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S Sandy Spring FOR IMMEDIATE RELEASE SANDY SPRING BANCORP REPORTS QUARTERLY EARNINGS OF $ 57.3 MILLION Core Earnings Increase One Year After Acquisitions Exhibit 99.1 OLNEY , MARYLAND , July 22 , 2021 Sandy Spring Bancorp , Inc. , ( Nasdaq - SASR ) , the parent company of Sandy Spring Bank , today reported net income of $ 57.3 million ( $ 1.19 per diluted common share ) for the quarter ended June 30 , 2021. The current quarter's result compares to net loss of $ 14.3 million ( $ 0.31 per diluted common share ) for the second quarter of 2020 and net income of $ 75.5 million ( $ 1.58 per diluted common share ) for the first quarter of 2021. The results from the second quarter of the prior year reflected the combined impact of merger and acquisition expense associated with the acquisition of Revere Bank ( " Revere " ) in that quarter , the impact of the Covid - 19 pandemic on the economic forecast used in the determination of the allowance for credit losses , and the provision for credit losses associated with the Revere acquisition . NEWS RELEASE For the current quarter , core earnings , 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 $ 55.1 million ( $ 1.16 per diluted common share ) , compared to $ 51.9 million ( $ 1.10 per diluted common share ) for the quarter ended June 30 , 2020 and $ 56.9 million ( $ 1.20 per diluted common share ) for the quarter ended March 31 , 2021 . ● The current quarter's provision for credit losses was a credit of $ 4.2 million as compared to a credit of $ 34.7 million for the first quarter of 2021. The current and prior quarter's credits for the provision for credit losses were principally the result of the decline in the forecasted unemployment rate and , to a lesser degree , improvements in other forecasted macroeconomic indicators . ● " Our acquisitions of Revere Bank and Rembert Pendleton Jackson continue to contribute to our strong financial performance , " said Daniel J. Schrider , President and CEO . " This quarter marks one year since Revere Bank became part of Sandy Spring Bank . Our increased size and scale , and our unwavering commitment to personalized service , continue to deliver results for our company and our clients . Our wealth group , which includes Rembert Pendleton Jackson , West Financial Services and Sandy Spring Trust , has also achieved significant year over year growth . " Second Quarter Highlights : Core operating earnings increased 6 % to $ 55.1 million for the second quarter of 2021 , compared to $ 51.9 million for the prior year quarter . Total assets at June 30 , 2021 , declined 3 % to $ 12.9 billion compared to $ 13.3 billion at June 30 , 2020. The decline in total assets , year - over - year was primarily the result of the $ 179.2 million net reduction in loans originated under the Paycheck Protection Program ( " PPP " or " PPP Program " ) and the $ 251.5 million decline in the residential mortgage loan portfolio . While the total loan portfolio , excluding PPP loans , decreased 1 % due to the combined run - off of residential mortgage and consumer loans , year - over - year organic commercial real estate loan growth was 6 % . Excluding PPP loans , total loan growth during the current quarter compared to the first quarter of 2021 was 1 % , with organic commercial loan growth during the quarter of 2 % . Deposits increased 2 % during the linked quarter , driven by 6 % growth in noninterest - bearing deposits . The net interest margin was 3.63 % for the second quarter of 2021 , compared to 3.47 % for the same quarter of 2020 , and 3.56 % for the first quarter of 2021. Excluding the impact of the amortization of the fair value marks derived from acquisitions , the current quarter's net interest margin would have been 3.60 % , compared to 3.19 % for second quarter of 2020 , and 3.46 % for the first quarter of 2021 . The provision for credit losses was a credit of $ 4.2 million for the current quarter compared to the prior quarter's credit to the provision of $ 34.7 million . The credits to the provision continue to be the result of improvements in forecasted economic metrics . The overall credit to the provision for the quarter was partially mitigated by increases