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Sandy Spring Bancorp FOR IMMEDIATE RELEASE Exhibit 99.1 NEWS RELEASE SANDY SPRING BANCORP REPORTS FIRST QUARTER EARNINGS OF $ 75.5 MILLION Improved Economic Forecast Drives $ 35 Million Provision Credit OLNEY , MARYLAND , April 22 , 2021 - Sandy Spring Bancorp , Inc. , ( Nasdaq - SASR ) , the parent company of Sandy Spring Bank , today reported net income of $ 75.5 million ( $ 1.58 per diluted common share ) for the first quarter of 2021. The current quarter's result compares to net income of $ 10.0 million ( $ 0.28 per diluted common share ) for the first quarter of 2020 and net income of $ 56.7 million ( $ 1.19 per diluted common share ) for the fourth quarter of 2020 . Core earnings for the current quarter , which exclude the impact of the provision for credit losses and provision on unfunded loan commitments , merger and acquisition expense , loss on FHLB redemptions , amortization of intangibles and investment securities gains , each on an after - tax basis , were $ 56.9 million ( $ 1.20 per diluted common share ) , compared to $ 29.6 million ( $ 0.85 per diluted common share ) for the quarter ended March 31 , 2020 and $ 55.7 million ( $ 1.18 per diluted common share ) for the quarter ended December 31 , 2020 . The current quarter's provision for credit losses was a credit of $ 34.7 million as compared to a credit of $ 4.5 million for the fourth quarter of 2020. The current quarter's large credit for the provision for credit losses compared to the prior quarter is principally the result of a decline in the forecasted unemployment rate and , to a lesser degree , improvements in other forecasted macroeconomic indicators . " We delivered a solid first quarter . We are pleased with the stability in the margin , the contributions of our fee - based lines of business , the improved economic forecast and the resiliency of our loan portfolio's credit quality . Our credit outlook is strong , and we are ready to help our clients reopen , recover and emerge stronger than ever , " said Daniel J. Schrider , President and CEO . " We also look forward to entering the next phase of our return - to - work plan . We will apply the lessons we have learned about remote work and how we can use technology to do our jobs more effectively , but it is our goal to welcome our employees back to our offices in the months ahead . As a company that prioritizes people and relationships , we believe that in - person collaboration is what is best for our culture and how we do business . " First Quarter Highlights : Total assets at March 31 , 2021 , grew 44 % to $ 12.9 billion compared to March 31 , 2020 , primarily due to the Revere Bank ( " Revere " ) acquisition in the second quarter of 2020. During this period , the participation in the Paycheck Protection Program ( " PPP " or " PPP Program " ) resulted in the addition of $ 1.3 billion in outstanding commercial business loans . As a result of these strategic initiatives , loans and deposits grew by 55 % and 62 % , respectively . The net interest margin was 3.56 % for the first quarter of 2021 , compared to 3.29 % for the same quarter of 2020 , and 3.38 % for the fourth quarter of 2020. Excluding the impact of the amortization of the fair value marks derived from acquisitions , the current quarter's net interest margin would have been 3.46 % , compared to 3.27 % for first quarter of 2020 , and 3.31 % for the fourth quarter of 2020 . The provision for credit losses was a credit of $ 34.7 million for the current quarter compared to the prior quarter's credit to the provision of $ 4.5 million . The significant credit to the provision was primarily the result of the improvement in the forecasted unemployment rate . Non - interest income for the current quarter increased by 59 % or $ 10.7 million compared to the prior year quarter , as a result of a 235 % increase in income from mortgage banking activities and 25 % growth in wealth management income as a result of the acquisition of Rembert Pendleton Jackson ( " RPJ " ) in the first quarter of the prior year . Non - interest expense increased $ 20.4 million or 43 % for the first quarter of 2021 , compared to the prior year quarter . This increase was driven primarily by two factors : the impact of the acquisitions of Revere and RPJ , which increased compensation and operational costs , in addition to intangible asset amortization , and $ 9.1 million in prepayment penalties incurred on the early redemption of FHLB advances in the first quarter of the current year .