Sandy Spring Bancorp Reports Earnings For The First Quarter Of 2020
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., April 23, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq-SASR), the parent company of Sandy Spring Bank, today reported net income for the first quarter of 2020 of $10.0 million ($0.28 per diluted share) compared to net income of $30.3 million ($0.85 per diluted share) for the first quarter of 2019 and net income of $28.5 million ($0.80 per diluted share) for the fourth quarter of 2019. Earnings for the current quarter were negatively impacted by a provision for credit losses of $24.5 million. Although the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) would permit the Company to delay the adoption of the accounting standard for current expected credit losses (CECL), the Company has elected to adopt CECL as planned, effective January 1, 2020. The provision for credit losses was significantly impacted by the negative projected impact of COVID-19 on specific economic metrics used in the Company’s CECL model. Excluding the effect of the signifi
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