the prior year quarter[6] - Core earnings were $44.2 million ($0.98 per diluted common share) compared to core earnings of $58.4 million ($1.23 per diluted common share) for the prior year quarter[6] - Pre-tax pre-provision net income was $76.2 million compared to $71.3 million for the prior year quarter[6] - Non-interest income increased by 34% or $9.0 million compared to the prior year quarter, primarily due to a $16.7 million gain from the disposition of the Company's insurance business[7,33] Balance Sheet - Total assets were $13.3 billion, a 3% increase compared to $12.9 billion at June 30, 2021; excluding PPP balances, total assets grew 10% year-over-year[8] - Total loans, excluding PPP loans, increased 17% to $10.8 billion compared to $9.2 billion at June 30, 2021[8] - Year-over-year deposits grew 1%, driven by 3% growth in noninterest-bearing deposits[8] Asset Quality - Non-performing loans to total loans was 0.40% compared to 0.93% at June 30, 2021[7] - Nonperforming loans totaled $43.5 million, compared to $94.3 million at June 30, 2021[7] - Allowance for credit losses on loans and leases was $113.7 million, or 1.05% of loan balances at June 30, 2022[59] Capital - Risk-based capital ratio of 16.07%, a common equity tier 1 risk-based capital ratio of 11.58%, a tier 1 risk-based capital ratio of 11.58%, and a tier 1 leverage ratio of 9.53%[7] - The company repurchased 625,710 shares of its common stock for $25.0 million at an average price of $39.93 per share during 2Q 2022[86]