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May 16, 2014
16:46 EDTSASRSandy Spring Bancorp to reserve funds in Q2, sees negative impact to earnings
Sandy Spring Bancorp announced that it will reserve funds in the second quarter in response to a verdict from a jury in the Anne Arundel County Circuit Court in the matter of Ashley, et al vs. CommerceFirst Bank, which involved claims based on the actions of a former employee of CommerceFirst Bank. Sandy Spring Bank acquired CommerceFirst Bank in 2012. The jury entered a verdict for damages totaling $6,050,000, including $5M in punitive damages. Compensatory damages of $1,050,000 are expected to be covered by insurance. "While we respect the judicial process, we do not believe that Sandy Spring Bank should be held liable for the actions of a former CommerceFirst Bank employee who acted outside the scope of his employment," said Daniel J. Schrider, Sandy Spring Bank President and CEO. "Because this outcome is not in the best interest of our shareholders, we will continue to fight it through the appropriate legal channels." Sandy Spring Bank will reserve the funds for these damages in the second quarter, which will negatively impact quarterly earnings.
News For SASR From The Last 14 Days
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October 16, 2014
08:34 EDTSASRSandy Spring Bancorp reports Q3 EPS 44c, consensus 44c
Reports net income for the nine months ended September 30, 2014 was $29.1M. Reports Q3 provision for loan and lease losses was a credit of $0.2M. The credit quality of the loan portfolio continues to exhibit stability while outstanding loans continued to grow significantly over the prior year. Reports Q3 net interest margin was 3.42% The prior year's margin was positively affected by loan recoveries on commercial loans. Exclusive of those recoveries, the net interest margin for the third quarter of 2013 would have been 3.49%. Reports Nnon-interest income increased 12% for the quarter compared to the prior year quarter due to significant increases in income from insurance and wealth management activities.

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