Sandy Spring Bancorp resumed with an Equal Weight at Stephens » 06:4806/3006/30/20
Stephens analyst Brody…
Stephens analyst Brody Preston resumed coverage of Sandy Spring Bancorp with an Equal Weight rating and $29 price target. While positively biased on the bank's "solid footprint" in the resilient Washington D.C. MSA, above average profitability, and recent dealmaking, Preston notes that the shares now trade at a slight premium to peers compared to the stock's historic discount. Additionally, Sandy Spring's above average deferrals and exposure to the industries most heavily impacted by COVID-19 give him pause on the credit front, Preston said.
|Over a month ago|
Sandy Spring Bancorp waives ATM fees, certain penalties » 07:4604/2304/23/20
The company said,…
The company said, "The Company has taken significant steps to protect the health and well-being of its employees and clients and to assist clients who have been impacted by the COVID-19 pandemic. We began implementing our business continuity plan in early March, which led to us taking the following actions to address the health and safety of employees and clients. In mid-March, we suspended all business-related travel, limited in-person meetings with outside parties, requested that employees postpone non-essential personal travel, and began transitioning employees to working remotely. We established an enhanced personal leave benefit that provides additional paid time off to employees who are unable to work for reasons related to COVID-19 - including having to care for children whose school has been closed - and who cannot work from home. We implemented enhanced cleaning and disinfecting procedures for our facilities. On March 18, we closed our branch lobbies to the public, established procedures for clients to schedule appointments in our branches for critical needs, such as safe deposit box access, and enhanced procedures to permit a wider range of transactions to be conducted through our drive-thru facilities. We notified our clients of reduced access to our facilities, promoted the use of online and mobile banking, and increased the staff in our customer service center to assist clients over the telephone. We established regular communications to employees to keep them apprised of the steps we are taking to support employee and client safety and the benefits available to them. We successfully transitioned approximately 85% of our non-branch personnel to working remotely. We developed comprehensive guidance for responding to any COVID-19 diagnoses or exposures in our operations. On March 30, we closed the majority of our branches that do not have drive-thru facilities. We are providing branch personnel and support staff whose responsibilities do not permit them to work remotely with a bonus of up to $1,200. With these measures in place, we have continued to effectively serve the needs of our clients. We have taken several steps to ease the financial burden of the COVID-19 pandemic on our clients: We have waived Sandy Spring Bank fees for clients using an ATM, regardless of location. We are waiving certain penalties for early certificate of deposit withdrawals less than $10,000. We have eliminated fees for remote check deposits by our business clients. We are working with clients who are experiencing financial hardship to provide fee waivers and structure loan payment deferrals or other accommodations. We are participating in the Small Business Administration's Paycheck Protection Program, which provides forgivable loans to small businesses to enable them to maintain payroll, hire back employees who have been laid off, and cover applicable overhead. After the program was announced, we quickly mobilized resources to maximize the ability of our clients to access this program. We have involved over 150 employees in our participation in the program, while simultaneously working with our technology vendors to implement software solutions to speed the intake of client applications and submission to the SBA. As of April 16, 2020, when the SBA announced that all of the funds appropriated for the program had been allocated, we have processed over 2,800 loans for a total of $923.5 million to businesses with more than an estimated 88,000 employees."
Sandy Spring Bancorp reports Q1 EPS 28c, two est. 65c » 07:4504/2304/23/20
Tangible book value…
Tangible book value remained stable at $21.09 per share at March 31, 2020 compared to $21.05 at March 31, 2019, after the completion of the stock repurchase program, an increase in the quarterly dividend to $0.30 per share in the second quarter of 2019 and the addition of $34.9 million in goodwill and intangible assets. "We entered the year in a position of strength after delivering a record year and preparing to expand our market presence with the acquisitions of Rembert Pendleton Jackson and Revere Bank," said Daniel J. Schrider, President and Chief Executive Officer of Sandy Spring Bank. "Like individuals, families and businesses everywhere, we too had to quickly respond to the unprecedented public health and economic events that began to unfold late in the first quarter. We seamlessly implemented our contingency plans in order to protect the health of our employees, clients, and business and community partners. And while we have made many changes to how and where we all work, we have maintained the continuity of our client service and critical operations. I am grateful to our dedicated team of bankers for making this happen.Our clients are facing a great deal of uncertainty right now, and we are committed to seeing them through this difficult time," added Schrider. "From helping clients access federal relief programs, to working with individuals and business owners on a case-by-case basis, we are doing all that we can to connect our clients with the financial help they need. We are pleased that RPJ and Revere Bank are now officially part of Sandy Spring Bank. As we continue to come together as a company, we are focused on upholding the tradition of community banking, providing remarkable service, and being the advocate that our clients need now more than ever."
|Over a quarter ago|
Sandy Spring Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette » 12:0004/0104/01/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Catherine Mealor upgraded Sandy Spring Bancorp to Outperform from Market Perform with a $32 price target.
Sandy Spring Bancorp completes acquisition of Revere Bank » 07:0904/0104/01/20
Sandy Spring Bancorp…
Sandy Spring Bancorp (SASR) announced that it has completed its acquisition of Revere Bank (REVB). Now officially part of Sandy Spring, Revere's branding will change to Sandy Spring following the full conversion of Revere's systems, which is expected to occur during the third quarter of 2020. The combined bank's assets total $11.4B, which has resulted in Sandy Spring exceeding the important growth benchmark of $10B and making it the largest locally headquartered community bank in the Greater Washington, D.C. region. Revere's clients will have access to Sandy Spring's extensive capabilities and sophisticated products, which include a range of commercial and retail banking, mortgage, private banking, and trust services, as well as a comprehensive menu of insurance and wealth management services through its subsidiaries. In connection with its acquisition of Revere, former Revere directors Christina Baldwin O'Meara, Walter Martz II and Brian Lemek are joining Sandy Spring's board of directors. Revere's Co-Presidents and CEOs, Kenneth Cook and Andrew Flott, have joined Sandy Spring as EVP and Division Executive, respectively. With the completion of the merger, former Revere shareholders received 1.05 shares of Sandy Spring common stock for each share of Revere common stock they held. Based on the $22.64 per share closing price of Sandy Spring common stock on March 31, 2020, the total transaction value is approximately $287M. Sandy Spring shareholders now own approximately 74 percent of the combined company, and former Revere shareholders own approximately 26 percent.
Sandy Spring Bancorp and Revere Bank receive shareholder approval for merger » 16:3502/1102/11/20
Sandy Spring Bancorp…
Sandy Spring Bancorp (SASR) and Revere Bank (REVB) jointly announced that the companies have received the requisite stockholder approvals for Sandy Spring to complete the acquisition of Revere. As previously announced, Sandy Spring has also received regulatory approval for the merger from the Board of Governors of the Federal Reserve System and the Maryland Office of the Commissioner of Financial Regulation. The transaction, announced on September 24, is scheduled to close on April 1 subject to the satisfaction of certain customary closing conditions. Upon completion, Sandy Spring will have combined assets of approximately $11.4B making it the largest, locally headquartered community bank in the Greater Washington, D.C. region.
Sandy Spring Bancorp completes acquisition of Rembert Pendleton Jackson » 07:1402/0302/03/20
Sandy Spring Bancorp…
Sandy Spring Bancorp announced that it completed the acquisition of Rembert Pendleton Jackson, a financial planning and investment advisory firm located in Falls Church, Virginia. RPJ will continue to operate under the name, Rembert Pendleton Jackson, and Charles E. Rembert, CFP, AIF, Principal, will lead the company as Chairman and CEO, and will report to Caceres at Sandy Spring Bank.
Sandy Spring Bancorp reports Q4 EPS 80c, two est. 79c » 07:1701/2301/23/20
"We delivered a…
"We delivered a strong financial performance in 2019, which was our first full year following the successful integration of WashingtonFirst Bank. We rose to the occasion with record results and announced another wave of strategic expansion through the acquisitions of Revere Bank and Rembert Pendleton Jackson, a registered investment advisor headquartered in Falls Church, Virginia," said Daniel Schrider, President and CEO. "Throughout the year we adjusted our strategies in response to the competitive market and interest rate environment, while consistently growing deposits, delivering impressive fee-income growth, and staying laser focused on providing exceptional experiences for the individuals and businesses we serve. We finished the year on a high note and the momentum from our fourth quarter performance will serve us well in 2020." The Company had a total risk-based capital ratio of 14.85%, a common equity tier 1 risk-based capital ratio of 11.06%, a tier 1 risk-based capital ratio of 11.21% and a tier 1 leverage ratio of 9.70% at December 31, 2019. Book value per share was $32.40 as of Dec. 31, 2019.
Buckingham to hold a conference » 08:3412/1712/17/19
EGBN, ESXB, FVCB, HBMD, OLBK, REVB, SASR, SHBI, SONA, TCFC, TOWN
Airlines Conference will…
Airlines Conference will be held in New York on December 17.
Sandy Spring Bancorp to acquire Rembert Pendleton Jackson » 07:5211/0611/06/19
Sandy Spring Bancorp…
Sandy Spring Bancorp announced it has reached an agreement to acquire Rembert Pendleton Jackson, an investment and financial advisory firm located in Falls Church, Virginia. Founded in 1974, RPJ currently has more than $1.3B in assets under management. Upon closing the transaction, the combined AUM under Sandy Spring Bank's wealth management arms will be approximately $4.5B. The acquisition of RPJ further demonstrates Sandy Spring Bank's commitment to providing financial services to individuals, families and businesses at every stage of life and aligns with the company's strategic objective of diversifying sources of noninterest income. Sandy Spring Bank operates more than 50 locations throughout Maryland, Northern Virginia and Washington, D.C. The company offers a range of commercial and retail banking, mortgage, private banking, and trust services, as well as a comprehensive menu of insurance and wealth management services through its subsidiaries. Sandy Spring Bank has demonstrated consistent momentum through its strong financial performance and strategic growth throughout the Greater Washington region, including its recently announced acquisition of Revere Bank. With more than three decades of service to the national capital area, RPJ is a fee-only advisory firm and has been solely registered with the Securities and Exchange Commission since 1984. Collectively, the principals have more than 100 years of experience. Clients will not experience any impact or notice any changes. RPJ will continue to operate under the name, Rembert Pendleton Jackson, and Charles E. Rembert, CFP, AIF, Principal, will lead the company as President and will report to Caceres at Sandy Spring Bank. Rembert Pendleton Jackson's senior leadership and registered investment advisors will continue to serve their clients directly. The transaction is expected to be completed in the first quarter of 2020. Sandy Spring was advised on the transaction by Raymond James Silver Lane Advisors.