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1/30/26 , 4:53 PM EX - 99.1 2 sasr - 102121xexx991 earnings.htm EX - 99.1 Sandy Spring Bancorp FOR IMMEDIATE RELEASE Document Exhibit 99.1 NEWS RELEASE SANDY SPRING BANCORP REPORTS $ 57.0 MILLION IN QUARTERLY EARNINGS Earnings Performance Remains Strong OLNEY , MARYLAND , October 21 , 2021 - Today Sandy Spring Bancorp , Inc. , ( Nasdaq - SASR ) , the parent company of Sandy Spring Bank , reported net income of $ 57.0 million ( $ 1.20 per diluted common share ) for the quarter ended September 30 , 2021 . The current quarter compares to $ 44.6 million ( $ 0.94 per diluted common share ) for the third quarter of 2020 and net income of $ 57.3 million ( $ 1.19 per diluted common share ) for the second quarter of 2021. The results for the current quarter reflect the positive impact of the significant decline in interest expense and a credit to the provision for credit losses , which more than offset a decline in non - interest income and an increase in non - interest expense compared to the third quarter of the prior year . 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 , for the current quarter were $ 52.0 million ( $ 1.10 per diluted common share ) , compared to $ 52.1 million ( $ 1.10 per diluted common share ) for the quarter ended September 30 , 2020 and $ 55.1 million ( $ 1.16 per diluted common share ) for the quarter ended June 30 , 2021 . The provision for credit losses for the current quarter was a credit of $ 8.2 million as compared to a charge of $ 7.0 million for the third quarter of 2020 and credit of $ 4.2 million for the second quarter of 2021. The credits for the provision for credit losses during 2021 reflect the continued declines in the forecasted unemployment rate and , to a lesser degree , improvements in other forecasted macroeconomic indicators . The third quarter's provision also contains the impact of various updated metrics applied in the determination of the allowance for credit losses . " We delivered another successful quarter and I am pleased with the consistent results from across our various lines of business , " said Daniel J. Schrider , President and CEO of Sandy Spring Bank . “ We continue to grow new and existing relationships with wealth , mortgage , retail , and commercial clients , which is evidenced in our significant deposit and commercial loan production this quarter . Our credit quality also remains strong , as well as our proactive management of the margin . We are in a great position , and we look forward to building on the momentum our team has generated . " Third Quarter Highlights : • • Core earnings for the third quarter of 2021 were $ 52.0 million and $ 52.1 million for the prior year quarter as the increase in net interest income during the current quarter was offset by lower non - interest income and increased non- interest expense compared to the third quarter of 2020 . At September 30 , 2021 , total assets were $ 13.0 billion , a 3 % increase compared to $ 12.7 billion at September 30 , 2020. This increase year - over - year was the result of the $ 889.8 million growth in cash and cash equivalents , primarily as a result of the funds received from the forgiveness of PPP loans , which declined $ 601.6 million during the same period . Excluding PPP loans , the total loan portfolio remained at $ 9.3 billion at September 30 , 2021 compared to September 30 , 2020 , due to the combined run - off of $ 326.9 million of residential mortgage and consumer loans offset by the year - over - year commercial loan growth of $ 315.9 million or 4 % . Year - over - year deposits increased 10 % , driven by 15 % growth in noninterest - bearing deposits and 8 % growth in interest - bearing deposits . During the past twelve months , time deposits declined $ 359.4 million and borrowings of $ 820.6 million were eliminated . The reduction in borrowings included the redemption of $ 31 million of 5.65 % subordinated debt acquired as part of the Revere Bank ( " Revere " ) acquisition and $ 25 million of 4.75 % subordinated debt acquired as part of the WashingtonFirst Bankshares , Inc. ( " WashingtonFirst " ) acquisition . https://www.sec.gov/Archives/edgar/data/824410/000082441021000056/sasr-102121xexx991earnings.htm 1/27