Sandy Spring Bancorp Announces Fourth Quarter Results
Sandy Spring Bancorp, Inc. (SASR)
Last sandy spring bancorp, inc. earnings: 4/23 07:00 am
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US:NASDAQ Investor Relations:
snl.com/irw/corporateprofile/100651
Company Research
Source: GlobeNewswire
OLNEY, Md., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported a net loss of $39.5 million ($0.87 per diluted common share) for the quarter ended December 31, 2024, compared to net income of $16.2 million ($0.36 per diluted common share) for the third quarter of 2024 and $26.1 million ($0.58 per diluted common share) for the fourth quarter of 2023. The current quarter's net loss is a result of a $54.4 million goodwill impairment charge determined during our annual goodwill impairment test based on the terms of the merger agreement with Atlantic Union Bankshares Corporation ("AUB"). The goodwill impairment is a non-cash charge and has no impact on the Company's regulatory capital ratios, cash flows, core operating performance or liquidity position. The current quarter's core earnings were $21.0 million ($0.47 per diluted common share), compared to $17.9 million ($0.40 per diluted common share) for the qua
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