Sandy Spring Bancorp reports Q2 EPS 73c ex-items, consensus 76c
Total loans increased 51% compared to the second quarter of 2017, primarily as a result of the WashingtonFirst acquisition. Loan growth momentum remained strong as the loan portfolio grew 3% compared to the first quarter of 2018. The net interest margin was 3.56% for the second quarter of 2018, compared to 3.60% for the second quarter of 2017 and 3.58% for the first quarter of 2018. The prior year's margin was positively impacted by an interest income recovery of $0.7 million. Exclusive of this non-core item, the margin would have been 3.54%. Second quarter results reflected an annualized return on average assets of 1.23% and annualized return on average equity of 9.66% as compared to 1.14% and 10.80% respectively for the second quarter of 2017. Exclusive of merger costs on an after-tax basis, the return on average assets and return on average equity would have been 1.32% and 10.32%, respectively. Tangible common equity totaled $690 million at June 30, 2018, compared to $472 million at June 30, 2017. Book value per share for the quarter was $28.90. The company had a total risk-based capital ratio of 12.19%, a common equity tier 1 risk-based capital ratio of 10.85%, a tier 1 risk-based capital ratio of 11.01% and a tier 1 leverage ratio of 9.27% at June 30, 2018.